Essays on Corporate Exposure to Macroeconomic Risk

Research output: ThesisDoctoral Thesis (compilation)

Abstract

Uncertainties in the macro economy are important sources of risk in today’s business world. Unexpected changes in exchange rates, interest rates, and inflation rates can lead to changes in corporate wealth and competitiveness and, in the extension, corporate market values – to what extent is the topic of this thesis.

The thesis consists of four essays that explore different aspects of corporate exposures to macroeconomic risks. The first essay investigates to what extent market values of EU firms are exposed to changes in exchange, interest, and inflation rates, and analyses the importance of taking correlations among exchange, interest, and inflation rates into consideration when assessing risk exposure. The second essay instead answers the question, do market values exhibit the same sensitivity to increases and decreases, and large and small changes, in exchange, interest, and inflation rates? The third essay investigates if firms operating in different industries and located in different countries are differently exposed to exchange-rate, interest-rate, and inflation risk. Finally, the fourth essay analyses the importance of country-differences in macroeconomic risk exposures to monetary policymaking within the Economic and Monetary Union.

Details

Authors
Organisations
Research areas and keywords

Subject classification (UKÄ) – MANDATORY

  • Business Administration

Keywords

  • inflation, interest rates, macroeconomic exposure, exchange rates, risk exposure, risk
Original languageEnglish
QualificationDoctor
Awarding Institution
Supervisors/Assistant supervisor
  • [unknown], [unknown], Supervisor, External person
Award date2001 Mar 23
Publisher
  • Department of Business Administration, Lund University
Print ISBNs91-973738-9-3
Publication statusPublished - 2001
Publication categoryResearch

Bibliographic note

Defence details Date: 2001-03-23 Time: 10:15 Place: Crafoord room, School of Economics and Management, Lund External reviewer(s) Name: Aggarwal, Raj Title: Professor Affiliation: Kent State University ---