• Medientyp: E-Book
  • Titel: Risk Hedging of Trading Companies in U.S. Markets
  • Beteiligte: Liu, Yiming [VerfasserIn]
  • Erschienen: [S.l.]: SSRN, [2023]
  • Umfang: 1 Online-Ressource (37 p)
  • Sprache: Englisch
  • DOI: 10.2139/ssrn.4401547
  • Identifikator:
  • Schlagwörter: Exchange rate exposure ; Hedging strategies ; Data scraping ; textual analysis
  • Entstehung:
  • Anmerkungen:
  • Beschreibung: In this study, I implemented data scraping and textual analysis to parse corporate data from the 10-K filings on SEC EDGAR. Textual analysis is used to measure a company’s risk aversions and hedging strategies when confronted with exchange rate exposures. I selected data of trading companies from 2019 when the international trade wasn't affected by the pandemic. In the regression results, I find no significant correlation between a company’s exchange rate exposures and its hedging strategies; instead, there is a negative correlation between the exchange rate exposure and the proportion of foreign sales out of total sales. Companies with total assets under 151 billion US dollars show a stronger negative correlation. Companies from the service sector show a positive correlation between their exchange rate exposure and hedging strategies, which means hedging under US dollar appreciation and depreciation strengthens the capital gains and aggravates the capital losses respectively
  • Zugangsstatus: Freier Zugang