This paper examines the existence and the magnitude of conflict between family owners and minority shareholders within family firms by assessing the impact of foreign currency (FC hereafter) risk management strategies on firm value in France. From a secondary agency problem perspective, we...

We propose a new channel through which exchange rates affect trade. Exploiting the heterogeneity in firms' foreign currency debt maturity structure around a large depreciation in Colombia, we show that debt revaluation compresses imports due to higher delinquencies and interest rates, while...

Most developing economies rely on foreign capital to finance their infrastructure needs. These projects are usually structured as long-term (25-35 years) franchises that pay in local currency. If investors evaluate their returns in terms of foreign currency, exchange rate volatility introduces...