Bartram, Söhnke M.; Bodnar, Gordon M. - Volkswirtschaftliche Fakultät, … - 2006
-financial firms from 37 countries. We argue that the effect of exchange rate exposure on stock returns should be conditional and show … rate exposure plays an important role in generating cross-sectional return variation. Moreover, we show that the impact of … markets it is statistically significant only for local currency depreciations. Overall, the results indicate that exchange …