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发表于 2010-4-15 15:01 | 只看该作者

Reading 66: International Asset Pricing LOS M: 习题精选

chang
LOS m: Discuss the likely exchange rate exposure of a company based on a description of the company's activities, and explain the impact of both real and nominal exchange rate changes on the valuation of the company.

Suppose the value of the euro depreciates by 5 percent in real terms. Of the following firms, which will most likely be hurt by the change in the euro? (The euro is used as the official currency in France and the pound is used in the U.K.) A:

A)
 French firm that imports and resells computers in France.
B)
 U.K. firm that imports food from French suppliers.
C)
 French firm that exports food to U.K. distributors.


The firm that imports and resells goods in France, which uses the euro, will be the firm most hurt by the depreciation of the euro.

 

[此贴子已经被作者于2010-4-15 15:50:45编辑过]

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honeycfa

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2#
发表于 2010-4-15 15:02 | 只看该作者

Suppose the value of the euro depreciates by 5 percent in real terms. Of the following firms, which will most likely be hurt by the change in the euro? (The euro is used as the official currency in France and the pound is used in the U.K.) A:

A)
 French firm that imports and resells computers in France.
B)
 U.K. firm that imports food from French suppliers.
C)
 French firm that exports food to U.K. distributors.


The firm that imports and resells goods in France, which uses the euro, will be the firm most hurt by the depreciation of the euro.

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honeycfa

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3#
发表于 2010-4-15 15:02 | 只看该作者

Consider a Canadian firm that exports hockey sticks to the U.S. Prices are set and collected in U.S. dollars. The inflation differential between Canada and the U.S. is 2% (Canadian inflation minus U.S. inflation). What is the valuation impact on the Canadian exporter if the value of the Canadian dollar falls by 2% during the next year?

A)
 The firm is helped by the falling value of the Canadian dollar.
B)
 The firm is hurt by the falling value of the Canadian dollar.
C)
 All currency changes are nominal, so the change has no real impact.


The change in the valuation of the currency is fully explained by the inflation differential. Hence, there should be no impact on the valuation of the firm in real terms.

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