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Does Exchange Rate Exposure Matter?
By
Craig Doidge, John Griffin, and Rohan Williamson*
Draft: May 8, 2002. Comments Welcome.
_________________
*
Doidge is at the Ohio State University, Fisher College of Business, Columbus, OH 43210, email:
doidge.4@osu.edu. Griffin is at Arizona State University, College of Business, Tempe, AZ 85287, email:
john.griffin@asu.edu, and Williamson is at Georgetown University, McDonough School of Business, Washington,
DC 20057, email: williarg@georgetown.edu. This paper replaces an earlier draft entitled, “An International
Comparison of Exchange Rate Exposure.” We thank Yiorgos Allayannis, James Linck, Patrick Kelly, Spencer
Martin, Felix Meschke, Clifford Smith, René Stulz, and participants at the International Finance Conference at the
Georgia Institute of Technology, Cornell University, Georgetown University, and the Ohio State University for
helpful comments and suggestions. We also thank Selim Topaloglu for research assistance. Williamson
acknowledges research support from the Capital Markets Research center at Georgetown University. All errors are
the responsibility of the authors.
Does Exchange Rate Exposure Matter?
Abstract
Previous literature finds mixed empirical support for a relation between exchange rate exposure and its
theoretical determinants and that exposure is of negligible economic importance. To re-examine the
nature and the economic significance of the exchange rate to firm value relation, we construct an
international database of over 17,000 non-financial fir
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