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47 results on '"Bodnar, Gordon M."'

18. Exchange rate variability and the riskiness of US multinational firms: evidence from the breakdown of the Bretton Woods system

Author

Bartov, Eli, Bodnar, Gordon M., and Kaul, Aditya

Subjects
International business enterprises -- Economic aspects, Foreign exchange -- Prices and rates, Stock-exchange -- Analysis, Risk (Economics) -- Analysis, Banking, finance and accounting industries, Business, Economics
Abstract

The relation between exchange rate variability and stock return volatility for US multinational firms was established and decomposed into components of systematic and diversifiable risk. A significant increase was found in the volatility of monthly stock returns corresponding to the period of increased exchange rate variability. There was also an increase in market risk for multinational firms.

Published
1996

19. Exchange rate exposure and industry characteristics: evidence from Canada, Japan and the USA

Author

Bodnar, Gordon M. and Gentry, William M.

Subjects
Canada -- International trade, Japan -- International trade, United States -- International trade, Foreign exchange -- Prices and rates, Banking, finance and accounting industries, Business, international, Economics
Abstract

An analysis of exchange rate exposures and industry characteristics ispresented. The analysis focuses on data covering the US, Canada and Japan and evaluates rate variations to a domestic market model of industry portfolio returns. It is shown that some industries feature significant exposures in the three countries. In addition, the exchange rate exhibits the ability to describe economy-wide industry returns for each country.

Published
1993

20. Target zones and forward rates in a model with repeated realignments

Author

Bartolini, Leonardo and Bodnar, Gordon M.

Subjects
Foreign exchange -- Prices and rates, European Monetary System -- Research, Banking, finance and accounting industries, Economics
Abstract

Ananalysis of target zones and forward rates is presented. The analysis focuses on model of both variables with repeated alignments. Spot and forward exchange rates are then examined for possible band realignments. Forward market data areused to evaluate the credibility of the French/German target zone for the European Monetary System. It is shown that parameter estimates simulate prevailing conditions of the French Franc/Deutsch Mark exchange rate in the 1980s.

Published
1992

21. Financial economics

Author

Bodnar, Gordon M.

Subjects
Handbook of the Economics of Finance (Book) -- Book reviews, Books -- Book reviews, Business, Economics
Published
2006

28. Derivatives usage in risk management by U.S. and German non-financial firms: A comparative survey

Author

Bodnar, Gordon M. and Gebhardt, Günther

Subjects
Geschichte 1995-1997, Hedging, Termingeschäft, risk management, jel:G21, jel:G32, jel:G33, Risikomanagement, exposure, %22">Derivat , ddc:330, derivatives, G32, Deutschland, Währungsrisiko, USA
Abstract

This paper is a comparative study of the responses to the 1995 Wharton School survey of derivative usage among US non-financial firms and a 1997 companion survey on German non-financial firms. It is not a mere comparison of the results of both studies but a comparative study, drawing a comparable subsample of firms from the US study to match the sample of German firms on both size and industry composition. We find that German firms are more likely to use derivatives than US firms, with 78% of German firms using derivatives compared to 57% of US firms. Aside from this higher overall usage, the general pattern of usage across industry and size groupings is comparable across the two countries. In both countries, foreign currency derivative usage is most common, followed closely by interest rate derivatives, with commodity derivatives a distant third. Usage rates across all three classes of derivatives are higher for German firms than US firms. In contrast to the similarities, firms in the two countries differ notably on issues such as the primary goal of hedging, their choice of instruments, and the influence of their market view when taking derivative positions. These differences appear to be driven by the greater importance of financial accounting statements in Germany than the US and stricter German corporate policies of control over derivative activities within the firm. German firms also indicate significantly less concern about derivative related issues than US firms, which appears to arise from a more basic and simple strategy for using derivatives. Finally, among the derivative non-users, German firms tend to cite reasons suggesting derivatives were not needed whereas US firms tend to cite reasons suggesting a possible role for derivatives, but a hesitation to use them for some reason.

Published
1998

31. Managing Risk Management

Author

Bodnar, Gordon M., primary, Graham, John R., additional, Harvey, Campbell R., additional, and Marston, Richard C., additional

Published
2011
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33. The valuation of the foreign income of US multinational firms: a growth opportunities perspective

Author

Bodnar, Gordon M. and Weintrop, Joseph

Subjects
International business enterprises -- Accounting and auditing, Corporate profits -- Accounting and auditing, Banking, finance and accounting industries, Business
Abstract

The value-relevance of foreign income for US multinational corporations was explained by investigating the relationships between annual abnormal stock performance and changes in the companies' domestic and foreign incomes. Results showed that both foreign and domestic earnings changes have significant positive relationships with annual excess return measures. However, the relationship coefficient on foreign income is much larger than the relationship coefficient on domestic income.

Published
1997

38. Risk Management for Italian Non-Financial Firms: Currency and Interest Rate Exposure.

Author

Bodnar, Gordon M., Consolandi, Costanza, Gabbi, Giampaolo, and Jaiswal‐Dale, Ameeta

Subjects
RISK management in business, BUSINESS enterprises, CAPITAL market, BUSINESS size, LOGISTIC regression analysis, CONTRACTS
Abstract

This paper surveys risk management practices among Italian non-financial firms. This paper's contribution lies in investigating derivative usage particular to Italian businesses, a group whose public disclosure of derivative instruments is not routine. Italy is characterised by a high percentage of small and medium sized family run firms. The survey examines determinants of currency and interest rate derivative use with respect currency and to firm size, geographical location, rating, industry, access to capital markets and educated management. The results from the logistic regressions suggest that Italian non-financial firms' use of derivative contracts is strongly influenced by these characteristics. [ABSTRACT FROM AUTHOR]

Published
2013
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