Following the development of international trade, exchange rate uncertainty is a majorsource of risk for corporations involved in international activities. It has forcedmanagers and academics to pay more attention to the effect of exchange rate volatilityon firm value, particularly in developed countries. In the 1990s Asian financial crises,the stock return volatility of US multinational firms increases significantly with therapid expansion of Asian currency crises to world stock market. It led academics andinvestors to pay increasing attention to examine exchange rate exposure in Asia stockmarkets. Nowadays the value of U.S. dollar increased volatility against Asian countries’currency since U.S. financial crisis beginning in August 2007. From what we know, fewof researches report the impact of US financial crisis for Asia firms. This paper aims toexplore the relation between exchange rate movement and firm values in Asian markets. The main purpose of this paper is to examine whether a significant contemporaneousand lagged variability of Asian firms’ stock returns are affected by exchange ratemovement in Asian markets, such as Hong Kong, Singapore, China, Taiwan, andMalaysia during the period from August 2005 to March 2010. Differences of capitalmaturity were compared with among these five Asian economies, covering bothdeveloped markets and emerging markets in Asia. This comparison makes sense tounderstand the efficient market hypothesis theory. In order to ensure our research’svalidity and reliability, sample firms are randomly chosen by the method of stratifiedsampling. The second step in this study is to examine the impact of firm-specific factorson sensitivity to exchange rate movement for those firms with a significant exchangerate exposure. The five firm specific factors are firm size, leverage situation, hedgingactivities, foreign involvement level, and industry classification. The main methods inthis quantitative research are simple and multiple linear regressions. The ordinary leastsquares method in SPSS program was used to estimate the parameters for eachindependent variable. Using a sample of 182 listed firms in these five sample markets, except China,exchange rate exposure of firms in other four Asian markets increases significantly insome sub-period during three sub-periods. After examining the sensitivity to weeklyexchange rate movement of local currency to US Dollar, it is noticeable for academicsthat there is no obvious difference between developed markets and emerging markets inAsia during the period of August 2005 to March 2010. Moreover, the relationshipbetween exchange rate and stock returns varied from markets with respect to exchangerate regimes and level of capital control. As to firm-specific factors, firm size wasnegatively related to exchange rate exposure and this effect was stronger in developedmarkets than other. Similar to previous studies, Asian markets also showed thatexchange rate exposure differed among industries. However, the effect on exchange rateexposure is not significant caused by leverage, foreign sales and hedging activityinvolvement. Suggestions and recommendations for further studies are provided in thelast part of this paper.

This thesis examines the empirical validity of the efficient market hypothesis, currency substitution, purchasing power parity theory, interest rate parity theory and the monetary approach to exchange rate for the foreign exchange markets of Japan, Singapore and Hong Kong. The empirical results give support to the efficient market hypothesis, mixed evidence for the existence of currency substitution, a strong indication for the long run purchasing power parity theory, support for the inclusion of expectations variable in the interest parity theory, and rejection of the monetary approach to the exchange rate.

Thesis (Ph. D.)--University of Kansas, 2002. / Includes bibliographical references (leaves 115-123).

This Thesis has focused on the topic of "The bill of exchange and its application in practice". This work is devided into chapters and sub-chapters. After the introduction there is a literature search in which it was necessary to deal with the historical development of the bills of exchange and their regulations. In the second part of the literature search there are briefly introduced basic kinds of bills of exchange charged in Czech law. The another part of the literature review is devoted to a brief characteristics of the participants of bills of exchange relations. The conclusion of the literature review focuses on disposition of bills, characteristic of court proceedings and the issue of application of the objections in this proceeding. The practical part continues these problems. Its first chapter deals with the definition of the bills for accounting and processing of application examples on accounting bills. Finally there is a chapter on the tax implications of the depository and non-depository bills of exchange. In the second main section are demonstrated specific examples of bill of exchange aplication in business relations. Also, there is indicated the process of exchange proceeding and the way of enforcement the exchange sum including the issue of application of objections.

xii, 132 p. : ill. A print copy of this thesis is available through the UO Libraries. Search the library catalog for the location and call number. / Motivated by conflicting prior evidence for exchange rate effects on foreign direct investment (FDI), the first chapter of this dissertation explores theoretical evidence of the exchange rate effect on FDI in terms of different types of FDI. Based on a simple two-country model, I demonstrate that the profit function of a horizontal FDI investor is a decreasing function of the exchange rate, while the profit function for a vertical FDI investor is an increasing function of the exchange rate. This implies that a depreciation of a host country currency depresses horizontal FDI and promotes vertical FDI. Moreover, comparing the FDI investor's intertemporal profit in a simple two-period time frame, I lay out a theoretical basis for a relation between the effects of the exchange rate and the expectations of the exchange rate effect on different types of FDI. The second chapter of this dissertation examines the empirical evidence for the exchange rate effects on different types of FDI. Using cross-border mergers and acquisitions among 37 countries from 1985 to 2007, I measure horizontal and vertical FDI in 4 different ways, and constructing directional country pairs, I estimate the exchange rate effects on horizontal and vertical FDI by a Poisson and a negative binomial regression with fixed and random effects. The estimation results provide considerable support for the model's predictions of the first chapter. The third chapter of this dissertation extends the first and second chapters with an analysis of the effect of exchange rate expectations on different types of FDI. I examine 4 different measures of exchange rate expectations. Using a methodology similar to that in the second chapter, the estimation results suggest that the expected exchange rate effects on horizontal and vertical FDI are not very significant. However, the expectations of the exchange rate shed more light on the exchange rate effects on different types of FDI under all of the exchange rate expectation measures. This suggests that the exchange rate is a more influential determinant of the allocation of different types of FDI than the expected exchange rate. / Committee in charge: Bruce Blonigen, Chairperson, Economics; Jeremy Piger, Member, Economics; Stephen Haynes, Member, Economics; Neviana Petkova, Outside Member, Finance

This dissertation examines the role of the fundamental economic variables (price levels, interest rates, and income levels) in the determination of foreign exchange rates during the period 1973-1978. Purchasing power parity, the International Fisher Effect, and the relationship of exchange rates with income levels through the marginal propensity to import were integrated, as suggested by the literature, and a fairly reasonable specification of a model for exchange rate determination was measured. The results of speculation tests indicate destabilizing results for some currencies and stabilizing results for the others; the coefficient of expectation tests, however, lend support to the destabilizing hypothesis. The conclusion of the research, therefore, is that the exchange rates of the major industrial countries which are of prime importance to the international financier and investor, and to the student of international finance and trade, are primarily determined, not by the fundamental economic variables, but by speculative forces which are believed to be of a destabilizing nature.

Exchange rate economics has achieved substantial development in the past few decades. Despite extensive research, a large number of unresolved problems remain in the exchange rate debate. This dissertation studied three puzzling issues aiming to improve our understanding of exchange rate behavior. Chapter Two used advanced econometric techniques to model and forecast exchange rate dynamics. Chapter Three and Chapter Four studied issues related to exchange rates using the theory of New Open Economy Macroeconomics. Chapter Two empirically examined the short-run forecastability of nominal exchange rates. It analyzed important empirical regularities in daily exchange rates. Through a series of hypothesis tests, a best-fitting fractionally integrated GARCH model with skewed student-t error distribution was identified. The forecasting performance of the model was compared with that of a random walk model. Results supported the contention that nominal exchange rates seem to be unpredictable over the short run in the sense that the best-fitting model cannot beat the random walk model in forecasting exchange rate movements. Chapter Three assessed the ability of dynamic general-equilibrium sticky-price monetary models to generate volatile foreign exchange risk premia. It developed a tractable two-country model where agents face a cash-in-advance constraint and set prices to the local market; the exogenous money supply process exhibits time-varying volatility. The model yielded approximate closed form solutions for risk premia and real exchange rates. Numerical results provided quantitative evidence that volatile risk premia can endogenously arise in a new open economy macroeconomic model. Thus, the model had potential to rationalize the Uncovered Interest Parity Puzzle. Chapter Four sought to resolve the consumption-real exchange rate anomaly, which refers to the inability of most international macro models to generate negative cross-correlations between real exchange rates and relative consumption across two countries as observed in the data. While maintaining the assumption of complete asset markets, this chapter introduced endogenously segmented asset markets into a dynamic sticky-price monetary model. Simulation results showed that such a model could replicate the stylized fact that real exchange rates tend to move in an opposite direction with respect to relative consumption.

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The purpose of this study is to increase the understanding of leader and follower exchange-relationships when work is conducted remotely, as well as the creation and development of such relationships. The study focuses on remote work in the form of full-time and hybrid solutions, which have become more common for many organizations. The theoretical framework of the study includes theories about remote work, leader-member-exchange, and followership. To conduct the study the authors used a qualitative research method with multiple case studies and semi-structured interviews. The respondents of the study consisted of four leaders and four followers.  The results of the study indicate that reduced physical contact and interaction in remote work pose challenges to leaders and followers in their previous abilities to create and develop qualitative exchange relationships. Furthermore, leaders and followers establish exchange relationships through daily conversations and meetings via digital platforms. These relationships develop through common factors such as social identity, self-categorization, social categorization, human capital, social capital and personal attributes. Similarities in these factors contribute favorably to the creation of high-quality exchange relationships between leaders and followers. Remote work has brought forth new factors critical to developing high-quality exchange relationships, and both leaders and followers have different perspectives on remote work. Leaders find it challenging to lead and support their followers, while followers on the other hand don't think that their job tasks have been significantly affected. / Syftet med denna undersökning är att öka förståelsen för ledare och följares utbytesrelationer när arbetet sker på distans, samt skapandet och utvecklandet av utbytesrelationer. Studien fokuserar på distansarbete i form av heltids- och hybridlösningar, arbetsformer som har blivit vanligare för allt fler organisationer. Studiens teoretiska referensram innehåller teorier om distansarbete, leader-member-exchange och följarskap. För att genomföra studien använde författarna en kvalitativ forskningsmetod med flerfallstudier och semistrukturerade intervjuer. Respondenterna i studien bestod av fyra ledare och fyra följare. Resultaten från studien visar att den minskade fysiska kontakten och interaktionen vid distansarbete utmanar ledare och följares tidigare förmågor att skapa och utveckla utbytesrelationer. Respondenterna skapar utbytesrelationer genom dagliga samtal och möten via digitala plattformar. Utbytesrelationerna utvecklas genom gemensamma faktorer som social identitet, självkategorisering, social kategorisering, humankapital, socialt kapital och personliga egenskaper. Där likheter i ovanstående faktorer fördelaktigare bidrar till skapandet av högkvalitativa utbytesrelationer mellan ledare och följare. Vidare har distansarbete medfört att nya faktorer är kritiska för att utveckla högkvalitativa utbytesrelationer, samt att både ledare och följare har olika syn på distansarbete. Ledare upplever det svårt att leda och stödja följarna, medan följarna å andra sidan anser att deras arbetsuppgifter inte påverkats särskilt mycket.