| dc.contributor.author | Nguyen, Cuong | swe |
| dc.contributor.author | Ngo, Anh | swe |
| dc.date.accessioned | 2006-03-24 | swe |
| dc.date.accessioned | 2007-01-17T03:20:46Z | |
| dc.date.available | 2007-01-17T03:20:46Z | |
| dc.date.issued | 2006 | swe |
| dc.identifier.uri | http://hdl.handle.net/2077/2244 | |
| dc.description.abstract | Firms, especially multinational firms, nowadays are facing various sources of
macroeconomic risks. We employ the cash flow approach to estimate the
macroeconomic risks for five leading multinational firms namely Nokia, Ericsson,
Motorola, Alcatel and Siemens in the communication equipment industry for the period
from 1998 to 2005. Firms’ quarterly commercial cash flows are used as dependent
variable. Explanatory variables are macroeconomic variables including foreign exchange
rates, interest rates, consumer price indices, producer price indices, world oil prices,
world non-energy commodities prices and industry relative prices. We run the multiple
regression between those variables. The results indicate that firms are exposed to at least
one of the selected macroeconomic variables. However, the exposure is not consistent
among sampled firms. Euro currency does not play an important role in firms’
commercial cash flows. We examine two possible elements that may affect our
regression results including potential drawbacks in the use of accounting cash flows data
to measure macroeconomic exposures and the existence of potential mispricing. | swe |
| dc.format.extent | 73 pages | swe |
| dc.format.extent | 605759 bytes | |
| dc.format.mimetype | application/pdf | |
| dc.language.iso | en | swe |
| dc.relation.ispartofseries | Masters Thesis, nr 2005:3 | swe |
| dc.subject | economic and cash flow corporate exposure; exchange rate risk;
macroeconomic exposure; communication equipment; Nokia; Ericsson; Motorola;
Siemens; Alcatel. | swe |
| dc.title | Measuring macroeconomic exposures through commercial cash flows - A case study of selected
firms in the communication equipment industry | swe |
| dc.setspec.uppsok | SocialBehaviourLaw | swe |
| dc.type.uppsok | D | swe |
| dc.contributor.department | Göteborgs universitet/Graduate Business School | swe |
| dc.type.degree | Student essay | swe |
| dc.gup.origin | Göteborg University. School of Business, Economics and Law | swe |
| dc.gup.epcid | 4761 | swe |
| dc.subject.svep | Business and economics | swe |
