effect of exchange rate uncertainty on investments(上)

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1、___________________________________________________________________________________________EffectofExchangeRateUncertaintyonInvestments(上) Abstract Inthispaperanoptionpricingmodelisusedtoexploretherelationshipbetweenexchangerateuncertaintyandinvestmentsoffirms.Assumingtheinvestmentisirre

2、versible,theoptiontowaitapproachwasdevelopedbyDixit(1989,1992),Krugman(1989),andPindyck(1991).Inthismodelthevalueofwaitingisconsideredasvalueofanoptiontowaitandthefirmcandelaytheinvestmenttowaitforfurtherinformationaboutexchangerate,outputpriceandmacroeconomicvariables.Usingtheexchangerat

3、evolatilityastheproxyforexchangerateuncertainty,weextendtheoptionmodeltoanalyzetheeffectofexchangerateuncertaintyoninvestmentsinthecasesofexportsandimportsfirmsandfindoutthatanincreaseintheexchangeratevolatilitydecreasesinvestmentsregardlessofexportsorimportsfirms. 点击查看全文其他参考文献：1.赵慧芝.加

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