Alfonso Del Giudice

Foreign exchange exposure and hedging strategies of Italian listed industrial compagnie

Are you already subscribed?
Login to check whether this content is already included on your personal or institutional subscription.


The paper analyzes foreign exchange risk hedging strategies using a sample of Italian industrial listed companies. Collecting data from both annual reports and financial data providers, we compare operating and financial hedging strategies over the period 2007-2012. The number and the concentration of foreign subsidiaries are used as a proxy for operational hedging, while currency derivatives are used as a proxy for financial hedging. After controlling for the sign and the magnitude of foreign exchange risk exposure, we find that financial strategies mitigate exchange risk.


  • Foreign exchange exposure
  • operational hedging
  • foreign currency derivatives
  • multinational firms


Article first page

Trova nel catalogo di Worldcat