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        <rdf:li rdf:resource="https://hdl.handle.net/10419/213890" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/213891" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/213889" />
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    <dc:date>2026-05-02T17:57:15Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/213890">
    <title>Implicit currency carry trades of companies</title>
    <link>https://hdl.handle.net/10419/213890</link>
    <description>Title: Implicit currency carry trades of companies
Authors: Entrop, Oliver; Fuchs, Fabian U.
Abstract: The currency carry trade (CCT) strategy - borrowing in low-interest-rate currencies and investing in high-interest-rate currencies - has been found to generate excess returns that cannot be explained by common risk factors. We argue that companies implicitly execute carry trades, when they have input costs and sales in countries with differing interest rate levels. Consequently, the equity of companies that are not fully hedged against foreign exchange rate changes should be sensitive to returns from currency carry trades. Analyzing a broad sample of US firms, our contribution to the literature is twofold: (i) Based on an APT approach we find a risk premium for implicitly executed currency carry trades in equity returns. (ii) We examine the influence of various company-specific characteristics and find that a company's size and liquidity have the most significant impact on its sensitivity to currency carry trade returns.</description>
    <dc:date>2020-01-01T00:00:00Z</dc:date>
  </item>
  <item rdf:about="https://hdl.handle.net/10419/213891">
    <title>Macroeconomic determinants of foreign exchange rate exposure</title>
    <link>https://hdl.handle.net/10419/213891</link>
    <description>Title: Macroeconomic determinants of foreign exchange rate exposure
Authors: Fuchs, Fabian U.
Abstract: This paper examines the foreign exchange rate exposures of US companies and how they are linked to foreign macroeconomic determinants. I use US trade-weighted macroeconomic indices of foreign countries to explain the variation in foreign exchange rate exposures, measured as the sensitivities of stock returns to exchange rate returns of US non-financial companies over the period 1995 to 2017. I find strong evidence that the after-hedging exposures of potential exporters are affected by their expectations of foreign market gross domestic products, current account balances, consumer price indices, term spreads, unit labor costs as well as government expenditures.</description>
    <dc:date>2020-01-01T00:00:00Z</dc:date>
  </item>
  <item rdf:about="https://hdl.handle.net/10419/213889">
    <title>Foreign exchange rate exposure of companies under dynamic regret</title>
    <link>https://hdl.handle.net/10419/213889</link>
    <description>Title: Foreign exchange rate exposure of companies under dynamic regret
Authors: Entrop, Oliver; Fuchs, Fabian U.
Abstract: This paper analyzes optimal hedge ratios for foreign exchange (FX) rate risk of companies. Our contribution to the literature is twofold: (i) We present a theoretical two-period regret model that allows us to analyze the determinants of the optimal hedge ratio given the outcome of past hedging decisions and future expectations. The model implies that the optimal hedge ratio depends on the past hedge ratio, the past exchange rate return, the expected exchange rate return and the skewness of its distribution, its covariance to the foreign market return, as well as the company's risk and regret aversion. (ii) We test the related model-derived hypotheses on a broad sample of US non-financial companies over the period 1995 to 2015 and find strong evidence for the model's predictions. By adding a dynamic regret approach to the hedging and FX literature we shed further light on the rationale behind selective hedging.</description>
    <dc:date>2020-01-01T00:00:00Z</dc:date>
  </item>
  <item rdf:about="https://hdl.handle.net/10419/224788">
    <title>Reaction to ambiguity as a signal for tax reporting aggressiveness: Evidence from German income tax return data</title>
    <link>https://hdl.handle.net/10419/224788</link>
    <description>Title: Reaction to ambiguity as a signal for tax reporting aggressiveness: Evidence from German income tax return data
Authors: Kühne, Daniela
Abstract: This study introduces and tests the applicability of a signal for individual tax reporting aggressiveness using German income tax return data. Tax aggressiveness is often defined as dealing with uncertainty - or more precisely: ambiguity - in an exploitative manner. In other words, firms and individuals are considered tax aggressive if they interpret ambiguous regulations in their favor. It is empirically assessed whether the way individual taxpayers deal with ambiguity in the tax system may serve as a valid indicator for more or less aggressive reporting behavior using a specificity in the German income tax system leading to uncertainty about taxable income. The decision whether to exploit ambiguity or not is attributed to differences in an intrinsic motivation to comply. It is investigated whether and to what extent taxpayers interpreting ambiguity in their favor arrive at a lower tax burden. The results show that taxpayers exploiting ambiguity in the investigated field arrive at a significantly lower effective tax rate than comparable taxpayers not exploiting ambiguity. It is concluded that the former incur lower psychic costs when using tax positions with uncertain consequences and that exploiting ambiguity can serve as an indicator for more aggressive reporting behavior. More aggressive reporting behavior is analyzed as a dependent variable to study the factors shaping it.</description>
    <dc:date>2020-01-01T00:00:00Z</dc:date>
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