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Copyright © 2007 Pearson Addison-Wesley. All rights reserved. Copyright © 2007 Pearson Addison-Wesley. All rights reserved.

Chapter 12

(2)

Copyright © 2007 Pearson Addison-Wesley. All rights reserved. 1-2

Operating Exposure

•

Operating exposure

, also called

economic exposure

,

competitive

exposure

, and even

strategic exposure

on

occasion, measures any change in the

present value of a firm resulting from

changes in future operating cash flows

caused by an unexpected change in

(3)

Copyright © 2007 Pearson Addison-Wesley. All rights reserved. 1-3

Attributes of Operating

Exposure

• Measuring the operating exposure of a firm requires

forecasting and analyzing all the firm’s future individual transaction exposures together with the future exposures of all the firm’s competitors and potential competitors

worldwide.

• From a broader perspective, operating exposure is not just the sensitivity of a firm’s future cash flows to unexpected changes in foreign exchange rates, but also to its sensitivity to other key macroeconomic variables.

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