{"id":1059,"date":"2018-06-22T18:58:46","date_gmt":"2018-06-22T18:58:46","guid":{"rendered":"https:\/\/nau.edu\/franke\/?page_id=1059"},"modified":"2022-11-29T01:49:31","modified_gmt":"2022-11-29T01:49:31","slug":"macroeconomic-announcements-foreign-exchange-risk","status":"publish","type":"page","link":"https:\/\/in.nau.edu\/college-business\/faculty-resources\/faculty-research\/macroeconomic-announcements-foreign-exchange-risk\/","title":{"rendered":"Working paper series: Foreign Exchange Risk"},"content":{"rendered":"<div class=\"nau-block nau-block-left-nav-top-bound\">\n    \t<button id=\"left-nav-toggle-btn\" onclick=\"toggleNav();\">\n\t\tON THIS PAGE \n\t\t<i id=\"chevron-icon\" class=\"fas fa-solid fa-chevron-down\"><\/i>\n\t<\/button>\n\t<div id=\"left-nav-menu-track\">\n\t\t<div id=\"left-nav-wrapper\">\n\t\t\t<div class=\"rfi-above-anchor-tags\">\n\t\t\t\t<div class=\"ri-container\">\n\t\t\t\t\t<a href=\"https:\/\/nau.edu\/admissions\/request-information\/\" id=\"request-info\" class=\"btn bg-true-blue left-nav-menu-bottom-button display-mobile\">Request info&nbsp;&nbsp;<\/a>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<div id=\"left-nav-menu\">\n\t\t\t\t<div class=\"menu-section menu-section-links\"><h6 class=\"hidden-mobile left-nav-list-header\">ON THIS PAGE<\/h6><ul class=\"left-nav-menu-list on-this-page\">\t\t\t\t\t\t\t\t<li><a href=\"https:\/\/in.nau.edu\/college-business\/faculty-resources\/faculty-research\/macroeconomic-announcements-foreign-exchange-risk\/#wps\" title=\"WPS 14-05\">WPS 14-05<\/a><\/li>\n\t\t\t\t\t\t\t<\/ul><div class=\"ri-container\"><a href=\"https:\/\/nau.edu\/admissions\/request-information\/\" id=\"request-info\" class=\"btn bg-true-blue left-nav-menu-bottom-button display-mobile\">Request info&nbsp;&nbsp;<\/a><\/div><\/div>\t\t\t\t\t\t\t\t<div class=\"menu-section backcolor\">\n\t\t\t\t\t<div class=\"header\">\n\t\t\t\t\t\tHOW CAN WE HELP?\t\t\t\t\t<\/div>\n\t\t\t\t\t<ul class=\"responsive-icons\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li><a href=\"tel:928-523-3657\"><img decoding=\"async\" src=\"https:\/\/in.nau.edu\/wp-content\/themes\/nau-marketing-2021\/img\/icon-phone.svg\" alt=\"Telephone:\"> 928-523-3657<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<li><a href=\"mailto:fcb@nau.edu\"><img decoding=\"async\" src=\"https:\/\/in.nau.edu\/wp-content\/themes\/nau-marketing-2021\/img\/icon-email.svg\" alt=\"Email:\"><span class=\"left-nav-email\"> fcb&#8203;@nau.edu <\/span><\/a><\/li>\n\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n\n<section class=\"nau-block left-nav-section\"><header class=\"entry-header\"><div class=\"breadcrumb\"><ol class=\"breadcrumbs\"><li><a href=\"https:\/\/in.nau.edu\">IN<\/a><span class=\"breadcrumb-chevron\" aria-hidden=\"true\">&gt;<\/span><\/li><li><a href=\"https:\/\/in.nau.edu\/college-business\">College Business<\/a><span class=\"breadcrumb-chevron\" aria-hidden=\"true\">&gt;<\/span><\/li><li class=\"current\">Pages<\/li><\/ol><\/div><h1 class=\"entry-title text-left \">Working paper series: Foreign Exchange Risk<\/h1><hr class=\"h1-hr  text-left \" role=\"none\"><\/header><!-- .entry-header --><\/section><!-- <section class=\"nau-block left-nav-section grid-md-12\">\n    <header class=\"entry-header\">\n        <h1 class=\"entry-title text-left \" tabindex=\"0\" id=\"h1-first\">Dummy H1<\/h1>\n        <hr class=\"h1-hr  text-left \" role=\"none\">\n    <\/header>\n<\/section> -->\n\n<section class=\"nau-block left-nav-section grid-md-12\">\n    <div class=\"page-content\">\n        \n\n<h2 class=\"wp-block-heading\" id=\"wps\">Macroeconomic Announcements and Foreign Exchange Risk<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Authors<\/h3>\n\n\n\n<p><strong>Ding Du, NAU-FCB<br>Ou Hu, Youngstown State University<br>Xiaobing Zhao, NAU-FCB<\/strong><\/p>\n\n\n\n\n\n\n\n<h3 class=\"wp-block-heading\">Abstract<\/h3>\n\n\n\n<p>Savor and Wilson (2013a, 2013b) suggest that the tradeoff between state variable risk and asset returns underlying standard asset-pricing theories should be particularly strong on prescheduled macroeconomic announcement days, because important information about the state of the economy is revealed at such times. We apply this insight to foreign-exchange risk, and find robust evidence that foreign-exchange risk is priced on prescheduled macroeconomic announcement days. Our results make important contributions to both international finance and empirical asset-pricing literature.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/legacy.nau.edu\/wp-content\/uploads\/sites\/80\/2018\/06\/Du_MacroeconAnnouncementEffects-on-ForeignExchangeRisk.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Download the full working paper (PDF)<\/a><\/div>\n<\/div>\n\n\n\n\n\n\n    <\/div>\n<\/section>\n\n<div class=\"nau-block nau-block-left-nav-bottom-bound\">\n\n<\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":645,"featured_media":10419,"parent":149,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_oasis_is_in_workflow":0,"_oasis_original":0,"_oasis_task_priority":"","ring_central_script_selection":"","footnotes":""},"class_list":["post-1059","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/in.nau.edu\/college-business\/wp-json\/wp\/v2\/pages\/1059","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/in.nau.edu\/college-business\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/in.nau.edu\/college-business\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/in.nau.edu\/college-business\/wp-json\/wp\/v2\/users\/645"}],"replies":[{"embeddable":true,"href":"https:\/\/in.nau.edu\/college-business\/wp-json\/wp\/v2\/comments?post=1059"}],"version-history":[{"count":10,"href":"https:\/\/in.nau.edu\/college-business\/wp-json\/wp\/v2\/pages\/1059\/revisions"}],"predecessor-version":[{"id":10756,"href":"https:\/\/in.nau.edu\/college-business\/wp-json\/wp\/v2\/pages\/1059\/revisions\/10756"}],"up":[{"embeddable":true,"href":"https:\/\/in.nau.edu\/college-business\/wp-json\/wp\/v2\/pages\/149"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/in.nau.edu\/college-business\/wp-json\/wp\/v2\/media\/10419"}],"wp:attachment":[{"href":"https:\/\/in.nau.edu\/college-business\/wp-json\/wp\/v2\/media?parent=1059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}