GRANT, Robert; SOENEN, Luc <br/><br/>
Strategic Management of Operating Exposure 

 - Oxford :  Elsevier,  February 2004 
<br/><br/> We identify operating exposure as the most important and difficult to manage component of exchange risk. Our model identifies three components of foreign exchange exposure: direct operating exposure, the market demand effect, the competitive effect. The size and relative importance of these components depends critically upon international market structure and firm strategies. We derive implications for managing foreign exchange exposure