1. An Analysis of the Stock Return and Exchange Rate Variation on Market Return of Pharmaceutical Industry in Pakistan
洪嘉聖

5. SR= XR+1.065Rm

6. CONCLUSION
1.stock returns equation shows that short-run changes in exchange rate have negative but significant impact on stock returns of pharmaceutical multinational of Pakistan. 2. market return index have positive but significant impact on short-term changes in stock returns. 3. firms that they need to establish operational hedging to reduce the exchange rate risk previous quarter is eliminated this quarter. exposure to a modest and bearable level.