Rogoff predicted that the U.S. dollar will depreciate and that exchange rate volatility will return. The coronavirus crisis has also roiled the world economy. This paper investigates the exposure of French and Korean firm stock returns to exchange rate appreciations and the pandemic. Both France and Korea are major exporters, but Korea has managed the crisis better than France. The results indicate that Korean firms have come through the pandemic better than French firms. The findings also indicate that the Korean economy is less exposed to appreciations than the French economy. This paper concludes with suggestions to increase firms’ resilience to these shocks.

中文翻译：

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法国和韩国公司股票的汇率收益率暴露和COVID-19大流行

罗格夫（Rogoff）预测，美元将贬值，汇率波动将重新出现。冠状病毒危机也动摇了世界经济。本文研究了法国和韩国公司股票收益率对汇率升值和大流行的影响。法国和韩国都是主要出口国，但韩国在应对危机方面比法国要好。结果表明，韩国企业比法国企业更好地经受了大流行。研究结果还表明，与法国经济相比，韩国经济较少受到升值的影响。本文最后提出了一些建议，以增强企业抵御这些冲击的能力。