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Devaluations may have an impact on multinational stock prices depending on the size of the particular country and whether they are anticipated or not. In an efficient market, predictable devaluations on small countries should not impact stock prices of large multinational companies. We analyze cummulative abnormal returns (CAR) to five devaluations in Venezuela within the context of stiff exchange controls. Our event study covers a period of five years and uses daily stock prices for up to 122 multinationals with Venezuelan subsidiaries. We find evidence of significant negative impacts on stock prices on various devaluations, reaching up to -1.75% over the event window. We interpret these results as evidence of market myopia, as they are driven by retained earnings on financial statements being converted into dollars at highly overvalued official rates, in spite of subsidiaries not having access to dollars at these prices for years prior to the devaluations.