Mnasri, Mohamed; Dionne, Georges; Gueyie, Jean-Pierre - Centre Interuniversitaire sur le Risque, les Politiques … - 2013
This paper investigates how firms design the maturity of their hedging programs, and the real effects of maturity choice on firm value and risk. Using a new dataset on hedging activities of 150 U.S. oil and gas producers, we find strong evidence that hedging maturity is influenced by investment...