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This paper analyzes the use of foreign exchange derivatives by non-financial publicly traded Brazilian companies from 2007 to 2009. Using balance-sheet data on firms' positions in derivatives and their foreign exchange exposure, this study finds that a significant number of companies speculated...
Persistent link: https://www.econbiz.de/10013120956
This paper analyzes the use of foreign exchange derivatives by non-financial publicly traded Brazilian companies from 2007 to 2009. Using balance-sheet data on firms' positions in derivatives and their foreign exchange exposure, this study finds that a significant number of companies speculated...
Persistent link: https://www.econbiz.de/10013121433
This study aimed to verify the speculation costs incurred by Aracruz and Sadia due to their high degree of leverage … with derivative instruments. The main results evidenced agency problems, with disproportionate investments in hedge … witnessed Sadia and Aracruz shares end 2008 down about 70% against 28% of the market index …
Persistent link: https://www.econbiz.de/10013101040
This paper analyzes the use of foreign exchange derivatives by non-financial publicly traded Brazilian companies from 2007 to 2009. Using balance-sheet data on firms' positions in derivatives and their foreign exchange exposure, this study finds that a significant number of companies speculated...
Persistent link: https://www.econbiz.de/10013109132
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dispersion in beliefs influences both crude oil prices and price volatility. -- Crude oil market ; futures market ; speculation …
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