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Corporate Cash Flow and Stock Price Exposures to Foreign Exchange Rate Risk
Bartram, Söhnke M. - Volkswirtschaftliche Fakultät, … - 2007
This paper estimates the foreign exchange rate exposure of 6,917 U.S. nonfinancial firms on the basis of stock prices and corporate cash flows. The results show that several firms are significantly exposed to at least one of the foreign exchange rates Canadian Dollar, Japanese Yen and Euro, and...
Persistent link: https://www.econbiz.de/10005836323
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Rationales for corporate risk management from stakeholders’ perspective
Klimczak, Karol Marek - Volkswirtschaftliche Fakultät, … - 2005
stakeholder groups’ interests. A study of the use of hedging instruments in 161 Polish non-financial listed companies is then … determine relationships between the hedging decision and financial standing of companies. However, company size is proved to be … the only significant factor for a hedging decision. The implications of these findings and new research questions are …
Persistent link: https://www.econbiz.de/10005837109
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Rationales for Corporate Risk Management - A Critical Literature Review
Monda, Barbara; Giorgino, Marco; Modolin, Ileana - Volkswirtschaftliche Fakultät, … - 2013
This paper describes theoretical motivations for corporate risk management activities and empirical evidence provided by different scholars on such rationales. These theoretical considerations can be extended also to the new risk management practices such as enterprise risk management. Based on...
Persistent link: https://www.econbiz.de/10011258277
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Hedging dynamics with gold futures
Singh, Saurabh; Saharawat, Swati - Volkswirtschaftliche Fakultät, … - 2011
People by and large tend to postpone their present consumption for numerous reasons. This postponement of consumption leaves them with surplus money to invest for future consumption. Amongst the number of alternatives avenues present for such investments, gold too tends to be one of them. People...
Persistent link: https://www.econbiz.de/10011258372
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A Radical Shift in Managing Risks: Practical Applications of Complexity Theory
Chichilnisky, Graciela - Volkswirtschaftliche Fakultät, … - 1998
Complexity theory is designed to bring order out of a rough-and- tumble world, something close to every insurance professional's or actuary's heart. Whether applied in the laboratory or as part of a mathematical model, it can do wonderful things . But in the real world it's just what its name...
Persistent link: https://www.econbiz.de/10005789667
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The Effects of Derivatives on Firm Risk and Value
Bartram, Söhnke M.; Brown, Gregory W.; Conrad, Jennifer - Volkswirtschaftliche Fakultät, … - 2006
could account for the mixed evidence in the literature on the effect of hedging on firm value. …
Persistent link: https://www.econbiz.de/10005617030
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Commodity price changes and their impacts on poverty in developing countries: the Brazilian case
Azzoni, Carlos Roberto; Guilhoto, Joaquim José mantins; … - Volkswirtschaftliche Fakultät, … - 2011
The objective of the paper is to provide an estimative of the impacts that changes in international prices of agricultural commodities will have on income distribution and poverty in Brazil. To do so, a Social Accounting Matrix is constructed and applied, using a Leontief- Miyazawa type model...
Persistent link: https://www.econbiz.de/10011108215
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Real Exchange Rate and Commodity Prices in a Neoclassical Model
Reinhart, Carmen - Volkswirtschaftliche Fakultät, … - 1988
This paper represents a neoclassical model that explains the observed empirical relationship between government spending and world commodity supplies and the real exchange rate and real commodity prices. It is shown that fiscal expansion and increasing world commodity supplies simultaneously...
Persistent link: https://www.econbiz.de/10005790259
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Corporate Hedging and Shareholder Value
Aretz, Kevin; Bartram, Söhnke M. - Volkswirtschaftliche Fakultät, … - 2009
According to financial theory, corporate hedging can increase shareholder value in the presence of capital market … empirical support for rationales of hedging with derivatives at the firm level. While various empirical challenges and … degree of operating hedging. Moreover, corporations do not just use financial derivatives, but rely heavily on pass …
Persistent link: https://www.econbiz.de/10005835392
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The Impact of Derivatives Usage on Firm Value: Evidence from Greece
KAPITSINAS, SPYRIDON - Volkswirtschaftliche Fakultät, … - 2008
hedging with derivatives materially increases firm value as many related research has proven, or whether hedging does not … positive and significant effect of hedging on it is verified, 4.6% of firm value on average, not only concerning the general …. Controlling for managerial motives does not change the sign of the hedging premium, nor its magnitude. …
Persistent link: https://www.econbiz.de/10005835560