corporate hedging: equity value maximising strategies and strategies determined by managerial risk aversion. The first category … distress and costs of external finance or to replace home-made hedging by shareholders. The second category considers that … managers maximise their personal utility rather than the market value of equity. Their hedging strategy, therefore, is …

higher returns to equity. Exposure to idiosyncratic risk is measured as the share of the owner’s net worth invested in the … and significant influence of exposure to idiosyncratic risk. This paper improves our understanding of returns to private …

higher returns to equity. Exposure to idiosyncratic risk is measured as the share of the owner's net worth invested in the … and significant influence of exposure to idiosyncratic risk. This paper improves our understanding of returns to private …

This paper identifies the entrepreneur's exposure to idiosyncratic risk as an important determinant of the demand for … United States. The exposure to idiosyncratic risk is approximated by the share of personal net worth invested in one company … (SNWI). Exposure to idiosyncratic risk increases the cost of equity capital, since higher equity returns are required as …