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Exposure-Based Cash-Flow-at-Risk for Value-Creating Risk Management under Macroeconomic Uncertainty
Andrén, Niclas; Jankensgård, Håkan; Oxelheim, Lars - 2010
A strategically minded CFO will realize that strategic corporate risk management is about finding the right balance between risk prevention and proactive value generation. Efficient risk and performance management requires adequate assessment of risk and risk exposures on the one hand and...
Persistent link: https://www.econbiz.de/10010320401
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Reliability of public private partnership projects under assumptions of cash flow volatility
Schöbener, Henning; Schetter, Christoph; Pfnür, Andreas - 2007
This paper focuses on dynamic financial modelling of recurring cash flow items in PPP projects in operating stage and on risks associated with the volatility of these cash flows. As we concentrate on so-called government-pays schemes, only cash-outflows are considered, such as operating costs,...
Persistent link: https://www.econbiz.de/10010264904
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Exposure-based Cash-Flow-at-Risk under Macroeconomic Uncertainty
Andrén, Niclas; Jankensgård, Håkan; Oxelheim, Lars - 2005
the information relevant for corporate hedging. However, it is the total level of cash flow in relation to the firm …
Persistent link: https://www.econbiz.de/10010320137
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Risk management with default-risky forwards
Korn, Olaf - 2008
This paper studies the impact of counter-party default risk of forward contracts on a firm's production and hedging …
Persistent link: https://www.econbiz.de/10010302529
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Why Hedge? - A Critical Review of Theory and Empirical Evidence -
Ammon, Norbert - 1998
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 …
Persistent link: https://www.econbiz.de/10010297586
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The impact of delivery risk on optimal production and futures hedging
Adam-Müller, Axel F. A.; Wong, Kit Pong - 2002
additional delivery risk on hedgers. This paper derives the optimal production and futures hedging strategy for a risk …
Persistent link: https://www.econbiz.de/10010324071
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On the Variation of Hedging Decisions in Daily Currency Risk Management
Bos, Charles S.; Mahieu, Ronald J.; van Dijk, Herman K. - 2001
currency hedging strategies, for a series of 7 models,using Bayesian inference and decision analysis. The models differ in the … comparethe hedging decisions and financial returns and utilities as they result from the modellingassumptions and the attitudes …
Persistent link: https://www.econbiz.de/10010325077
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Corporate cash holding in Asia
Horioka, Charles Yuji; Terada-Hagiwara, Akiko - 2013
In this paper, we analyze the determinants of corporate saving in the form of changes in the stock of cash for 11 Asian economies using firm-level data from the Oriana Database for the 2002 - 2011 period. We find some evidence that cash flow has a positive impact on the change in the stock of...
Persistent link: https://www.econbiz.de/10010332288
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Exporting, Capital Investment and Financial Constraints
Manole, Vlad; Spatareanu, Mariana - 2009
Many firms cite financial constraints as some of the most important impediments to their investment and growth. Using a unique data set from the Czech Republic this paper investigates the importance of financing constraints in the context of exporters. It finds that exporters are less...
Persistent link: https://www.econbiz.de/10010313397
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The effect of cash flow on investment: An empirical test of the balance sheet channel
Melander, Ola - 2009
This paper tests the balance sheet theory, where the status of balance sheets affects the economy's response to monetary and other shocks. The theory predicts a positive effect of cash flow on investment, given fundamental determinants of investment. I use an empirical method developed by...
Persistent link: https://www.econbiz.de/10010320749