Narrow search
Showing 1 - 10 of 1,827
Cover Image
Exposure, hedging, and value: New evidence from the U.S. airline industry
Treanor, Stephen D.; Rogers, Daniel A.; Carter, David A.; … - In: International Review of Financial Analysis 34 (2014) C, pp. 200-211
exposure, hedging policy, and firm value. First, we find that airline exposures to fuel prices are higher when fuel prices are … exposure to fuel prices, airlines tend to increase their hedging activity. Finally, we explore the previously documented jet … fuel hedging premium illustrated in Carter, Rogers, and Simkins (2006). We find a positive hedging premium in our analysis …
Persistent link: https://www.econbiz.de/10010931494
Cover Image
The Impact of Hedging on Stock Return and Firm Value: New Evidence from Canadian Oil and Gas Companies
Dan, Chang; Gu, Hong; Xu, Kuan - Department of Economics, Dalhousie University - 2005
This paper analyzes the impact of hedging activities of large Canadian oil and gas companies on their stock returns and … some interesting findings on oil and gas hedging activities. The large Canadian oil and gas firms are able to use hedging … to protect downside risk against the unfavorable oil and gas price changes. But oil hedging appears to be more effective …
Persistent link: https://www.econbiz.de/10005086744
Cover Image
Alleviating Coordination Problems and Regulatory Constraints through Financial Risk Management
Boyer, Marcel; Boyer, M. Martin; Garcia, René - Centre Interuniversitaire de Recherche en Analyse des … - 2011
We characterize a firm as a nexus of activities and projects with their associated cash flow distributions across states of the world and time periods. We propose a characterization of the firm where variations in the market price of risk induce adjustments in the value-maximizing combination of...
Persistent link: https://www.econbiz.de/10009643789
Cover Image
Alleviating Coordination Problems and Regulatory Constraints Through Financial Risk Management
Boyer, Marcel; Boyer, M. Martin; Garcia, René - In: Quarterly Journal of Finance (QJF) 03 (2013) 02, pp. 1350009-1
Seeing the firm as a nexus of activities and projects, we propose a characterization of the firm where variations in the market price of risk should induce adjustments in the firm's portfolio of projects. In a setting where managers disagree with respect to what investment maximizes value,...
Persistent link: https://www.econbiz.de/10010728955
Cover Image
Does the Use of Foreign Currency Derivatives Affect Colombian Firms´ Market Value?
González, José Eduardo Gómez; Rincón, Carlos … - BANCO DE LA REPÚBLICA - 2009
Classic financial theory relies on the absolute perfection of capital markets, which results in one of the milestones … hedging decisions for corporate finance. There is a remarkable volume of literature which tests the effects of risk management … and hedging decisions for the value of the firm, mainly for the US corporate market. However, there is little effort on …
Persistent link: https://www.econbiz.de/10005012460
Cover Image
The Value of Real and Financial Risk Management
Boyer, Marcel; Boyer, M. Martin; Garcia, René - Centre Interuniversitaire de Recherche en Analyse des … - 2005
. Empirically, we show that a firm's reactiveness to variations in risk prices is linked to its hedging activities. We also argue …
Persistent link: https://www.econbiz.de/10005100941
Cover Image
Does the Use of Foreign Currency Derivatives Affect Colombian Firms’ Market Value?
González, José Eduardo Gómez; Gómez, Carlos Eduardo … - Banco de la Republica de Colombia
Classic financial theory relies on the absolute perfection of capital markets, which results in one of the milestones … hedging decisions for corporate finance. There is a remarkable volume of literature which tests the effects of risk management … and hedging decisions for the value of the firm, mainly for the US corporate market. However, there is little effort on …
Persistent link: https://www.econbiz.de/10005051651
Cover Image
Some Remarks On the Impact of Risk Management on Firm Value
Hnilica, Jiří - In: Acta Oeconomica Pragensia 2005 (2005) 4, pp. 80-112
The paper focuses on how risk management may influence the value of a company. Situation is discussed with models of Modigliani - Miller - Fama and their assumptions in the background. After the basic explications of the afore mentioned models and of the decision- making rule for investments,...
Persistent link: https://www.econbiz.de/10005036438
Cover Image
Does risk management matter? Evidence from the U.S. agricultural industry
Cornaggia, Jess - In: Journal of Financial Economics 109 (2013) 2, pp. 419-440
bank deposits, a proxy for access to finance. Overall, this article illuminates the relation between hedging and real firm …
Persistent link: https://www.econbiz.de/10010678709
Cover Image
On The Determinants of Derivative Usage by Australian Companies
Nguyen, Hoa; Faff, Robert - In: Australian Journal of Management 27 (2002) 1, pp. 1-24
This paper provides an examination of the determinants of derivative use by Australian corporations. We analysed the … (hedging substitute proxy). The overall results indicate that Australian companies use derivatives with a view to enhancing the … firms' value rather than to maximizing managerial wealth. In particular, corporations' derivative policies are mostly …
Persistent link: https://www.econbiz.de/10010769639