Phan, Dinh; Nguyen, Hoa; Faff, Robert - In: Energy Economics 45 (2014) C, pp. 340-352
We investigate the role of derivatives in enhancing firm value of US oil and gas exploration and production companies over the period of 1998–2009, using both cross-sectional and time-series tests. Initially focusing on Tobin's Q, we document a ‘hedging discount’ in periods of increasing...