stage I subsume various models for optimal hedging under one general co-integrated model. In a worked example three models …

(CDS) spreads of the U.S. metal and mining industries, and the prices of copper, platinum, silver and gold using the daily … the best possible hedge for dealing with the U.S. metals and mining industries' credit risks. Our results are robust under …

with over 10% of global output. This paper examines the hedging strategies that Pasminco had in place in the years leading …. We build a valuation model that illustrates in stark terms that the company's hedging strategies materially reduced …

reasons why hedging should lead to enhanced shareholder value, but empirical evidence in support of a substantial value … increase from hedging is, at best, mixed. In this paper, we synthesize the empirical evidence for value enhancement in firms …' hedging with derivatives using a statistical meta-analysis combining data from 47 different studies. Our findings indicate …

We argue that commodity input hedging is different from commodity output hedging. Output hedging can be detrimental to … prices. In rational markets such hedging will be expensive and we expect to see a negative relationship between hedging and … currency hedging. Finally, our empirical framework, which differentiates between hedging inputs and hedging outputs, can also …