claims, previously believed to contain the world s largest gold deposit, were shown to be pure fraud. Our event study, based … on market returns for the Vancouver Composite Index and for a portfolio of 59 gold stocks, shows the effects of the Bre …

Surveys of corporate risk management document that selective hedging, where managers incorporate their market views … North American gold mining firms and find that selective hedging is most prevalent among firms that are least likely to meet … future gold prices; and (b) firms that are closest to financial distress. The latter finding provides support for the …