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Overreaction of country ETFs to US market returns: Intraday vs. daily horizons and the role of synchronized trading

Levy, Ariel; Lieberman, Offer - In: Journal of Banking & Finance 37 (2013) 5, pp. 1412-1421

In this paper we study the intraday price formation process of country Exchange Traded Funds (ETFs). We identify specific parts of the US trading day during which Net Asset Values (NAVs), currency rates, premiums and discounts, and the S&P 500 index have special effects on ETF prices, and...

Persistent link: https://www.econbiz.de/10010741762

Timing a Hedge Decision: The Development of a Composite Technical Indicator for White Maize

Geldenhuys, Susari; Dreyer, Frans; Heerden, Chris van - Economic Research Southern Africa (ERSA) - 2014

hedging, to ensure a more profitable and sustainable maize production sector (Geyser, 2013: 39; Jordaan et al., 2007: 320 … both leading and lagging indicators into account to more accurately identify hedging opportunities. The results validated …

Persistent link: https://www.econbiz.de/10010747548

CEO inside debt and hedging decisions: Lessons from the U.S. banking industry

Belkhir, Mohamed; Boubaker, Sabri - In: Journal of International Financial Markets, … 24 (2013) C, pp. 223-246

holdings have a positive effect on the extent to which a bank uses interest rate derivatives for hedging purposes, implying …

Persistent link: https://www.econbiz.de/10010747582

Financial derivatives, opacity, and crash risk: Evidence from large US banks

Dewally, Michaël; Shao, Yingying - In: Journal of Financial Stability 9 (2013) 4, pp. 565-577

We test how the use of financial derivatives affects banks’ informational structure and future stock performance based on a sample of large bank holding companies in the US. Using banks’ use of financial derivatives as a proxy for opacity, we find that high level use of interest rate and...

Persistent link: https://www.econbiz.de/10011046559

Modern methods for hedging the market risk

Laurentiu, MIHAILESCU; Gabriela, POPA - In: Economia. Seria Management 12 (2009) 2 Special, pp. 40-45

activity. The study presents a set of innovative hedging products that can be built based on the instruments traded by …

Persistent link: https://www.econbiz.de/10004966416

Productivity shocks and hedging: theory and evidence

SPANO', Marcello - Dipartimento di Economia, Management e Metodi … - 2003

This work compares two models of corporate hedging, to show how optimal investment, debt, and hedging strategy can be … solutions for hedging are ob-tained to shed light on the di .erent empirical implications associated with the two mechanisms …

Persistent link: https://www.econbiz.de/10005007304

Does the Use of Foreign Currency Derivatives Affect Colombian Firms´ Market Value?

González, José Eduardo Gómez; Rincón, Carlos … - BANCO DE LA REPÚBLICA - 2009

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 … eight large Colombian corporations, the growth rate of Tobin´s Q depends significantly on firm´s size and hedging. Our …

Persistent link: https://www.econbiz.de/10005012460

A Radical Shift in Managing Risks: Practical Applications of Complexity Theory

Chichilnisky, Graciela - Volkswirtschaftliche Fakultät, … - 1998

Complexity theory is designed to bring order out of a rough-and- tumble world, something close to every insurance professional's or actuary's heart. Whether applied in the laboratory or as part of a mathematical model, it can do wonderful things . But in the real world it's just what its name...

Persistent link: https://www.econbiz.de/10005789667

More Hedging Instruments may destablize Markets

Brock, William; Hommes, Cars; Wagener, Florian - Tinbergen Institute - 2006

This paper formalizes the idea that more hedging instruments may destabilize markets when traders are heterogeneous and …

Persistent link: https://www.econbiz.de/10005795568

Risk Management Theory: A comprehensive empirical assessment

Klimczak, Karol Marek - Volkswirtschaftliche Fakultät, … - 2007

The aim of this paper is to develop a methodology for thorough empirical testing of major contemporary corporate risk management theories: financial theory, agency theory, stakeholder theory and new institutional economics. Unlike in previous research, the tests are organised around theories,...

Persistent link: https://www.econbiz.de/10005836311