This paper investigates the fuel hedging behavior of firms in the US airline industry during 1994-2000 to examine whether such hedging is a source of value for these companies. The investment climate in the airline industry conforms well to the theoretic framework of Froot, Scharfstein, and...

On September 11, 2001, terrorists launched a devastating attack against the United States using commercial airliners loaded with jet fuel as weapons. Using the multivariate regression model methodology, we investigate the reaction of airline stock prices to the attack. We test whether the market...

Consolidation in the banking industry has sparked concern about the survival of small banks, particularly as it relates to the availability of credit to small businesses. However, if small banks have an advantage in processing credit information, compared to large banks, they should continue to...

This study examines the relationship between board diversity and firm value for Fortune 1000 firms. Board diversity is defined as the percentage of women, African-Americans, Asians, and Hispanics on the board of directors. This research is important because it presents the first empirical...

This paper examines empirical evidence pertaining to the hedging and derivatives activities of U.S. commercial banks. Because banks use derivatives for hedging, dealing, or both, the framework for the analysis includes both contemporary theories of banking and of hedging behavior. Although the...

In this article, we examine the current state of the research on firm performance and the gender diversity of firms' boards of directors. First, we present and analyze descriptive statistics for 13,000 board seats of the Standard and Poor's (S&P) 1500 companies for the years 2003-2007. Next, we...

This study investigates the influence of both financial and operational hedges on the foreign-exchange exposure of U.S. multinational corporations. Three important contributions of our research are: (1) we provide evidence that exposure of U.S. MNCs to foreign-exchange risk is asymmetric; (2) our...

This study examines the relationship between board diversity and firm value for Fortune 1000 firms. Board diversity is defined as the percentage of women, African-Americans, Asians, and Hispanics on the board of directors. This research is important because it presents the first empirical...

Consolidation in the banking industry has sparked concern about the survival of small banks. However, if small banks are better at processing credit information than large banks, they should continue to survive in a competitive environment. We evaluate risk-adjusted commercial loan yields (gross...