Financial constraints, competition, and hedging in industry equilibrium

被引：67

作者：

Adam, Tim

Dasgupta, Sudipto

Titman, Sheridan

机构：

来源：

JOURNAL OF FINANCE | 2007年 / 62卷 / 05期

关键词：

D O I：

10.1111/j.1540-6261.2007.01280.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

ABSTRACT We analyze the hedging decisions of firms, within an equilibrium setting that allows us to examine how a firm's hedging choice depends on the hedging choices of its competitors. Within this equilibrium some firms hedge while others do not, even though all firms are ex ante identical. The fraction of firms that hedge depends on industry characteristics, such as the number of firms in the industry, the elasticity of demand, and the convexity of production costs. Consistent with prior empirical findings, the model predicts that there is more heterogeneity in the decision to hedge in the most competitive industries. © 2007 by The American Finance Association.

引用

页码：2445 / 2473

页数：29

共 28 条

[1]

Aabo T., Simkins B.J., Interaction between real options and financial hedging: Fact or fiction in managerial decision-making, Review of Financial Economics, 14, pp. 353-369, (2005)

[2]

Acharya V.V., Almeida H., Campello M., Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies, (2006)

[3]

Adam T.R., Dasgupta S., Titman S., Financial Constraints, Competition, and Hedging in Industry Equilibrium, (2006)

[4]

Allayannis G., Ofek E., Exchange rate exposure, hedging, and the use of foreign currency derivatives, Journal of International Money and Finance, 20, pp. 273-296, (2001)

[5]

Allayannis G., Weston J.P., The use of foreign foreign currency derivatives and industry structure, in Greg Brown and Don Chew, Corporate Risk: Strategies and Management, (1999)

[6]

Allayannis G., Weston J.P., The use of foreign currency derivatives and firm market malue, Review of Financial Studies, 14, pp. 243-276, (2001)

[7]

Almeida H., Campello M., Weisbach M.S., The cash flow sensitivity of cash, Journal of Finance, 59, pp. 1777-1804, (2004)

[8]

Demarzo P.M., Duffie D., Corporate incentives for hedging and hedge accounting, Review of Financial Studies, 8, pp. 743-771, (1995)

[9]

De Meza D., Safety in conformity but profits in deviance, Canadian Journal of Economics, 19, pp. 261-269, (1986)

[10]

Fenn G.W., Post M., Sharpe S.A., Debt maturity and the use of interest rate derivatives by nonfinancial firms, Board of Governors of the Federal Reserve System, (1996)

← 1 2 3 →