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| Tekijä: | Adam, T. |
| Otsikko: | Capital expenditures, financial constraints, and the use of options |
| Lehti: | Journal of Financial Economics
2009 : MAY, VOL 92:2, p. 238-251 |
| Asiasana: | risk management insurance finance gold mining industry derivative securities |
| Kieli: | eng |
| Tiivistelmä: | The article studies the tendency of gold mining companies to use options to hedge their commodity price risk. The data for this investigation comprises information on gold derivatives positions of 111 companies in the US gold mining industry. The results suggest that the least financially constrained firms use hedging strategies including purchase of put options by selling calls (insurance strategy), whereas the most financially constrained firms sell call options (collar). The risk management of a company also seems to depend on the current market conditions. |
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