haku: @indexterm EXCHANGE RATES / yhteensä: 1242
viite: 18 / 1242
Tekijä: | Zhang, H. |
Otsikko: | Effect of derivative accounting rules on corporate risk-management behavior |
Lehti: | Journal of Accounting & Economics
2009 : JUN, VOL. 47:3, p. 244-264 |
Asiasana: | derivative securities risk management accounting standards hedging exchange rates |
Kieli: | eng |
Tiivistelmä: | This paper investigates the effect of the acocunting standard for derivative instruments (SFAS No. 133) on corporate risk-management behavior. A derivative user is classified as an 'effective hedger' (hereafter as: EH firm) if its risk exposures decreased after the initation of the derivatives program, and as an 'ineffective hedger / speculator' (hereafter as: IS firm) otherwise. The results show that volatility of cash flows and risk exposures related to interest rate, foreign exchange rate, and commodity price decrease significantly for IS firms but not for EH firms, which suggests that IS firms engaged in more prudent risk-management activities after the adoption of SFAS No. 133. |
SCIMA