haku: @author Schrand, C. / yhteensä: 3
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Tekijä: | Geczy, C. Minton, B. A. Schrand, C. |
Otsikko: | Why firms use a currency derivatives |
Lehti: | Journal of Finance
1997 : SEP, VOL. 52:4, p. 1323-1354 |
Asiasana: | CURRENCY HEDGING COMPANY GROWTH FINANCIAL CONTROL FOREIGN EXCHANGE |
Kieli: | eng |
Tiivistelmä: | This study examines the determinants of corporate use of currency derivatives from the perspectives of managers, debtholders and equityholders. The results of univariate and multivariate tests of the differences between currency derivatives users and nonusers indicate that companies with a combination of high growth opportunities but low accessibility to internal and external financing are most likely to use currency derivatives. The result is consistent with the hypothesis that hedging can reduce underinvestment costs associated with investment opportunities in the presence of financial constraints. Currency derivatives user firms are further characterised by greater analyst following and institutional ownership, and greater managerial option holdings. |
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