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| Tekijä: | Haushalter, D. Klasa, S. Maxwell, W.F. |
| Otsikko: | The influence of product market dynamics on a firm's cash holdings and hedging behavior |
| Lehti: | Journal of Financial Economics
2007 : JUN, VOL. 84:3, p. 797-825 |
| Asiasana: | risk management products markets competition hedging |
| Vapaa asiasana: | cash holdings |
| Kieli: | eng |
| Tiivistelmä: | This paper explores whether firms manage predation risk (hereafter as: pred-risk) from the part of their rivals. There is found inter- and intra-industry evidence that the extent of the interdependence (as: i-dpn.) of a firm's investment (here as: invt.) opportunities with rivals is positively associated with its use of derivatives and the size of its cash holdings. In addition, an analysis of invt. behaviour shows that if this i-dpn. is high, the management of pred-risk provides strategic benefits. These results indicate that pred-risk is an important determinant of corporate financial policy choices and invt. behaviour. |
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