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Dionne, Georges [Author] ; Gueyie, Jean-Pierre [Other]; Mnasri, Mohamed [Other]

Dynamic Corporate Risk Management

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  • Media type: E-Book
  • Title: Dynamic Corporate Risk Management : Motivations and Real Implications
  • Contributor: Dionne, Georges [Author]; Gueyie, Jean-Pierre [Other]; Mnasri, Mohamed [Other]
  • Published: [S.l.]: SSRN, [2017]
  • Extent: 1 Online-Ressource (53 p)
  • Language: English
  • DOI: 10.2139/ssrn.2805661
  • Identifier:
  • Keywords: Hedging maturity ; Early termination of contracts ; Firm value ; Heterogeneous treatment effects ; Essential heterogeneity models ; Oil industry
  • Origination:
  • Footnote: In: Journal of Banking and Finance, Forthcoming
    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 8, 2017 erstellt
  • Description: We investigate the dynamics of corporate hedging programs used by US oil producers and examine the effects of hedging maturity choice on firm value. We find evidence of a concave relationship between hedging maturity and the likelihood of financial distress and oil spot prices. We further investigate the motivations of the early termination of outstanding hedging contracts. Using the essential heterogeneity approach, we evaluate the causal effects of hedging maturity on firm value. Marginal firm value increases with short-term hedging maturity. The causal effects vary across oil producers with different hidden attributes
  • Access State: Open Access