دانلود مقاله ISI انگلیسی شماره 14281
عنوان فارسی مقاله

معاملات تامینی اوراق مشتقه، تنوع بخشی جغرافیایی و ارزش بازار شرکت

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
14281 2004 17 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Derivatives hedging, geographical diversification, and firm market value
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Multinational Financial Management, Volume 14, Issue 2, April 2004, Pages 117–133

کلمات کلیدی
مصون سازی - مشتقات - ارزش شرکت - تنوع و گوناگونی جغرافیایی -
پیش نمایش مقاله
پیش نمایش مقاله معاملات تامینی اوراق مشتقه، تنوع بخشی جغرافیایی و ارزش بازار شرکت

چکیده انگلیسی

This paper examines the value effect from different aspects of hedging activity and foreign operations, using a sample of Swedish firms over the period 1997–2001. A main finding is that there seems to be a positive value effect from hedging transaction exposure, but that translation exposure hedging does not add value. Further, the results suggest that firm value is positively related to geographical diversification and firms’ net long positions in foreign currency. The latter may be caused by the depreciation of the Swedish currency during the sample period.

مقدمه انگلیسی

The purpose of this paper is to investigate whether firms’ hedging activities are rewarded with higher market values. In the perfect capital market of the classic Modigliani and Miller proposition I, risk management is irrelevant to firms. Shareholders can hedge on their own by holding well-diversified portfolios, so there is no value creation by hedging away risks for an individual firm. Recent theories derive optimal hedging policies by introducing frictions into the Modigliani and Miller model.1 An increasing number of empirical studies have been performed to investigate these theories and the evidence suggests that firms hedge largely in order to mitigate market imperfections consistent with theoretical recommendations.

نتیجه گیری انگلیسی

This paper investigates the value effect from geographical diversification, net exposure, and hedging activity. The most important contribution concerns different aspects of hedging activity. The findings from Allayannis and Weston (2001) suggest that the use of foreign currency derivatives increases firm value. In this paper, Allayannis and Weston’s (2001) results are supported, and the results add to their findings. The results suggest that firms that are geographically diversified and hedges are valued at premiums. However, the analysis fails to distinguish value effects from hedging to those from geographical diversification. Possibly, both factors are important, which would support arguments that firms that engage in international operations could increase profitability and be higher valued since they can exploit market imperfections (see e.g. Butler, 1999), as well as arguments that hedging adds value.

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