هزینه های سرمایه ای، محدودیت های مالی و استفاده از گزینه ها
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|50463||2009||14 صفحه PDF||سفارش دهید||10399 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Journal of Financial Economics, Volume 92, Issue 2, May 2009, Pages 238–251
This paper analyzes why gold mining firms use options instead of linear strategies to hedge their gold price risk. Consistent with financial constraints based theories, the largest and least financially constrained firms are the most likely to hedge with insurance strategies (put options), while more constrained firms finance the purchase of puts by selling calls (collars). The most financially constrained firms use strategies that involve selling calls. Firms with large investment programs are also more likely to use insurance rather than linear strategies. Firms’ hedging instrument choices are also correlated with current market conditions, suggesting that managers’ market views partially drive hedging instrument choices.