Hedging, Cash Flows, and Firm Value: Evidence of an Indirect Effect

This paper extends and tests the predictions of Froot, Scharfstein, and Stein's (1993) model of the relation between hedging, cash flows, and firm value. Specifically, we model the impact of derivatives hedging on firm value both directly and also indirectly through its effect on cash flow vola...

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Veröffentlicht in:	Journal of insurance issues 2017-04, Vol.40 (1), p.1-22
Hauptverfasser:	Altuntas, Muhammed, Liebenberg, Andre P., Watson, Ethan D., Yildiz, Serhat
Format:	Artikel
Sprache:	eng
Schlagworte:	Business structures Capital expenditures Capital markets Cash flow Cash flow forecasting Costs Derivatives Equity financing Financial investments Hedging Hypotheses Insurance industry Insurance premiums Insurance providers Life insurance Modeling Quantitative analysis Reinsurance Taxes Volatility
Online-Zugang:	Volltext
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