The Effects of Derivatives on Firm Risk and Value

Using a large sample of nonfinancial firms from 47 countries, we examine the effect of derivative use on firm risk and value. We control for endogeneity by matching users and nonusers on the basis of their propensity to use derivatives. We also use a new technique to estimate the effect of omitted v...

Ausführliche Beschreibung

Bibliographische Detailangaben

Veröffentlicht in:	Journal of financial and quantitative analysis 2011-08, Vol.46 (4), p.967-999
Hauptverfasser:	Bartram, Söhnke M., Brown, Gregory W., Conrad, Jennifer
Format:	Artikel
Sprache:	eng
Schlagworte:	Business risks Business structures Cash flow Derivatives Economic value Financial risk Hedging Investment risk Profits Quantitative analysis Risk management Selection bias Stock derivatives Value
Online-Zugang:	Volltext
Tags:	Tag hinzufügen Keine Tags, Fügen Sie den ersten Tag hinzu!