Hedging, Financing and Investment Decisions: A Simultaneous Equations Framework

被引：14
|
作者：
Lin, Chen-Miao [1 ]
Smith, Stephen D. [2 ]
机构：
[1] Clark Atlanta Univ, Atlanta, GA 30314 USA
[2] Georgia State Univ, Atlanta, GA 30302 USA
来源：
FINANCIAL REVIEW | 2007年 / 42卷 / 02期
关键词：
hedging; risk management; capital expenditures; capital structure;
D O I：
10.1111/j.1540-6288.2007.00167.x
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We empirically investigate the interactions among hedging, financing, and investment decisions. We argue that the way in which hedging affects a firm's financing and investing decisions differs for firms with different growth opportunities. We find that high growth firms increase their investment, but not leverage, by hedging. However, we also find that firms with few investment opportunities use derivatives to increase their leverage.
引用
收藏
页码：191 / 209
页数：19
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