Advances in Financial Risk Management: Corporates, - download pdf or read online

Risk Management

By Jonathan A. Batten, Peter MacKay, P. Mackay, N. Wagner

The newest learn on measuring, coping with and pricing monetary hazard. 3 extensive views are thought of: monetary probability in non-financial businesses; in monetary intermediaries equivalent to banks; and eventually in the context of a portfolio of securities of alternative credits caliber and marketability.

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Dominguez, K. and Tesar, L. (2001). A Reexamination of Exchange Rate Exposure. American Economic Review, 91, Papers and Proceedings, 396–9. , Hubbard, R. G. and Petersen, B. C. (1986). The Intertemporal Stability of the Concentration-margins Relationship. Journal of Industrial Economics, 35, 13–34. , Scharfstein, D. and Stein, J. (1993). Risk Management: Coordinating Corporate Investment and Financing Policies. Journal of Finance, 48, 1629–57. , Minton, B. and Schrand, C. (1997). Why Firms Use Currency Derivatives.

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In Adam, Dasgupta and Titman (2007) and Mello and Ruckes (2008), the interdependence between firms’ hedging choices relies on the existence of imperfect competition. Therefore, we further support our empirical evidence by examining FX exposures in sub-samples of more competitive and less competitive industries. We find that, as expected, the relation between an individual firm’s FX exposure and the derivatives choices of its competitors is stronger in less competitive industries. Our results are significant for two reasons.

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