Advances in Financial Risk Management: Corporates, - download pdf or read online
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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Additional info for Advances in Financial Risk Management: Corporates, Intermediaries and Portfolios
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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.