文章基本信息

标题：Gestão do risco: coordenação dos investimentos corporativos e das políticas de financiamento
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作者：Kenneth A. Froot ; David S. Scharfstein ; Jeremy C. Stein 等
期刊名称：RAE - Revista de Administração de Empresas
印刷版ISSN：2178-938X
出版年度：2008
卷号：48
期号：1
页码：67-86
语种：Portuguese
出版社：RAE - Revista de Administração de Empresas
摘要：This paper develops a general framework for analyzing corporate risk management policies. We begin by observing that if external sources of finance are more costly to corporations than internally generated funds, there will typically be a benefit to hedging: hedging adds value to the extent that it helps ensure that a corporation has sufficient internal funds available to take advantage of attractive investment opportunities. We then argue that this simple observation has wide ranging implications for the design of risk management strategies. We delineate how these strategies should depend on such factors as shocks to investment and financing opportunities. We also discuss exchange rate hedging strategies for multinationals, as well as strategies involving "nonlinear" instruments like options.
其他摘要：This paper develops a general framework for analyzing corporate risk management policies. We begin by observing that if external sources of finance are more costly to corporations than internally generated funds, there will typically be a benefit to hedging: hedging adds value to the extent that it helps ensure that a corporation has sufficient internal funds available to take advantage of attractive investment opportunities. We then argue that this simple observation has wide ranging implications for the design of risk management strategies. We delineate how these strategies should depend on such factors as shocks to investment and financing opportunities. We also discuss exchange rate hedging strategies for multinationals, as well as strategies involving "nonlinear" instruments like options.
关键词：Risk management;corporate investments;corporate financing;informational asymmetry;partial hedging;Gestão de riscos;investimentos corporativos;financiamento corporativo;assimetria informacional;proteção parcial contra riscos
其他关键词：Risk management; corporate investments; corporate financing; informational asymmetry; partial hedging