文章基本信息

标题：Foreign Currency Derivatives and Firm Value: Evidence from New Zealand
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作者：Hao Li ; Nuttawat Visaltanachoti ; Robin H. Luo 等
期刊名称：Journal of Financial Risk Management
印刷版ISSN：2167-9533
电子版ISSN：2167-9541
出版年度：2014
卷号：03
期号：03
页码：96-112
DOI：10.4236/jfrm.2014.33010
语种：English
出版社：Scientific Research Publishing
摘要：The benefit of corporate hedging remains controversial. While hedging could reduce the likelihood of adverse outcome, it will incur additional costs that may offset such benefit. This study provides some evidences to resolve the debate. We examine the benefits of foreign currency derivatives usage in 134 non-financial firms listed on the New Zealand Stock Exchange. New Zealand dollar experiences relatively high volatility so it is an ideal setting to examine whether the currency derivative usage could add value to the firm. Using Tobin-Q and other of its variants as a proxy of firm value, we find no evidence supporting the notion that the use of foreign currency derivatives can enhance a firm value.
关键词：Currency; Derivatives; Risk Management