| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15885 |
| DP15885 Efficiency or resiliency? Corporate choice between financial and operational hedging | |
| Viral Acharya; Heitor Almeida; Yakov Amihud; Ping Liu | |
| 发表日期 | 2021-03-04 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We propose that firms face two potential defaults: Financial default on their debt obli- gations and operational default such as a failure to deliver on obligations to customers. Hence, financially constrained firms substitute between saving cash for financial hedg- ing to mitigate financial default risk, and spending on operational hedging, which mitigates operational default risk. Whereas corporate financial hedging increases in leverage, operational hedging declines in leverage. This results in a positive relation- ship between operational spread (markup) and financial leverage or credit risk, which is stronger for financially constrained firms.We present empirical evidence supporting this relationship. |
| 主题 | Financial Economics |
| 关键词 | Financial default Operational default Resilience Liquidity Financial constraints Risk management |
| URL | https://cepr.org/publications/dp15885 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/544877 |
| 推荐引用方式 GB/T 7714 | Viral Acharya,Heitor Almeida,Yakov Amihud,et al. DP15885 Efficiency or resiliency? Corporate choice between financial and operational hedging. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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