| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16622 |
| 来源ID | Working Paper 16622 |
| The Real and Financial Implications of Corporate Hedging | |
| Murillo Campello; Chen Lin; Yue Ma; Hong Zou | |
| 发表日期 | 2010-12-20 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | We study the implications of hedging for firm financing and investment. We do so using an extensive, hand-collected dataset on corporate hedging activities. Hedging can lower the odds of negative firm realizations, reducing the expected costs of financial distress. In theory, this should ease a firm's access to credit. Using a tax-based instrumental variable approach, we find that hedgers pay lower interest spreads and are less likely to have capital expenditure restrictions in their loan agreements. These favorable financing terms, in turn, allow hedgers to invest more. Our tests characterize two exact channels (cost of borrowing and investment restrictions) through which hedging affects corporate outcomes. The analysis we present shows that hedging has a first-order effect on firm financing and investment, and provides new insights into how hedging affects corporate wealth. More broadly, our study contributes novel evidence on the real consequences of financial contracting. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w16622 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574303 |
| 推荐引用方式 GB/T 7714 | Murillo Campello,Chen Lin,Yue Ma,et al. The Real and Financial Implications of Corporate Hedging. 2010. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16622.pdf（236KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
