| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23331 |
| 来源ID | Working Paper 23331 |
| Risk Management with Supply Contracts | |
| Heitor Almeida; Kristine Watson Hankins; Ryan Williams | |
| 发表日期 | 2017-04-17 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Purchase obligations are forward contracts with suppliers and are used more broadly than traded commodity derivatives. This paper is the first to document that these contracts are a risk management tool and have a material impact on corporate hedging activity. Firms that expand their risk management options following the introduction of steel futures contracts substitute financial hedging for purchase obligations. Contracting frictions – such as bargaining power and settlement risk – as well as potential hold-up issues associated with relationship-specific investment affects the use of purchase obligations in the cross-section as well as how firms respond to the introduction of steel futures. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w23331 |
| 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/581005 |
| 推荐引用方式 GB/T 7714 | Heitor Almeida,Kristine Watson Hankins,Ryan Williams. Risk Management with Supply Contracts. 2017. |
| 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 | ||
| w23331.pdf（295KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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