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来源类型Working Paper
规范类型报告
DOI10.3386/w29207
来源IDWorking Paper 29207
Hedging and Competition
Erasmo Giambona; Anil Kumar; Gordon M. Phillips
发表日期2021-09-06
出版年2021
语种英语
摘要We study how risk management through hedging impacts firms and competition among firms in the life insurance industry - an industry with over 7 Trillion in assets and over 1,000 private and public firms. We show that firms that are likely to face costly external finance increase hedging after staggered state-level financial reform that reduces the costs of hedging. Post reform impacted firms have lower risk and fewer negative income shocks. Product market competition is also impacted. Firms that previously are more likely to face costly external finance, lower price, increase policy sales and increase their market share post reform. The results are consistent with hedging allowing firms that face potential costly financial distress to decrease risk and become more competitive.
主题Microeconomics ; Households and Firms ; Market Structure and Distribution ; Financial Economics ; Financial Institutions ; Corporate Finance
URLhttps://www.nber.org/papers/w29207
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/586880
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GB/T 7714
Erasmo Giambona,Anil Kumar,Gordon M. Phillips. Hedging and Competition. 2021.
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