CEO risk preferences, hedging intensity, and firm value

Rajib Chowdhury,John A. Doukas,Sonik Mandal

Journal of International Money and Finance（2023）

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摘要

•Derivative hedging increases firm value modesty compared to a firm’s overall risk exposure.•CEO compensation structures do not have a statistically significant effect the hedging intensities.•Our evidence suggests that hedging acts as insurance rather than as a value-increasing strategy.

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关键词

Derivatives hedging,Hedging intensity,Firm value,CEO risk preferences,CEO compensation

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