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when controlling for potential endogeneity issues, corporate governance, cash regimes and alternative measures of cash holdings. Further, we find that financial hedging not only increases the investment ...
transactions—an approach that can easily degenerate into speculation. Footnotes 1 This paper focuses on one corporate motive for hedging : ensuring the firm has sufficient cash flow to fund future investments ...
We examine the impact of activist hedge fund campaigns on corporate Intangible Capital (IC) investments , a key determinant of corporate long-term growth and performance. We document that post ...
volatility of cash flows also leads to lower bankruptcy costs. Moreover, corporate hedging can also align the availability of internal resources with the need for investment funds, helping firms to avoid ...
hedge funds. This paper proposes a synthetic equity derivative structure that mimics the cash flow behaviour of a corporate bond portfolio. Both alternatives are empirically compared, balancing ...
’ net worth. Savings and inventory are both positively related to financing constraints and cash - flow risk, but investment is more sensitive to inventory. Received November 13, 2017, Editorial decision ...
. Contingent capital can also be viewed as a specific variety of a more general corporate risk management strategy that, in the original version of this paper, we called cash ‐ flow hedging . The primary aim ...
. A corollary of this capital structure “irrelevance” proposition says that a company's investment decision should also not be influenced by its risk management policy—by whether a company hedges its various ...
Traditional project investment methods, such as the discounted cash flow (DCF) with a fixed static plan, are no longer sufficient to assist the corporate strategies of seizing opportunities ...
The authors look at the way in which Enron used hedging techniques before the corporate collapse of the organization triggered a crisis of confidence in US business practices and standards ...
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