Derivatives Usage: Value-Adding or Destroying?
affiliation not provided to SSRN
Judith A. Laux
Colorado College - Department of Economics and Business
June 13, 2011
Colorado College Working Paper No. 2011-02
The following article tests the wealth-building nature of derivatives usage in non-financial firms. Investigating 434 firms and employing univariate and multivariate tests, it uses both the fair values and notional values of firms’ derivatives contracts to determine whether derivatives usage enhances or destroys firm value.
Number of Pages in PDF File: 11
Keywords: Derivatives, risk management, stockholder wealth, agency theory
JEL Classification: G1
Date posted: June 13, 2011
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