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Derivatives Usage: Value-Adding or Destroying?


Jack Naito


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

Abstract:     
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

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Date posted: June 13, 2011  

Suggested Citation

Naito, Jack and Laux, Judith A., Derivatives Usage: Value-Adding or Destroying? (June 13, 2011). Colorado College Working Paper No. 2011-02. Available at SSRN: http://ssrn.com/abstract=1864034 or http://dx.doi.org/10.2139/ssrn.1864034

Contact Information

Jack Naito
affiliation not provided to SSRN ( email )
Judith A. Laux (Contact Author)
Colorado College - Department of Economics and Business ( email )
Colorado Springs, CO 80903
United States
7193896414 (Phone)
7193896927 (Fax)
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References:  18

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