The use of foreign currency derivatives and firm market value

被引：431
|
作者：
Allayannis, G
Weston, JP
机构：
[1] Univ Virginia, Darden Grad Sch Business Adm, Charlottesville, VA 22906 USA
[2] Rice Univ, Houston, TX 77251 USA
来源：
REVIEW OF FINANCIAL STUDIES | 2001年 / 14卷 / 01期
关键词：
D O I：
10.1093/rfs/14.1.243
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This article examines the use of foreign currency derivatives (FCDs) in a sample of 720 large U.S. nonfinancial firms between 1990 and 1995 and its potential impact on firm value. Using Tobin's Q as a proxy for firm value, we find a positive relation between firm value and the use of FCDs. The hedging premium is statistically and economically significant for firms with exposure to exchange rates and is on average 4.87% of firm value. We also find some evidence consistent with the hypothesis that hedging causes an increase in firm value.
引用
收藏
页码：243 / 276
页数：34
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