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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/34061
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/34061


    Title: Hedging, Asymmetric Exposures, and Firm value: Evidence from U.S. Oil and Gas companies
    Authors: 方曉薇
    Fang, Hsiao-Wei
    Contributors: 張元晨
    Chang, Yuan chen
    方曉薇
    Fang, Hsiao-Wei
    Keywords: hedge
    firm value
    asymmetric exposure
    oil
    gas
    Date: 2005
    Issue Date: 2009-09-17 19:18:39 (UTC+8)
    Abstract: This paper investigates the influence of hedging on firm value and stock return exposures in U.S. oil and gas industry from 1998 to 2004. Previous empirical results show that the relationship between firm value and corporate hedging activities is mixed. We find that the trend and volatility of oil and gas prices play important roles in the issue. Our results indicate that corporate exposures to oil and gas prices are asymmetric. We also find that gas reserve hedging has significant impacts on firm value when volatility of gas price is high. In conclusion, our results show that corporate hedging policies may add firm values in some special situations.
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    Description: 碩士
    國立政治大學
    財務管理研究所
    93357037
    94
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0093357037
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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