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政大機構典藏 > 商學院 > 金融學系 > 期刊論文 > Item 140.119/66267

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/66267

Title:	Striving for Home Advantage? An Empirical Study of Currency Hedging of Taiwan Insurers
Authors:	朱浩民 Chu, Hau-Min
Contributors:	金融系
Keywords:	currency risk;hedging strategy;managerial discretion hypothesis;home equity bias puzzle.
Date:	2011.04
Issue Date:	2014-05-26 16:57:56 (UTC+8)
Abstract:	This paper examined the currency hedging strategy and its impacts on investment performance of Taiwan life insurance industry form 1999 to 2008. For the overall industry, currency hedging strategies yield positive results. However, if the life insurance industry is divided into two categories according to its ownership structure, i.e., domestic-owned and foreign-owned companies, the results show that the currency hedging strategies employing by the domestic-owned companies have more advantages than those of the foreign-owned firms. If the observed samples are further divided into publicly listed in TAIEX and others, our results show that hedging strategy have positive effects on listed companies. Our findings support the works in Glen and Jorion (1993) and Campbell et al. (2010) that hedging strategies improve foreign investment returns and can reduce the currency risks than unhedging strategies. Our empirical result indicates that SFAS No. 34 has significant effect on the currency hedging behaviors for the domestic-owned and the listed companies.
Relation:	Middle Eastern Finance and Economics, 12(1), 49-64
Data Type:	article
Appears in Collections:	[金融學系] 期刊論文

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