지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
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This paper examines the operational hedging strategies of high technology firms and how they are related to financial hedging. We use a sample of 216 firms, consisting of 108 operationally-hedged high technology firms and a size and industry matched sample of 108 non-operationally-hedged firms. We find that derivatives users are larger and are more R&D intensive than non-derivative users. Our regression analysis results show that operational hedging and financial hedging are complementary. However, firms that use financial hedging are able to significantly lower their exchange rate exposure. Finally, our results show that financial hedging adds value for our sample of high technology firms, while operational hedging does not.
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참고문헌 (28)
참고문헌 신청
[보고서] -
Allayannis, G. / 1998 / Exchange-rate Exposure, Hedging and the Use of Foreign Currency Derivatives / Journal of International Money and Finance 20 : 273 ~ 296
Allayannis, G. / 2001 / Exchange-Rate Hedging : Financial vs. Operational Strategies / American Economic Review Papers and Proceedings 91 (2) : 391 ~ 395
Allayannis, G. / 2001 / The Use of Foreign Currency Derivatives and Firm Market Value / Review of Financial Studies 14 : 243 ~ 276
Allen, L. / 1996 / Valuation of the Operating Flexibility of Multinational Corporations / Journal of International Business Studies 27 : 633 ~ 653
Allayannis, G. / 1998 / Exchange-rate Exposure, Hedging and the Use of Foreign Currency Derivatives / Journal of International Money and Finance 20 : 273 ~ 296
Allayannis, G. / 2001 / Exchange-Rate Hedging : Financial vs. Operational Strategies / American Economic Review Papers and Proceedings 91 (2) : 391 ~ 395
Allayannis, G. / 2001 / The Use of Foreign Currency Derivatives and Firm Market Value / Review of Financial Studies 14 : 243 ~ 276
Allen, L. / 1996 / Valuation of the Operating Flexibility of Multinational Corporations / Journal of International Business Studies 27 : 633 ~ 653
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