Show simple item record

dc.contributor.authorLu, Zhangwei
dc.date.accessioned2018-11-14T20:02:00Z
dc.date.available2018-11-14T20:02:00Z
dc.identifier.urihttp://hdl.handle.net/10464/13768
dc.description.abstractIn contemporary business management, an increasing number of firms use derivative instruments to hedge financial risks, including interest rate, foreign exchange rate and commodity price risk. Such hedging activities add to firm value by alleviating market imperfections, the presence of which provides an incentive to hedge. However, derivative instruments can also be used for speculation as well as hedging, magnifying risk and potentially reducing firm value. An awareness of the effectiveness of derivatives usage during various economic periods or in various industries, is also of value and can ultimately result in better hedging and even speculation strategies. In this thesis, we investigate non-financial firms in seven developed countries from 2007 to 2016, and apply fixed effects regression analysis, propensity score matching and difference-in-difference models to examine the relationship between derivatives usage and firm value. The impact of different categories of derivatives usage on firm value is found to differ by country. In particular, although the use of interest derivatives is found to damage firm value worldwide, currency derivative usage appears to increase firm value except in the US and Germany, while the use of commodity derivatives is shown to add to firm value firm only in Germany and Australia.en_US
dc.language.isoengen_US
dc.publisherBrock Universityen_US
dc.subjectderivatives, hedging, risk management, firm valueen_US
dc.titleThe influence of derivatives usage on firm valueen_US
dc.typeElectronic Thesis or Dissertationen_US
dc.degree.nameM.Sc. Managementen_US
dc.degree.levelMastersen_US
dc.contributor.departmentFaculty of Business Programsen_US
dc.degree.disciplineFaculty of Businessen_US
refterms.dateFOA2021-08-12T01:40:34Z


Files in this item

Thumbnail
Name:
Brock Lu, Zhangwei 2018.pdf
Size:
1.633Mb
Format:
PDF

This item appears in the following Collection(s)

Show simple item record