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Hedging, Financing and Investment Decisions: A Simultaneous Equations Framework

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Author Info
Chen-Miao Lin
Stephen D. Smith
Abstract

We empirically investigate the interactions among hedging, financing, and investment decisions. We argue that the way in which hedging affects a firm's financing and investing decisions differs for firms with different growth opportunities. We find that high growth firms increase their investment, but not leverage, by hedging. However, we also find that firms with few investment opportunities use derivatives to increase their leverage. Copyright 2007, The Eastern Finance Association.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1540-6288.2007.00167.x
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Publisher Info
Article provided by Eastern Finance Association in its journal Financial Review.

Volume (Year): 42 (2007)
Issue (Month): 2 (05)
Pages: 191-209
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:bla:finrev:v:42:y:2007:i:2:p:191-209

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Web page: http://www.easternfinance.org/
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