Can Companies Use Hedging Programs to Profit from the Market? Evidence from Gold Producers
AbstractIn this article, the authors summarize the findings of their recent study of the hedging activities of 92 North American gold mining companies during the period 1989-1999. The aim of the study was to answer two questions: (1) Did such hedging activities increase corporate cash flows? (2) And if yes, were such increases the result of management's ability to anticipate price movements when adjusting their hedge ratios? Although the author's answer to the first question is "yes," their answer to the second is "no." Copyright (c) 2008 Morgan Stanley.
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Bibliographic InfoArticle provided by Morgan Stanley in its journal Journal of Applied Corporate Finance.
Volume (Year): 20 (2008)
Issue (Month): 4 ()
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1078-1196
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