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Who Manages Risk? An Empirical Examination of Risk Management Practices in the Gold Mining Industry

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Author Info
 Tufano, Peter
Abstract

This article examines a new database that details corporate risk management activity in the North American gold mining industry. The author finds little empirical support for the predictive power of theories that view risk management as a means to maximize shareholder value. However, firms whose managers hold more options manage less gold price risk, and firms whose managers hold more stock manage more gold price risk, suggesting that managerial risk aversion may affect corporate risk management policy. Further, risk management is negatively associated with the tenure of firms' CFOs, perhaps reflecting managerial interests, skills, or preferences. Copyright 1996 by American Finance Association.

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Article provided by American Finance Association in its journal Journal of Finance.

Volume (Year): 51 (1996)
Issue (Month): 4 (September)
Pages: 1097-1137
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Handle: RePEc:bla:jfinan:v:51:y:1996:i:4:p:1097-1137

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This page was last updated on 2008-11-26.

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