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Hedging Effectiveness in Energy Market during Economic Crisis : Better Way to Integration

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  • Samitas, Aristeidis

    ()
    (University of the Aegean)

  • Tsakalos, Ioannis

    ()
    (University of the Aegean)

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    Abstract

    This paper investigates hedging and risk management options in the energy sector. Energy firms tend to adopt risk management tools in order to cover their financial exposure. Taking into consideration that current crisis has a significant effect on their value; we check whether energy firms actually have better output when they use hedging tools. In order to measure the effectiveness of this strategy in the energy industry, we adopt Tobin’s Q methodology. The sample of this study consists energy firms on a worldwide basis. The empirical evidence of this research confirms that energy firms may avoid huge economic problems when they adopt risk management methods. It is better enery market integration.

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    Bibliographic Info

    Article provided by Center for Economic Integration, Sejong University in its journal Journal of Economic Integration.

    Volume (Year): 26 (2011)
    Issue (Month): ()
    Pages: 463-476

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    Handle: RePEc:ris:integr:0545

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    Web page: http://econo.sejong.ac.kr/
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    Related research

    Keywords: Energy; Tobin’s Q; Hedging Effectiveness; Financial Crisis;

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