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Does the type of derivative instrument used by companies impact firm value?

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  • Hoa Nguyen
  • Robert Faff

Abstract

We explore the relationship between the type of derivative instrument used and firm value, in a sample of Australian firms. Specifically, we examine the impact of the corporate use of swaps, futures, forwards and options, and the extent of such usage, on firm value. Our findings suggest that a 'discount' is most severely imposed on users of swaps.

Suggested Citation

  • Hoa Nguyen & Robert Faff, 2010. "Does the type of derivative instrument used by companies impact firm value?," Applied Economics Letters, Taylor & Francis Journals, vol. 17(7), pages 681-683.
  • Handle: RePEc:taf:apeclt:v:17:y:2010:i:7:p:681-683 DOI: 10.1080/13504850802297822
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    1. Masahiro Ashiya, 2007. "Consensus and accuracy of Japanese GDP forecasts," Applied Economics Letters, Taylor & Francis Journals, vol. 14(13), pages 969-974.
    2. Kolb, R. A. & Stekler, H. O., 1996. "Is there a consensus among financial forecasters?," International Journal of Forecasting, Elsevier, vol. 12(4), pages 455-464, December.
    3. Ashiya, Masahiro, 2006. "Forecast accuracy and product differentiation of Japanese Institutional Forecasters," International Journal of Forecasting, Elsevier, vol. 22(2), pages 395-401.
    4. Holden, K & Peel, D A, 1990. "On Testing for Unbiasedness and Efficiency of Forecasts," The Manchester School of Economic & Social Studies, University of Manchester, vol. 58(2), pages 120-127, June.
    5. Ashiya, Masahiro, 2003. "Testing the rationality of Japanese GDP forecasts: the sign of forecast revision matters," Journal of Economic Behavior & Organization, Elsevier, vol. 50(2), pages 263-269, February.
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    Cited by:

    1. Kim, Huong Trang & Papanastassiou, Marina & Nguyen, Quang, 2017. "Multinationals and the impact of corruption on financial derivatives use and firm value: Evidence from East Asia," Journal of Multinational Financial Management, Elsevier, pages 39-59.
    2. Lau, Chee Kwong, 2016. "How corporate derivatives use impact firm performance?," Pacific-Basin Finance Journal, Elsevier, pages 102-114.
    3. repec:tei:journl:v:10:y:2017:i:3:p:67-72 is not listed on IDEAS

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