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Risk Management Determinants Affecting Firms' Values in the Gold Mining Industry : New Empirical Results

  • G. Dionne
  • M. Garand

The goal of this article is to isolate the significant determinants that affect the decision of non-financial firms to hedge their risks. Our application is for the North American gold mining industry. The random variable considered is the selling price of an ounce of gold. We show that several factors related to maximizing the firm's value significantly affect the decision to hedge the price of gold.

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Paper provided by THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise in its series THEMA Working Papers with number 2000-48.

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Date of creation: 2000
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Handle: RePEc:ema:worpap:2000-48
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  1. Tufano, Peter, 1996. " Who Manages Risk? An Empirical Examination of Risk Management Practices in the Gold Mining Industry," Journal of Finance, American Finance Association, vol. 51(4), pages 1097-1137, September.
  2. Smith, Clifford W. & Stulz, René M., 1985. "The Determinants of Firms' Hedging Policies," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 20(04), pages 391-405, December.
  3. Dionne, G. & Gagne, R. & Gagnon, F. & Vanasse, C., 1994. "Debts, moral hazard and airline safety : an empirica evidence," CEPREMAP Working Papers (Couverture Orange) 9419, CEPREMAP.
  4. Cliche, J.A., 2000. "Les determinants de la gestion des risques par les entreprises non financieres : une revue de la litterature," Ecole des Hautes Etudes Commerciales de Montreal- 00-02, Ecole des Hautes Etudes Commerciales de Montreal-Chaire de gestion des risques..
  5. Bruno Jullien & Georges Dionne & Bernard Caillaud, 2000. "Corporate insurance with optimal financial contracting," Economic Theory, Springer, vol. 16(1), pages 77-105.
  6. Nance, Deana R & Smith, Clifford W, Jr & Smithson, Charles W, 1993. " On the Determinants of Corporate Hedging," Journal of Finance, American Finance Association, vol. 48(1), pages 267-84, March.
  7. René M. Stulz, 1996. "Rethinking Risk Management," Journal of Applied Corporate Finance, Morgan Stanley, vol. 9(3), pages 8-25.
  8. Kenneth A. Froot & David S. Scharfstein & Jeremy C. Stein, 1992. "Risk Management: Coordinating Corporate Investment and Financing Policies," NBER Working Papers 4084, National Bureau of Economic Research, Inc.
  9. Stulz, René M., 1984. "Optimal Hedging Policies," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 19(02), pages 127-140, June.
  10. John R. Graham & Clifford W. Smith, 1999. "Tax Incentives to Hedge," Journal of Finance, American Finance Association, vol. 54(6), pages 2241-2262, December.
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