Risk Management Determinants Affecting Firms' Values in the Gold Mining Industry: New Empirical Results
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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Cahiers de recherche
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- 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.
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- Bruno Jullien & Georges Dionne & Bernard Caillaud, 2000. "Corporate insurance with optimal financial contracting," Economic Theory, Springer, vol. 16(1), pages 77-105.
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