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The Incentives to Hedge

Author

Listed:
  • Graham, J.R.
  • Smith, Jr.C.W.

Abstract

We quantify the tax savibgs from hedging by modeling major provisions of the tax code. Using data from COMPUSTAT, we simulate likely tax savings from reducing the volatility of taxable income.

Suggested Citation

  • Graham, J.R. & Smith, Jr.C.W., 1996. "The Incentives to Hedge," Papers 96-03, Rochester, Business - Financial Research and Policy Studies.
  • Handle: RePEc:fth:robufr:96-03
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    Cited by:

    1. Allen, Franklin & Santomero, Anthony M., 1997. "The theory of financial intermediation," Journal of Banking & Finance, Elsevier, vol. 21(11-12), pages 1461-1485, December.
    2. Ammon, Norbert, 1998. "Why Hedge? - A Critical Review of Theory and Empirical Evidence -," ZEW Discussion Papers 98-18, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    3. José Rodrigues de Jesús & Luís Miranda da Rocha & Rui Couto Viana, 2001. "Avaliação de Pequenas e Médias Empresas e Gestão de Risco," FEP Working Papers 110, Universidade do Porto, Faculdade de Economia do Porto.
    4. Downie, David & Nosal, Ed, 2003. "A strategic approach to hedging and contracting," International Journal of Industrial Organization, Elsevier, vol. 21(3), pages 399-417, March.

    More about this item

    Keywords

    SAVINGS ; TAXES;

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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