Firm Value And Hedging Evidence From U. S. Oil And Gas Producers  

Oleh:

Yanbo, Jin ; Jorion, Philippe

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 61 no. 2 (Apr. 2006), page 893-920.
Topik: firm value; petroleum industry; stock prices; business valuation; hedging; regression analysis
Fulltext: p 893.pdf (211.39KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This paper studies the hedging activities of 119 U.S. oil and gas producers from 1998 to 2001 and evaluate their effect on firm value. Theories of hedging based on market imperfections imply that hedging should increase the firm's market value (MV). To test this hypothesis, we collect detailed information on the extent of hedging and on the valuation of oil and gas reserves. We verify that hedging reduces the firm's stock price sensitivity to oil and gas prices. Contrary to previous studies, however we find that hedging does not seem to affect MVs for this industry.

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