The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.
Risk Management and Firm Value: Evidence from Weather Derivatives
Abstract
This paper shows that active risk management policies lead to an increase in firm value. To identify the effect of hedging and to overcome endogeneity concerns, we exploit the introduction of weather derivatives as an exogenous shock to firms’ ability to hedge weather risks. This innovation disproportionately benefits weather‐sensitive firms, irrespective of their future investment opportunities. Using this natural experiment and data from energy firms, we find that derivatives lead to higher valuations, investments, and leverage. Overall, our results demonstrate that risk management has real consequences on firm outcomes.
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Cites
Mostly Harmless Econometrics: An Empiricist's Companion
Angrist, J. D., & Pischke, J.-S. (2009) · doi:10.1515/9781400829828 · Cited by 9,467
Mostly Harmless Econometrics: An Empiricist's Companion
Angrist, J. D., & Pischke, J.-S. (2008) · doi:10.2307/j.ctvcm4j72 · Cited by 5,051
Angrist, J. D., & Krueger, A. B. (2001) · Journal of Economic Perspectives · doi:10.1257/jep.15.4.69 · Cited by 2,355
Does hedging affect firm value? Evidence from the US airline industry
Carter, D. A., Rogers, D. A., & Simkins, B. J. (2006) · Financial Management · doi:10.1111/j.1755-053x.2006.tb00131.x · Cited by 389
Cited by
Giglio, S., Kelly, B., & Stroebel, J. (2021) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-102620-103311 · Cited by 908
Metadata
- Authors
- PÉREZ‐GONZÁLEZ, F., & YUN, H.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2013-09-10
- Volume
- 68
- Issue
- 5
- Pages
- 2143-2176
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2331279603
- Cited by
- 314
- References
- 4
- FWCI
- 71.61
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
