지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
논문 기본 정보
- 자료유형
- 학술대회자료
- 저자정보
- 발행연도
- 2013.5
- 수록면
- 103 - 132 (30page)
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초록· 키워드
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We present a model for developing hedging strategies with alternative hedging instruments. While financially constrained firms suffer from liquidity problems, they can recover much of the lost value by hedging with futures contracts. However, firms with limited cash balance need to raise risky debt to stay operating in a long horizon and then hedge remaining liquidity with futures and forward contracts. Adding forward contracts into hedging raises the firm value over that hedging with futures contracts alone. We numerically show that financially constrained firm can increase their firm values close to the first-best firm value by issuing minimal risky debt and hedging with futures and forward contracts.
목차
1. Introduction
2. The Model
3. Hedging with Futures and Forward Contracts
4. A Numerical Example
5. Discussion on Hedging with Alternative Instruments
6. Conclusion
References
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UCI(KEPA) : I410-ECN-0101-2016-323-001238103