"Does hedging foreign exchange risk increase firm value for european utility companies?"

Detalhes bibliográficos
Autor(a) principal: Santos, Catarina Fonseca de Botica
Data de Publicação: 2020
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/114479
Resumo: As postulated by Modigliani and Miller (1958), hedging should not have an impact on firm value; however, violations to the perfect market’s assumptions may indicate otherwise .This paper looks at Europe’s Largest Utility companies, relying on regression models that account for control variables, as well as fixed firm and time effects, in an effort to empirically demonstrate this impact. An ANOVA table is also used to account for differences in average firm value for hedgers and non-hedgers of foreign exchange. The results from this analysis shows a limited positive impact, only statistically significant at a 10% level.
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spelling "Does hedging foreign exchange risk increase firm value for european utility companies?"Firm valueForeign exchangeHedgingRisk managementDomínio/Área Científica::Ciências Sociais::Economia e GestãoAs postulated by Modigliani and Miller (1958), hedging should not have an impact on firm value; however, violations to the perfect market’s assumptions may indicate otherwise .This paper looks at Europe’s Largest Utility companies, relying on regression models that account for control variables, as well as fixed firm and time effects, in an effort to empirically demonstrate this impact. An ANOVA table is also used to account for differences in average firm value for hedgers and non-hedgers of foreign exchange. The results from this analysis shows a limited positive impact, only statistically significant at a 10% level.Anjos, FernandoRUNSantos, Catarina Fonseca de Botica2020-06-242020-06-152026-06-15T00:00:00Z2020-06-24T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10362/114479TID:202524302enginfo:eu-repo/semantics/embargoedAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T04:57:11Zoai:run.unl.pt:10362/114479Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:42:32.972137Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv "Does hedging foreign exchange risk increase firm value for european utility companies?"
title "Does hedging foreign exchange risk increase firm value for european utility companies?"
spellingShingle "Does hedging foreign exchange risk increase firm value for european utility companies?"
Santos, Catarina Fonseca de Botica
Firm value
Foreign exchange
Hedging
Risk management
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
title_short "Does hedging foreign exchange risk increase firm value for european utility companies?"
title_full "Does hedging foreign exchange risk increase firm value for european utility companies?"
title_fullStr "Does hedging foreign exchange risk increase firm value for european utility companies?"
title_full_unstemmed "Does hedging foreign exchange risk increase firm value for european utility companies?"
title_sort "Does hedging foreign exchange risk increase firm value for european utility companies?"
author Santos, Catarina Fonseca de Botica
author_facet Santos, Catarina Fonseca de Botica
author_role author
dc.contributor.none.fl_str_mv Anjos, Fernando
RUN
dc.contributor.author.fl_str_mv Santos, Catarina Fonseca de Botica
dc.subject.por.fl_str_mv Firm value
Foreign exchange
Hedging
Risk management
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
topic Firm value
Foreign exchange
Hedging
Risk management
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
description As postulated by Modigliani and Miller (1958), hedging should not have an impact on firm value; however, violations to the perfect market’s assumptions may indicate otherwise .This paper looks at Europe’s Largest Utility companies, relying on regression models that account for control variables, as well as fixed firm and time effects, in an effort to empirically demonstrate this impact. An ANOVA table is also used to account for differences in average firm value for hedgers and non-hedgers of foreign exchange. The results from this analysis shows a limited positive impact, only statistically significant at a 10% level.
publishDate 2020
dc.date.none.fl_str_mv 2020-06-24
2020-06-15
2020-06-24T00:00:00Z
2026-06-15T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/114479
TID:202524302
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identifier_str_mv TID:202524302
dc.language.iso.fl_str_mv eng
language eng
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dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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