Changing Horses and Hedging


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FRANKE, Günter, 2003. Changing Horses and Hedging. In: Challenges to the world economy. Festschrift for Horst Siebert. Berlin:Springer, pp. 261-275

@incollection{Franke2003Chang-11965, title={Changing Horses and Hedging}, year={2003}, address={Berlin}, publisher={Springer}, booktitle={Challenges to the world economy. Festschrift for Horst Siebert}, pages={261--275}, author={Franke, Günter} }

<rdf:RDF xmlns:dcterms="" xmlns:dc="" xmlns:rdf="" xmlns:bibo="" xmlns:dspace="" xmlns:foaf="" xmlns:void="" xmlns:xsd="" > <rdf:Description rdf:about=""> <dc:contributor>Franke, Günter</dc:contributor> <dc:format>application/pdf</dc:format> <bibo:uri rdf:resource=""/> <dc:rights>terms-of-use</dc:rights> <dc:date rdf:datatype="">2011-03-25T09:41:25Z</dc:date> <dcterms:issued>2003</dcterms:issued> <foaf:homepage rdf:resource="http://localhost:8080/jspui"/> <dcterms:title>Changing Horses and Hedging</dcterms:title> <dcterms:hasPart rdf:resource=""/> <dspace:hasBitstream rdf:resource=""/> <dspace:isPartOfCollection rdf:resource=""/> <dcterms:rights rdf:resource=""/> <dcterms:available rdf:datatype="">2011-03-25T09:41:25Z</dcterms:available> <dc:creator>Franke, Günter</dc:creator> <void:sparqlEndpoint rdf:resource="http://localhost/fuseki/dspace/sparql"/> <dc:language>eng</dc:language> <dcterms:isPartOf rdf:resource=""/> <dcterms:abstract xml:lang="eng">This paper analyzes the interaction between switching investments and hedging. First, the paper shows that hedging economic risk is not optimal in a world with financial distress costs. We assume that financial distress costs are a declining convex function in the level of financial reserves. These reserves include the market value of outstanding hedging contracts, but not the future cash flow prospects from real activities of the firm because these are highly uncertain. As consequence, very long-term hedging contracts would protect the firm against economic risk, but generate high expected distress costs because the hedging contracts might have very low, negative values. This explain why firms hedge only for rather short periods of time.</dcterms:abstract> <dcterms:bibliographicCitation>First publ. in: Challenges to the world economy. Festschrift for Horst Siebert. Berlin: Springer 2003, pp. 261-275</dcterms:bibliographicCitation> </rdf:Description> </rdf:RDF>

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