Does the type of derivative instrument used by companies impact firm value?

Hoa Nguyen · Robert W. Faff

32 citations0/0 files storedApplied Economics Letters

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Risk Management in Financial Firms Corporate Finance and Governance Financial Reporting and Valuation Research

Abstract

We explore the relationship between the type of derivative instrument used and firm value, in a sample of Australian firms. Specifically, we examine the impact of the corporate use of swaps, futures, forwards and options, and the extent of such usage, on firm value. Our findings suggest that a ‘discount’ is most severely imposed on users of swaps.

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1988The Determinants of Capital Structure Choice 2003Corporate Governance, Board Diversity, and Firm Value 2001The Use of Foreign Currency Derivatives and Firm Market Value 2006Firm Value and Hedging: Evidence from U.S. Oil and Gas Producers 2001Does Delaware law improve firm value?1994The Accounting Based Valuation of Corporate R&D 2006Does Hedging Affect Firm Value? Evidence from the US Airline Industry 2017The Determinants of Capital Structure

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