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Corporate financial hedging with proprietary information
7 references·16 citing·40 second hop
Corporate financial hedging with proprietary information (1991)Corporate financial hedging with propriet…The cost of capital, corporation finance and the theory of investment (2008)The cost of capital, corporat…The Modigliani-Miller Propositions After Thirty Years (1988)The Modigliani-Miller Proposi…A Noisy Rational Expectations Equilibrium for Multi-Asset Securities Markets (1985)A Noisy Rational Expectations…THE ROLE OF A STOCK MARKET IN A GENERAL EQUILIBRIUM MODEL WITH TECHNOLOGICAL UNCERTAINTY (1978)THE ROLE OF A STOCK MARKET IN…The Determination of Financial Structure: The Incentive-Signalling Approach (1977)The Determination of Financia…Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…The Cost of Capital, Corporation Finance and the Theory of Investment (1958)The Cost of Capital, Corporat…Corporate hedging and the cost of debt (2014)Corporate hedging and the cos…Cash Flow Hedging and Liquidity Choices (2013)Cash Flow Hedging and Liquidi…Has the U.S. Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation (2012)Has the U.S. Finance Industry…Derivative usage and firm value: The influence of agency costs and monitoring problems (2010)Derivative usage and firm val…Taxes and Corporate Finance (2008)Taxes and Corporate FinanceThe Value of Corporate Risk Management (2007)The Value of Corporate Risk M…Modelling Transparency in Disclosure: The Case of Foreign Exchange Risk Management (2007)Modelling Transparency in Dis…Interest rate derivatives at commercial banks: An empirical investigation (2006)Interest rate derivatives at …Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies (2005)Is Cash Negative Debt? A Hedg…Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies (2005)Is Cash Negative Debt? A Hedg…The Effect of Mandated Market Risk Disclosures on Trading Volume Sensitivity to Interest Rate, Exchange Rate, and Commodity Price Movements (2002)The Effect of Mandated Market…How Firms Should Hedge (2002)How Firms Should HedgeDoes executive portfolio structure affect risk management? CEO risk-taking incentives and corporate derivatives usage (2002)Does executive portfolio stru…Asymmetric information and corporate derivatives use (2002)Asymmetric information and co…Corporate Risk Management as a Lever for Shareholder Value Creation (2000)Corporate Risk Management as …Corporate Finance over the Past 25 Years (1995)Corporate Finance over the Pa…Risk Aversion in the Small and in the Large (1964)The Present Value of Profits and Cyclical Movements in Investment (1983)Financial intermediation as a beliefs-bridge between optimists and pessimists (2004)Macroeconomics with Financial Frictions: A Survey (2012)Risk measurement when shares are subject to infrequent trading (1979)The Determinants of Firms' Hedging Policies (1985)The Relation Between Price Changes and Trading Volume: A Survey (1987)Required Disclosures in Financial Reports (2007)UAE corporations‐specific characteristics and level of risk disclosure (2009)Attributes of Corporate Risk Disclosure: An International Investigation in the Manufacturing Sector (2011)DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES (1956)Law and Finance (1998)Dividend Policy, Growth, and the Valuation of Shares (1961)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)Corporate financing and investment decisions when firms have information that investors do not have (1984)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Cash Distributions to Shareholders (1989)Public Versus Private Real Estate Equities: A More Refined, Long-Term Comparison (2005)Financing technology-based small firms in Europe: what do we know? (2010)The Nature of the Firm (1937)The Pricing of Options and Corporate Liabilities (1973)Separation of Ownership and Control (1983)Determinants of corporate borrowing (1977)Financing Constraints and Corporate Investment (1988)The theory and practice of corporate finance: evidence from the field (2001)Determinants of corporate cash holdings: Evidence from spin-offs (2008)Financing Constraints and the Cost of Capital: Evidence from the Funding of Corporate Pension Plans (2011)Leverage dynamics over the business cycle (2016)Performance Pay and Top-Management Incentives (1990)The investment opportunity set and corporate financing, dividend, and compensation policies (1992)Stock and Option Grants with Performance-based Vesting Provisions (2010)The Causal Effect of Option Pay on Corporate Risk Management (2015)Performance-vesting provisions in executive compensation (2018)Beauty Contests and Iterated Expectations in Asset Markets (2006)Individual Investors and Local Bias (2010)Testing Asymmetric-Information Asset Pricing Models (2012)ON THE PRICING OF CORPORATE DEBT: THE RISK STRUCTURE OF INTEREST RATES* (1974)The Capital Structure Puzzle (1984)A Survey of Corporate Governance (1997)
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References

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  • 1958The Cost of Capital, Corporation Finance and the Theory of Investment14,494 cited
  • 2008The cost of capital, corporation finance and the theory of investment8,614 cited
  • 1977The Determination of Financial Structure: The Incentive-Signalling Approach4,163 cited
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  • 1978THE ROLE OF A STOCK MARKET IN A GENERAL EQUILIBRIUM MODEL WITH TECHNOLOGICAL UNCERTAINTY530 cited
  • 1988The Modigliani-Miller Propositions After Thirty Years417 cited

Cited by

  • 2002Does executive portfolio structure affect risk management? CEO risk-taking incentives and corporate derivatives usage241 cited
  • 2002The Effect of Mandated Market Risk Disclosures on Trading Volume Sensitivity to Interest Rate, Exchange Rate, and Commodity Price Movements225 cited
  • 2005Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies220 cited
  • 2006Interest rate derivatives at commercial banks: An empirical investigation220 cited
  • 2007The Value of Corporate Risk Management208 cited
  • 2012Has the U.S. Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation192 cited
  • 2002

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How Firms Should Hedge
175 cited
  • 2010Derivative usage and firm value: The influence of agency costs and monitoring problems156 cited
  • 2014Corporate hedging and the cost of debt156 cited
  • 1995Corporate Finance over the Past 25 Years131 cited
  • 2000Corporate Risk Management as a Lever for Shareholder Value Creation127 cited
  • 2002Asymmetric information and corporate derivatives use115 cited
  • 2005Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies112 cited
  • 2013Cash Flow Hedging and Liquidity Choices104 cited
  • 2008Taxes and Corporate Finance94 cited
  • 2007Modelling Transparency in Disclosure: The Case of Foreign Exchange Risk Management92 cited