To Hedge or Not to Hedge?That Is the Question

verfasst von Cosa, 26.07.2002, 10:24

Moin,

hier eine Studie, die für den nordamerikanischen Markt den Zusammenhang Hedging - Shareholdervalue für die Jahre 1996 - 2000 untersucht hat. Nicht nur aus dem Bauch heraus, sondern klar mit statistischen Mitteln, wird der Nachteil des Hedging für den Goldminenbesitzer belegt.

<ul>....Based on the standard error of the hedging factor in the regression above, there appears to be a statistically significant negative correlation between hedging and stock price volatility. This confirms the hypothesis that hedging reduces stock price volatility.

....This is a significant finding, for it implies that gold mining firms that aggressively hedge gold price risk are not maximizing shareholder value. These results also provide empirical ammunition to the argument against hedging in the gold mining industry.

.....As for the North American gold mining industry, these results indicate that risk reduction through hedging is of limited value to shareholders who are primarily interested in wealth maximization.</ul>

To Hedge or Not to Hedge?That Is the Question

viele Grüsse
Cosa

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• To Hedge or Not to Hedge?That Is the Question - Cosa, 26.07.2002, 10:24