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CEO age, risk incen...
CEO age, risk incentives, and hedging instrument choice
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Croci, Ettore (författare)
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- Jankensgård, Håkan (författare)
- Lund University,Lunds universitet,Företagsekonomiska institutionen,Ekonomihögskolan,Department of Business Administration,Lund University School of Economics and Management, LUSEM
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(creator_code:org_t)
- 2014
- Engelska 46 s.
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Serie: Knut Wicksell Working Paper Series, Lund University
- Relaterad länk:
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http://swopec.hhs.se... (free)
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Abstract
Ämnesord
Stäng
- We analyze how firms hedge in the oil and gas industry. Our main finding is that CEO age determines hedging behavior. The probability of being a hedger as well as the use of linear hedging strategies decreases with CEO age. These results are consistent with an argument that financial distress, which sends a negative signal of managerial ability, is relatively more costly to younger CEOs. We also investigate the vega-theory of hedging instrument choice, finding some support for a negative relationship between vega and a) the use of derivatives and b) hedging strategies that include the sale of call options.
Ämnesord
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Företagsekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Business Administration (hsv//eng)
Nyckelord
- risk management
- derivative
- hedging instrument
- vega
- CEO age
Publikations- och innehållstyp
- ovr (ämneskategori)
- vet (ämneskategori)