Does the use of derivatives add value to the firm? a study using brazilian data
Article Sidebar
Published:
Oct 1, 2008
Keywords:
Derivatives exchange rate firm-value Tobin’s Q hedging
Main Article Content
Abstract
This article examines the use of derivatives and its impact on firm value for a sample of non-financial Brazilian companies listed in the São Paulo Stock Exchange from 1996 to 2006. Using parametric and non-parametric methods, the results confirm that the use of derivatives adds value to the firm, indicating that, differently than asserted by Modigliani and Miller (1958), corporate financing policies do exert an impact on firm-value.
Downloads
Download data is not yet available.
Metrics
Metrics Loading ...
Article Details
How to Cite
ROSSI JÚNIOR, J. L. Does the use of derivatives add value to the firm? a study using brazilian data. RAE - Revista de Administracao de Empresas , [S. l.], v. 48, n. 4, p. 94–107, 2008. Disponível em: https://periodicos.fgv.br/rae/article/view/36755. Acesso em: 3 jul. 2024.
Section
Forum
A RAE compromete-se a contribuir com a proteção dos direitos intelectuais do autor. Nesse sentido:
- adota a licença Creative Commoms BY (CC-BY) em todos os textos que publica, exceto quando houver indicação de específicos detentores dos direitos autorais e patrimoniais;
- adota software de detecção de similaridades;
- adota ações de combate ao plagio e má conduta ética, alinhada às diretrizes do Committee on Publication Ethics (COPE)
