메뉴 건너뛰기




Volumn 14, Issue 3, 2008, Pages 445-469

The determinants of foreign currency hedging: Does foreign currency debt induce a bias?

Author keywords

Corporate hedging; Derivatives; Financial distress; Foreign currency debt; Foreign currency hedging

Indexed keywords


EID: 43749124432     PISSN: 13547798     EISSN: 1468036X     Source Type: Journal    
DOI: 10.1111/j.1468-036X.2007.00360.x     Document Type: Article
Times cited : (42)

References (35)
  • 1
    • 34247853409 scopus 로고    scopus 로고
    • The importance of corporate foreign debt in managing exchange rate exposures in non-financial companies
    • pp.
    • Aabo, T. The importance of corporate foreign debt in managing exchange rate exposures in non-financial companies European Financial Management, Vol. 12, 2006, pp. 633 49.
    • (2006) European Financial Management , vol.12 , pp. 633-49
    • Aabo, T.1
  • 2
    • 0001193948 scopus 로고    scopus 로고
    • Exchange-rate exposure, hedging and the use of foreign currency derivatives
    • and. pp.
    • Allayannis, G. and Ofek, E. Exchange-rate exposure, hedging and the use of foreign currency derivatives Journal of International Money and Finance, Vol. 20, 2001, pp. 273 96.
    • (2001) Journal of International Money and Finance , vol.20 , pp. 273-96
    • Allayannis, G.1    Ofek, E.2
  • 3
    • 0344585453 scopus 로고    scopus 로고
    • Capital structure and financial risk: Evidence from foreign debt use in East Asia
    • and. pp.
    • Allayannis, G., Brown, G. W. and Klapper, L. Capital structure and financial risk: evidence from foreign debt use in East Asia Journal of Finance, Vol. 58, 2003, pp. 2667 2709.
    • (2003) Journal of Finance , vol.58 , pp. 2667-2709
    • Allayannis, G.1    Brown, G.W.2    Klapper, L.3
  • 4
    • 33846180812 scopus 로고    scopus 로고
    • The determinants of capital structure choice: A survey of European firms
    • and. University of Manitoba, ESCP-EAP
    • Bancel, F. and Mittoo, U. The determinants of capital structure choice: a survey of European firms Working Paper (University of Manitoba, ESCP-EAP, 2002).
    • (2002) Working Paper
    • Bancel, F.1    Mittoo, U.2
  • 5
    • 8744274909 scopus 로고    scopus 로고
    • International evidence on financial derivatives use
    • and. University of Lancaster
    • Bartram, S. M., Brown, G. W. and Fehle, F. R. International evidence on financial derivatives use Working Paper (University of Lancaster, 2004).
    • (2004) Working Paper
    • Bartram, S.M.1    Brown, G.W.2    Fehle, F.R.3
  • 6
    • 0039613741 scopus 로고    scopus 로고
    • Empirical evidence on the corporate use of derivatives
    • and. pp.
    • Berkman, H. and Bradbury, M. E. Empirical evidence on the corporate use of derivatives Financial Management, Vol. 25, 1996, pp. 5 13.
    • (1996) Financial Management , vol.25 , pp. 5-13
    • Berkman, H.1    Bradbury, M.E.2
  • 7
    • 0031328873 scopus 로고    scopus 로고
    • An international comparison of derivatives use
    • and. pp.
    • Berkman, H., Bradbury, M. E. and Magan, S. An international comparison of derivatives use Financial Management, Vol. 26, 1997, pp. 69 73.
    • (1997) Financial Management , vol.26 , pp. 69-73
    • Berkman, H.1    Bradbury, M.E.2    Magan, S.3
  • 8
    • 84959669053 scopus 로고
    • Forward contracts and firm value: Investment incentive and contracting effects
    • pp.
    • Bessembinder, H. Forward contracts and firm value: investment incentive and contracting effects Journal of Financial and Quantitative Analysis, Vol. 26, 1991, pp. 519 32.
    • (1991) Journal of Financial and Quantitative Analysis , vol.26 , pp. 519-32
    • Bessembinder, H.1
  • 9
    • 84881891854 scopus 로고    scopus 로고
    • The impact of institutional differences on derivatives usage: A comparative study of US and Dutch firms
    • and. pp.
    • Bodnar, G. M., Jong, A. D. and Macrae, V. The impact of institutional differences on derivatives usage: a comparative study of US and Dutch firms European Financial Management, Vol. 9, 2003, pp. 271 97.
    • (2003) European Financial Management , vol.9 , pp. 271-97
    • Bodnar, G.M.1    Jong, A.D.2    MacRae, V.3
  • 11
    • 0037375390 scopus 로고    scopus 로고
    • Foreign denominated debt and foreign currency derivatives: Complements or substitutes in hedging foreign currency risk
    • and. pp.
    • Elliott, W. B., Huffman, S. P. and Makar, S. D. Foreign denominated debt and foreign currency derivatives: complements or substitutes in hedging foreign currency risk Journal of Multinational Financial Management, Vol. 13, 2003, pp. 123 39.
    • (2003) Journal of Multinational Financial Management , vol.13 , pp. 123-39
    • Elliott, W.B.1    Huffman, S.P.2    Makar, S.D.3
  • 12
    • 29344460646 scopus 로고    scopus 로고
    • Does the source of capital affect capital structure?
    • and. pp.
    • Faulkender, M. and Petersen, M. A. Does the source of capital affect capital structure? Review of Financial Studies, Vol. 19, 2006, pp. 45 79.
    • (2006) Review of Financial Studies , vol.19 , pp. 45-79
    • Faulkender, M.1    Petersen, M.A.2
  • 13
    • 0012294532 scopus 로고    scopus 로고
    • Determinants of corporate hedging and derivatives: A revisit
    • and. pp.
    • Fok, R. C. W., Carroll, C. and Chiou, M. C. Determinants of corporate hedging and derivatives: a revisit Journal of Economics and Business, Vol. 49, 1997, pp. 569 85.
    • (1997) Journal of Economics and Business , vol.49 , pp. 569-85
    • Fok, R.C.W.1    Carroll, C.2    Chiou, M.C.3
  • 14
    • 84993843447 scopus 로고
    • Risk management: Coordinating corporate investment and financing policies
    • and. pp.
    • Froot, K. A., Scharfstein, D. S. and Stein, J. C. Risk management: coordinating corporate investment and financing policies Journal of Finance, Vol. 48, 1993, pp. 1629 58.
    • (1993) Journal of Finance , vol.48 , pp. 1629-58
    • Froot, K.A.1    Scharfstein, D.S.2    Stein, J.C.3
  • 15
    • 0040304511 scopus 로고    scopus 로고
    • Why firms use currency derivatives
    • and. pp.
    • Géczy, C., Minton, B. A. and Schrand, C. Why firms use currency derivatives Journal of Finance, Vol. 52, 1997, pp. 1323 54.
    • (1997) Journal of Finance , vol.52 , pp. 1323-54
    • Géczy, C.1    Minton, B.A.2    Schrand, C.3
  • 17
    • 0004191053 scopus 로고    scopus 로고
    • Is corporate hedging consistent with value-maximization? An empirical analysis
    • and. Fuqua School of Business, Duke University
    • Graham, J. R. and Rogers, D. A. Is corporate hedging consistent with value-maximization? An empirical analysis Working Paper (Fuqua School of Business, Duke University, 2000).
    • (2000) Working Paper
    • Graham, J.R.1    Rogers, D.A.2
  • 18
    • 0000318873 scopus 로고    scopus 로고
    • The theory and practice of corporate finance: Evidence from the field
    • and. pp.
    • Graham, J. R. and Harvey, C. The theory and practice of corporate finance: evidence from the field Journal of Financial Economics, Vol. 60, 2001, pp. 187 243.
    • (2001) Journal of Financial Economics , vol.60 , pp. 187-243
    • Graham, J.R.1    Harvey, C.2
  • 19
    • 0043095575 scopus 로고    scopus 로고
    • Do firms hedge in response to tax incentives?
    • and. pp.
    • Graham, J. R. and Rogers, D. A. Do firms hedge in response to tax incentives? Journal of Finance, Vol. 57, 2002, pp. 815 39.
    • (2002) Journal of Finance , vol.57 , pp. 815-39
    • Graham, J.R.1    Rogers, D.A.2
  • 20
    • 0346119901 scopus 로고    scopus 로고
    • Why firms hedge with currency derivatives: An examination of transaction and translation exposure
    • pp.
    • Hagelin, N. Why firms hedge with currency derivatives: an examination of transaction and translation exposure Applied Financial Economics, Vol. 13, 2003, pp. 55 69.
    • (2003) Applied Financial Economics , vol.13 , pp. 55-69
    • Hagelin, N.1
  • 21
    • 43749097298 scopus 로고    scopus 로고
    • Foreign exchange risk management: Evidence from Finland
    • and. pp.
    • Hakkarainen, A., Kasanen, E. and Puttonen, V. Foreign exchange risk management: evidence from Finland Managerial Finance, Vol. 23, 1997, pp. 25 44.
    • (1997) Managerial Finance , vol.23 , pp. 25-44
    • Hakkarainen, A.1    Kasanen, E.2    Puttonen, V.3
  • 22
    • 0039179797 scopus 로고    scopus 로고
    • Financing policy, basis risk, and corporate hedging: Evidence from oil and gas producers
    • pp.
    • Haushalter, D. G. Financing policy, basis risk, and corporate hedging: evidence from oil and gas producers The Journal of Finance, Vol. 55, 2000, pp. 107 52.
    • (2000) The Journal of Finance , vol.55 , pp. 107-52
    • Haushalter, D.G.1
  • 23
    • 23244448076 scopus 로고    scopus 로고
    • Use of derivatives by Australian companies
    • and. pp.
    • Heaney, R. and Winata, H. Use of derivatives by Australian companies Pacific-Basin Finance Journal, Vol. 13, 2005, pp. 367 488.
    • (2005) Pacific-Basin Finance Journal , vol.13 , pp. 367-488
    • Heaney, R.1    Winata, H.2
  • 24
    • 0000010052 scopus 로고    scopus 로고
    • Currency and interest-rate derivatives use in US firms
    • and. pp.
    • Howton, S. D. and Perfect, S. B. Currency and interest-rate derivatives use in US firms Financial Management, Vol. 27, 1998, pp. 111 21.
    • (1998) Financial Management , vol.27 , pp. 111-21
    • Howton, S.D.1    Perfect, S.B.2
  • 25
    • 0346938269 scopus 로고    scopus 로고
    • Foreign currency denominated debt: An empirical examination
    • and. pp.
    • Kedia, S. and Mozumdar, A. Foreign currency denominated debt: an empirical examination Journal of Business, Vol. 76, 2003, pp. 521 46.
    • (2003) Journal of Business , vol.76 , pp. 521-46
    • Kedia, S.1    Mozumdar, A.2
  • 26
    • 0037570363 scopus 로고    scopus 로고
    • Why do firms raise foreign currency denominated debt? Evidence from Finland
    • and. pp.
    • Keloharju, M. and Niskanen, M. Why do firms raise foreign currency denominated debt? Evidence from Finland European Financial Management, Vol. 7, 2001, pp. 481 96.
    • (2001) European Financial Management , vol.7 , pp. 481-96
    • Keloharju, M.1    Niskanen, M.2
  • 28
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • pp.
    • Myers, S. C. Determinants of corporate borrowing Journal of Financial Economics, Vol. 5, 1977, pp. 147 75.
    • (1977) Journal of Financial Economics , vol.5 , pp. 147-75
    • Myers, S.C.1
  • 30
    • 84996255544 scopus 로고    scopus 로고
    • On the determinants of derivative usage by Australian firms
    • and. pp.
    • Nyugen, H. and Faff, R. On the determinants of derivative usage by Australian firms Australian Journal of Management, Vol. 27, 2002, pp. 1 18.
    • (2002) Australian Journal of Management , vol.27 , pp. 1-18
    • Nyugen, H.1    Faff, R.2
  • 31
    • 20044384939 scopus 로고    scopus 로고
    • Foreign exchange risk management by Swedish and Korean non-financial firms: A comparative survey
    • pp.
    • Pramborg, B. Foreign exchange risk management by Swedish and Korean non-financial firms: a comparative survey Pacific-Basin Finance Journal, Vol. 13, 2005, pp. 343 66.
    • (2005) Pacific-Basin Finance Journal , vol.13 , pp. 343-66
    • Pramborg, B.1
  • 32
    • 0017470663 scopus 로고
    • The determination of financial structure: The incentive signalling approach
    • Spring, pp.
    • Ross, S. A. The determination of financial structure: the incentive signalling approach Bell Journal of Economics, Spring, 1977, pp. 23 40.
    • (1977) Bell Journal of Economics , pp. 23-40
    • Ross, S.A.1
  • 34
    • 0009169278 scopus 로고    scopus 로고
    • Who manages risk? An empirical examination of risk management practices in the gold mining industry
    • pp.
    • Tufano, P. Who manages risk? An empirical examination of risk management practices in the gold mining industry Journal of Finance, Vol. 51, 1996, pp. 1097 1137.
    • (1996) Journal of Finance , vol.51 , pp. 1097-1137
    • Tufano, P.1
  • 35
    • 33747704599 scopus 로고
    • Determinants of foreign exchange derivatives use by U.S. corporations: An empirical investigation
    • Simon School of Business, University of Rochester
    • Wysocki, P. Determinants of foreign exchange derivatives use by U.S. corporations: an empirical investigation Working Paper (Simon School of Business, University of Rochester, 1995).
    • (1995) Working Paper
    • Wysocki, P.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.