메뉴 건너뛰기




Volumn 57, Issue 12, 2011, Pages 2197-2212

How do financial firms manage risk? Unraveling the interaction of financial and operational hedging

Author keywords

Banks; Corporater finance; Finance; Financial institutions; Risk management

Indexed keywords

AGGREGATE RISK; BANKS; CAPITAL MARKETS; CASH FLOW; FINANCIAL HEDGING; FINANCIAL INSTITUTION; HOLDING COMPANY; MANAGEMENT THEORY; OPERATIONAL HEDGING;

EID: 83455206697     PISSN: 00251909     EISSN: 15265501     Source Type: Journal    
DOI: 10.1287/mnsc.1090.1068     Document Type: Article
Times cited : (59)

References (59)
  • 1
    • 0142219269 scopus 로고    scopus 로고
    • Why do managers diversify their firms? Agency reconsidered
    • Aggarwal, R. K., A. A. Samwick. 2003. Why do managers diversify their firms? Agency reconsidered. J. Finance 58 71-118.
    • (2003) J. Finance , vol.58 , pp. 71-118
    • Aggarwal, R.K.1    Samwick, A.A.2
  • 2
    • 0012273057 scopus 로고    scopus 로고
    • Exchange-rate hedging: Financial versus operational strategies
    • Allayannis, G., J. Ihrig, J. P. Weston. 2001. Exchange-rate hedging: Financial versus operational strategies. Amer. Econom. Rev. 91 391-395.
    • (2001) Amer. Econom. Rev. , vol.91 , pp. 391-395
    • Allayannis, G.1    Ihrig, J.2    Weston, J.P.3
  • 3
    • 0001152486 scopus 로고
    • Bank window dressing: Theory and evidence
    • Saunders
    • Allen, L., A. Saunders. 1992. Bank window dressing: Theory and evidence. J. Banking Finance 16 585-623.
    • (1992) J. Banking Finance , vol.16 , pp. 585-623
    • Allen, L.A.1
  • 4
    • 0019610159 scopus 로고
    • Risk reduction as a managerial motive for conglomerate mergers
    • Amihud, Y., B. Lev. 1981. Risk reduction as a managerial motive for conglomerate mergers. Bell J. Econom. 12 605-617. (Pubitemid 12462621)
    • (1981) Bell Journal of Economics , vol.12 , Issue.2 , pp. 605-617
    • Amihud Yakov1    Lev Baruch2
  • 5
    • 3242892158 scopus 로고    scopus 로고
    • Pre-IPO operational and financial decisions
    • Babich, V., M. J. Sobel. 2004. Pre-IPO operational and financial decisions. Management Sci. 50 935-948.
    • (2004) Management Sci. , vol.50 , pp. 935-948
    • Babich, V.1    Sobel, M.J.2
  • 7
    • 0033074730 scopus 로고    scopus 로고
    • The consolidation of the financial services industry: Causes, consequences, and implications for the future
    • Berger, A. N., R. S. Demsetz, P. E. Strahan. 1999. The consolidation of the financial services industry: Causes, consequences, and implications for the future. J. Banking Finance 23 135-194.
    • (1999) J. Banking Finance , vol.23 , pp. 135-194
    • Berger, A.N.1    Demsetz, R.S.2    Strahan, P.E.3
  • 8
    • 14944376633 scopus 로고    scopus 로고
    • Managing flexible capacity in a make-to-order environment
    • DOI 10.1287/mnsc.1040.0322
    • Bish, E. K., A. Muriel, S. Biller. 2005. Managing flexible capacity in a make-to-order environment. Management Sci. 51 167-180. (Pubitemid 40360160)
    • (2005) Management Science , vol.51 , Issue.2 , pp. 167-180
    • Bish, E.K.1    Muriel, A.2    Biller, S.3
  • 9
    • 0008235772 scopus 로고
    • An approach to the regulation of bank holding companies source
    • Black, F., M. H. Miller, R. A. Posner. 1978. An approach to the regulation of bank holding companies source. J. Bus. 51 379-412.
    • (1978) J. Bus. , vol.51 , pp. 379-412
    • Black, F.1    Miller, M.H.2    Posner, R.A.3
  • 11
    • 0037570350 scopus 로고    scopus 로고
    • Managing foreign exchange risk with derivatives
    • DOI 10.1016/S0304-405X(01)00049-6, PII S0304405X01000496
    • Brown, G. W. 2001. Managing foreign exchange risk with derivatives. J. Financial Econom. 60 401-448. (Pubitemid 33623437)
    • (2001) Journal of Financial Economics , vol.60 , Issue.2-3 , pp. 401-448
    • Brown, G.W.1
  • 14
    • 0039728129 scopus 로고
    • Corporate hedging of exchange risk when foreign currency cash flow is uncertain
    • Chowdhry, B. 1995. Corporate hedging of exchange risk when foreign currency cash flow is uncertain. Management Sci. 41 1083-1090.
    • (1995) Management Sci. , vol.41 , pp. 1083-1090
    • Chowdhry, B.1
  • 15
    • 0012219645 scopus 로고    scopus 로고
    • Interfirm stock price effects of asset-quality problems at first executive corporation
    • Cowan, A. R., M. L. Power. 2001. Interfirm stock price effects of asset-quality problems at first executive corporation. J. Risk Insurance 68 151-173.
    • (2001) J. Risk Insurance , vol.68 , pp. 151-173
    • Cowan, A.R.1    Power, M.L.2
  • 16
    • 33747442435 scopus 로고    scopus 로고
    • The market value impact of operational loss events for US banks and insurers
    • DOI 10.1016/j.jbankfin.2005.09.015, PII S0378426606000537
    • Cummins, J. D., C. M. Lewis, R. Wei. 2006. The market value impact of operational loss events for U.S. banks and insurers. J. Banking Finance 30 2605-2634. (Pubitemid 44249605)
    • (2006) Journal of Banking and Finance , vol.30 , Issue.10 , pp. 2605-2634
    • Cummins, J.D.1    Lewis, C.M.2    Wei, R.3
  • 17
    • 0012533779 scopus 로고    scopus 로고
    • Bank Borrowers and Loan Sales: New Evidence on the Uniqueness of Bank Loans
    • DOI 10.1086/377031
    • Dahiya, S., M. Puri, A. Saunders. 2003. Bank borrowers and loan sales: New evidence on the uniqueness of bank loans. J. Bus. 76 563-582. (Pubitemid 38038143)
    • (2003) Journal of Business , vol.76 , Issue.4 , pp. 563-582
    • Dahiya, S.1    Puri, M.2    Saunders, A.3
  • 18
    • 0345327414 scopus 로고    scopus 로고
    • Does long-term performance of mergers match market expectations? Evidence from the U.S. banking industry
    • Delong, G. 2003. Does long-term performance of mergers match market expectations? Evidence from the U.S. banking industry. Financial Management 32 5-25.
    • (2003) Financial Management , vol.32 , pp. 5-25
    • Delong, G.1
  • 19
    • 38549090696 scopus 로고    scopus 로고
    • On the integration of production and financial hedging decisions in global markets
    • DOI 10.1287/opre.1070.0364
    • Ding, Q., L. Dong, P. Kouvelis. 2007. On the integration of production and financial hedging decisions in global markets. Oper. Res. 55 470-489. (Pubitemid 351159504)
    • (2007) Operations Research , vol.55 , Issue.3 , pp. 470-489
    • Ding, Q.1    Dong, L.2    Kouvelis, P.3
  • 21
    • 0000134175 scopus 로고
    • The effect of interest rate changes on the common stock returns of financial institutions
    • Flannery, M. J., C. M. James. 1984. The effect of interest rate changes on the common stock returns of financial institutions. J. Finance 39 1141-1153.
    • (1984) J. Finance , vol.39 , pp. 1141-1153
    • Flannery, M.J.1    James, C.M.2
  • 22
    • 0031626506 scopus 로고    scopus 로고
    • Risk management, capital budgeting, and capital structure policy for financial institutions: An integrated approach
    • PII S0304405X97000378
    • Froot, K. A., J. C. Stein. 1998. Risk management, capital budgeting, and capital structure policy for financial institutions: An integrated approach. J. Financial Econom. 47 55-82. (Pubitemid 128177546)
    • (1998) Journal of Financial Economics , vol.47 , Issue.1 , pp. 55-82
    • Froot, K.A.1    Stein, J.C.2
  • 23
    • 84993843447 scopus 로고
    • Risk management: Coordinating corporate investment and financing policies
    • Froot, K. A., D. S. Scharfstein, J. C. Stein. 1993. Risk management: Coordinating corporate investment and financing policies. J. Finance 48 1629-1658.
    • (1993) J. Finance , vol.48 , pp. 1629-1658
    • Froot, K.A.1    Scharfstein, D.S.2    Stein, J.C.3
  • 24
    • 67349123000 scopus 로고    scopus 로고
    • Choices among alternative risk management strategies: Evidence from the natural gas industry
    • Geczy, C. C., B. A. Minton, C. Schrand. 2006. Choices among alternative risk management strategies: Evidence from the natural gas industry. J. Risk 8 19-54.
    • (2006) J. Risk , vol.8 , pp. 19-54
    • Geczy, C.C.1    Minton, B.A.2    Schrand, C.3
  • 26
    • 0043095575 scopus 로고    scopus 로고
    • Do firms hedge in response to tax incentives?
    • Graham, J. R., D. A. Rogers. 2002. Do firms hedge in response to tax incentives? J. Finance 57 815-839. (Pubitemid 36932148)
    • (2002) Journal of Finance , vol.57 , Issue.2 , pp. 815-839
    • Graham, J.R.1    Rogers, D.A.2
  • 27
    • 0242551108 scopus 로고    scopus 로고
    • How much do firms hedge with derivatives?
    • DOI 10.1016/S0304-405X(03)00179-X, PII S0304405X0300179X
    • Guay, W., S. P. Kothari. 2003. How much do firms hedge with derivatives? J. Financial Econom. 70 423-461. (Pubitemid 37378895)
    • (2003) Journal of Financial Economics , vol.70 , Issue.3 , pp. 423-461
    • Guay, W.1    Kothari, S.P.2
  • 28
    • 0036541145 scopus 로고    scopus 로고
    • Quantifying operational synergies in a merger/acquisition
    • Gupta, D., Y. Gerchak. 2002. Quantifying operational synergies in a merger/acquisition. Management Sci. 48 517-533. (Pubitemid 34575039)
    • (2002) Management Science , vol.48 , Issue.4 , pp. 517-533
    • Gupta, D.1    Gerchak, Y.2
  • 29
    • 84855202487 scopus 로고    scopus 로고
    • Harvest Energy. Accessed May 1, 2007. site now discontinued
    • Harvest Energy. 2006. North Atlantic Refinery. Accessed May 1, 2007, http://www.harvestenergy.ca/section/section.php? Section=6&Page=157 (site now discontinued).
    • (2006) North Atlantic Refinery
  • 30
    • 34247616049 scopus 로고    scopus 로고
    • The influence of product market dynamics on a firm's cash holdings and hedging behavior
    • Haushalter, D., S. Klasa, W. F. Maxwell. 2007. The influence of product market dynamics on a firm's cash holdings and hedging behavior. J. Financial Econom. 84 797-825.
    • (2007) J. Financial Econom , vol.84 , pp. 797-825
    • Haushalter, D.1    Klasa, S.2    Maxwell, W.F.3
  • 31
    • 84928839551 scopus 로고
    • Risk, future pricing, and organization of production in commodity markets
    • Hirshleifer, D. 1988. Risk, future pricing, and organization of production in commodity markets. J. Political Econom. 96 1206-1220.
    • (1988) J. Political Econom. , vol.96 , pp. 1206-1220
    • Hirshleifer, D.1
  • 32
    • 17144382528 scopus 로고    scopus 로고
    • Valuing operational flexibility under exchange rate risk
    • Huchzermeier, A., M. A. Cohen. 1996. Valuing operational flexibility under exchange rate risk. Oper. Res. 44 100-113. (Pubitemid 126669440)
    • (1996) Operations Research , vol.44 , Issue.1 , pp. 100-113
    • Huchzermeier, A.1    Cohen, M.A.2
  • 34
    • 33644904612 scopus 로고    scopus 로고
    • Firm value and hedging: Evidence from U.S. oil and gas producers
    • DOI 10.1111/j.1540-6261.2006.00858.x
    • Jin, Y., P. Jorion. 2006. Firm value and hedging: Evidence from U.S. oil and gas producers. J. Finance 61 893-919. (Pubitemid 43388194)
    • (2006) Journal of Finance , vol.61 , Issue.2 , pp. 893-919
    • Jin, Y.1    Jorion, P.2
  • 36
    • 25144451884 scopus 로고    scopus 로고
    • Global production planning under exchange-rate uncertainty
    • DOI 10.1287/mnsc.1050.0384
    • Kazaz, B., M. Dada, H. Moskowitz. 2005. Global production planning under exchange-rate uncertainty. Management Sci. 51 1101-1119. (Pubitemid 41344643)
    • (2005) Management Science , vol.51 , Issue.7 , pp. 1101-1119
    • Kazaz, B.1    Dada, M.2    Moskowitz, H.3
  • 38
    • 84993848595 scopus 로고
    • A pure financial rationale for the conglomerate merger
    • Lewellen, W. 1971. A pure financial rationale for the conglomerate merger. J. Finance 26 521-537.
    • (1971) J. Finance , vol.26 , pp. 521-537
    • Lewellen, W.1
  • 39
    • 0030524517 scopus 로고    scopus 로고
    • Evidence on corporate hedging
    • Mian, S. 1996. Evidence on corporate hedging. J. Financial Quant. Anal. 31 419-439.
    • (1996) J. Financial Quant. Anal. , vol.31 , pp. 419-439
    • Mian, S.1
  • 40
    • 0033472983 scopus 로고    scopus 로고
    • The impact of cash flow volatility on discretionary investment and the costs of debt and equity financing
    • Minton, B. A., C. Schrand. 1999. The impact of cash flow volatility on discretionary investment and the costs of debt and equity financing. J. Financial Econom. 54 423-460.
    • (1999) J. Financial Econom. , vol.54 , pp. 423-460
    • Minton, B.A.1    Schrand, C.2
  • 41
    • 67849092906 scopus 로고    scopus 로고
    • Enterprise risk management: Theory and practice
    • Nocco, B. W., R. Stulz. 2006. Enterprise risk management: Theory and practice. J. Appl. Corporate Finance 18 8-20.
    • (2006) J. Appl. Corporate Finance , vol.18 , pp. 8-20
    • Nocco, B.W.1    Stulz, R.2
  • 42
    • 9944260283 scopus 로고    scopus 로고
    • Gains in bank mergers: Evidence from the bond markets
    • DOI 10.1016/j.jfineco.2003.05.004, PII S0304405X04000108
    • Penas, M. F., H. Unal. 2004. Gains in bank mergers: Evidence from the bond markets. J. Financial Econom. 74 149-179. (Pubitemid 39593831)
    • (2004) Journal of Financial Economics , vol.74 , Issue.1 , pp. 149-179
    • Penas, M.F.1    Unal, H.2
  • 43
    • 34547687845 scopus 로고    scopus 로고
    • Interest rate derivatives at commercial banks: An empirical investigation
    • Purnanandam, A. 2007. Interest rate derivatives at commercial banks: An empirical investigation. J. Monetary Econom. 54 1769-1808.
    • (2007) J. Monetary Econom. , vol.54 , pp. 1769-1808
    • Purnanandam, A.1
  • 44
    • 32544446011 scopus 로고    scopus 로고
    • A general approach to integrated risk management with skewed, fat-tailed risks
    • DOI 10.1016/j.jfineco.2005.03.001, PII S0304405X05001509
    • Rosenberg, J. V., T. Schuermann. 2006. A general approach to integrated risk management with skewed fat tails. J. Financial Econom. 79 569-614. (Pubitemid 43231377)
    • (2006) Journal of Financial Economics , vol.79 , Issue.3 , pp. 569-614
    • Rosenberg, J.V.1    Schuermann, T.2
  • 46
    • 83455166393 scopus 로고    scopus 로고
    • CVRD has investors fretting; acquisitions would risk exposure to commodities' fluctuations
    • July 9
    • Samor, G. 2004. CVRD has investors fretting; acquisitions would risk exposure to commodities' fluctuations. Wall Street Journal (July 9) C14.
    • (2004) Wall Street Journal
    • Samor, G.1
  • 47
    • 0039572412 scopus 로고    scopus 로고
    • Hedging and coordinated risk management: Evidence from thrift conversions
    • Schrand, C., H. Unal. 1998. Hedging and coordinated risk man agement: Evidence from thrift conversions. J. Finance 53 979-1013. (Pubitemid 128339628)
    • (1998) Journal of Finance , vol.53 , Issue.3 , pp. 979-1013
    • Schrand, C.1    Unal, H.2
  • 48
    • 84855187044 scopus 로고    scopus 로고
    • SEC Edgar Database Bank of New York Co. accession no 950123-7-8942
    • SEC Edgar Database. Bank of New York Co., EX-99.1: Joint proxy statement/prospectus, accession no. 950123-7-8942, http://secinfo.com/dsvr4. u8N1.d.htm.
    • EX-99.1: Joint proxy statement/prospectus
  • 49
    • 84855198878 scopus 로고    scopus 로고
    • SEC Edgar Database Bank One Corp./JPMorgan Chase & Co., accession no 950123-4-4828
    • SEC Edgar Database. Bank One Corp./JPMorgan Chase & Co., DEFM14A: Definitive proxy solicitation material-merger or acquisition, accession no. 950123-4-4828, http://secinfo.com/dsvr4.14mj.htm.
    • DEFM14A: Definitive Proxy Solicitation Material-Merger or Acquisition
  • 50
    • 84974449875 scopus 로고
    • The determinants of firms' hedging policies
    • Smith, C. W., R. M. Stulz. 1985. The determinants of firms' hedging policies. J. Financial Quant. Anal. 20 391-405.
    • (1985) J. Financial Quant. Anal. , vol.20 , pp. 391-405
    • Smith, C.W.1    Stulz, R.M.2
  • 51
    • 33746008542 scopus 로고    scopus 로고
    • The dark side of diversification: The case of US financial holding companies
    • DOI 10.1016/j.jbankfin.2005.04.030, PII S0378426605001342
    • Stiroh, K. J., A. Rumble. 2006. The dark side of diverisification: The case of U.S. financial holding companies. J. Banking Finance 30 2131-2161. (Pubitemid 44063912)
    • (2006) Journal of Banking and Finance , vol.30 , Issue.8 , pp. 2131-2161
    • Stiroh, K.J.1    Rumble, A.2
  • 52
    • 0842273327 scopus 로고    scopus 로고
    • The real effects of U.S. banking deregulation
    • July/August
    • Strahan, P. E. 2003. The real effects of U.S. banking deregulation. Federal Reserve Bank of St. Louis Rev. (July/August) 111-128.
    • (2003) Federal Reserve Bank of St. Louis Rev , pp. 111-128
    • Strahan, P.E.1
  • 53
    • 45149135691 scopus 로고
    • Managerial discretion and optimal financial policies
    • Stulz, R. 1990. Managerial discretion and optimal financial policies. J. Financial Econom. 26 3-27.
    • (1990) J. Financial Econom. , vol.26 , pp. 3-27
    • Stulz, R.1
  • 54
    • 8744237936 scopus 로고    scopus 로고
    • Should we fear derivatives?
    • DOI 10.1257/0895330042162359
    • Stulz, R. 2004. Should we fear derivatives? J. Econom. Perspectives 18 173-192. (Pubitemid 39525681)
    • (2004) Journal of Economic Perspectives , vol.18 , Issue.3 , pp. 173-192
    • Stulz, R.M.1
  • 55
    • 0009169278 scopus 로고    scopus 로고
    • Who manages risk? An empirical examination of risk management practices in the gold mining industry
    • Tufano, P. 1996. Who manages risk? An empirical examination of risk management practices in the gold mining industry. J. Finance 51 1097-1137. (Pubitemid 126312628)
    • (1996) Journal of Finance , vol.51 , Issue.4 , pp. 1097-1137
    • Tufano, P.1
  • 56
    • 0347694396 scopus 로고    scopus 로고
    • Capacity management, investment, and hedging: Review and recent developments
    • Van Mieghem, J. A. 2003. Capacity management, investment, and hedging: Review and recent developments. Manufacturing Service Oper. Management 5 269-302.
    • (2003) Manufacturing Service Oper. Management , vol.5 , pp. 269-302
    • Van Mieghem, J.A.1
  • 57
    • 38549145451 scopus 로고    scopus 로고
    • Risk mitigation in newsvendor networks: Resource diversification, flexibility, sharing, and hedging
    • DOI 10.1287/mnsc.1070.0700
    • Van Mieghem, J. A. 2007. Risk mitigation in newsvendor networks: Resource diversification, flexibility, sharing, and hedging. Management Sci. 53 1269-1288. (Pubitemid 351159604)
    • (2007) Management Science , vol.53 , Issue.8 , pp. 1269-1288
    • Van Mieghem, J.A.1
  • 58
    • 83455249919 scopus 로고    scopus 로고
    • Repairing Morgan Wall Street Journal (January 16)
    • Wall Street Journal. 2004. Repairing Morgan. Wall Street Journal (January 16) A10.
    • (2004) Wall Street Journal


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.