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The Hedging Channel of Exchange Rate Determination
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Working paper
The Hedging Channel of Exchange Rate Determination
In: International Finance Discussion Paper No. 1283
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Optimal Currency Hedging for International Equity Portfolios
In: Financial Analyst Journal - Forthcoming
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Working paper
Equity-linked life insurance: partial hedging methods
In: Chapman & Hall/CRC financial mathematics series
In: A Chapman & Hall book
Geopolitical Threats, Equity Returns, and Optimal Hedging
In: FINANA-D-23-00356
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Channel Governance Through Brand Equity
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Managerial hedging, equity ownership, and firm value
In: The Rand journal of economics, Band 40, Heft 1, S. 47-77
ISSN: 1756-2171
Suppose risk‐averse managers can hedge the aggregate component of their exposure to firm's cash‐flow risk by trading in financial markets but cannot hedge their firm‐specific exposure. This gives them incentives to pass up firm‐specific projects in favor of standard projects that contain greater aggregate risk. Such forms of moral hazard give rise to excessive aggregate risk in stock markets. In this context, optimal managerial contracts induce a relationship between managerial ownership and (i) aggregate risk in the firm's cash flows, as well as (ii) firm value. We show that this can help explain the shape of the empirically documented relationship between ownership and firm performance.
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Corporate Financial Hedging and the Cost of Equity Capital
In: Ahmed, H.B. and Guney, Y. (2022). Corporate hedging and the cost of equity capital, in: Handbook of Investment Analysis, Portfolio Management, and Financial Derivatives, 2022, Edited by Cheng Few Lee, Alice C. Lee and John Lee, chapter 41, World Scientific.
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Mutual Fund Hedging Demand and Individual Equity Option Returns
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Working paper
Is Currency Hedging Necessary for Emerging-Market Equity Investment?
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Working paper
BREXIT: Equity Market Contagion and Transmission Channels
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