Firm Value and Hedging: Evidence from U.S. Oil and Gas Producers
研究1998至2001年间119家美国油气生产商的对冲活动，发现对冲虽降低股价对油气价格的敏感度，但并未显著影响公司市场价值，与理论预期相悖。
ABSTRACT This paper studies the hedging activities of 119 U.S. oil and gas producers from 1998 to 2001 and evaluates their effect on firm value. Theories of hedging based on market imperfections imply that hedging should increase the firm's market value (MV). To test this hypothesis, we collect detailed information on the extent of hedging and on the valuation of oil and gas reserves. We verify that hedging reduces the firm's stock price sensitivity to oil and gas prices. Contrary to previous studies, however, we find that hedging does not seem to affect MVs for this industry.