Managerial stock options and the hedging premium

被引：13
|
作者：
Hagelin, Niclas
Holmen, Martin
Knopf, John D.
Pramborg, Bengt
机构：
[1] Uppsala Univ, Dept Econ, SE-76120 Uppsala, Sweden
[2] Swedish Natl Debt Off, SE-10374 Stockholm, Sweden
[3] Univ Connecticut, Stamford, CT 06901 USA
[4] Stockholm Univ, Sch Business, SE-10691 Stockholm, Sweden
来源：
EUROPEAN FINANCIAL MANAGEMENT | 2007年 / 13卷 / 04期
关键词：
hedging; managerial incentives; firm value;
D O I：
10.1111/j.1468-036X.2007.00380.x
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Previous studies have found mixed evidence on whether hedging increases firm value. Some studies have shown that managerial incentives may influence firm hedging. In this paper we provide evidence that when hedging is based upon incentives from managers' options, firm value decreases.
引用
收藏
页码：721 / 741
页数：21
相关论文
共 50 条
  • [1] Data-driven hedging of stock index options via deep learning
    Chen, Jie
    Li, Lingfei
    OPERATIONS RESEARCH LETTERS, 2023, 51 (04) : 408 - 413
  • [2] Managerial ownership and corporate hedging
    Spano, Marcello
    JOURNAL OF BUSINESS FINANCE & ACCOUNTING, 2007, 34 (7-8) : 1245 - 1280
  • [3] Corporate hedging and the variance of stock returns
    Biguri, Kizkitza
    Brownlees, Christian
    Ippolito, Filippo
    JOURNAL OF CORPORATE FINANCE, 2022, 72
  • [4] Hedging cryptocurrency options
    Jovanka Lili Matic
    Natalie Packham
    Wolfgang Karl Härdle
    Review of Derivatives Research, 2023, 26 : 91 - 133
  • [5] Hedging cryptocurrency options
    Matic, Jovanka Lili
    Packham, Natalie
    Haerdle, Wolfgang Karl
    REVIEW OF DERIVATIVES RESEARCH, 2023, 26 (01) : 91 - 133
  • [6] Hedging, managerial ownership and firm value
    Zamzamir, Zaminor
    Haron, Razali
    Othman, Anwar Hasan Abdullah
    JOURNAL OF ASIAN BUSINESS AND ECONOMIC STUDIES, 2021, 28 (04): : 263 - 280
  • [7] Pricing and hedging barrier options
    Rosalino, Estevao, Jr.
    da Silva, Allan J.
    Baczynski, Jack
    Leao, Dorival
    APPLIED STOCHASTIC MODELS IN BUSINESS AND INDUSTRY, 2018, 34 (04) : 499 - 512
  • [8] HEDGING PRODUCTION RISK WITH OPTIONS
    SAKONG, Y
    HAYES, DJ
    HALLAM, A
    AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS, 1993, 75 (02) : 408 - 415
  • [9] Robust hedging of barrier options
    Brown, H
    Hobson, D
    Rogers, LCG
    MATHEMATICAL FINANCE, 2001, 11 (03) : 285 - 314
  • [10] Hedging options:: The Malliavin calculus approach versus the Δ-hedging approach
    Bermin, HP
    MATHEMATICAL FINANCE, 2003, 13 (01) : 73 - 84
12345