On Risk Management Determinants: What Really Matters?

Topics:
Risk Analysis and Management
Tags:
Business Operations,
Security,
Risk Management,
Management,
HEC Montreal,
Financial Services,
Financial Planning,
Financial Accounting,
Financial,
Finance,
...
Source:
HEC Montreal

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Overview: This paper investigates the determinants of the risk management decision for an original dataset of North American gold mining firms. The authors propose explanations based on the firm's financial characteristics, managerial risk aversion and internal corporate governance mechanisms. A theoretical model is developed in which the debt and the hedging decisions are made simultaneously. This model suggests that more hedging does not always lead to a higher debt capacity when the firm holds a standard debt contract, while hedging is an increasing function of the firm's financial distress costs.

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Format: PDF | Size: 451KB | Date: Jun 2004 | Pages: 38

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