Hecht, Andreas
On the determinants of speculation : a case for extendeddisclosures in corporate risk management1
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URN: urn:nbn:de:bsz:100-opus-13878
URL: http://opus.uni-hohenheim.de/volltexte/2017/1387/
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| SWD-Schlagwörter: |
| Fremdwährung , Risikomanagement , Hedging , Spekulation |
| Freie Schlagwörter (Englisch): |
| Foreign Exchange , Risk Management, Selective Hedging , Speculation , Disclosure , Reporting |
| Institut: |
| Institut für Financial Management |
| DDC-Sachgruppe: |
| Wirtschaft |
| Dokumentart: |
| ResearchPaper |
| Schriftenreihe: |
| Hohenheim discussion papers in business, economics and social sciences |
| Bandnummer: |
| 2017,15 |
| Sprache: |
| Englisch |
| Erstellungsjahr: |
| 2017 |
| Publikationsdatum: |
| 27.07.2017 |
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Veröffentlichungsvertrag mit der Universitätsbibliothek Hohenheim
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| Kurzfassung auf Englisch: |
| We examine the determinants of corporate speculation and challenge the
extant, conflicting evidence. Separating risk management (reducing
currency-specific FX exposure) from speculation (increasing or holding
currency-specific FX exposure constant), we provide unprecedented
evidence that speculators are smaller, have more growth opportunities and
possess lower internal resources than risk-managing firms. The refined
granularity of our dataset stems from a unique regulatory environment,
where a regulating authority recommends additional disclosures for FX risk
management in excess of governing accounting standards. Our findings
enable investors, henceforth, to identify speculation from public available
sources, where our results substantiate the significance of such an extended
reporting. Thus, this case of optional disclosures might serve as blueprint
for further regulatory refinements in other settings. |
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