Does Hedging with Derivatives REDUCE THE MARKET Risk Exposure by Bali, Hume, and Martell
Put your thinking caps on for this one!
Short version: Hedging, at least as it is currently being done, may not add to firm value. Longer version: In a Modigliani and Miller world nothing really matters. This includes dividend policy, capital structure, and hedging. Hedging is the idea that by buying or
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