Hedge or Speculation? Evidence of the use of derivatives by Brazilian firms during the financial crisis

Página do item simplificado
dc.contributor.authorRossi Junior, Jose Luiz
dc.coverage.cidadeSão Paulopt_BR
dc.coverage.paisBrasilpt_BR
dc.creatorRossi Junior, Jose Luiz
dc.date.accessioned2023-07-19T15:17:01Z
dc.date.available2023-07-19T15:17:01Z
dc.date.issued2011
dc.description.otherThis paper analyzes the use of foreign exchange derivatives by non-financial publicly traded Brazilian companies from 2007 to 2009. Using balance-sheet data on firms’ positions in derivatives and their foreign exchange exposure, this study finds that a significant number of companies speculated in the derivatives market. Two types of speculators are identified: companies that significantly increased the volume of derivatives used during this period but used them in line with their currency exposure and companies that adopted positions that would have been inadvisable had the aim been to hedge their currency exposure. Despite the differences between the two types, there is one similarity: both tried to obtain gains through the continuous process of domestic currency appreciation. The study shows that companies that allegedly have an informational advantage on the foreign exchange market - exporters and companies with foreign-currency-denominated debt - are more likely to speculate. No other theory about the reasons why companies speculate can explain the behavior of these companies.pt_BR
dc.format.extent29 p.pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.issueBEWP 116/2011
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/5857
dc.language.isoInglêspt_BR
dc.publisherInsperpt_BR
dc.publisherIBMEC São Paulopt_BR
dc.relation.ispartofseriesInsper Working Paperpt_BR
dc.rights.licenseO INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DO USUÁRIO VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITORpt_BR
dc.subject.keywordsSpeculationpt_BR
dc.subject.keywordshedgept_BR
dc.subject.keywordsderivativespt_BR
dc.subject.keywordsexposurept_BR
dc.subject.keywordsrisk managementpt_BR
dc.titleHedge or Speculation? Evidence of the use of derivatives by Brazilian firms during the financial crisispt_BR
dc.typeworking paper
dspace.entity.typePublication
local.subject.cnpqCiências Sociais Aplicadaspt_BR
local.typeWorking Paperpt_BR

Arquivos

Pacote original

Agora exibindo 1 - 1 de 1
N/D
Nome:
BEWP_116_2011_Hedge_or_speculation_evidence_of_the_use_of_derivatives_by_brazilian_firms_during_the_financial_crisis_TC.pdf
Tamanho:
426.65 KB
Formato:
Adobe Portable Document Format
Baixar

Coleções

Coleção Insper Business and Economics Working Papers