Currency hedging and corporate governance: A cross-country analysis

By Ugur Lel. 2006

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CORPORATE HEDGING AND SHAREHOLDER VALUE (2010, methodology): “To overcome these issues, some studies employ the sensitivities of the value of the CEO portfolio with respect to changes in stock price and volatility, calculated with the Black-Scholes (1973) formula (Lel, 2006; Graham and Rogers, 2002; Knopf et al., 2002).”
Corporate hedging and speculation with derivatives (2017, background): “To this end, Allayannis, Lel, and Miller (2012) and Lel (2012) suggest that corporate govern- ance may be important for the motivations of firms with ADRs to use currency derivatives in order to increase their firm value.”
Global Waves of Debt: Causes and Consequences (2021, background): “Stronger corporate governance can tilt firms’ financing towards equity rather than debt (Mande, Park, and Son 2012); increase hedging of foreign currency positions to protect against external shocks (Lel 2012); and encourage more efficient firm operation (Henry 2010).”
Risk management and firm value: recent theory and evidence (2016, background): “Recent empirical evidence in enterprise risk management One theme that emerges in many of the papers in the previous sections is the improved effectiveness of financial RM in the presence of other RM tools, especially by firms with a history of good corporate governance (Alayannis et al., 2012; Lel,”