Firm Value and Hedging: Evidence from U.S. Oil and Gas Producers

By Yanbo Jin, Philippe Jorion. 2006

710 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Safety, Risk, Reliability and Quality

View Paper: https://www.semanticscholar.org/paper/fb87ad567abbb517555228a07184bd85042550c2

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Citations in the corpus

Does Hedging Affect Firm Value? Evidence from the US Airline Industry (2006, neutral): “ Jin and Jorion (2004) argue that the positive value effect of hedging shown in the cross-sectional sample used by Allayannis and Weston (2001) might be hard to interpret because of issues that are difficult to adequately control such as endogeneity of value and hedging or variation in risk exposur”
Does Enterprise Risk Management Increase Firm Value? (2011, background): “In support of this view, Jin and Jorion (2006) investigate oil and gas firms and find no evidence that firms using derivatives to hedge their oil and gas risk increase firm value relative to firms that do not hedge.”
Risk factors in oil and gas industry returns: International evidence (2011, methodology): “Gold is the only commodity to receive extensive study in the academic literature (see Blose and Shieh, 1995; Faff and Chan, 1998; Jin and Jorion, 2006; Khoo, 1994; Louden, 1993; MacDonald and Solnik, 1977; Martin and Keown, 1977; Stone, 1974; Tufano, 1998).”
Corporate hedging and the cost of debt (2014, background): “Jin and Jorion (2006) also find no relationship between hedging and firm value based on a sample of 119 oil and gas firms from 1998 to 2001.”
Corporate Environmental Policy and Shareholder Value: Following the Smart Money (2017, neutral): “On the other hand, Guay and Kothari (2003) and Jin and Jorion (2006) find no significant value effect of risk management.”
The causal effect of option pay on corporate risk management (2016, neutral): “ 3 Several prior studies of corporate hedging, including Haushalter (2000), Rajgopal and Shevlin (2002), Jin and Jorion (2006), Kumar and Rabinovitch (2013) and Acharya, Lochstoer, and Ramadorai (2013), have exploited the informativeness…”
Corporate social responsibility and CEO confidence (2017, neutral): “In contrast, Jin and Jorion (2006) found no relation between hedging and firm value in oil and gas firms.”
The Effect of the Enterprise Risk Management Implementation on the Firm Value of European Companies (2013, background): “However, Guay and Kothari (2003) and Jin and Jorion (2006) discover that derivative positions of most non-financial companies are too small to significantly affect firm value.”
The Use of Foreign Currency Derivatives, Corporate Governance, and Firm Value Around the World (2012, neutral): “…to measure firm value include cross-listings (Doidge et al. (2004)), corporate diversification (Lang and Stulz (1994), and Servaes (1996)), takeovers (Servaes (1991)), equity ownership (La Porta et al. (2002) and Lins (2003)), and hedging (Allayannis and Weston (2001) and Jin and Jorion (2006)).”
CORPORATE HEDGING AND SHAREHOLDER VALUE (2010, background): “…that use simultaneous equations models or other techniques to control endogeneity include Bartram, Brown and Fehle (2009), Bartram et al. (2006), Jin and Jorion (2006), Graham and Rogers (2002), Guay (1999). single dimension of risk management, namely on the use of financial derivatives, to…”