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題名 油料避險對公司價值和分析師預測正確性的影響：全球航空產業的實證
The Effects of Hedging on Firm Value and Analyst Forecast Accuracy: Evidence from the Global Airline Industry
作者 林瑞椒
Lin, Rueyjiau
貢獻者 張元晨
Chang, Yuanchen
林瑞椒
Lin, Rueyjiau
關鍵詞 油料避險
航空產業
避險誘因
風險曝露
分析師盈餘預測
Jet fuel hedging
Airline industry
Incentives for hedging
Risk Exposure
Analysts’ Earnings Forecasts
日期 2009
上傳時間 9-May-2016 11:45:39 (UTC+8)
摘要 本論文分為兩部分，第一部份是探討全球航空產業的油料避險會不會對公司價值有所影響，以及油料避險的誘因。第二部份則是檢視全球航空公司的風險曝露會不會影響分析師的預測誤差，尤其是燃油價格變動的風險曝露。
In the first essay, we examine whether jet fuel hedging increases the market value of airline companies around the world. Using a sample of 70 airline companies from 32 countries over the period 1995 to 2005, we find that jet fuel hedging is not significantly positively related to their firm value in the global airlines, but this positive relationship holds in the various sub-samples and is significant for US and non-alliance firms. Moreover, our results show that the risk-taking behavior of executives and the tendency to avoid financial distress are important determinants for the jet fuel hedging activities of non-US airline companies. Alleviating the problem of underinvestment is also an important factor to explain the jet fuel hedging activities of US and non-alliance firms. Our results add support to the growing body of literature which finds that hedging increases firm value for global airline companies.
In the second essay, we examine the extent analysts revise their earnings forecasts in response to oil price, interest rate and foreign exchange rate shocks they have observed during the year, and whether these revisions contain additional information about how current and past price shocks affect reported earnings, using the sample of the global airline industry. Empirical results indicate that jet fuel hedging can increase analysts’ forecast revisions in the total sample, and in the sub-sample of the volatile fuel price period. These results can also be seen in US and non-US airlines, and airlines with both strong and weak governance. Overall, our results show that oil price shocks play an important role in investor and analyst information uncertainty with regard to the global airline industry. Consequently, corporate risk disclosures only provide limited information about firms’ financial risk exposures.
Two essays are comprised in this dussertation to examine whether jet fuel hedging has effects on firm value and analysts’ forecast accuracy in the global airline industry. Using global data allows us to cmpare the differences of jet fuel hedging behavior and incentives for hedging across different sub-samples. Furthermore, we also examine how jet fuel hedging affects analysts’ forecast erros across different sub-samples and its implications for firm disclosures about their risk exposures in the financial reports.
In the first essay, we examine whether jet fuel hedging increases the market value of airline companies around the world. Using a sample of 70 airline companies from 32 countries over the period 1995 to 2005, we find that jet fuel hedging is not significantly positively related to their firm value in the global airlines, but this positive relationship holds in the various sub-samples and is significant for US and non-alliance firms. Moreover, our results show that the risk-taking behavior of executives and the tendency to avoid financial distress are important determinants for the jet fuel hedging activities of non-US airline companies. Alleviating the problem of underinvestment is also an important factor to explain the jet fuel hedging activities of US and non-alliance firms. Our results add support to the growing body of literature which finds that hedging increases firm value for global airline companies.
In the second essay, we examine the extent analysts revise their earnings forecasts in response to oil price, interest rate and foreign exchange rate shocks they have observed during the year, and whether these revisions contain additional information about how current and past price shocks affect reported earnings, using the sample of the global airline industry. Empirical results indicate that jet fuel hedging can increase analysts’ forecast revisions in the total sample, and in the sub-sample of the volatile fuel price period. These results can also be seen in US and non-US airlines, and airlines with both strong and weak governance. Overall, our results show that oil price shocks play an important role in investor and analyst information uncertainty with regard to the global airline industry. Consequently, corporate risk disclosures only provide limited information about firms’ financial risk exposures.
參考文獻 1. Allayannis, George, and James Weston, 2001, The use of foreign currency derivatives and firm market value, Review of Financial Studies 14, 243-276.
2. Allayannis, George, and Eli Ofek, 2001, Exchange rate exposure, hedging, and the use of foreign currency derivatives, Journal of International Money and Finance 20, 273-296.
3. Baron, Orie E., Oliver Kim, Steve C. Lim, and Douglas E. Stevens, 1998, Using analysts’ forecasts to measure properties of analysts’ information environment, The Accounting Review 73, 421-433.
4. Bartram, Söhnke M., Gregory W. Brown, and Frank R. Fehle, 2004, International evidence on financial derivatives usage, working paper, University of North Carolina.
5. Bessembinder, Hendrik, 1991, Forward contracts and firm value: Investment incentive and contracting effects, Journal of Financial and Quantitative Analysis 26, 519-532.
6. Bhattacharya, S., 1979, Imperfect information, dividend policy and ‘the bird in the hand’ fallacy, Bell Journal of Economics 10, 259-270.
7. Breeden, Douglas, and S. Viswanathan, 1999, Why do firm hedge? An asymmetric information model, working paper, Duke University.
8. Callahan, Matthew, 2002, To hedge or not to hedge…that is the question: Empirical evidence from the North American gold mining industry 1996-2000, Financial Markets, Institutions & Instruments 11, 271-288.
9. Carter, David, Daniel Rogers, and Betty Simkins, 2006a, Does hedging affect firm value? Evidence from the US airline industry, Financial Management 35, 53-86.
10. Carter, David, Daniel Rogers, and Betty Simkins, 2006b, Hedging and value in the US airline industry, Journal of Applied Corporate Finance 18, 20-34.
11. Chang, Dan, Hong Gu, and Kuan Xu, 2005, The impact of hedging on stock return and firm value: New evidence from Canadian oil and gas companies, working paper, Dalhousie University.
12. Chung, Kee H., and Stephen W. Pruitt, 1994, A simple approximation of Tobin’s q, Financial Management 23, 70-74.
13. Chung, Richard, Jeong-Bon Kim, and Oliver Kim. 2004, Corporate governance and analysts’ public vs. private information: A cross-country study, working paper, The Hong Kong Polytechnic University.
14. DeMarzo, P., and D. Duffie, 1995, Corporate incentives for hedging and hedge accounting, Review of Financial Studies 8, 743-771.
15. Francis, Jennifer and Leonard Soffer, 1997, The relative informativeness of analysts` stock recommendations and earnings forecast revisions, Journal of Accounting Research 35, 193-211.
16. Froot, Kenneth A., David S. Scharfstein, and Jeremy C. Stein, 1993, Risk management: Coordinating corporate investment and financing policies, Journal of Finance 48, 1629-1658.
17. Galai, D. and R. W. Masulis, 1976, The option pricing model and the risk factor of stock, Journal of Financial Economics 3, 53-81.
18. Gay, Gerald D., and Jouahn, Nam, 1998, The underinvestment problem and corporate derivatives use, Financial Management 27, 53-69.
19. Géczy, Christopher, Bernadette A. Minton, and Catherine Schrand, 1997, Why firms use currency derivatives, Journal of Finance 52, 1323-1354.
20. Graham, John R., and Clifford W. Smith, Jr., 1999, Tax incentives to hedge, Journal of Finance 54, 2241-2262.
21. Graham, John R., and Daniel A. Rogers, 2002, Do firms hedge in response to tax incentives? Journal of Finance 57, 815-839.
22. Guay, Wayne R., Haushalter, D., Minton, B.A., 2003. The influence of corporate risk exposures on the accuracy of earnings forecasts, working paper, University of Pennsylvania – The Wharton School, Susquehanna International Group LLP, Ohio State University.
23. Guay, Wayne, and S. P. Kothari, 2003, How much do firms hedge with derivatives? Journal of Financial Economics 80, 423-461.
24. Haushalter, G. David, 2000, Financing policies, basis risk, and corporate hedging: Evidence from oil and gas producers, Journal of Finance 55, 107-152.
25. Jin, Yanbo, and Philippe Jorion, 2006, Firm value and hedging: Evidence from US oil and gas producers, Journal of Finance 61, 893–919.
26. Kim, Oliver, and Robert E. Verrecchia, 1994, Market liquidity and volume around earnings announcements, Journal of Accounting and Economics 17, 41-67.
27. Kleymann, Birgit, and Seristö Hannu, 2001, Levels of airline alliance membership: balancing risks and benefits, Journal of Air Transport Management 7, 303-310.
28. La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert Vishny, 1998, Law and finance, Journal of Political Economy 106, 1113-1155.
29. Lel, Ugur, 2006, Currency hedgingand corporate governance: A cross-country analysis, working paper, Indiana University.
30. Leland, Hayne, 1998, Agency cost, risk management, and capital structure, Journal of Finance 53, 1213-1243.
31. Loh, Roger K. and G. Mujtaba Mian, 2006, Do accurate earnings forecasts facilitate superior investment recommendations? Journal of Financial Economics 80, 455-483.
32. Lookman, Aziz A., 2004, Does hedging increase firm value? Evidence from oil and gas producing firms, working paper, Carnegie Mellon University.
33. Maines, Laureen A., 1996, An Experimental examination of subjective forecast combination, International Journal of Forecasting 12, 223-233.
34. Mikkelson, Wayne H., and M. Megan Partch, 1986, Valuation effects of security of offerings and the issuance process, Journal of Financial Economics 15, 31-60.
35. Mayers, David and Clifford W. Smith, Jr., 1982, On the corporate demand for insurance, Journal of Business 55, 281-296.
36. Myers S., and N. Majluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics 13, 187-221.
37. Mian, Shehzad, 1996, Evidence on corporate hedging policy, Journal of Financial and Quantitative Analysis 31, 419-439.
38. Nain, Amrita, 2004, The strategic motives for corporate risk management, working paper, University of Michigan.
39. Nance, Deana R., Clifford W. Smith, Jr., and Charles W. Smithson, 1993, On the determinants of corporate hedging, Journal of Finance 48, 267-284.
40. Pagan Adrian R., 1984, Econometric issues in the analysis of regressions with generated regressors, International Economic Review 25, 221-247.
41. Park, Chul W., and Earl K. Stice, 2000, Analyst forecasting ability and the stock price reaction to forecast revisions, Review of Accounting Studies 5, 259-272.
42. Petersen, Mitchell A., 2009, Simulating standard errors in finance panel data sets: comparing approaches, Review of Financial Studies 22, 435-480.
43. Ramnath, S., Rock, S., Shane, P., 2006. A review of research related to analysts’ forecasts and stock recommendations. working paper, Georgetown University and University of Colorado.
44. Rogers, Daniel A., 2002, Does executive portfolio structure affect risk management? CEO risk-taking incentives and corporate derivatives usage, Journal of Banking & Finance 26, 271-295.
45. Saunders, A., E. Strock, and N. G. Travlos, 1990, Ownership structure, deregulation, and bank risk taking, Journal of Finance 45, 643-654.
46. Smith, Clifford W., Jr., and René M. Stulz, 1985, The determinants of firms’ hedging policies, Journal of Financial and Quantitative Analysis 20, 391-405.
47. Stulz, René, 1984, Optimal hedging policies, Journal of Financial and Quantitative Analysis 19, 127-140.
48. Tufano, Peter, 1996, Who manages risk? An empirical examination of risk management practices in the gold mining industry, Journal of Finance 51, 1097-1137.
49. William, Patricia A, 1996, The relation between a prior earnings forecast by management and analyst response to a current management forecast, The Accounting Review 71, 103-113.
描述 博士
國立政治大學
財務管理研究所
92357501
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0923575011
資料類型 thesis
dc.contributor.advisor 張元晨zh_TW
dc.contributor.advisor Chang, Yuanchenen_US
dc.contributor.author (Authors) 林瑞椒zh_TW
dc.contributor.author (Authors) Lin, Rueyjiauen_US
dc.creator (作者) 林瑞椒zh_TW
dc.creator (作者) Lin, Rueyjiauen_US
dc.date (日期) 2009en_US
dc.date.accessioned 9-May-2016 11:45:39 (UTC+8)-
dc.date.available 9-May-2016 11:45:39 (UTC+8)-
dc.date.issued (上傳時間) 9-May-2016 11:45:39 (UTC+8)-
dc.identifier (Other Identifiers) G0923575011en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/94738-
dc.description (描述) 博士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 92357501zh_TW
dc.description.abstract (摘要) 本論文分為兩部分，第一部份是探討全球航空產業的油料避險會不會對公司價值有所影響，以及油料避險的誘因。第二部份則是檢視全球航空公司的風險曝露會不會影響分析師的預測誤差，尤其是燃油價格變動的風險曝露。zh_TW
dc.description.abstract (摘要) In the first essay, we examine whether jet fuel hedging increases the market value of airline companies around the world. Using a sample of 70 airline companies from 32 countries over the period 1995 to 2005, we find that jet fuel hedging is not significantly positively related to their firm value in the global airlines, but this positive relationship holds in the various sub-samples and is significant for US and non-alliance firms. Moreover, our results show that the risk-taking behavior of executives and the tendency to avoid financial distress are important determinants for the jet fuel hedging activities of non-US airline companies. Alleviating the problem of underinvestment is also an important factor to explain the jet fuel hedging activities of US and non-alliance firms. Our results add support to the growing body of literature which finds that hedging increases firm value for global airline companies.
In the second essay, we examine the extent analysts revise their earnings forecasts in response to oil price, interest rate and foreign exchange rate shocks they have observed during the year, and whether these revisions contain additional information about how current and past price shocks affect reported earnings, using the sample of the global airline industry. Empirical results indicate that jet fuel hedging can increase analysts’ forecast revisions in the total sample, and in the sub-sample of the volatile fuel price period. These results can also be seen in US and non-US airlines, and airlines with both strong and weak governance. Overall, our results show that oil price shocks play an important role in investor and analyst information uncertainty with regard to the global airline industry. Consequently, corporate risk disclosures only provide limited information about firms’ financial risk exposures.
Two essays are comprised in this dussertation to examine whether jet fuel hedging has effects on firm value and analysts’ forecast accuracy in the global airline industry. Using global data allows us to cmpare the differences of jet fuel hedging behavior and incentives for hedging across different sub-samples. Furthermore, we also examine how jet fuel hedging affects analysts’ forecast erros across different sub-samples and its implications for firm disclosures about their risk exposures in the financial reports.
In the first essay, we examine whether jet fuel hedging increases the market value of airline companies around the world. Using a sample of 70 airline companies from 32 countries over the period 1995 to 2005, we find that jet fuel hedging is not significantly positively related to their firm value in the global airlines, but this positive relationship holds in the various sub-samples and is significant for US and non-alliance firms. Moreover, our results show that the risk-taking behavior of executives and the tendency to avoid financial distress are important determinants for the jet fuel hedging activities of non-US airline companies. Alleviating the problem of underinvestment is also an important factor to explain the jet fuel hedging activities of US and non-alliance firms. Our results add support to the growing body of literature which finds that hedging increases firm value for global airline companies.
In the second essay, we examine the extent analysts revise their earnings forecasts in response to oil price, interest rate and foreign exchange rate shocks they have observed during the year, and whether these revisions contain additional information about how current and past price shocks affect reported earnings, using the sample of the global airline industry. Empirical results indicate that jet fuel hedging can increase analysts’ forecast revisions in the total sample, and in the sub-sample of the volatile fuel price period. These results can also be seen in US and non-US airlines, and airlines with both strong and weak governance. Overall, our results show that oil price shocks play an important role in investor and analyst information uncertainty with regard to the global airline industry. Consequently, corporate risk disclosures only provide limited information about firms’ financial risk exposures.		en_US
dc.description.tableofcontents List of Figures and Tables…………………………………………………………….iii
Preface………………………………………………………………………………...iv
Acknowledgements……………………………………………………………………v
Abstract……………………………………………………………………………….vi
Chapter I. Introduction…………………………………………………………..…1
Chapter II. Does Hedging Add Value? Evidence from the Global Airline Industry
1. Introduction……………………………………………………………..4
2. Literature Review…………………………………………….…………8
2.1 Hedging and Firm Value………………………………………...……8
2.2 Incentives for Hedging Activities……………………………….…..10
2.2.1 Tax Incentives…………………………………………….......10
2.2.2 Managerial Incentives………………………………………..11
2.2.3 Financial Distress and Underinvestment Costs………...........12
3. Sample Description………………………………………………........13
3.1 Hedging Variables……………………………………………….….14
3.2 Proxy for Firm Value……………………………………….……….15
3.3 Other Variables………………………………………………...……16
4. Does Jet Fuel Hedging Increase Airlines’ Value?...................................20
5. The Determinants of Jet Fuel Hedging of Global Airlines……….……25
5.1 What Factors Explain Airlines’ Hedging Behavior?..........................25
5.2 Does Underinvestment Problem Play An Important Role in Explaining Airlines’ Hedging Behavior?...........................................28
6. Sensitivity Checks……………………………………………………..31
6.1 Using Different Proxy to Measure Firm Value……………………...31
6.2 Does “Trend” or “Volatility” of Jet Fuel Price Affect Firms’
Hedging Behavior?.............................................................................32
7. Conclusions……………………………………………………...….....32
Chapter III. Corporate Hedging Activities and Analyst Forecast Accuracy: Evidence from the Global Airline Industry
1. Introduction…………………………………………………..……..53
2. Sample Selection and Variables Description………………....……..55
2.1 Sample Selection…………………………………………..……..55
2.2 Variables Description…………………………….……..….…….55
3. Empirical Analysis and Results…………………………….….……56
3.1 The Impact of Changes in Fuel Price, Interest Rate and Foreign Exchange Rate on Earnings Announcement Returns…..…….…..56
3.2 The Impact of Changes in Fuel Price, Interest Rate and Foreign Exchange Rate on Analysts’ Forecast Errors …………………....60
3.3 The Impact of Changes in Fuel Price, Interest Rate and Foreign Exchange Rate on Revisions in Analysts’ Forecasts……...……...65
4. Conclusions………………………………………………..………..66
Chapter IV. Conclusions and Future Research…………………….…………………83
Appendix……………………………………………………………………………..85
References………………………………………………..…………………………..87

List of Figures and Tables

Figures
Figure 2-1. Average Monthly Jet Fuel Prices (Cents per Gallon)……..………..……35

Tables
Table 2-1. Global Airline Companies in the Sample………………………....…..….36
Table 2-2. Summary Statistics of Variables Used in Regression Models……….…...37
Table 2-3. The Impact of Hedging Behavior on Firm Value……………………...….41
Table 2-4. Determinants of Jet Fuel Hedging by Global Airlines………………..…..45
Table 2-5. The Influence of Hedging on Firm Value via Capital Expenditures…..….49
Table 3-1. Summary Statistics of Macroeconomic Risk Exposures……………….....68
Table 3-2. Summary Statistics of Earnings Announcement Returns and Macroeconomic Control Variables Used in Regressions…………….…..69
Table 3-3. The Impact of Fuel, interest rate and foreign exchange rate Changes on Three-day Earnings Announcement Returns……………………………..70
Table 3-4. Summary Statistics of Analysts’ Forecast Errors and Other Control Variables Used in Regressions……………………………………..…….74
Table 3-5. The Impact of Fuel, interest rate and foreign exchange rate Changes on Absolute Analysts’ Forecast Errors……………………………….…..….75
Table 3-6. The Impact of Fuel, interest rate and foreign exchange rate Changes on Revisions in Analysts’ Forecasts………………………………..………..79		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0923575011en_US
dc.subject (關鍵詞) 油料避險zh_TW
dc.subject (關鍵詞) 航空產業zh_TW
dc.subject (關鍵詞) 避險誘因zh_TW
dc.subject (關鍵詞) 風險曝露zh_TW
dc.subject (關鍵詞) 分析師盈餘預測zh_TW
dc.subject (關鍵詞) Jet fuel hedgingen_US
dc.subject (關鍵詞) Airline industryen_US
dc.subject (關鍵詞) Incentives for hedgingen_US
dc.subject (關鍵詞) Risk Exposureen_US
dc.subject (關鍵詞) Analysts’ Earnings Forecastsen_US
dc.title (題名) 油料避險對公司價值和分析師預測正確性的影響：全球航空產業的實證zh_TW
dc.title (題名) The Effects of Hedging on Firm Value and Analyst Forecast Accuracy: Evidence from the Global Airline Industryen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 1. Allayannis, George, and James Weston, 2001, The use of foreign currency derivatives and firm market value, Review of Financial Studies 14, 243-276.
2. Allayannis, George, and Eli Ofek, 2001, Exchange rate exposure, hedging, and the use of foreign currency derivatives, Journal of International Money and Finance 20, 273-296.
3. Baron, Orie E., Oliver Kim, Steve C. Lim, and Douglas E. Stevens, 1998, Using analysts’ forecasts to measure properties of analysts’ information environment, The Accounting Review 73, 421-433.
4. Bartram, Söhnke M., Gregory W. Brown, and Frank R. Fehle, 2004, International evidence on financial derivatives usage, working paper, University of North Carolina.
5. Bessembinder, Hendrik, 1991, Forward contracts and firm value: Investment incentive and contracting effects, Journal of Financial and Quantitative Analysis 26, 519-532.
6. Bhattacharya, S., 1979, Imperfect information, dividend policy and ‘the bird in the hand’ fallacy, Bell Journal of Economics 10, 259-270.
7. Breeden, Douglas, and S. Viswanathan, 1999, Why do firm hedge? An asymmetric information model, working paper, Duke University.
8. Callahan, Matthew, 2002, To hedge or not to hedge…that is the question: Empirical evidence from the North American gold mining industry 1996-2000, Financial Markets, Institutions & Instruments 11, 271-288.
9. Carter, David, Daniel Rogers, and Betty Simkins, 2006a, Does hedging affect firm value? Evidence from the US airline industry, Financial Management 35, 53-86.
10. Carter, David, Daniel Rogers, and Betty Simkins, 2006b, Hedging and value in the US airline industry, Journal of Applied Corporate Finance 18, 20-34.
11. Chang, Dan, Hong Gu, and Kuan Xu, 2005, The impact of hedging on stock return and firm value: New evidence from Canadian oil and gas companies, working paper, Dalhousie University.
12. Chung, Kee H., and Stephen W. Pruitt, 1994, A simple approximation of Tobin’s q, Financial Management 23, 70-74.
13. Chung, Richard, Jeong-Bon Kim, and Oliver Kim. 2004, Corporate governance and analysts’ public vs. private information: A cross-country study, working paper, The Hong Kong Polytechnic University.
14. DeMarzo, P., and D. Duffie, 1995, Corporate incentives for hedging and hedge accounting, Review of Financial Studies 8, 743-771.
15. Francis, Jennifer and Leonard Soffer, 1997, The relative informativeness of analysts` stock recommendations and earnings forecast revisions, Journal of Accounting Research 35, 193-211.
16. Froot, Kenneth A., David S. Scharfstein, and Jeremy C. Stein, 1993, Risk management: Coordinating corporate investment and financing policies, Journal of Finance 48, 1629-1658.
17. Galai, D. and R. W. Masulis, 1976, The option pricing model and the risk factor of stock, Journal of Financial Economics 3, 53-81.
18. Gay, Gerald D., and Jouahn, Nam, 1998, The underinvestment problem and corporate derivatives use, Financial Management 27, 53-69.
19. Géczy, Christopher, Bernadette A. Minton, and Catherine Schrand, 1997, Why firms use currency derivatives, Journal of Finance 52, 1323-1354.
20. Graham, John R., and Clifford W. Smith, Jr., 1999, Tax incentives to hedge, Journal of Finance 54, 2241-2262.
21. Graham, John R., and Daniel A. Rogers, 2002, Do firms hedge in response to tax incentives? Journal of Finance 57, 815-839.
22. Guay, Wayne R., Haushalter, D., Minton, B.A., 2003. The influence of corporate risk exposures on the accuracy of earnings forecasts, working paper, University of Pennsylvania – The Wharton School, Susquehanna International Group LLP, Ohio State University.
23. Guay, Wayne, and S. P. Kothari, 2003, How much do firms hedge with derivatives? Journal of Financial Economics 80, 423-461.
24. Haushalter, G. David, 2000, Financing policies, basis risk, and corporate hedging: Evidence from oil and gas producers, Journal of Finance 55, 107-152.
25. Jin, Yanbo, and Philippe Jorion, 2006, Firm value and hedging: Evidence from US oil and gas producers, Journal of Finance 61, 893–919.
26. Kim, Oliver, and Robert E. Verrecchia, 1994, Market liquidity and volume around earnings announcements, Journal of Accounting and Economics 17, 41-67.
27. Kleymann, Birgit, and Seristö Hannu, 2001, Levels of airline alliance membership: balancing risks and benefits, Journal of Air Transport Management 7, 303-310.
28. La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert Vishny, 1998, Law and finance, Journal of Political Economy 106, 1113-1155.
29. Lel, Ugur, 2006, Currency hedgingand corporate governance: A cross-country analysis, working paper, Indiana University.
30. Leland, Hayne, 1998, Agency cost, risk management, and capital structure, Journal of Finance 53, 1213-1243.
31. Loh, Roger K. and G. Mujtaba Mian, 2006, Do accurate earnings forecasts facilitate superior investment recommendations? Journal of Financial Economics 80, 455-483.
32. Lookman, Aziz A., 2004, Does hedging increase firm value? Evidence from oil and gas producing firms, working paper, Carnegie Mellon University.
33. Maines, Laureen A., 1996, An Experimental examination of subjective forecast combination, International Journal of Forecasting 12, 223-233.
34. Mikkelson, Wayne H., and M. Megan Partch, 1986, Valuation effects of security of offerings and the issuance process, Journal of Financial Economics 15, 31-60.
35. Mayers, David and Clifford W. Smith, Jr., 1982, On the corporate demand for insurance, Journal of Business 55, 281-296.
36. Myers S., and N. Majluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics 13, 187-221.
37. Mian, Shehzad, 1996, Evidence on corporate hedging policy, Journal of Financial and Quantitative Analysis 31, 419-439.
38. Nain, Amrita, 2004, The strategic motives for corporate risk management, working paper, University of Michigan.
39. Nance, Deana R., Clifford W. Smith, Jr., and Charles W. Smithson, 1993, On the determinants of corporate hedging, Journal of Finance 48, 267-284.
40. Pagan Adrian R., 1984, Econometric issues in the analysis of regressions with generated regressors, International Economic Review 25, 221-247.
41. Park, Chul W., and Earl K. Stice, 2000, Analyst forecasting ability and the stock price reaction to forecast revisions, Review of Accounting Studies 5, 259-272.
42. Petersen, Mitchell A., 2009, Simulating standard errors in finance panel data sets: comparing approaches, Review of Financial Studies 22, 435-480.
43. Ramnath, S., Rock, S., Shane, P., 2006. A review of research related to analysts’ forecasts and stock recommendations. working paper, Georgetown University and University of Colorado.
44. Rogers, Daniel A., 2002, Does executive portfolio structure affect risk management? CEO risk-taking incentives and corporate derivatives usage, Journal of Banking & Finance 26, 271-295.
45. Saunders, A., E. Strock, and N. G. Travlos, 1990, Ownership structure, deregulation, and bank risk taking, Journal of Finance 45, 643-654.
46. Smith, Clifford W., Jr., and René M. Stulz, 1985, The determinants of firms’ hedging policies, Journal of Financial and Quantitative Analysis 20, 391-405.
47. Stulz, René, 1984, Optimal hedging policies, Journal of Financial and Quantitative Analysis 19, 127-140.
48. Tufano, Peter, 1996, Who manages risk? An empirical examination of risk management practices in the gold mining industry, Journal of Finance 51, 1097-1137.
49. William, Patricia A, 1996, The relation between a prior earnings forecast by management and analyst response to a current management forecast, The Accounting Review 71, 103-113.		zh_TW