| dc.contributor.advisor | 張元晨 | zh_TW |
| dc.contributor.advisor | Chang, Yuan chen | en_US |
| dc.contributor.author (Authors) | 方曉薇 | zh_TW |
| dc.contributor.author (Authors) | Fang, Hsiao-Wei | en_US |
| dc.creator (作者) | 方曉薇 | zh_TW |
| dc.creator (作者) | Fang, Hsiao-Wei | en_US |
| dc.date (日期) | 2005 | en_US |
| dc.date.accessioned | 17-Sep-2009 19:18:39 (UTC+8) | - |
| dc.date.available | 17-Sep-2009 19:18:39 (UTC+8) | - |
| dc.date.issued (上傳時間) | 17-Sep-2009 19:18:39 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0093357037 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/34061 | - |
| dc.description (描述) | 碩士 | 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) | 93357037 | zh_TW |
| dc.description (描述) | 94 | zh_TW |
| dc.description.abstract (摘要) | This paper investigates the influence of hedging on firm value and stock return exposures in U.S. oil and gas industry from 1998 to 2004. Previous empirical results show that the relationship between firm value and corporate hedging activities is mixed. We find that the trend and volatility of oil and gas prices play important roles in the issue. Our results indicate that corporate exposures to oil and gas prices are asymmetric. We also find that gas reserve hedging has significant impacts on firm value when volatility of gas price is high. In conclusion, our results show that corporate hedging policies may add firm values in some special situations. | zh_TW |
| dc.description.tableofcontents | Contents1. INTRODUCTION 12. LITERATURE REVIEW 52.1 THEORIES OF HEDGING 52.1.1 MANAGERIAL MOTIVES 52.1.2 TAX 62.1.3 COST OF FINANCIAL DISTRESS AND UNDERINVESTMENT 72.1.4 OTHER FIRM CHARACTERISTICS 82.2 STOCK RETURN SENSITIVITY AND HEDGING 92.3 FIRM VALUE AND HEDGING 103. DATA DESCRIPTION 123.1 SAMPLE DESCRIPTION 123.2 PROXY OF HEDGING 143.3 PROXY OF FIRM VALUE 184. STOCK RETURN EXPOSURE TO OIL AND GAS PRICE MOVEMENTS 224.1 OIL AND GAS PRICE 224.2 HYPOTHESIS 244.3 MODEL FRAMEWORK 254.4 EMPIRICAL RESULTS 264.4.1 EXPOSURE TO OIL AND GAS PRICE 264.4.2 THE IMPACT OF HEDGING AND RESERVE ON STOCK RETURN EXPOSURE 285. ASYMMETRIC EXPOSURE TO OIL AND GAS PRICE MOVEMENTS 305.1 EXPOSURE TO OIL AND GAS PRICE CHANGES 315.1.1 HYPOTHESIS 315.1.2 EMPIRICAL RESULTS 325.2 HEDGING ACTIVITIES AND EXPOSURE 335.2.1 HYPOTHESIS 345.2.2 EMPIRICAL RESULTS 355.3 OIL AND GAS RESERVES ON EXPOSURE 365.3.1 HYPOTHESIS 365.3.2 EMPIRICAL RESULTS 376. THE RELATION BETWEEN FIRM VALUE AND HEDGING 406.1 HYPOTHESIS 406.2 MODEL FRAMEWORK 406.3 DOES OIL/GAS HEDGING ADD VALUE? 426.3.1 UNIVARIATE ANALYSIS 436.3.2 MULTIVARIATE ANALYSIS 457. CONCLUSION 54REFERENCE 57APPENDIX: COMPUTATION OF OIL DELTA 60 | zh_TW |
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| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0093357037 | en_US |
| dc.subject (關鍵詞) | hedge | en_US |
| dc.subject (關鍵詞) | firm value | en_US |
| dc.subject (關鍵詞) | asymmetric exposure | en_US |
| dc.subject (關鍵詞) | oil | en_US |
| dc.subject (關鍵詞) | gas | en_US |
| dc.title (題名) | Hedging, Asymmetric Exposures, and Firm value: Evidence from U.S. Oil and Gas companies | zh_TW |
| dc.type (資料類型) | thesis | en |
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