Does the Type of Derivative Instrument Used by Companies Impact Firm Value?

Hoa Nguyen () and Robert William Faff
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Hoa Nguyen: Deakin University, http://www.deakin.edu.au/buslaw/aef/staff/profiles/nguyenh.php

No 2007_15, Accounting, Finance, Financial Planning and Insurance Series from Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance

Abstract: We explore the relationship between the type of derivative instrument used and firm value, in a sample of Australian firms. Specifically, we examine the impact of the corporate use of swaps, futures, forwards and options, and the extent of such usage, on firm value. Our findings suggest that a ‘discount’ is most severely imposed on users of swaps.

Date: 2007-09-22
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Related works:
Journal Article: Does the type of derivative instrument used by companies impact firm value? (2010)
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