Quem gerencia o risco? uma análise empírica de práticas de gestão de risco no setor de mineração de ouro

Peter Tufano

RAE - Revista de Administração de Empresas, 2008, vol. 48, issue 1

Abstract: This article examines a new database that details corporate risk management activity in North American gold mining industry. I find little empirical support for the predictive power of theories that view risk management as a means to maximize shareholder value. However, firms whose managers hold more options manage less gold price risk, and firms whose managers hold more stock manage more gold price risk, suggesting that managerial risk aversion may affect corporate risk management policy. Further, risk management is negatively associated with tenure of firms´ CFOs, perhaps reflecting managerial interests, skills, or preferences.

Date: 2008
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