Couverture, coûts d’agence et taille d’une entreprise

Frédéric Loss ()

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Abstract: This article analyses the hedging demand of a firm,where hedging helps to reduce the agency costs between stockholdersand one or several risk averse agents. We show that when a merger bet-ween two firms implies less information, the hedging demand of the newfirm is generally higher than the hedging demands of the firms before mer-ger. This is due to the loss of information and because hedging allows toreduce the risk borne by several agents.

Keywords: Couverture et taille des entreprises; Hedging; Agency Costs; Corporate Size (search for similar items in EconPapers)
Date: 2004
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Published in Annales d'Economie et de Statistique, 2004, 74

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Journal Article: Couverture, coûts dagence et taille dune entreprise (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01275757

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