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- catalog abstract "This paper examines a new database which details the extent, form, and timing of corporate risk management activity. The detailed records of risk management activities of North American gold mining firms in the period 1991-1993 are used to describe the extent to which firms manage risk and to test whether existing theory of optimal risk management strategy can explain differences among firm risk management policies. The extent to which mining firms manage gold price exposure is negatively related to the number of options their officers and directors hold and positively related to the value of their stock holdings, consistent with theories of managerial risk aversion. Firms with larger non-managerial block holdings manage smaller amounts of their gold price risk. Smaller firms, which are more likely to face information asymmetries or higher external financing costs, manage more risk. Other rationales for risk management, including reducing the costs of financial distress and reducing expected taxes, are not well supported by the data. The paper also describes the form of risk management strategies chosen by firms. Mining firms that are larger and faster growing are more likely to use options or price-contingent strategies rather than hedging strategies.".
- catalog contributor b8643641.
- catalog created "1995.".
- catalog date "1995".
- catalog date "1995.".
- catalog dateCopyrighted "1995.".
- catalog description "Includes bibliographical references (p. 35-37).".
- catalog description "This paper examines a new database which details the extent, form, and timing of corporate risk management activity. The detailed records of risk management activities of North American gold mining firms in the period 1991-1993 are used to describe the extent to which firms manage risk and to test whether existing theory of optimal risk management strategy can explain differences among firm risk management policies. The extent to which mining firms manage gold price exposure is negatively related to the number of options their officers and directors hold and positively related to the value of their stock holdings, consistent with theories of managerial risk aversion. Firms with larger non-managerial block holdings manage smaller amounts of their gold price risk. Smaller firms, which are more likely to face information asymmetries or higher external financing costs, manage more risk. Other rationales for risk management, including reducing the costs of financial distress and reducing expected taxes, are not well supported by the data. The paper also describes the form of risk management strategies chosen by firms. Mining firms that are larger and faster growing are more likely to use options or price-contingent strategies rather than hedging strategies.".
- catalog extent "48 p. :".
- catalog isPartOf "Working paper (Harvard University. Graduate School of Business Administration. Division of Research) ; HBS 95-090.".
- catalog isPartOf "Working paper / Division of Research, Harvard Business School ; 95-090".
- catalog issued "1995".
- catalog issued "1995.".
- catalog language "eng".
- catalog publisher "[Boston] : Division of Research, Harvard Business School,".
- catalog title "Who manages risk? : an empirical examination of risk management practices in the gold mining industry / by Peter Tufano.".
- catalog type "text".