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Couverture, coûts dagence et taille dune entreprise

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  • Frédéric Loss

Abstract

This article analyses the hedging demand of a firm, where hedging helps to reduce the agency costs between stockholders and one or several risk averse agents. We show that when a merger between two firms implies less information, the hedging demand of the new firm is generally higher than the hedging demands of the firms before merger. This is due to the loss of information and because hedging allows to reduce the risk borne by several agents.

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  • Frédéric Loss, 2004. "Couverture, coûts dagence et taille dune entreprise," Annals of Economics and Statistics, GENES, issue 74, pages 225-257.
    • Handle: RePEc:adr:anecst:y:2004:i:74:p:225-257
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    File URL: http://www.jstor.org/stable/20079088
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    Cited by:

    1. Frederic Loss, 2012. "Optimal Hedging Strategies and Interactions between Firms," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 21(1), pages 79-129, March.

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