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Hedging Effectiveness in Energy Market during Economic Crisis : Better Way to Integration

Author

Listed:
  • Samitas, Aristeidis

    (University of the Aegean)

  • Tsakalos, Ioannis

    (University of the Aegean)

Abstract

This paper investigates hedging and risk management options in the energy sector. Energy firms tend to adopt risk management tools in order to cover their financial exposure. Taking into consideration that current crisis has a significant effect on their value; we check whether energy firms actually have better output when they use hedging tools. In order to measure the effectiveness of this strategy in the energy industry, we adopt Tobin’s Q methodology. The sample of this study consists energy firms on a worldwide basis. The empirical evidence of this research confirms that energy firms may avoid huge economic problems when they adopt risk management methods. It is better enery market integration.

Suggested Citation

  • Samitas, Aristeidis & Tsakalos, Ioannis, 2011. "Hedging Effectiveness in Energy Market during Economic Crisis : Better Way to Integration," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 26, pages 463-476.
    • Handle: RePEc:ris:integr:0545
    as

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    More about this item

    Keywords

    Energy; Tobin’s Q; Hedging Effectiveness; Financial Crisis;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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