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The Incentives to Hedge

Author

Listed:
  • Graham, J.R.
  • Smith, Jr.C.W.

Abstract

We quantify the tax savibgs from hedging by modeling major provisions of the tax code. Using data from COMPUSTAT, we simulate likely tax savings from reducing the volatility of taxable income.

Suggested Citation

  • Graham, J.R. & Smith, Jr.C.W., 1996. "The Incentives to Hedge," Papers 96-03, Rochester, Business - Financial Research and Policy Studies.
    • Handle: RePEc:fth:robufr:96-03
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    Citations

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    Cited by:

    1. Danijela Miloš Sprčić & Metka Tekavčič & Željko Šević, 2008. "A Review of the Rationales for Corporate Risk Management: Fashion or the Need?," International Journal of Business and Economic Sciences Applied Research (IJBESAR), Democritus University of Thrace (DUTH), Kavala Campus, Greece, vol. 1(1), pages 71-99, April.
    2. Allen, Franklin & Santomero, Anthony M., 1997. "The theory of financial intermediation," Journal of Banking & Finance, Elsevier, vol. 21(11-12), pages 1461-1485, December.
    3. Ammon, Norbert, 1998. "Why Hedge? - A Critical Review of Theory and Empirical Evidence -," ZEW Discussion Papers 98-18, ZEW - Leibniz Centre for European Economic Research.
    4. Jiří Hnilica, 2005. "Some Remarks On the Impact of Risk Management on Firm Value [O vlivu risk managementu na hodnotu firmy]," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2005(4), pages 80-112.
    5. José Rodrigues de Jesús & Luís Miranda da Rocha & Rui Couto Viana, 2001. "Avaliação de Pequenas e Médias Empresas e Gestão de Risco," FEP Working Papers 110, Universidade do Porto, Faculdade de Economia do Porto.
    6. Downie, David & Nosal, Ed, 2003. "A strategic approach to hedging and contracting," International Journal of Industrial Organization, Elsevier, vol. 21(3), pages 399-417, March.
    7. Gianluca Bison & Loriana Pellizzon & Domenico Sartore, 2002. "La copertura dei rischi finanziari nelle imprese non finanziarie italiane attraverso gli strumenti derivati," Moneta e Credito, Economia civile, vol. 55(217), pages 55-75.

    More about this item

    Keywords

    SAVINGS ; TAXES;

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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