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

Author

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  • Frédéric Loss

    (GREMAQ - Groupe de recherche en économie mathématique et quantitative - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique)

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.

Suggested Citation

  • Frédéric Loss, 2004. "Couverture, coûts d’agence et taille d’une entreprise," Post-Print hal-01275757, HAL.
    • Handle: RePEc:hal:journl:hal-01275757
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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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