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The Impacts of Risk Management on Investment and Stock Returns

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경제연구소 (Hanyang Economic Research Institute)|2006.11|Journal of Economic Research (JER)|제11권 제2호|pp. 279-316

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참고문헌

주제분류경제학

초록

Abstract

This paper investigate the impacts of the use of interest rate swaps to assess two competing yet closely related theories on risk management: capital structure and financial market imperfections. Empirical results on investment suggest that the use of interest rate swaps allows firms to substitute debt for equity in financing investment as well as to reduce the dependence of internal funds. The volatility of stock returns and the risk exposures to changes in interest rate changes are lower for swap users, consistent with hedging. However, the risk exposures to debt or default risk increases as firms initiate interest rate swaps program, suggesting that hedging is not only a risk reduction tool but also a risk reallocation technique.

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