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首页> 外文学位 >Corporate risk management for multinational corporations: Financial and operational hedging policies and banks, stock markets, and economic efficiency and the information impact of international cross listings on stock returns.
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Corporate risk management for multinational corporations: Financial and operational hedging policies and banks, stock markets, and economic efficiency and the information impact of international cross listings on stock returns.

机译：跨国公司的企业风险管理：财务和运营套期保值政策以及银行，股票市场，经济效率以及国际交叉上市对股票收益的信息影响。

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摘要

This dissertation consists of three essays in finance that may be read independently. The first essay analyzes the conditions under which a multinational corporation will alter its operations to manage its risk exposure. The analysis shows that such "operational hedging" benefits the firm only if it confronts both exchange rate uncertainty and demand uncertainty. Operational hedging is less important for managing short-term exposures, since demand uncertainty is lower in the short term. Operational hedging is also less important for commodity-based firms, which face price but not quantity uncertainty.;The second essay examines the contribution of banks and stock markets to economic efficiency in a setting of imperfect information and contractual incompleteness. In the model analyzed, banks take concentrated investment stakes in firms that provide incentives to perform noncontractible, value-improving actions such as monitoring managers and assisting with strategic planning. Stock markets provide a mechanism to induce production, credible disclosure and aggregation of information about firm prospects. Stock market information allows firms to invest more efficiently and to contract more efficiently with outside parties. An interesting insight from the analysis is that an improvement in bank efficiency can increase the benefits of employing both stock market and bank financing relative to using only bank financing, implying that reform of the banking sector could lead to a boom in new stock market issues.;The third essay investigates the impact of an international cross listing on the return characteristics of the underlying stock. I find that foreign listings and quotations on the London Stock Exchange lead to a permanent average decrease in variance of the residual from a regression of returns on the home country exchange on returns on domestic, foreign, and world stock indices. Larger firms and SEAQI firms experience a greater reduction in residual variance through cross listing than other firms. An explanation for this result is that an international listing stabilizes returns through expansion of a firm's investor base. For smaller firms and directly listed firms, this stabilization effect is partly offset by the positive information impact of a listing.
机译：本文由三篇关于金融的论文组成，可以独立阅读。第一篇文章分析了跨国公司改变经营条件以管理其风险敞口的条件。分析表明，只有当公司同时面对汇率不确定性和需求不确定性时，这种“经营对冲”才对公司有利。由于在短期内需求不确定性较低，因此操作对冲对于管理短期风险的重要性不大。运营套期保值对面临价格但数量不确定的大宗商品公司也不太重要。第二篇文章探讨了在信息不完善和合同不完整的情况下银行和股票市场对经济效率的贡献。在分析的模型中，银行将资金集中投资在公司中，这些公司会提供激励措施来执行不可收缩的，提高价值的措施，例如监督管理人员和协助战略规划。股市提供了一种机制，以诱使生产，可靠披露和汇总有关公司前景的信息。股市信息使公司可以更有效地进行投资，并与外部各方更有效地签约。从分析中得出的有趣观点是，与仅使用银行融资相比，提高银行效率可以增加同时使用股票市场和银行融资的收益，这意味着银行业改革可能导致新的股市问题的兴起。第三篇文章研究了国际交叉上市对基础股票收益特征的影响。我发现在伦敦证券交易所上市的外国股票和报价会导致本国证券交易所的收益对国内，外国和世界股票指数的收益进行回归，从而使剩余方差的永久平均下降。与其他公司相比，大型公司和SEAQI公司通过交叉上市的剩余方差减少幅度更大。这种结果的解释是，国际上市通过扩大公司投资者基础来稳定回报。对于较小的公司和直接上市的公司，这种稳定作用被上市的积极信息影响所部分抵消。

著录项

  • 作者

    Howe, Jonathan T. B.;

  • 作者单位

    University of California, Los Angeles.;

  • 授予单位 University of California, Los Angeles.;
  • 学科 Economics Finance.;Economics Theory.
  • 学位 Ph.D.
  • 年度 1997
  • 页码 101 p.
  • 总页数 101
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 财政、金融;经济学;
  • 关键词

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