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dc.contributor.authorSchiozer, Rafael Felipe
dc.contributor.authorSaito, Richard
dc.date.accessioned2018-05-10T13:35:44Z
dc.date.available2018-05-10T13:35:44Z
dc.date.issued2009-02
dc.identifierhttp://dx.doi.org/10.2753/REE1540-496X450104
dc.identifier.issn1470-6423 / 1470-6431
dc.identifier.urihttp://hdl.handle.net/10438/23117
dc.descriptionConteúdo online de acesso restrito pelo editorpor
dc.description.abstractThis paper investigates the determinants of currency risk management in nonfinancial firms in Argentina, Brazil, Chile, and Mexico, based on a panel data sample of firms that list as American depositary receipts from 2001 to 2004. Our evidence indicates that derivatives held for hedging purposes can yield cash flows of the same order of magnitude of capital expenditures, operational earnings, and financial expense, unlike what was previously found by Guay and Kothari (2003) for U.S. firms. We study not only the decision to use derivatives, but also the magnitude of derivatives holdings and the importance of operational hedging in firms' risk management strategies. We find that economies of scale, financial distress costs, informational asymmetry, and growth opportunities are important for risk management decisions, and that firms do not hedge because of potential tax benefits.eng
dc.format.extentp. 49-71
dc.language.isoeng
dc.publisherM E Sharpe Inceng
dc.relation.ispartofseriesEmerging markets finance and tradeeng
dc.sourceWeb of Science
dc.subjectDerivativeseng
dc.subjectForeign exchangeeng
dc.subjectLatin Americaeng
dc.subjectRisk managementeng
dc.subjectNon-financial firmseng
dc.titleThe determinants of currency risk management in Latin American nonfinancial firmseng
dc.typeArticle (Journal/Review)eng
dc.subject.areaEconomiapor
dc.subject.bibliodataDerivativos (Finanças)por
dc.subject.bibliodataRisco - América Latinapor
dc.contributor.affiliationFGV
dc.identifier.doi10.2753/REE1540-496X450104
dc.rights.accessRightsrestrictedAccesseng
dc.identifier.WoS000263085700005
dc.identifier.orcidSchiozer, Rafael/0000-0003-3890-6345


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