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- W1998092491 abstract "This paper studies the interplay between firm investment and cash flow hedging decisions when the decision-maker has time-inconsistent preferences. We show that cash flow hedging acts as a double-edged sword. In some cases, cash flow hedging enhances firm value because the firm can thus invest at the firm-value-maximizing timing. In other cases, however, cash flow hedging may adversely affect firm value because it loosens the financial constraint that works as a commitment device to mitigate premature investment. Our results thus highlight one unexplored potential dark side of hedging and suggest that the optimal hedging decision is the result of a trade-off between flexibility and commitment." @default.
- W1998092491 created "2016-06-24" @default.
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- W1998092491 date "2013-01-01" @default.
- W1998092491 modified "2023-09-24" @default.
- W1998092491 title "Time-Inconsistent Investment, Financial Constraints, and Cash Flow Hedging" @default.
- W1998092491 doi "https://doi.org/10.2139/ssrn.2365611" @default.
- W1998092491 hasPublicationYear "2013" @default.
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