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- W3121377403 abstract "This paper develops a theory of a firm's hedging decision with endogenous leverage. In contrast to previous models in the literature, our framework is based on less restrictive distributional assumptions and allows a closed-form analytical solution to the joint optimization problem. Using anecdotal evidence of greater benefits of risk management for firms selling credence goods or products that involve long-term relationships, we prove that those optimally leveraged firms, which face more convex indirect bankruptcy cost functions, will choose higher hedge ratios. Moreover, we suggest a new approach to test this relationship empirically." @default.
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- W3121377403 date "2006-09-11" @default.
- W3121377403 modified "2023-09-25" @default.
- W3121377403 title "Who Hedges More When Leverage is Endogenous? A Testable Theory of Corporate Risk Management Under General Distributional Conditions" @default.
- W3121377403 hasPublicationYear "2006" @default.
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