Autor: |
Bank, Matthias, Wiesner, Robert |
Zdroj: |
Journal of Small Business & Entrepreneurship; January 2010, Vol. 23 Issue: 4 p581-600, 20p |
Abstrakt: |
AbstractWeather events have a strong influence on the operating figures of small- and medium-sized enterprises (SMEs). The emergence of weather derivatives offers opportunities to manage these weather-related risks. General pricing and valuation issues of weather derivatives have already been widely discussed in the literature, but, so far, no research has been undertaken to examine the reasons and obstacles regarding the usage of weather derivatives within a SME context. The present paper fills this research gap. It introduces the fundamental characteristics of weather derivatives and reviews the theoretical hedging rationales of SMEs. Above all, this paper presents and discusses obstacles that may impede the application of weather derivatives by SMEs. According to results of a survey conducted among 215 Austrian SMEs, the primary obstacles are the lack of expertise and awareness regarding weather risk management. |
Databáze: |
Supplemental Index |
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