Does Corporate Hedging Reduce Information Asymmetry around Quarterly Earnings Announcements?

Autor:	HUI-LING CHANG, 張惠玲
Rok vydání:	2013
Druh dokumentu:	學位論文 ; thesis
Popis:	101 This study examines the relationship between corporate hedging and information asym-metry in the equity market around earnings announcement. I use the change in bid-ask spreads and quoted depths around the announcements as a proxy for information asymmetry. I find that changes in bid-ask spreads at the time of earnings announcements are significantly negatively related to corporate derivatives use, and depth changes are significantly positively related to hedging activity. The results are robust irrespective of controlling for the potential endogenous nature of hedging and using a measure of the extent of derivatives usage. Taken as a whole, my findings are consistent with the hypothesis that corporate hedging reduces information problems related to earnings announcements.
Databáze:	Networked Digital Library of Theses & Dissertations
Externí odkaz:	http://ndltd.ncl.edu.tw/handle/91326316848612857436 Zobrazit plný text záznamu