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Why do gold mining firms engage in hedging? 2015

by on July 8, 2015

This recent paper by Adams et al looks at the rationale for selective hedging by gold mining companies. They look at derivatives transactions by 92 north american gold mining companies. They find strong evidence that selective hedging is more prevalent among financially constrained firms, and no evidence that this is down to managerial incentives.

Reference:
Adam, Tim and Fernando, Chitru S. and Salas, Jesus M., Why Do Firms Engage in Selective Hedging? Evidence from the Gold Mining Industry (June 3, 2015). Available at SSRN: http://ssrn.com/abstract=2613920or http://dx.doi.org/10.2139/ssrn.2613920
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