Search Constraints
Search Results
- Creator:
- Chan, Kalok, Covrig, Vicentiu, and Ng, Lilian L.
- Description:
- We examine how mutual funds from 26 developed and developing countries allocate their investment between domestic and foreign equity markets and what factors determine their asset allocations worldwide. We find robust evidence that these funds, in aggregate, allocate a disproportionately larger fraction of investment to domestic stocks. Results indicate that the stock market development and familiarity variables have significant, but asymmetric, effects on the domestic bias (domestic investors overweighting the local markets) and foreign bias (foreign investors under or overweighting the overseas markets), and that economic development, capital controls, and withholding tax variables have significant effects only on the foreign bias.
- Resource Type:
- Article
- Identifier:
- 0022-1082
- Campus Tesim:
- Northridge
- Creator:
- Jin, Yanbo and Jorion, Philippe
- Description:
- This paper studies the hedging activities of 119 U.S. oil and gas producers from 1998 to 21 and evaluates their effect on firm value. Theories of hedging based on market imperfections imply that hedging should increase the firm's market value (MV). To test this hypothesis, we collect detailed information on the extent of hedging and on the valuation of oil and gas reserves. We verify that hedging reduces the firm's stock price sensitivity to oil and gas prices. Contrary to previous studies, however, we find that hedging does not seem to affect MVs for this industry. Copyright 26 by The American Finance Association.
- Resource Type:
- Article
- Identifier:
- 0022-1082
- Campus Tesim:
- Northridge