Construct · 1 fields · 1 citations

Smith-Stulz hedging theory: a standalone construct

One name. One construct. A landmark on the map.

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Risk management

theory that firms hedge to reduce expected taxes under convex tax schedules, lower bankruptcy costs and serve managers' risk preferences.

In risk management, Smith-Stulz hedging theory refers to theory that firms hedge to reduce expected taxes under convex tax schedules, lower bankruptcy costs and serve managers' risk preferences. This meaning comes from Smith (1985) in The Journal of Financial and Quantitative Analysis.[1]

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Nearby constructs

hedge3 fields · 3 citationsjingle · one word, three constructs risk6 fields · 13 citationsjingle · one name, six constructs

References

Smith, C. W., & Stulz, R. M. (1985). The Determinants of Firms' Hedging Policies. The Journal of Financial and Quantitative Analysis, 20(4), 391. https://doi.org/10.2307/2330757

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