Does hedging affect firm value? Evidence from the US airline industry.

Financial Management | March 22, 2006| | Copyright

Does hedging add value to the firm, and if so, is the source of the added value consistent with hedging theory? We investigate jet fuel hedging behavior of firms in the US airline industry during 1992-2003 to examine whether such hedging is a source of value for these companies. We illustrate that the investment and financing climate in the airline industry conforms well to the theoretical framework of Froot, Scharfstein, and Stein (1993). In general airline industry investment opportunities correlate positively with jet fuel costs, while higher fuel costs are consistent with ...

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