Uncertainty, Capital Investment, and Risk Management

References

• Adam T, Dasgupta S, Titman S (2007) Financial constraints, competition, and hedging in industry equilibrium. J. Finance 62(5):2445–2473.Crossref, Google Scholar
• Almeida H, Campello M (2007) Financial constraints, asset tangibility, and corporate investment. Rev. Financial Stud. 20(5):1429–1460.Crossref, Google Scholar
• Arbogast S, Kumar P (2013) Financing large projects. Simkins B, Simkins R, eds., Energy Finance: Analysis and Valuation, Risk Management, and the Future of Energy (Wiley, Hoboken, NJ), 313–342.Google Scholar
• Baker SR, Bloom N, Davis SJ (2016) Measuring economic policy uncertainty. Quart. J. Econom. 131(4):1593–1636.Crossref, Google Scholar
• Bakshi G, Kapadia N, Madan D (2003) Stock return characteristics, skew laws, and differential pricing of individual equity options. Rev. Financial Stud. 16(1):101–143.Crossref, Google Scholar
• Block SB, Gallagher TJ (1986) The use of interest rate futures and options by corporate financial managers. Financial Management 15(3):73–78.Crossref, Google Scholar
• Bloom N (2009) The impact of uncertainty shocks. Econometrica 77(3):623–685.Crossref, Google Scholar
• Bloom N, Bond S, van Reenen J (2007) Uncertainty and investment dynamics. Rev. Econom. Stud. 74(2):391–415.Crossref, Google Scholar
• Booth JR, Smith RL, Stolz RW (1984) The use of interest rate futures by financial institutions. J. Bank Res. 15(1):15–20.Google Scholar
• Boyle GW, Guthrie GA (2003) Investment, uncertainty, and liquidity. J. Finance 58(5):2143–2166.Crossref, Google Scholar
• Caballero RJ (1991) On the sign of the investment-uncertainty relationship. Amer. Econom. Rev. 81(1):279–288.Google Scholar
• Campello M, Lin C, Ma Y, Zou H (2011) The real and financial implications of corporate hedging. J. Finance 66(5):1615–1647.Crossref, Google Scholar
• Chiang I-HE, Hughen WK, Sagi JS (2015) Estimating oil risk factors using information from equity and derivatives markets. J. Finance 70(2):769–804.Crossref, Google Scholar
• Clerides S, Lach S, Tybout J (1998) Is learning by exporting important? Micro-dynamic evidence from Colombia, Mexico, and Morocco. Quart. J. Econom. 113(3):903–947.Crossref, Google Scholar
• Dixit AK, Pindyck RS (1994) Investment Under Uncertainty (Princeton University Press, Princeton, NJ).Crossref, Google Scholar
• Dolde W (1993) The trajectory of corporate financial risk management. J. Appl. Corporate Finance 6(3):33–41.Crossref, Google Scholar
• Fazzari S, Petersen B (1993) Working capital and fixed investment: New evidence on financing constraints. RAND J. Econom. 24(3):328–342.Crossref, Google Scholar
• Froot K, Scharfstein D, Stein J (1993) Risk management: Coordinating corporate investment and financing policies. J. Finance 48(5):1629–1658.Crossref, Google Scholar
• Gilchrist S, Sim JW, Zakrajšek E (2014) Uncertainty, financial frictions, and investment dynamics. NBER Working Paper 20038, National Bureau of Economic Research, Cambridge, MA.Crossref, Google Scholar
• Graham JR, Harvey CR (2001) The theory and practice of corporate finance: Evidence from the field. J. Financial Econom. 60(2–3):187–243.Crossref, Google Scholar
• Graham JR, Smith CW (1999) Tax incentives to hedge. J. Finance 54(6):2241–2262.Crossref, Google Scholar
• Haushalter D (2000) Financing policy, basis risk, and corporate hedging: Evidence from oil and gas producers. J. Finance 55(1):107–152.Crossref, Google Scholar
• Jin Y, Jorion P (2006) Firm value and hedging: Evidence from U.S. oil and gas producers. J. Finance 61(2):893–919.Crossref, Google Scholar
• Kellogg R (2014) The effect of uncertainty on investment: Evidence from Texas oil drilling. Amer. Econom. Rev. 104(6):1698–1734.Crossref, Google Scholar
• Keynes JM (1936) The General Theory of Employment, Interest, and Money (Macmillan and Co., Ltd., London).Google Scholar
• Kraus A, Litzenberger RH (1973) A state preference model of optimal financial leverage. J. Finance 28(4):911–922.Crossref, Google Scholar
• Kumar P, Rabinovitch R (2013) CEO entrenchment and corporate hedging: Evidence from the oil and gas industry. J. Financial Quant. Anal. 48(3):887–917.Crossref, Google Scholar
• Kumar P, Yerramilli V (2017) Optimal capital structure and investment with real options and endogenous debt costs. Rev. Financial Stud. 31(9):3452–3490.Crossref, Google Scholar
• Maddala GS (1983) Limited dependent and qualitative variables in econometrics. Econometric Society Monographs No. 3 (Cambridge University Press, Cambridge, UK).Crossref, Google Scholar
• McDonald R, Siegel D (1986) The value of waiting to invest. Quart. J. Econom. 101(4):707–728.Crossref, Google Scholar
• McMahon R (2010) OTC trading vital for energy suppliers. Oil Gas Finance J. (January 1), http://www.ogfj.com/articles/print/volume–7/issue–1/features/otc–trading_vital.html.Google Scholar
• Meyer G (2012) Electronic trading comes to OTC oil swaps. Financial Times (May 22), https://www.ft.com/content/3d100b96-a425-11e1-a701-00144feabdc0.Google Scholar
• Myers S (1977) Determinants of corporate borrowing. J. Financial Econom. 5(2):147–175.Crossref, Google Scholar
• Nance DR, Smith CW, Smithson CW (1993) On the determinants of corporate hedging. J. Finance 48(1):267–284.Crossref, Google Scholar
• Nini G, Smith DC, Sufi A (2012) Creditor control rights, corporate governance, and firm value. Rev. Financial Stud. 25(6):1713–1761.Crossref, Google Scholar
• Oster E (2016) Unobservable selection and coefficient stability: Theory and validation. J. Bus. Econom. Statist., ePub ahead of print September 9, http://dx.doi.org/10.1080/07350015.2016.1227711.Crossref, Google Scholar
• Pirrong C (2011) The economics of central clearing. Working paper, International Swaps and Derivatives Association (ISDA), New York.Google Scholar
• Purnanandam A (2008) Financial distress and corporate risk management: Theory and evidence. J. Financial Econom. 87(3):706–739.Crossref, Google Scholar
• Rampini A, Viswanathan S (2010) Collateral, risk management, and the distribution of debt capacity. J. Finance 65(6):2293–2322.Crossref, Google Scholar
• Rampini A, Sufi A, Viswanathan S (2014) Dynamic risk management. J. Financial Econom. 111(2):271–296.Crossref, Google Scholar
• Singleton KJ (2013) Investor flows and the 2008 boom/bust in oil prices. Management Sci. 60(2):300–318.Link, Google Scholar
• Smith C, Stulz R (1985) The determinants of firms’ hedging policies. J. Financial Quant. Anal. 20(4):391–405.Crossref, Google Scholar
• Stein LCD, Stone EC (2013) The effect of uncertainty on investment, hiring, and R&D: Causal evidence from equity options. Working paper, Arizona State University, Tempe.Google Scholar
• Strebulaev IA, Whited T (2011) Dynamic models and structural estimation in corporate finance. Foundations Trends Finance 6(1–2):1–163.Crossref, Google Scholar
• Whited TM (1992) Debt, liquidity constraints, and corporate investment: Evidence from panel data. J. Finance 47(4):1425–1460.Crossref, Google Scholar