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Corporate hedging and capital structure decistion - towards an integrated framework for value creation

URN to cite this document:
Hahnenstein, Lutz ; Röder, Klaus
Date of publication of this fulltext: 05 Aug 2009 13:59


We suggest a joint optimization model for a firm’s hedging and leverage decisions that helps to establish an integrated framework for value creation. Rather than artificially separating the two interrelated parts of the firm’s financial policy, we treat both corporate decision variables as endogenous. We argue that exogenous differences between financial distress costs across firms, and ...


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