By Sofia Ramos, Helena Veiga
In the decade, strength markets have built considerably as a result growing to be task of economic traders. One final result of this large presence of traders is an improved hyperlink among the hitherto segmented power and fiscal markets. This booklet addresses a number of the contemporary advancements within the interrelationship among monetary and effort markets. It goals to extra the knowledge of the wealthy interaction among monetary and effort markets through offering a number of empirical reviews that illustrate and speak about many of the major concerns in this agenda.
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Additional info for The Interrelationship Between Financial and Energy Markets
Coefﬁcients of other variables are similar, but that of oil is slightly smaller. 151; the small interval means that sensitivity does not differ much among industries. 34 % (upstream). The volatility of natural gas does not have an impact on the returns of the industry except for oil and gas ﬁeld services (SIC code 138). The R2 of the estimation increases when natural gas is included as an explanatory variable. Table 4 shows the results of the asymmetry tests for oil in order to see whether markets perceive a pass-through effect of the industry.
In that instance, it is better to let the risk take its course and accept the average results over time. Froot et al. (1993) powerfully extend this intuition. Assuming that the availability of internal ﬁnancing best enables ﬁrms’ optimal real investment plans, then it is valuable to hedge risks that tend to restrict internal funds available at times when investment opportunities are apt to arise. The key to valuable risk management is the correlation between the risk source and the ﬁrm’s investment opportunity set.
Ramos and H. A. Laux et al. The potential for corporate risk management to add value is a classic issue in ﬁnance. Under the perfect markets reasoning of Modigliani and Miller (1958), that potential is nonexistent because investors can replicate the ﬁrm’s risk management choices and arbitrage away any beneﬁts. In more realistic settings, Smith and Stulz (1985) show that concavity in the relationship of a ﬁrm’s value with respect to a particular source of uncertainty opens the door to valuable risk management.