Hedge cambial aumenta o valor de mercado das firmas? Evidências do caso brasileiro

• Ano de defesa: 2007
• Autor(a) principal: Machado, Gustavo Carvalho
• Orientador(a): Bonomo, Marco Antônio Cesar
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Palavras-chave em Português: Exposição cambial; Política de hedge; Aumento do valor de mercado; Firmas brasileiras
• Link de acesso: https://hdl.handle.net/10438/339

This article examines the hedging activities of 33 Brazilian non-financial firms classified as ‘basic materials’ companies by BOVESPA between 2001 and 2006 and its potential impact on firm value. Using Tobin ́s Q as a proxy for firm value, we find a negative and significant relation between firm value and exchange rates exposure. Firms that face currency risks and decide to hedge have an increase on value about 7% on average in comparison to the others. And data suggest that a 10% reduction in exchange rates exposure is associated with a 3,5% gain in market value. Finally, we find evidence that firms that remain a regular hedging policy (and not firms that occasionally decide to hedge) have their market value increased.