On the determinants of speculation : a case for extended disclosures in corporate risk management

Hecht, Andreas

On the determinants of speculation : a case for extended disclosures in corporate risk management

dc.contributor.author	Hecht, Andreas	de
dc.date.accessioned	2024-04-08T08:54:36Z
dc.date.available	2024-04-08T08:54:36Z
dc.date.created	2017-07-27
dc.date.issued	2017
dc.description.abstract	We examine the determinants of corporate speculation and challenge the extant, conflicting evidence. Separating risk management (reducing currency-specific FX exposure) from speculation (increasing or holding currency-specific FX exposure constant), we provide unprecedented evidence that speculators are smaller, have more growth opportunities and possess lower internal resources than risk-managing firms. The refined granularity of our dataset stems from a unique regulatory environment, where a regulating authority recommends additional disclosures for FX risk management in excess of governing accounting standards. Our findings enable investors, henceforth, to identify speculation from public available sources, where our results substantiate the significance of such an extended reporting. Thus, this case of optional disclosures might serve as blueprint for further regulatory refinements in other settings.	en
dc.identifier.swb	49126142X
dc.identifier.uri	https://hohpublica.uni-hohenheim.de/handle/123456789/6172
dc.identifier.urn	urn:nbn:de:bsz:100-opus-13878
dc.language.iso	eng
dc.relation.ispartofseries	Hohenheim discussion papers in business, economics and social sciences; 2017,15
dc.rights.license	publ-mit-pod	en
dc.rights.license	publ-mit-pod	de
dc.rights.uri	http://opus.uni-hohenheim.de/doku/lic_mit_pod.php
dc.subject	Foreign exchange	en
dc.subject	Risk management	en
dc.subject	Selective hedging	en
dc.subject	Speculation	en
dc.subject	Disclosure	en
dc.subject	Reporting	en
dc.subject.ddc	330
dc.subject.gnd	Fremdwährung	de
dc.subject.gnd	Risikomanagement	de
dc.subject.gnd	Hedging	de
dc.subject.gnd	Spekulation	de
dc.title	On the determinants of speculation : a case for extended disclosures in corporate risk management	de
dc.type.dcmi	Text	de
dc.type.dini	WorkingPaper	de
local.access	uneingeschränkter Zugriff	en
local.access	uneingeschränkter Zugriff	de
local.bibliographicCitation.publisherPlace	Universität Hohenheim	de
local.faculty.number	3	de
local.institute.number	510	de
local.opus.number	1387
local.series.issueNumber	2017,15
local.series.title	Hohenheim discussion papers in business, economics and social sciences
local.university	Universität Hohenheim	de
local.university.faculty	Faculty of Business, Economics and Social Sciences	en
local.university.faculty	Fakultät Wirtschafts- und Sozialwissenschaften	de
local.university.institute	Institute for Business Administration	en
local.university.institute	Institut für Financial Management	de

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