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has been cited by the following article:

• TITLE: Foreign Currency Derivatives and Firm Value: Evidence from New Zealand

  AUTHORS: Hao Li, Nuttawat Visaltanachoti, Robin H. Luo

  KEYWORDS: Currency, Derivatives, Risk Management

  JOURNAL NAME: Journal of Financial Risk Management, Vol.3 No.3, September 10, 2014

  ABSTRACT: The benefit of corporate hedging remains controversial. While hedging could reduce the likelihood of adverse outcome, it will incur additional costs that may offset such benefit. This study provides some evidences to resolve the debate. We examine the benefits of foreign currency derivatives usage in 134 non-financial firms listed on the New Zealand Stock Exchange. New Zealand dollar experiences relatively high volatility so it is an ideal setting to examine whether the currency derivative usage could add value to the firm. Using Tobin-Q and other of its variants as a proxy of firm value, we find no evidence supporting the notion that the use of foreign currency derivatives can enhance a firm value.