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The Economics of Financial and Operational Hedging: Insights from U.S. Power Plants
主讲人： Dong Yan（Erasmus University）
主持老师：（北大经院）王熙
参与老师： （太阳集团）王一鸣、王法、刘蕴霆
时间：2024年12月20日（周五） 10:00-11:30
地点（线上）：腾讯会议链接：https://meeting.tencent.com/dm/lNe5eVxkpxY8
会议号码：629-488-579
报告摘要：
We study how firms adapt hedging policies to manage increased weather-related risks due to climate change. We introduce a parsimonious model of financial and operational hedging, and financing frictions. Financial hedging reduces the firm's exposure to weather risk, lowering the firm's subsequent incentive to hedge operationally. However, financial hedging also makes the firm's debt safer and reduces borrowing costs, mitigating the conventional debt overhang problem that typically discourages operational hedging investments. The two types of hedging policies are strategic complements when financing frictions are sufficiently severe; otherwise, they are substitutes. We test the model's predictions using the U.S. electric power industry as an empirical setting. We document a financial hedging overhang: firms that hedge via financial contracts subsequently engage in less operational hedging, such as maintaining gas inventories.
主讲人简介：
Dong Yan is an Associate Professor of Finance at Rotterdam School of Management, Erasmus University, a research fellow of the Swedish House of Finance (SHoF), and a research fellow of Centre for Economic Policy Research (CEPR). She obtained my PhD in Finance from HKUST Business School. Before joining RSM, She was an Assistant Professor of Finance at the Stockholm School of Economics.
Dong Yan’s research interests include corporate investment, the real effects of financial markets, private firms, internal capital markets, and M&A. She has written papers examining the influence of financial constraints on corporate production and inventory investment, the impact of the stock market on private firms through learning, and the role of callable bonds in mitigating debt overhang. Her work has been published in leading journals, such as the Review of Financial Studies and the Review of Finance, and awarded the 2024 IQAM Prize for the best investment paper published in the Review of Finance.
