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Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Anna Kryukova
Corporate Strategies on Derivative Hedging and the Impact on Companies' Value
Strategic Corporate Finance
(Master’s programme)
2017
The thesis considers the importance of managing corporate risks and particularly focuses on existence of value effect for the companies that implement derivative hedging strategies. The issue has been payed were few attention in the developing countries and there no research done in Russia on determination of whether hedging risks has an effect on firm value.

Based on the sample of 189 Russian companies the empirical study of hedging theories was conducted. The thesis proves the size has the positive impact on hedging decision. However, liquidity has the opposite sign to predicted. So none of hedging concepts developed for developed markets are accepted for a sample of Russian companies.

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