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  • Thumbnail for Derivatives usage : value-adding or value destroying?
    Derivatives usage : value-adding or value destroying? by Naito, Jack

    This thesis analyses a sample of 434 non-financial firms from the Standard and Poor 500 to investigate the relationship between derivative usage and firm value. The empirical tests do not produce any statistically significant results that suggest a negative relationship between the fair value of derivative instruments and firm value. These results, although not a part of a the original purpose of this thesis, suggest that investors value predictable non-extreme outcomes of risk exposures regardless of the firm's position in its derivative contracts hedging the same exposures.