Purpose: This paper aims to develop hedging strategies using both futures and forward contracts and issuing risky debt when financially constrained firms are forced to operate in long horizon. Design/methodology/approach: The authors present a model for developing hedging strategies using both...

We present a model for developing hedging strategies using both futures and forward contracts and issuing risky debt. A financially constrained firm with limited cash balance must hedge its liquidity with both futures and forward contracts and issue risky debt to support its long-term...

Purpose – This study focuses on the profitability of momentum trading in the Korean stock market. More specifically, an examination of the relationship between momentum returns and idiosyncratic volatility (IVol) is conducted to determine whether momentum profits can be explained by...