management theory that hedging increases shareholder's wealth. However, cash operating costs, cash reserves and the level of gold …Purpose – The purpose of this study is to examine the exposures of Australian gold mining firms in the highly volatile … period from 1995 to 2000. This period has been characterized by significant changes in gold price due to bulk sale of gold by …

important and consistent relationship that we find is the impact of firms’ hedging behavior on their respective gold betas. This … less sensitive to movements in gold prices. The finding therefore supports the risk management theory that hedging …Purpose – The purpose of this study is to examine the exposures of Australian gold mining firms in the highly volatile …

This paper contributes to the literature on safe haven assets, analyzing gold and the Swiss Franc's defensive …. Drawing on Multivariate Garch DCC models, the hedging effectiveness of bivariate Swiss Franc-hedged portfolios is found to be … notably higher than that of gold-hedged portfolios. Value-at-Risk simulations, assuming equal or "optimal" portfolio weights …

This study deals with the issue whether gold actually exhibits the function of a hedge or a safe haven as often … and therefore allows to test whether gold acts as a hedge for stocks, the other one accounts for periods characterized by … extreme market conditions where the volatility of the stock returns is high. The latter state enables us to test whether gold …

This paper examines the benefits from hedging the currency exposure of international investments in single- and multi … 2009, hedging of currency risk substantially reduced the volatility of foreign investments at a quarterly investment … hedging for risk reduction purposes remained strong.In addition to its impact on risk, hedging affected returns in …