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| Type | Bachelor's Thesis |
| Scope | Discipline-based scholarship |
| Title | Does Hedging Increase the Value of Gold Companies? |
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| Institution | University of Zurich |
| Faculty | Faculty of Economics, Business Administration and Information Technology |
| Number of Pages | 14 |
| Date | 2013 |
| Abstract Text | This study examines the effect gold hedging has on the value of gold mining companies. The sample contains data from 20 of the largest gold producers in the gold mining industry between 2003 and 2012. When controlling for size, profitability, leverage, investment growth and cash costs, no relationship is found between hedging and Tobinâs Q. This may be due to endogeneity problems, the fact that hedging has no effect on firm value or that hedging is a result of managers reducing their personal risk. |
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