értekezés - Budapesti Corvinus Egyetem

initiation of measurable jet fuel hedging. On the other hand, the market appears to place
less value on changes in the extent of hedging. They also find that capital spending is more
valued for hedgers than for non-hedgers, which they explain with the fact that investors
may place additional value on capital expenditures made today by hedgers because of
greater confidence that these are better proxy for future investment opportunities (they
expect hedging to protect the ability to invest in bad times).
Nance et al. [1993], as well as, Wall and Pringle [1989] also find (weak) evidence that
firms with more leveraged capital structures hedge more. To the extent that such firms
have fewer unencumbered assets, and hence more difficulty in raising large amounts of
external finance, this finding also fits with Froot et al. [1993].
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