Does the Use of Foreign Currency Derivatives Affect Colombian Firms’ Market Value?

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Banco de la Republica de Colombia, Borradores de Economia, No: 562

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Gómez-González, José Eduardo; León-Rincón, Carlos Eduardo; Leiton-Rodríguez, Karen Juliet
Banco de la República
G30 - Corporate Finance and Governance: General; G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill; Modigliani-Miller; Risk management; Hedging; Firm value; Emerging market; Tobin's Q; Riesgo cambiario -- Colombia; Riesgo (Economía) -- Colombia; Mercados emergentes -- Colombia; Teoría económica; G32 - Política de financiación; riesgo financiero y gestión de riesgos; Estructura del capital y de la propiedad; Valor de empresa; fondo de comercio; G30 - Gobierno y financiación de la empresa: Generalidades; Modigliani-Miller, risk management, hedging, firm value, emerging market, Tobin´s Q.
paper description
Classic financial theory relies on the absolute perfection of capital markets, which results in one of the milestones of theoretical corporate finance: the firm's value is invariant to the choice of capital structure. As an extension to the aforementioned