投资者对衍生金融工具运用及其收效的反应的外文翻译.docVIP

外 文 翻 译 外文题目 Investor reactions to derivative use and outcomes 外文出处 http://www.Springer /content/P65x262143739 418/2007:2-6 外文作者 Lisa Koonce;Marlys Gascho Lipe;Mary Lea McAnally 原文： Investor reactions to derivative use and outcomes Abstract How do investors evaluate managers who choose whether or not to use derivatives once the outcomes of those decisions become known? Different theories offer different predictions, and we test these in three experiments. Results show that investors are more satis?ed with ?rm managers and assign a higher value to ?rms when managers use derivatives (that address ?rm risks) than when they do not. This result occurs even though we hold constant the economic differences typically present when comparing derivative use versus non-use (that is, exante risk and expost outcome), suggesting that investors reward ?rms that use derivatives. Additional tests reveal that investors believe that managers who use derivatives in these situations exhibit a higher level of decision-making care than those who do not use derivatives. We also document that these inferences about greater decision- making care do not apply to the speculative use of derivatives. Overall, our study adds to our understanding of how investors judge companies that use derivatives, given the resulting outcomes of such use. Keywords Derivatives ； Investors ； Psychology ； Outcomes Evidence suggests that ?rm managers are concerned about how current and potential investors perceive the ?rm’s use of derivatives. For example, a survey of managers of U.S. non?nancial ?rms found that 65% of them reported concern over investor, regulator, and public perceptions of derivative use (Bodnar et al. 1998). Many of these managers cited this concern as an important determinant in their decision not to use derivatives. Prior research suggests that these concerns may be justi?ed. Koonce et al. (2005) report that investors perceive derivative