投资者对衍生金融工具运用及其收效的反应外文翻译.docx

投资者对衍生金融工具运用及其收效的反应外文翻译.docx

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投资者对衍生金融工具运用及其收效的反应外文翻译

本科毕业论文（设计）

外文翻译

外文题目Investorreactionstoderivativeuseandoutcomes

外文出处忽略:

//0012.Springer

418/2007:

2-6

外文作者LisaKoonce;MarlysGaschoLipe;MaryLeaMcAnally

原文：

Investorreactionstoderivativeuseandoutcomes

Abstract

Howdoinvestorsevaluatemanagerswhochoosewhetherornottousederivativesoncetheoutcomesofthosedecisionsbecomeknown?

Differenttheoriesofferdifferentpredictions,andwetesttheseinthreeexperiments.Resultsshowthatinvestorsaremoresatisfiedwithfirmmanagersandassignahighervaluetofirmswhenmanagersusederivatives（thataddressfirmrisks）thanwhentheydonot.Thisresultoccurseventhoughweholdconstanttheeconomicdifferencestypicallypresentwhencomparingderivativeuseversusnon-use（thatis,exanteriskandexpostoutcome）,suggestingthatinvestorsrewardfirmsthatusederivatives.Additionaltestsrevealthatinvestorsbelievethatmanagerswhousederivativesinthesesituationsexhibitahigherlevelofdecision-makingcarethanthosewhodonotusederivatives.Wealsodocumentthattheseinferencesaboutgreaterdecision-makingcaredonotapplytothespeculativeuseofderivatives.Overall,ourstudyaddstoourunderstandingofhowinvestorsjudgecompaniesthatusederivatives,giventheresultingoutcomesofsuchuse.

KeywordsDerivatives；Investors；Psychology；Outcomes

Evidencesuggeststhatfirmmanagersareconcernedabouthowcurrentandpotentialinvestorsperceivethefirm’suseofderivatives.Forexample,asurveyofmanagersofU.S.nonfinancialfirmsfoundthat65%ofthemreportedconcernoverinvestor,regulator,andpublicperceptionsofderivativeuse（Bodnaretal.1998）.Manyofthesemanagerscitedthisconcernasanimportantdeterminantintheirdecisionnottousederivatives.Priorresearchsuggeststhattheseconcernsmaybejustified.Koonceetal.（2005）reportthatinvestorsperceivederivativestoberiskierthannonderivativefinancialinstruments.AlthoughtheKoonceetal.resultssuggestthatmanagers’concernsmaybereasonableexante,itisunclearhowinvestorsthinkaboutcompanies’useofderivativesinthecommonsituationwhereoutcomesrelatedtotheiruseareknown（thatis,expost）.Thissituationisthefocusofourstudy.

Outcomesfromtheuseofderivativesarereadilyavailabletoinvestorsfromseveralsources,mostnotablyfromthefinancialstatements.1Specifically,SFAS133requiresthatfirmsreportderivative-relatedoutcomesinthefinancialstatements,includingthecomprehensiveincomestatement,balancesheet,andfootnotes（Kawaller2004;Ahmedetal.2006）.Investorsalsocanobtainoutcomeinformationfrompressreleasesinwhichfirmsmayvoluntarilydiscloseresultsfromderivativeuse,typicallywithafocusonfavorableoutcomes（forexample,SouthwestAirlines2005）.Finally,investorscaninferoutcomesgivengenerallyavailableinformationregardingmarketratechangesandinformationdisclosedinpriorfinancialstatementsaboutthetypeofderivativesusedbyafirm（Hodderetal.2001）.

Investigatinginvestors’perceptionsofderivativeuseonceactualoutcomesareknownisimportantforseveralreasons.First,studiesprovideevidencethatderivativeusecanaddvaluetofirms.Forexample,AllayannisandWeston（2001）documenta4%increaseinfirmvalue（thatis,a‘hedgingpremia’）forlargefirmsthathedgetheirforeigncurrencyexposurebyusingderivatives.Guay（1999）showsthatmarket-basedfirmriskislowerfornewusersofderivatives.Thesestudiessuggestthattheremaybeimportantbenefitsfromderivativeusesothatiffirmsavoidusingderivativesduetoamistakenconcernoverpotentiallynegativeinvestorreactions,boththefirmsandinvestorsmaysuffereconomically.

Second,researchhasnotaddressedwhetherthenegativeexanteperceptionsofderivativeusedocumentedinpriorresearch（Koonceetal.2005）willpersistonceactualoutcomesareknown（thatis,expost）.Whilepsychology’scounterfactualreasoningtheorysuggeststhatitmight,suchbehaviorisnotassured.Researchshowsthathowpeoplethinkinforesightoftendoesnotcorrespondtotheirthinkinginhindsight,givenoutcomeinformation（FischhoffandBeyth1975）.Thus,inadditiontothepossibilityofanegativereactiontoderivativeuse,therearetwoother（alsotheoreticallybased）possibleinvestorreactions.Specifically,investorsmaynotcarewhetherafirmusesderivativesbutrathermayreactonlytotheoutcomeitself（MitchellandKalb1981）.Alternatively,investorsmayreactpositivelytowardcompaniesthatusederivativesbecauseoftheperceiveddecision-makingcaretheiruseimpliesanddosoirrespectiveoftheparticularoutcome（RebandConnolly2007）.Becausepsychologytheoriessupporteachofthesepossiblereactions,researchisneededtoprovideevidenceonhowinvestorsevaluatefirmsthatusederivativesonceactualoutcomesareknown.

Inthispaper,wereporttheresultsofthreeexperimentsdesignedtoidentifyhowinvestorsreacttoderivativeuse.Inourfirstexperiment,wediscriminateamongthethreepossibletheoriesnotedabove.Onceweestablishthemostdescriptivetheoryofinvestorreactions,wethentestitsvalidityandgeneralizabilityintwosubsequentlydesignedandexecutedexperiments.Wediscussthethreeexperimentsbelow.

Asnotedabove,thefirstexperimentdiscriminatesamongthethreepossibletheoriesforinvestorreactiontotheuseofderivativesoncederivative-useoutcomesareknown.Wevarywhetheracompanyusesaderivative（thatis,forwardcontract）tolockinthepriceofaplannedinventorypurchase,andwealsovarytheoutcome（thatis,poororgood）thatresultsfromthederivativeornonderivativeuse.Ourresultsshowthat,holdingoutcomeconstant,investorsaremoresatisfiedwhenacompanyusesderivatives.Specifically,theyrewardcompaniesforusingderivativesbyboostingtheirevaluationofmanagement;thisresultisconsistentwithinvestorsinferringthatthemanagersexercisedhighdecision-makingcareinchoosingtousethederivativetoaddresstheriskexposure.Giventhatexperimentonepointstodecision-makingcareasatheoryofinvestorreactiontooutcomesfromderivativeuse,oursecondexperimentteststhevalidityofthistheorybydirectlyvaryinginformationregardingdecision-makingcare（thatis,whetherthecompanydisclosesextensivepoliciesandproceduresforitscorporatefinancingdecisions）aswellaswhethermanagementusesaderivativeinstrument.Resultsconfirmthedescriptivevalidityofthedecision-makingcaretheory.Withoutinformationregardingcarefuldecision-making,investorsaremoresatisfiedandassignahigherfirmvaluewhenmanagersusederivativesthataddressanexposurethanwhenmanagersdonot.Incontrast,wheninvestorsareprovidedwithinformationaboutthemanager’scarefuldecision-makingprocess（asoftenfoundinfinancialstatementfootnotesandMD&Adisclosures）,thederivativeeffectiseliminatedbecauseperceiveddecision-makingcarehasbeenheldconstant.Whileexperimentoneresultsareconsistentwiththedecision-makingcaretheory,experimenttwoconfirmsthatperceiveddecision-makingcareiscausingtheheightenedinvestorsatisfactionassociatedwithderivativeuse.

Ourthirdexperimenttestswhetherthedecision-makingcareperspectiveiscomprehensive.Inthisexperiment,participantsevaluateasituationwhereapooroutcomeresultedfromafirmusingaderivativeeitherforpurposesof‘‘takingaview’’（thatis,speculating）oncommoditypricesorforaddressingacommodity-priceriskexposure.Resultsindicatethatparticipantsperceivelower（higher）decision-makingcareinthesituationwheremanagersusederivativestotakeaview（addressanexposure）.Eventhoughthederivativeuseleadstothesameeconomicoutcomeinbothcases,participantsjudgedifferentlevelsofsatisfactionwithmanagementdependingonthelevelofperceiveddecision-makingcare.Thisfindingreiteratesthatperceiveddecision-makingcareguideshowinvestorsreacttomanagers’derivativedecisionsandtotheresultingoutcomes.Insum,perceiveddecision-makingcarecomprehensivelyexplainsinvestorreactiontoderivativeuse.

Forseveralreasons,weuseexperimentstotestourhypotheses（Libbyetal.2002）.First,experimentsallowustodirectlymeasurehowindividualinvestorsviewcompanies’use（ornon-use）ofderivatives.Althoughnormativemodelsdonotexisttoindicatewhetherinvestors’impressionsarecorrectinthiscontext,itisimportanttounderstandwhatinvestorsthinkbecausemanagersmaybasetheirderivativedecisionsinpartonhowtheybelieveinvestorsviewderivatives（Bodnaretal.1998）.Second,throughexperimentation,weareabletoholdconstanttheeconomicdifferencestypicallypresentwhencomparingderivativeuseversusnon-use（thatis,actualeconomicexanteriskandexpostoutcome）.Thiskeydesignfeaturedifferentiatesourtestsfrompriorarchivalresearchonderivativeuse.Byintent,priorarchivalresearchfocusesoncomparingfirmvalueoreconomicriskinsituationswherederivativesareusedtothosewheretheyarenotused（AllayannisandWeston2001;Guay1999）.Becausethesestudiesareinterestedinwhetherriskandearningsoutcomesdo,infact,differinthesetwosituations,controllingforbothwouldeliminatetheeffectofinterest.However,suchcontroliscentraltoourtestsasweareconcernedwithwhetherinvestorsreactincrementallytofirmsandmanagerswhouseversusdonotusederivatives,withouttheconfoundingeffectsofdifferentexanteactualriskandexpostoutcomes.

Ourstudyhasbothpracticalandtheoreticalimplications.Onapracticallevel,ourresultsprovideassurancetofirmmanagerswhowanttoincre