Does hedging increase firm performance? An empirical analysis of the shipping industry
In this study, we analyze the hedging activities for risk management purposes of 31 shipping companies headquartered in Europe and North America and its impact on ROIC, in the period between 2009 and 2014. We also study how ROIC interacts with hedging and investments undertaken by the firms in our sample. If some of the assumptions of the Modigliani & Miller (1958) framework are relaxed, hedgi
