Corporate Hedging in Theory and Practice - Risk Books
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Corporate Hedging in Theory and Practice

Edited By Christopher L. Culp and Merton H. Miller


An edited collection addressing key issues in the theory and practice of corporate hedging with the MG debacle as the focal point.

Publish date: 1 Jul 1999

Availability: In stock


Book description

  • A comprehensive, wide-ranging and high-level examination of corporate hedging design and management
  • A multi-faceted account of the MG debacle from the viewpoints of key commentators

Book details

Publish date
1 Jul 1999

Editor biography

Christopher L. Culp and Merton H. Miller

Table of contents




Christopher L. Culp and Merton H Miller

The Foundations of Hedging in Futures Markets

The Theory of Hedging and Speculation in Commodity Futures


The Hedging Performance of the New Futures Markets


Futures Trading and Hedging


New Concepts Concerning Futures Markets and Prices


Rationales for Corporate Hedging

Should Firms Use Derivatives to Manage Risk?

Fite and Pfleiderer

The Determinants of a Firm’s Hedging Policies

Smith and Stulz

Risk Management: Coordinating Investment and Financing Policies - Rethinking Risk Management


The MGRM Controversy?Hedging Objectives Do Matter

Metallgesellschaft and the Economics of Synthetic Storage

Culp and Miller

Auditing the Auditors

Culp and Miller

Simulating Supply

Bollen and Whaley

Maturity Structure of a Hedge Matters: Lessons from the Metallgesellschaft Debacle

Mello and Parsons

The Collapse of Metallgesellschaft: Unhedgeable Risks, Poor Hedging Strategy, or Just Bad Luck?

Edwards and Canter

Hedging in the Theory of Corporate Finance: A Reply to Our Critics

Culp and Miller

The Mathematics of Hedging Long-Dated Obligations with Short-Dated Futures

Analytics Underlying the Metallgesellschaft Hedge: Short-Term Futures in a Multi-Period Environment


Hedging Long Maturity Commodity Commitments with Short-Dated Futures Contracts

Brennan and Crew

Metallgesellschaft: A Prudent Hedger Ruined, or a Wildcatter on NYMEX?


Hedging Long-Term Exposures with Multiple Short-Term Futures Contracts


Hedging Long Run Commitments: Exercises in Incomplete Market Pricing


The Stochastic Behavior of Commodity Prices: Implications for Valuation and Hedging


Conclusion - The State of the Corporate Hedging Debate

Culp and Miller


“Excellent technical lessons in commodity hedging... the book provides an invaluable anthology of the literature on hedging.“

Nassim Taleb, Empirica Capital

“Concepts are well developed, rigorously presented and meticulously referenced... the entire book is a gem.“

Glyn Holton, Contingency Analysis

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