Who manages risk? An empirical examination of risk management practices in the gold mining industry

Article Abstract:

This article examines a new database that details corporate risk management activity in the North American gold mining industry. I find little empirical support for the predictive power of theories that view risk management as a means to maximize shareholder value. However, firms whose managers hold more options manage less gold price risk, and firms whose managers hold more stock manage more gold price risk, suggesting that managerial risk aversion may affect corporate risk management policy. Further, risk management is negatively associated with the tenure of firms' CFOs, perhaps reflecting managerial interests, skills, or preferences. (Reprinted by permission of the publisher.)

Gold Mines, Gold Ore Mining, Gold ores, Research, Management, Mining industry, Gold industry, Gold mining, Risk management

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The Value of the Tax Treatment of Original-Issue Deep-Discount Bonds: A Note

Article Abstract:

The perceived tax disadvantages of original issue deed discount bonds are examined. New issue bonds are significantly unattractive for taxable investors, however their appeal increases as they age. It may be advantageous for non-taxable investors to sell older bonds to taxable investors.

Bonds, Bonds (Securities), Valuation

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