René M. Stulz's research while affiliated with The Ohio State University and other places
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Publications (8)
This paper presents a theory of corporate risk management that attempts to go beyond the “variance‐minimization” model that dominates most academic discussions of the subject. It argues that the primary goal of risk management is not to dampen swings in corporate cash flows or value, but rather to provide protection against the possibility of costl...
This chapter discusses that if investment and consumption opportunity sets do not differ across countries, the fact that countries use different currencies has no significant implications for portfolio choice and asset pricing. In this special case, the traditional approaches to portfolio choice and asset pricing apply. Whereas these models perform...
This paper argues that the cost of capital for firms in small countries should be estimated using the global CAPM rather than a local CAPM. Two related formulas showing the mistake made when using a local CAPM rather than a global CAPM are presented. the global CAPM is implemented for the case of Nestlé and the results are compared to the cost of c...
Citations
... This study found a positive relationship between investment expenditure and minimum revenue guaranteed by the hedging policies. 61 compared the use of derivatives in USA, Sweden and New Zealand and the study showed 53%, 52% and 39% of derivative usage in these countries respectively. Derivatives are used for the purpose of 69 corporate performance is more influenced by commodity risk, foreign exchange and price risk, than a firm's performance. ...
... Low-yielding investment projects would be phased out as the real interest rate reached equilibrium, increasing the overall efficiency of investment projects. Furthermore, economic liberalization would increase transparency and accountability, reducing adverse selection and moral hazard while improving market liquidity [53]. However, financial liberalization has not always resulted in higher growth, owing to a weak link between real interest rates and savings caused by poor institutional quality and ineffective sequencing of liberalization and institutional reforms [23]. ...
... According to Stulz (1995) this is an adaptation made by practitioners which mimics the CAPM in US market. It employs a local market index as proxy for the market portfolio. ...
