Does the use of foreign currency derivatives affect colombian firms? market value?

Gómez-González, José Eduardo; León-Rincón, Carlos Eduardo; Leiton-Rodríguez, Karen Juliet

Does the use of foreign currency derivatives affect colombian firms? market value?

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Borradores de Economía; No. 562

Date published

2009-05-10

Date

2009-05-10

Authors

Gómez-González, José Eduardo
León-Rincón, Carlos Eduardo
Leiton-Rodríguez, Karen Juliet

Document language

spa

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Las opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.

The opinions contained in this document are the sole responsibility of the author and do not commit Banco de la República or its Board of Directors.

Abstract

Classic financial theory relies on the absolute perfection of capital markets, which results in one of the milestones of theoretical corporate finance: the firm's value is invariant to the choice of capital structure. As an extension to the aforementioned