Does Hedging Enhance Firm Value? Evidence from the COVID-19 Shock and Industry-Level Differences
This paper examines the effectiveness of corporate derivative hedging during crises and its impact on firm value. The study uses all 500 publicly listed companies in the S&P 500 Index from 2019 to 2024 as the sample, covering the COVID-19 pandemic shock in 2020–2021. This paper uses multiple regression analysis with HC1 heteroskedasticity-robust standard errors to test whether the pandemic sho
