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We examine whether family ownership affects the value impact of the operational and financial dimensions of firms’ hedging policies. We show that family firms’ market valuations are higher than those of non‐family firms, consistent with the view that family firms benefit from family owners’ long‐term perspectives and ability to monitor managers. In addition, while both operational and financial hedging...
In this paper, we show that divergence of opinion trades at a discount when analysts’ earnings forecasts are optimistic and at a premium when analysts’ earnings forecasts are pessimistic. Our results suggest that investors tend to exaggerate the quality of their foresight and invest in low dispersion stocks when earnings expectations are optimistic (i.e., sure winners) and avoid low dispersion stocks...
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