ビジネス＆財務ジャーナル

I use the Fama and French five-factor model to reexamine the seemingly anomalous result of Nelson, Moffitt, and Affleck-Graves, who document significant abnormal returns for firms that hedge. Applying the latest five-factor model on a new sample of U.S. firms from 2013-2021, I observe significant monthly abnormal returns of 0.274% (3.34% annually) for firms using derivative securities (hedgers). Additional analysis shows mixed results regarding the economies of scale and managerial sophistication hypotheses that predict any abnormal returns from hedging should be confined only to large firms.

Environmental report communicates an organization’s environmental performance to the stake holders and the public at large. Environmental performance can be in the form of a simple public relation statement or a detailed report on environmental performance with future plans. Among the three sectors of Indian industries i.e., primary (agriculture), secondary (manufacture), tertiary (service sector), the secondary sector which is the manufacturing sector contributes adversely to the environment. This adverse impact is due to its bad waste management. This paper has taken into account twelve Environmental Sensitive Industries (ESI) of Nifty. Environmental information’s are collected from annual reports and sustainability reports by the help of content analysis. The objective of the paper is to study the impact of environmental reporting on environmental performance.