When a Hedge Turns into Speculation: Interest Rate Swaps at Canadian Universities. (Record no. 49760)
[ view plain ]
| 000 -LEADER | |
|---|---|
| fixed length control field | 01994nam a2200217 4500 |
| 003 - CONTROL NUMBER IDENTIFIER | |
| control field | OSt |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20180512141548.0 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION | |
| fixed length control field | 180512b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Leonard, Glenn |
| 9 (RLIN) | 31487 |
| 245 ## - TITLE STATEMENT | |
| Title | When a Hedge Turns into Speculation: Interest Rate Swaps at Canadian Universities. |
| 300 ## - PHYSICAL DESCRIPTION | |
| Extent | 37-49 p. |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc | The present paper intends to develop an analytical condition for an interest rate swap (variable rate for fixed rate) to be beneficial and examines the incidence and effectiveness of swaps in the Canadian university sector. The paper demonstrates the lack of any cost advantage in a two-party swap through a contradiction analysis and then tests whether there is evidence that the use of this derivative is indeed acting (or not) as an effective risk management tool. The paper also applies a nonparametric Kruskal-Wallis test to determine whether the size of the university is a factor in the effectiveness of swap. Of the 31 Canadian universities using swaps, only five pass the analytical condition to be judged as an effective swap. The balance fails the test, indicating that the usage of the swap, in essence, unhedges a natural hedge that the institution had. The results also indicate that university size plays a role in whether the hedge is effective or not. This paper is unique in applying a quantitative test to determine swap effectiveness in the Canadian university sector. It also points to the necessity for management of these institutions to better understand the effects and uses of derivative financing instruments for hedging purposes. [ABSTRACT FROM AUTHOR] |
| 653 ## - INDEX TERM--UNCONTROLLED | |
| Uncontrolled term | Interest rate swaps |
| Uncontrolled term | Hedging (Finance) |
| Uncontrolled term | Speculation |
| Uncontrolled term | Derivative securities |
| Uncontrolled term | Universities & colleges -- Canada |
| 700 ## - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Srinivasan, Gopalan |
| 9 (RLIN) | 31488 |
| 773 0# - HOST ITEM ENTRY | |
| Host Biblionumber | 30419 |
| Host Itemnumber | 70360 |
| Main entry heading | MURTHY, E N |
| Place, publisher, and date of publication | IUP PUBLICATION HYDEARABAD |
| Other item identifier | 5558685 |
| Title | FINANCIAL RISK MANAGEMENT |
| International Standard Serial Number | 0972-916X |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) | |
| Source of classification or shelving scheme | Dewey Decimal Classification |
| Koha item type | Journal Article |
| Withdrawn status | Lost status | Source of classification or shelving scheme | Damaged status | Not for loan | Home library | Current library | Date acquired | Total Checkouts | Full call number | Barcode | Date last seen | Price effective from |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dewey Decimal Classification | Main Library | Main Library | 12/05/2018 | Vol 15, No 1/ 5558685JA3 | 5558685JA3 | 12/05/2018 | 12/05/2018 |