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        <r:String xml:lang="sv">Hur hedgar företag i finansiellt trångmål? - Klassificering av hedgingstrategier i den amerikanska oljeindustrin 2013-2015</r:String>
        <r:String xml:lang="en">How do Firms Hedge in Financial Distress? - Classification of hedging strategies in the US oil industry 2013-2015</r:String>
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          <r:String xml:lang="sv">Lunds universitet</r:String>
          <r:String xml:lang="en">Lund University</r:String>
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          <r:String xml:lang="sv">Lunds universitet</r:String>
          <r:String xml:lang="en">Lund University</r:String>
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        <r:SimpleDate>2022-04-07</r:SimpleDate>
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      <r:Content xml:lang="sv">Vi undersöker hur företag i finansiellt trångmål använder derivat för hedging. Vi studerar amerikanska oljeproducenter under perioden Q1:2013 till Q4:2015. Hedgingstrategier handkodas med hjälp av företagens kvartalsrapporter. Vi skapar en variabel per hedgingstrategi som antar vardet 1 om företaget använder hedgingstrategin, noll annars. Vi klassificerar företags derivatportföljer i fem distinkta hedgingstrategier baserat på det skydd de erbjuder och hur de påverkar företagets kassaflöden. Datasetet innehåller variablerna för de fem hedgingstrategierna och identifieras per kvartal och global company key (GVKEY).

Datasetet innehåller kvartalsvis klassificering av amerikanska oljebolags hedgingstrategier under perioden 2013-2015. Strategierna är klassificerade baserade på rapportering i respektive företags kvartalsrapport. Fem strategier identifieras (beskrivs i datafilen). Företag identifieras med Global Company Key. Global Company Key eller GVKEY är en unik sexsiffrig kod som tilldelas varje företag i Capital IQ Compustat-databasen.</r:Content>
      <r:Content xml:lang="en">We examine how firms hedge in financial distress. Using hand-collected data from oil and gas producers, we find that derivative portfolios in these firms are characterized by short put options. These positions are part of a composite three-way collar strategy that combines buying put options and selling put and call options with differing strike prices. We show that because liquidity demand varies with the degree of financial distress, the three-way collar strategy is the optimal risk management strategy that preserves incentives for future growth.

The sample consists of publicly traded oil and gas producers in the US (SIC code 1311) between Q1:2013 and Q4:2015. Hedging strategies are hand-coded based on quarterly reports (10Q/10-Q reports). We sum each firm's outstanding derivatives positions regardless of maturity for each quarter and create a variable per hedging strategy that takes the value 1 if the sum is positive, zero otherwise. We classify individual firms’ hedge portfolios into five distinct hedging strategies based on the character of the provided protection and the cash flow impact. The dataset contains the classifiers for these five hedging strategies and is identified by quarter and global company key (GVKEY).

The dataset contains quarterly classification of US oil companies' hedging strategies over the period 2013-2015. The strategies are classified based on reporting in each company's quarterly report. Five strategies are identified (described in the data file). Companies are identified by Global Company Key. The Global Company Key or GVKEY is a unique six-digit number key assigned to each company in the Capital IQ Compustat database</r:Content>
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        <r:Subject xml:lang="sv" controlledVocabularyID="50202" controlledVocabularyName="Standard för svensk indelning av forskningsämnen 2025">Företagsekonomi</r:Subject>
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