Weconsiderfirmsthat,allelseequal,wi

Weconsiderfirmsthat,allelseequal,wishtominimizevariabilityintheirinternal
capital(duetoconvexcostsofraisingexternalfunds).Thefirmscanhedgethecashflow
risk oftheproject,butnotthatofwinningorlosingtheauction.Wecharacterizeoptimal
hedgingandbiddingstrategiesinthiscompetitionframework.Weshowthataccessto
financialmarketsmakesfirmsbidmoreaggressively,possiblyevenabovetheir
valuationfortheproject.Inaddition,hedgingincreasesthevarianceofbidsandmakes
firm valuesmoredispersed.Further,withhedging,thecovarianceofinternalcapital
changeswiththeriskfactorisnegative,andismorenegative,thehigherthecorrelation
of thehedginginstrumentwiththeriskfactor

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Weconsiderfirmsthat, allelseequal, wishtominimizevariabilityintheirinternalcapital(duetoconvexcostsofraisingexternalfunds)Thefirmscanhedgethecashflowความเสี่ยง oftheproject, butnotthatofwinningorlosingtheauctionWecharacterizeoptimalhedgingandbiddingstrategiesinthiscompetitionframeworkWeshowthataccesstofinancialmarketsmakesfirmsbidmoreaggressively, possiblyevenabovetheirvaluationfortheprojectInaddition, hedgingincreasesthevarianceofbidsandmakesvaluesmoredispersed ของบริษัทเพิ่มเติม withhedging, thecovarianceofinternalcapitalchangeswiththeriskfactorisnegative, andismorenegative, thehigherthecorrelationของ thehedginginstrumentwiththeriskfactor

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Results (Thai) 2:[Copy]

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Results (Thai) 3:[Copy]

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weconsiderfirmsthat allelseequal wishtominimizevariabilityintheirinternal
, , ทุน ( duetoconvexcostsofraisingexternalfunds ) thefirmscanhedgethecashflow ความเสี่ยง oftheproject butnotthatofwinningorlosingtheauction wecharacterizeoptimal
, .
hedgingandbiddingstrategiesinthiscompetitionframework . weshowthataccessto financialmarketsmakesfirmsbidmoreaggressively possiblyevenabovetheir
,
valuationfortheproject .นอกจากนี้ บริษัท hedgingincreasesthevarianceofbidsandmakes
valuesmoredispersed เพิ่มเติม withhedging thecovarianceofinternalcapital changeswiththeriskfactorisnegative andismorenegative ,
, ,
thehigherthecorrelation ของ thehedginginstrumentwiththeriskfactor

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