Efetividade e razão ótima de hedge para operações de boi gordo em Goiás
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Data
2012-12
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Resumo
The aim of this study was to estimate the optimal hedge ratio and its effectiveness in the cattle market in Goiás state. Currently, the state occupies an important position in beef cattle on the national scene having the largest number of feedlots in the country. It is noteworthy that the profitability of confinement may be hampered by the risk of replacement activity, where the farmer sells his cattle and buys the calfs or steers. Through hedge it is possible to minimize the risk of replacement activity. These results highlight that, among the estimated models, the one which best fit to the data had an optimal hedge ratio of 69% and effectiveness of 80%. Thus, a cattle producer with 1,000 oxen, should sell 34 contracts of cattle in futures at BM&F stockmarket to minimize 80% of the variance in prices and thus protect themselves from the risks of fluctuations in the spot market.
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Carne bovina, Comercialização, Redução de risco, Hedge, Beef, Marketing, Risk reduction
Citação
SOUZA, Rodrigo da Silva; CUNHA, Cleyzer Adrian da; WANDER, Alcido Elenor. Efetividade e razão ótima de hedge para operações de boi gordo em Goiás. Latin American Journal of Business Management, Taubaté, v. 3, n. 2, p. 41-60, jul./dez. 2012.