Assessing the sensitivity of firm value to exchange rate changes has been one of the most
challenging issues in international financial management over the last two decades. This …

Theory predicts that nonfinancial corporations might use derivatives to lower financial
distress costs, coordinate cash flows with investment, or resolve agency conflicts between …

Using a large sample of nonfinancial firms from 47 countries, we examine the effect of
derivative use on firm risk and value. We control for endogeneity by matching users and …

This paper surveys risk management practices among Italian non‐financial firms. This
paper's contribution lies in investigating derivative usage particular to Italian businesses, a …

The global value of trading in index futures is about $20 trillion per year and rising and for
many countries the value traded is similar to that traded on their stock markets. This book …

This paper attempts to differentiate among the theories of hedging by using disclosures in
the annual reports of 400 UK companies and data collected via a survey. I find, unlike many …

We find that about 13% of our sample of 817 European multinational firms experienced
economically significant exposure effects to the Japanese yen, 14% to the US dollar and …

Purpose–In the last two decades, a number of studies have examined the risk management
practices within nonfinancial companies. For instance, some studies report on the use of …

This paper examines the influence of institutional differences on corporate risk management
practices in the USA and the Netherlands. We compare results to surveys in each country …

Survey studies of both corporate exchange risk management and the corporate use of
derivatives in general have shown considerable variation in managerial practices. Some …