The primary objective of this study is to investigate whether an ongoing policy of hedging jet fuel price risk using heating oil futures contracts reduces the volatility of quarterly pretax income of an average major airline in the US. The results indicate that, after controlling for trend,...

We examine whether Douglas and Santerre's (1990) substitutes hypothesis obtains for bank holding companies (BHCs); i.e. whether degree of ownership concentration and salary incentives are alternative methods of aligning BHC CEO incentives with those of shareholders. Also examined is the relation...