Bartram, Söhnke M.; Brown, Gregory W.; Conrad, Jennifer - Volkswirtschaftliche Fakultät, … - 2006
Using a sample of 6,888 non-financial firms from 47 countries, we examine the effect of derivative use on firms’ risk … the use of financial derivatives reduces both total risk and systematic risk. The effect of derivative use on firm value … could account for the mixed evidence in the literature on the effect of hedging on firm value. …