risks, the availability of risk-management tools, and the operating environment of the firm. In particular, recent evidence …

their risk management activities. To this end, it provides a comprehensive account of the existing empirical evidence on the … reflects the fact that options are very versatile risk management instruments that can be used to hedge various types of … exposures, linear as well as nonlinear. In particular, options are a useful component of corporate risk management if exposures …

hedging, may exhibit only weak exchange rate exposures net of hedging. Consequently, empirical tests yield only small …