equity. If hedging is prompted to reduce the demand for costly external finance, he will hedge cash flows. If the manager is …Finance theory does not provide a comprehensive framework for explaining risk management within the imperfect financial …. Therefore, it is not surprising that papers on the question why firms hedge are mushrooming. This paper critically reviews this …

possesses “true” safe haven qualities; i.e. it provides a hedge against global stock market losses in stressful times even after … currencies, and the euro serves as a hedge currency. Results for the yen support its role as a carry funding vehicle, but not …

in banks' dollar hedging costs. For identification, we exploit regulatory end-of-quarter reporting that penalizes banks …