Knopf, John D.; Nam, Jouahn; John H. Thornton Jr. - In: Journal of Finance 57 (2002) 2, pp. 801-813
We use estimates of the Black-Scholes sensitivity of managers' stock option portfolios to stock return volatility and the sensitivity of managers' stock and stock option portfolios to stock price to test the relationship between managers' risk preferences and hedging activities. We find that as...