). Financially constrained firms reduce operational hedging through inventory and supply chain in favor of cash holdings. Our model … predicts that firms' markup increases with financial default risk as they cut operational hedging costs. Empirical analysis …' strategic adjustments in operational hedging practices …

, we conclude that swap positions are not economically significant in hedging the interest rate risk of bank assets …

The Hub-and-Spoke network is a defining feature of the airline industry. This paper is among the first in the … merged airline would offer direct flights in 10% more markets while the overall post-merger price effect would likely be …

We document that the convenience yield of U.S. Treasuries exhibits properties that are consistent with a hedging … inflation expectations that erode the hedging properties of U.S. Treasuries and other fixed-income money-like assets, inducing a …

firms will allocate excess cash flows into cash holdings if their hedging needs are high (i.e., if the correlation between … current debt if their hedging needs are low. The empirical examination of cash and debt policies of a large sample of … financially constrained firms with high hedging needs have a strong propensity to save cash out of cash flows, while showing no …

seldom sufficient and always expensive to hold. In this paper we argue that adding richer hedging instruments to the … point with a simple quantitative hedging model, where optimally used options and futures on the S&P100's implied volatility …

changes in term premia generates large hedging demands for long-term bonds …