This paper analyzes derivative security positions reflecting the corporate risk management policies of 44 companies from the gold mining industry. We document substantial time-series variation in risk management policies. For most firms, little of this variation in hedge ratios is explained by...

This paper analyzes derivative security positions reflecting the corporate risk management policies of 48 companies from three different industries. There exists substantial time-series variation in risk management policies among firms in each industry. Very little of the variation in hedge...