volatility associated with derivative hedging post-FAS 133. These results are robust to the use of various model and method … derivative hedging are partial substitutes in smoothing earnings before 1999. In this study, we investigate whether FAS 133 … S&P 500 non-financial firms during 1996-2006, we find that the substitution relation between derivative hedging and …

complementary measures: (1) actual changes in firms' derivative and hedging disclosures, and (2) pre-SFAS 161 levels of firms …' derivative and hedging activities. Both measures provide consistent evidence that bid-ask spreads decreased more for firms whose … reduced information asymmetry among investors regarding the effects of derivative and hedging activities on firm value. These …

This paper is the first to study the effect of enhanced derivative and hedging footnote disclosures on information … asymmetries in bank loan contracting. Utilizing the issuance of SFAS 161, we employ a difference-in-differences design to evaluate … 3,732 bank loans for 1,126 firms in the United States between 2002 and 2017. We find that borrowers whose disclosures …

We provide evidence on the effects of SFAS 133 on the risk relevance of accounting measures of bank derivative … exposures to bond markets. First, we find that interest rate derivatives classified as hedging are more negatively associated … with fixed-rate bond spreads after SFAS 133. We also find that hedging derivatives offset non-trading positions to a …

GASB Statement No. 53, Accounting and Financial Reporting for Derivative Instruments, (GASB 53) significantly altered U ….S. governmental sector accounting of derivative instruments by mandating the recognition of hitherto off-balance sheet derivative … requirements have an unfavorable financial statement impact for municipalities with net negative fair value derivative positions …

This paper investigates corporate hedging under regret aversion. Regret-averse firms try to avoid deviations of their … hedging policy from the ex post best policy, an intuitive consideration if one has to justify one's decisions afterward. The … aversion reduces the hedging of price risk to avoid large regret in the case of increasing prices. The results show that regret …

We study how risk management through hedging impacts firms and competition among firms in the life insurance industry … face costly external finance increase hedging after staggered state-level financial reform that reduces the costs of … hedging. Post reform impacted firms have lower risk and fewer negative income shocks. Product market competition is also …