asymmetric. We find that derivatives are effective in reducing overall FC exposure but there is no evidence of value creation …

asymmetric. We find that derivatives are effective in reducing overall FC exposure but there is no evidence of value creation …

paper examines the available evidence on the nature and extent of this hedging behaviour. Related to this, Australia’s net …

variations. This paper argues that domestic-currency invoicing and hedging with exchange rate derivatives allow a fairly …Domestic-currency invoicing and hedging allow internationally active firms to reduce their exposure to exchange rate … exchange rate on competitiveness) is by its very nature harder to manage, but the paper argues that natural hedging provides …

funds. Most mutual funds using derivatives do so to a very limited extent that has little discernable impact on returns …. However, there exist two types of funds that make more extensive use of derivatives, global funds and specialized domestic … employing derivatives sparingly or not at all. We find evidence that fund managers time their use of derivatives in response to …

results show that foreign exchange exposure is negatively related to derivatives usage, and support the hedging explanation of … past 10 years, and relate this to higher derivatives market participation. Our methodology follows a three stage approach …-Dumas (1984) model. Next, we use an indirect approach to estimate the derivatives market participation at the firm level. Finally …

The paper deals with the use of derivatives by Italian non-financial firms, in order to analyse existing theories of … hedging behaviour, and provides empirical evidence on a potential differentiation of determinants of derivative use over time …

effectiveness of such hedges depends on the hedge horizon, they might affect a firm's usage of foreign exchange derivatives and lead …

-94 on American petroleum markets. According to a specific definition of hedging, and on the basis of a detailed survey of …