This study examines the managerial power-hypothesis of selective hedging, which holds that selective hedging is observed more frequently in companies where managers have greater latitude to execute hedging proposals without serious scrutiny or questioning. The hypothesis is tested using...

Combining databases with unique strengths I show that stray firms, i.e. those lacking a controlling owner, have lower disclosure in financial reports. This finding illustrates managers' preference to withhold information (“the fundamental agency problem”). I contribute to the literature by...

Firms commonly engage in a practice known as ‘selective hedging', i.e. adjusting the timing and size of hedging programs based on market views. In this paper I examine if corporate governance arrangements influence the extent of selective hedging using hand-collected data from the oil and gas...