predictions of the managerial risk incentives-theory of hedging strategy, according to which managers with convex compensation … put options, and if they finance these hedging positions with cash-on-hand or by selling upside (call options). Using hand …-collected data on derivative portfolios we characterize hedging strategies in the oil and gas industry. Our main findings are that …

many executives who are uncomfortable with sizable, firm-specific risk and desire to reduce it through hedging activities …. Recent research has shown that executive hedging has become more prevalent. In essence, managers are unwinding the acute …

studies how self-esteem concerns influence a manager's effort choice and hedging behavior and how a board designs the … managerial ownership to induce effort. In equilibrium, the manager's net hedging position increases with the strength of the … manager's self-esteem concerns. Each of managerial hedging and self-esteem concerns added to an otherwise standard agency …

hedging by upstream oil and gas firms during 1996-2008. The extent of risk management (hedging intensity) is positively …What are the primary determinants of risk management by firms and what, in particular, is the role of managerial … volatility. Our analysis presents a comprehensive perspective on the determinants of risk management where the main factors are …

compensation. New to the literature, our model setup permits compatibility of private saving and hedging, manager's risk aversion … turnover in bad market conditions. Finally, the optimal contract is implemented by risk management accounts, private debt and …We develop a continuous-time model where a risk-neutral principal contracts with a CARA manager protected by limited …