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 … from the oil and gas industry. The results support the view that managerial power increases selective hedging. The main …

In this paper, we test the hypothesis that CEO narcissism influences firms' hedging behaviour. Unlike rare but … find that these firms reduce selective hedging comparatively more following a sharp and unexpected price collapse that sent …

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 … the likelihood of being a hedger increases with CEO age, and that near-retirement CEOs prefer linear hedging instruments …

framework. The main results are as follows: without any hedging ability, the manager underinvests in risk at the firm level to …

hedging decisions. We find that family involvement in CEO positions positively affects the likelihood of hedging. The effect … positively affect propensity for hedging. Corporate governance attributes proxying agency issues, on the other hand, seem less … important. While hedging family firms have lower cash flow variability, they are worth the same as non-hedging family firms …

hedging decisions. We find that family involvement in CEO positions positively affects the likelihood of hedging. The effect … positively affect propensity for hedging. Corporate governance attributes proxying agency issues, on the other hand, seem less … important. While hedging family firms have lower cash flow variability, they are worth the same as non-hedging family firms …