speculation, all of the energy firms attempt derivative speculation to a different extent …

link between selective hedging and managerial compensation. -- Corporate risk management ; selective hedging ; speculation …Surveys of corporate risk management document that selective hedging, where managers incorporate their market views … into firms’ hedging programs, is widespread in the U.S. and other countries. Stulz (1996) argues that selective hedging …

The widespread practice of managers speculating by incorporating their market views into firms' hedging programs … (“selective hedging”) remains a puzzle. Using a 10-year sample of North American gold mining firms, we find no evidence that … selective hedging is more prevalent among firms that are believed to possess an information advantage. In contrast, we find …

We examine the determinants of corporate speculation and challenge the extant, conflicting evidence. Separating risk … management (reducing currency-specific FX exposure) from speculation (increasing or holding currency-specific FX exposure … standards. Our findings enable investors, henceforth, to identify speculation from public available sources, where our results …