Adam, Tim R.; Fernando, Chitru S.; Salas, Jesus M. - 2012
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 … strength to withstand the additional risk from market timing. We study the practice of selective hedging in a 10-year sample of …
