Giambona, Erasmo; Kumar, Anil; Phillips, Gordon M. - 2021 - This draft: April 19, 2021
We study how risk management through hedging impacts firms and competition among firms in the life insurance industry … hedging. Post reform impacted firms have lower risk and fewer negative income shocks. Product market competition is also … face costly external finance increase hedging after staggered state-level financial reform that reduces the costs of …