over the period 1995 to 2017. I find strong evidence that the after-hedging exposures of potential exporters are affected …

optimal hedge ratio given the outcome of past hedging decisions and future expectations. The model implies that the optimal … 2015 and find strong evidence for the model's predictions. By adding a dynamic regret approach to the hedging and FX … literature we shed further light on the rationale behind selective hedging. …

relatively understudied. We study firms' currency risk exposure and their hedging choices by employing a unique dataset covering …, international trade, trade credits and foreign currency debt. We uncover four novel facts: (i) natural hedging of currency risk is … limited, (ii) financial hedging is more likely to be used by larger firms and for larger amounts, (iii) firms in international …