Allayannis, George; Lel, Ugur; Miller, Darius P. - In: Journal of International Economics 87 (2012) 1, pp. 65-79
This paper examines the impact of currency derivatives on firm value using a broad sample of firms from thirty-nine countries with significant exchange-rate exposure. Derivatives can be used for managers' self-interest, for hedging or for speculative purposes. We hypothesize that investors can...