important for emerging market countries that are experiencing remarkable growth in derivatives markets. Using firm level data …, we report a significant fall in exposure over the past 10 years and relate this to higher derivatives market …-Dumas (1984) model. Next, we follow an indirect approach to infer derivatives market participation at the firm level. Finally, we …

past 10 years, and relate this to higher derivatives market participation. Our methodology follows a three stage approach …-Dumas (1984) model. Next, we use an indirect approach to estimate the derivatives market participation at the firm level. Finally … results show that foreign exchange exposure is negatively related to derivatives usage, and support the hedging explanation of …

activities (especially interest rate derivatives) is positively associated with long-term interest rate exposure (LTIR) but …

found to be affected by exchange rate risk appear to be smaller and tend to use fewer derivatives when they are compared …

found to be affected by exchange rate risk appear to be smaller and tend to use fewer derivatives when they are compared …