. We find that, depending on whether futures contracts are used for risk reduction (i.e., hedging) or risk taking (i ….e., speculation), the implied magnitudes of recessions and booms are decreased or increased. Corporate risk management can therefore …

/Estrin 2004) together with the fact that almost all (92 %) of the world's top 500 companies enter derivatives markets for hedging …

The purpose of this paper is to empirically investigate the interaction between hedging, financing, and investment … two decisions are being made. We argue that the way in which hedging affects the firms’ financing and investing decisions …, but not their leverage, by hedging. However, we also find that firms with few investment opportunities use derivatives to …

management the ETFs with negative leverage factors can also be applied for the hedge or cross hedge of a portfolio. These hedging … case that a bearish market is supposed, minimizing the variance of the hedge seems not to obtain better hedging results … return high leverage factors should not be used for hedging, due to the higher volatility and target-shortfall probability. …