Theory predicts that nonfinancial corporations might use derivatives to lower financial
distress costs, coordinate cash flows with investment, or resolve agency conflicts between …

Using a large sample of nonfinancial firms from 47 countries, we examine the effect of
derivative use on firm risk and value. We control for endogeneity by matching users and …

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 …

Although theory suggests that corporate hedging can increase shareholder value in the
presence of capital market imperfections, empirical studies show overall mixed support for …

This study estimates the corporate tax savings from financial derivatives. I document a 3.6
and 4.4 percentage point reduction in three-year current and cash effective tax rates (ETRs) …

This paper surveys risk management practices among Italian non‐financial firms. This
paper's contribution lies in investigating derivative usage particular to Italian businesses, a …

We investigate whether and how the complexity of derivatives influences analysts׳ earnings
forecast properties. Using a difference-in-differences design, we find that, relative to a …

Purpose–Based on basic financial models and reports in the business press, exchange rate
movements are generally believed to affect the value of nonfinancial firms. In contrast, the …

We survey more than 1,100 risk managers from around the world regarding their risk
management policies. We find evidence consistent with some traditional theories of risk …

This paper attempts to differentiate among the theories of hedging by using disclosures in
the annual reports of 400 UK companies and data collected via a survey. I find, unlike many …