Purpose–This paper aims to provide an update to the risk management literature, as it
compiles a survey of 65 recent theoretical and empirical studies on the topic …

There are numerous empirical studies on the impact of speculation on commodity futures
markets. The papers strongly differ in terms of the focus variable (eg price, volatility, spill …

This paper shows that active risk management policies lead to an increase in firm value. To
identify the effect of hedging and to overcome endogeneity concerns, we exploit the …

Crop insurance premium subsidies affect patterns of crop acreage for two reasons. First,
holding insurance coverage constant, premium subsidies directly increase expected profit …

It is an empirical question over whether the use of derivatives hedging among firms is
actually effective in mitigating financial risks, and hence positively contributes to firm …

We exploit an exogenous change in basis risk in the oil and gas industry to analyze the
channels through which hedging affects firm value. Using a difference-in-differences …

We examine whether cultural differences between countries help in explaining firms'
hedging decisions. For this, we manually collect data on the hedging behavior of worldwide …

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 …

I exploit exogenous changes in local credit supply from shale discoveries to identify where
and when local access to finance is economically important for firms. I find that the real …

The impact of risk management on farm productivity is still being debated. Using survey data
from French and Hungarian farms, we estimate the impacts of different risk management …