How Much do Firms Hedge with Derivatives?

The Cost of Capital, Corporation Finance and the Theory of Investment

1958 • 15,488 citations

Determinants of corporate borrowing

1977 • 13,054 citations

“Options, Futures, and Other Derivatives”

2016 • 5,409 citations

The Determination of Financial Structure: The Incentive-Signalling Approach

1977 • 3,814 citations

The Determinants of Firms' Hedging Policies

1985 • 3,317 citations

Risk Management: Coordinating Corporate Investment and Financing Policies

1993 • 3,031 citations

Estimating the Value of Employee Stock Option Portfolios and Their Sensitivities to Price and Volatility

2002 • 1,709 citations

The relation between earnings and cash flows

1998 • 1,551 citations

Agency Costs, Risk Management, and Capital Structure

1998 • 1,517 citations

Who Manages Risk? An Empirical Examination of Risk Management Practices in the Gold Mining Industry

1996 • 1,378 citations

Are CEOs Really Paid Like Bureaucrats?

1998 • 1,300 citations

On the Determinants of Corporate Hedging

1993 • 1,246 citations

Why Firms Use Currency Derivatives

1997 • 1,225 citations

RETHINKING RISK MANAGEMENT

1996 • 1,220 citations

BANKRUPTCY COSTS: SOME EVIDENCE

1977 • 1,177 citations

The Use of Foreign Currency Derivatives and Firm Market Value

2001 • 983 citations

Optimal Hedging Policies

1984 • 981 citations

Exchange rate exposure, hedging, and the use of foreign currency derivatives

2001 • 905 citations

Do Firms Hedge in Response to Tax Incentives?

2002 • 900 citations

Bankruptcy Costs: Some Evidence

1977 • 863 citations

Empirical evidence on the relation between stock option compensation and risk taking

2002 • 837 citations

Financing Policy, Basis Risk, and Corporate Hedging: Evidence from Oil and Gas Producers

2000 • 789 citations

Evidence on Corporate Hedging Policy

1996 • 730 citations

Tax Incentives to Hedge

1999 • 463 citations

Estimating the Value of Employee Stock Option Portfolios and Their Sensitivities to Price and Volatility

1998 • 445 citations

The impact of derivatives on firm risk: An empirical examination of new derivative users

1999 • 422 citations

The Volatility and Price Sensitivities of Managerial Stock Option Portfolios and Corporate Hedging

2002 • 418 citations

Are Corporations Reducing or Taking Risks with Derivatives?

2001 • 368 citations

The Underinvestment Problem and Corporate Derivatives Use

1998 • 337 citations

Managing foreign exchange risk with derivatives

2001 • 336 citations

Empirical Evidence on the Corporate Use of Derivatives

1996 • 314 citations

Risk Management: Coordinating Corporate Investment and Financing Policies

1992 • 270 citations

Corporate financial hedging with proprietary information

1991 • 268 citations

Risk Measurement and Hedging: With and without Derivatives

2000 • 230 citations

Operational Hedges and the Foreign Exchange Exposure of U.S. Multinational Corporations

2001 • 222 citations

Hedging, Leverage, and Primitive Risk

1998 • 197 citations

Currency and Interest-Rate Derivatives Use in US Firms

1998 • 169 citations

The Association between SFAS No. 119 Derivatives Disclosures and the Foreign Exchange Risk Exposure of Manufacturing Firms

2000 • 159 citations

Exchange Rate Exposure, Hedging, and the Use of Foreign Currency Derivatives

1997 • 119 citations

Corporate Risk Management

1995 • 108 citations

Book Reviews : The Writing Clinic. Ralph E. Loewe, Second Edition, Englewood Cliffs, NJ: Prentice-Hall, Inc., 1978 (paper): Writing Clear Paragraphs. Robert B. Donald, James D. Moore, Betty Richmond Morrow, Lillian Griffith Wargetz, Kathleen Werner, Englewood Cliffs, NJ: Prentice-Hall, Inc., 1978 (paper)

1979 • 98 citations

Is Corporate Hedging Consistent with Value Maximization? An Empirical Analysis

1999 • 89 citations

Firms, do you know your currency risk exposure? Survey results

2000 • 75 citations

Operational Hedges and the Foreign Exchange Exposure of U.S. Multinational Corporations

2000 • 74 citations

Firms, Do You Know Your Currency Risk Exposure? Survey Results

2000 • 35 citations

Choices Among Alternative Risk Management Strategies: Evidence from the Natural Gas Industry

2000 • 31 citations

Corporate Risk Management: Theory and Practice

1998 • 27 citations

Risk Measurement and Hedging: With and Without Derivatives

2001 • 17 citations