Agency Costs of Corporate Risk Management
指出基于现金流对冲的企业风险管理策略，在经理与股东存在代理冲突时，可能因减少外部融资的约束而损害股东财富。
This paper discusses a potential cost of corporate risk management strategies that are based on cash-flow hedging. Cash-flow hedging strategies allow firms to avoid the deadweight costs of external financing by setting their internal cash flows equal to their investment needs. In the presence of agency conflicts between managers and shareholders, these hedging strategies can be used to reduce shareholder wealth, insofar as they remove the valuable discipline that obtaining new external financing imposes on managers.