The impact of derivatives on firm risk: An empirical examination of new derivative users
实证检验企业首次使用衍生品后风险的变化，发现企业用衍生品是为了对冲而非增加风险，风险确实下降，且对冲收益预期影响企业决策。
The appropriateness of financial reporting rules for derivative securities depends on corporations' reasons for using the instruments. Empirically, little is documented about how the instruments affect firms' risk exposures. This study examines derivatives' roles in firms initiating derivatives use. The results are consistent with firms using derivatives to hedge, and not to increase, entity risk. Firm risk (measured several ways) declines following derivatives use. Realized risk reductions and decisions to initiate derivatives programs vary across firms with the expected benefits from hedging. The findings emphasize the importance of hedge-accounting rules that incorporate the impact of derivatives and hedged items simultaneously.