Corporate issues of foreign currency exchange warrants
论证现代公司的对冲和风险管理活动源于通过金融创新创造股东财富的尝试，通过分析外币兑换权证的公司发行，展示如何消除由此产生的外汇风险，并探讨表外风险管理技术对创新融资决策信息含量的影响。
We argue that hedging and risk management activities of modern corporations arise as a direct consequence of attempts to create shareholder wealth through financial innovation. We formalize this argument by examining in detail corporate issues of foreign currency exchange warrants. We then focus on one multiple issuer to demonstrate how the foreign exchange risk created by the sale of the warrants can be eliminated. The use of off-balance-sheet risk management techniques to lock in the benefits of selling overpriced securities raises questions about the information content of innovative corporate financing decisions.