Financial Constraints, Competition, and Hedging in Industry Equilibrium
在行业均衡框架下分析企业对冲决策，发现即使所有企业事前相同，部分企业选择对冲而其他不选，且对冲比例取决于行业特征如企业数量、需求弹性和成本凸性，竞争越激烈行业对冲决策异质性越大。
ABSTRACT We analyze the hedging decisions of firms, within an equilibrium setting that allows us to examine how a firm's hedging choice depends on the hedging choices of its competitors. Within this equilibrium some firms hedge while others do not, even though all firms are ex ante identical. The fraction of firms that hedge depends on industry characteristics, such as the number of firms in the industry, the elasticity of demand, and the convexity of production costs. Consistent with prior empirical findings, the model predicts that there is more heterogeneity in the decision to hedge in the most competitive industries.