The Determinants of Firms' Hedging Policies
构建了一个价值最大化企业套期保值行为的理论模型，将套期保值视为融资决策的一部分，考察税收、签约成本和投资决策如何解释大型企业套期保值实践的多样性。
We develop a positive theory of the hedging behavior of value-maximizing corporations. We treat hedging by corporations simply as one part of the firm's financing decisions. We examine (1) taxes, (2) contracting costs, and (3) the impact of hedging policy on the firm's investment decisions as explanations of the observed wide diversity of hedging practices among large, widely-held corporations. Our theory provides answers to the questions: (1) why some firms hedge and others do not; (2) why firms hedge some risks but not others; and (3) why some firms hedge their accounting risk exposure while others hedge their economic value.