Derivatives Supply and Corporate Hedging: Evidence from the Safe Harbor Reform of 2005
利用2005年安全港改革这一外生冲击，发现衍生品供给增加显著提升了濒临财务困境的航空公司（以及更广泛的非金融企业）的对冲倾向，并改善了经营业绩。
Abstract This article analyzes the importance of supply-side fluctuations for corporate hedging. To establish a causal link, we exploit a regulatory change that allows derivatives counterparties to circumvent the Bankruptcy Code’s automatic stay: the Safe Harbor Reform of 2005. Following the reform-induced expansion in the availability of derivatives, fuel hedging by airlines nearing financial distress (those that benefited most from the reform) significantly increased in comparison with financially sound airlines. We find that the hedging propensity similarly increased in a general sample of nonfinancial firms. In line with theory, we also find that operating performance increased for the affected firms.