International Evidence on Financial Derivatives Usage
利用跨国数据发现，企业使用衍生品并非主要为了降低财务困境成本或协调投资现金流，而是与其他财务和经营决策（如债务水平与期限、股利政策、流动性持有和国际经营对冲）内生决定。
Theory predicts that nonfinancial corporations might use derivatives to lower financial distress costs, coordinate cash flows with investment, or resolve agency conflicts between managers and owners. Using a new database, we find that traditional tests of these theories have little power to explain the determinants of corporate derivatives usage. Instead, we show that derivative usage is determined endogenously with other financial and operating decisions in ways that are intuitive but not related to specific theories for why firms hedge. For example, derivative usage helps determine the level and maturity of debt, dividend policy, holdings of liquid assets, and international operating hedging.