Who Manages Risk? An Empirical Examination of Risk Management Practices in the Gold Mining Industry
利用北美黄金矿业公司数据，检验风险管理理论，发现管理层持股和期权持有影响金价风险管理，且CFO任期与风险管理负相关。
This paper examines a new database that details corporate risk management activity in the North American gold mining industry. I find little empirical support for the predictive power of theories that view risk management as a means to maximize shareholder value. However, firms whose managers hold more options manage less gold price risk and firms whose managers hold more stock manage more gold price risk, suggesting that managerial risk aversion may affect corporate risk management policy. Further, risk management is negatively associated with the tenure of firms' CFOs, perhaps reflecting managerial interests, skills, or preferences.