Managerial Stock Options and the Hedging Premium
发现，当对冲行为源于经理人股票期权的激励时，企业价值反而下降，为对冲是否提升企业价值的争议提供了新证据。
Abstract Previous studies have found mixed evidence on whether hedging increases firm value. Some studies have shown that managerial incentives may influence firm hedging. In this paper we provide evidence that when hedging is based upon incentives from managers' options, firm value decreases.