Do customers matter in currency hedging policies? Evidence from product warranties
研究发现美国制造业企业的货币对冲活动与其产品保修义务正相关，尤其在财务约束强、竞争激烈或产品独特的企业中更显著，表明企业会将对客户的合同承诺纳入对冲决策。
Abstract Using a data set of US manufacturing firms with sales from foreign operations, we find that firms' currency hedging activities vary with their warranty obligations. The positive link of warranty obligations to currency hedging policies prevails in financially more constrained firms, companies facing fiercer product market competition and corporations producing more unique products. Our results suggest that firms are likely to incorporate their contractual commitments to customers into their currency hedging activities, especially when their failures to honor these commitments are more likely or costly.