We use estimates of the Black—Scholes sensitivity of managers' stock option portfolios to
stock return volatility and the sensitivity of managers' stock and stock option portfolios to stock …

We analyze the underinvestment problem as a determinant of corporate hedging policy. We
find evidence of a positive relation between a firm's derivatives use and its growth …

This paper investigates operational hedging by firms and how operational hedging is
related to financial hedging by using a sample of 424 firm observations, which consist of 212 …

We investigate the relationship between derivatives use and the extent of asymmetric information
faced by the firm. Using alternative analyst forecast proxies for asymmetric information, …

In this study we use estimates of the sensitivities of managers’ portfolios to stock return
volatility and stock price to directly test the relationship between managerial incentives to bear …

Recently, several questions have been raised about how the market capitalization of young
technology firms is determined, even as they continue to generate negative earnings. In this …

This paper investigates the effectiveness of equity-based compensation in mitigating the effects
of agency costs on the valuation of single-segment and multi-segment firms. In a sample …

New emerging large scale battery market has demanded low cost and high power or energy
density materials. Sodium (Na) is a promising candidate for an anode material because of …

We examine how corporations should choose their optimal mix of linear and nonlinear
derivatives. We present a model in which a firm facing both quantity (output) and price (market) …

In this paper we model regimes and long memory in the dynamics of realized volatilities of
intraday ETF and stock returns. We estimate threshold fractionally integrated (TARFIMA) …