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Derivatives Usage in Risk Management by US and German Non-Financial Firms: A Comparative Survey

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Author Info

  • Bodnar, G.M.
  • Gebhart, G.

Abstract

This paper is a comparative study of the responses to the 1995 Wharton School survey of derivative usage among US non-financial firms and a 1997 companion survey on German non-financial firms. It is not a mere comparison of the results of both studies but a comparative study, drawing a comparable subsample of firms from the US study to match the sample of German firms on both size and industry composition. We find that German firms are more likely to use derivatives than US firms, with 78% of German firms using derivatives compared to 57% of US firms.

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Bibliographic Info

Paper provided by Wharton School - Weiss Center for International Financial Research in its series Weiss Center Working Papers with number 98-03.

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Length: 27 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:fth:pennif:98-03

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Keywords: INTEREST RATE ; RISK ; CORPORATIONS;

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References

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  1. Edwards,Jeremy & Fischer,Klaus, 1996. "Banks, Finance and Investment in Germany," Cambridge Books, Cambridge University Press, number 9780521566087, April.
  2. Ian H. Giddy & Gunter Dufey, 1995. "Uses And Abuses Of Currency Options," Journal of Applied Corporate Finance, Morgan Stanley, vol. 8(3), pages 49-57.
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Cited by:
  1. Flavio Bazzana & Monica Potrich, 2002. "Il risk management nelle medie imprese del Nord Est: risultati di un'indagine," Alea Tech Reports 016, Department of Computer and Management Sciences, University of Trento, Italy, revised 14 Jun 2008.
  2. Bartram, Söhnke M., 2004. "The Use of Options in Corporate Risk Management," MPRA Paper 6663, University Library of Munich, Germany.
  3. Hjalmar Böhm & Michael Funke, 2001. "Does the Nominal Exchange Rate Regime Matter for Investment?," CESifo Working Paper Series 578, CESifo Group Munich.
  4. Chris Becker & Daniel Fabbro, 2006. "Limiting Foreign Exchange Exposure through Hedging: The Australian Experience," RBA Research Discussion Papers rdp2006-09, Reserve Bank of Australia.
  5. Gianluca Bison & Loriana Pellizzon & Domenico Sartore, 2002. "La copertura dei rischi finanziari nelle imprese non finanziarie italiane attraverso gli strumenti derivati," Moneta e Credito, Economia civile, vol. 55(217), pages 55-75.
  6. Gatopoulos, Georgios & Loubergé, Henri, 2013. "Combined use of foreign debt and currency derivatives under the threat of currency crises: The case of Latin American firms," Journal of International Money and Finance, Elsevier, vol. 35(C), pages 54-75.
  7. Ales S. Berk & Jozko Peterlin & Mitja Cok, 2009. "Corporate Risk Management in Slovenian Firms," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 7(3), pages 281-306.
  8. Kapitsinas, Spyridon, 2008. "Derivatives Usage in Risk Management by Non-Financial Firms: Evidence from Greece," MPRA Paper 10945, University Library of Munich, Germany.
  9. Michael G. Papaioannou, 2006. "Exchange Rate Risk Measurement and Management," IMF Working Papers 06/255, International Monetary Fund.

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