The Real and Financial Implications of Corporate Hedging
---- Acknowledgements -----
We thank Mitchell Petersen (the editor) and an anonymous referee for very constructive comments. We also thank Yiorgos Allayannis, Kevin Aretz, Matthew Billett, Henry Cao, Sudheer Chava, Erasmo Giambona, John Graham, Victoria Ivashina, Michelle Lowry, Manju Puri, Douglas Rolph, René Stulz, Tom Vinaimont, Michael Weisbach, and Yuhai Xuan for their suggestions. Comments from seminar participants at Chinese University of Hong Kong, CKGSB, ICCFFM Conference, SAIF, and University of Hong Kong are also appreciated. Hoi Kit Lo, Chunning Ma, and Pennie Wong provided excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.