| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w6705 |
| 来源ID | Working Paper 6705 |
| Derivatives Usage in Risk Management by US and German Non-Financial Firms: A Comparative Survey | |
| Gordon M. Bodnar; Gunther Gebhardt | |
| 发表日期 | 1998-08-01 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | 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. Aside from this higher overall usage, the general pattern of usage across industry and size groupings is comparable across the two countries. In both countries, foreign currency derivative usage is most common, followed closely by interest rate derivatives, with commodity derivatives a distant third. In contrast to the similarities, firms in the two countries differ notably on issues such as the primary goal of hedging, their choice of instruments, and the influence of their market view when taking derivative positions. These differences appear to be driven by the greater importance of financial accounting statements in Germany than the US and stricter German corporate policies of control over derivative activities within the firm. |
| URL | https://www.nber.org/papers/w6705 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564214 |
| 推荐引用方式 GB/T 7714 | Gordon M. Bodnar,Gunther Gebhardt. Derivatives Usage in Risk Management by US and German Non-Financial Firms: A Comparative Survey. 1998. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w6705.pdf（174KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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