-level policies that increase tax avoidance opportunities, the results of the empirical model broadly confirm our theory …

bond positions, which creates a net hedging demand for dollar assets that depreciates USD rates in both the forward and … spot markets. We document the time-varying nature of this net hedging demand and show how it relates to eco … FX hedging pressure can account for approximately 30% of all monthly variation in the seven most important dollar …

We generalise the traditional development-accounting framework to an open-economy setting. In addition to factor … back out the relative factor costs of 40 major economies in a theory-consistent manner. This reduces the variation in …

using financial markets and shareholders cannot perfectly monitor the manager's portfolio in order to keep him from hedging … monitoring is costly governance is imperfect. If managerial hedging is detected, shareholders can seize the payoffs of the …) conditional on the firm's performance, the manager's compensation is lower when his portfolio is monitored, even if no hedging is …

this uncertainty cost? Is there a hedging strategy that decision makers can adopt to cope with delayed action and uncertain … costs of ambitious climate policies. They also indicate that there is an effective hedging strategy that could minimise the …