Acharya, Viral V.; Almeida, Heitor; Amihud, Yakov; Liu, Ping - 2022
substitute between saving cash for financial hedging to mitigate financial default risk, and spending on operational hedging to … mitigate operational default risk. Whereas financial hedging increases in financial leverage, operational hedging declines in … relationship by employing two proxies for operational hedging, viz., inventory and supply chain diversification, exploiting …