data covering euro-area derivatives and securities holdings. Consistent with a dynamic model of currency risk hedging, we … effect is driven by investors with larger FX rollover risk and hedging mandates, and it is robust to instrumenting the CCB …

Purpose - This study evaluates whether firms carry out hedging activities on interest rates and foreign exchange to …) and Dechow and Dichev (2002), while the magnitude of hedging activities is measured with textual analysis. In particular …, we construct the hedging intensity proxy by counting the relevant keywords on hedging on interest rate derivatives and …

increased by up to 20% for up to one month after the shocks occurred. We calculate optimal portfolio weights and hedging ratios … hedging, offering valuable guidance for policy formulation in the financial sector. …