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MANAGERIAL INCENTIVES AND THE USE OF FOREIGN‐EXCHANGE DERIVATIVES BY BANKS
In: The journal of financial research: the journal of the Southern Finance Association and the Southwestern Finance Association, Band 30, Heft 3, S. 399-413
ISSN: 1475-6803
AbstractWe examine the effect of managerial compensation and ownership on the use of foreign‐exchange derivatives by U.S. bank holding companies. We focus on derivatives used for purposes other than trading to investigate derivative use in a hedging framework. We use instrumental variables probit and sample‐selection models to estimate the effects of endogenous and exogenous factors on the probability and extent of foreign‐exchange derivatives used. We find that the use of derivatives is inversely related to option awards but positively related to managerial ownership. Finally, our results suggest that ownership by large institutional shareholders provides incentive for managers to hedge.
A Primer on the Use of Canonical Forms and Transformations in the Linear Regression Model
In: The American economist: journal of the International Honor Society in Economics, Omicron Delta Epsilon, Band 35, Heft 1, S. 40-51
ISSN: 2328-1235