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Effect of derivative accounting rules on corporate risk-management behavior
Authors:Haiwen Zhang  
Institution:aFisher College of Business, The Ohio State University, Fisher Hall 436, 2100 Neil Avenue, Columbus, OH 43210, USA
Abstract:I examine the effect of the accounting standard for derivative instruments (SFAS No. 133) on corporate risk-management behavior. I classify a derivative user as an “effective hedger” (EH firm) if its risk exposures decreased after the initiation of the derivatives program, and as an “ineffective hedger/speculator” (IS firm) otherwise. I find that volatility of cash flows and risk exposures related to interest rate, foreign exchange rate, and commodity price decrease significantly for IS firms but not for EH firms, suggesting that IS firms engaged in more prudent risk-management activities after the adoption of SFAS No. 133.
Keywords:SFAS 133  Derivative financial instruments  Risk-management behavior
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