Currency and Interest Derivative Usage in U.S. Firms: An Empirical Analysis.

This study examines derivatives use in samples of 451 Fortune 500/S&P 500 (FSP) firms and 461 randomly selected firms. We find that over 61% of the FSP firms and 36% of the random firms use derivatives. In both samples, swaps are the most often used interest-rate contract, and forwards and futures the most often used currency contract. The determinants of derivatives use differ across samples and definitions of derivatives use, and they are largely consistent with theory. One exception is that the random firms' derivatives use and the theoretical determinants are not strongly related.

Main Author: Howton, Shawn D.
Other Authors: Perfect, Steven B.
Language: English
Published: 1999
Online Access: http://ezproxy.villanova.edu/login?url=https://digital.library.villanova.edu/Item/vudl:177080
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dc_source_str_mv Financial Management 27(4), Winter 1999, 111-121.
author Howton, Shawn D.
author_s Howton, Shawn D.
spellingShingle Howton, Shawn D.
Currency and Interest Derivative Usage in U.S. Firms: An Empirical Analysis.
author-letter Howton, Shawn D.
author_sort_str Howton, Shawn D.
author2 Perfect, Steven B.
author2Str Perfect, Steven B.
dc_title_str Currency and Interest Derivative Usage in U.S. Firms: An Empirical Analysis.
title Currency and Interest Derivative Usage in U.S. Firms: An Empirical Analysis.
title_short Currency and Interest Derivative Usage in U.S. Firms: An Empirical Analysis.
title_full Currency and Interest Derivative Usage in U.S. Firms: An Empirical Analysis.
title_fullStr Currency and Interest Derivative Usage in U.S. Firms: An Empirical Analysis.
title_full_unstemmed Currency and Interest Derivative Usage in U.S. Firms: An Empirical Analysis.
collection_title_sort_str currency and interest derivative usage in u.s. firms: an empirical analysis.
title_sort currency and interest derivative usage in u.s. firms: an empirical analysis.
description This study examines derivatives use in samples of 451 Fortune 500/S&P 500 (FSP) firms and 461 randomly selected firms. We find that over 61% of the FSP firms and 36% of the random firms use derivatives. In both samples, swaps are the most often used interest-rate contract, and forwards and futures the most often used currency contract. The determinants of derivatives use differ across samples and definitions of derivatives use, and they are largely consistent with theory. One exception is that the random firms' derivatives use and the theoretical determinants are not strongly related.
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dc.title Currency and Interest Derivative Usage in U.S. Firms: An Empirical Analysis.
dc.creator Howton, Shawn D.
Perfect, Steven B.
dc.description This study examines derivatives use in samples of 451 Fortune 500/S&P 500 (FSP) firms and 461 randomly selected firms. We find that over 61% of the FSP firms and 36% of the random firms use derivatives. In both samples, swaps are the most often used interest-rate contract, and forwards and futures the most often used currency contract. The determinants of derivatives use differ across samples and definitions of derivatives use, and they are largely consistent with theory. One exception is that the random firms' derivatives use and the theoretical determinants are not strongly related.
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dc.source Financial Management 27(4), Winter 1999, 111-121.
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