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| Tekijä: | Rogers, D. A. |
| Otsikko: | Does executive portfolio structure affect risk management? CEO risk-taking incentives and corporate derivatives usage |
| Lehti: | Journal of Banking and Finance
2002 : MAR, VOL. 26:2-3, p. 271-295 |
| Asiasana: | Portfolio investment Risk management Chief executive officers |
| Kieli: | eng |
| Tiivistelmä: | The paper shows CEO risk-taking incentives provided by portfolios of stock and options are negatively related to derivate holdings for a broad cross-section of firms. This negative relation is consistent with derivatives being used for hedging purposes. The evidence suggests that managerial risk-taking incentives are an empirically important determinant of corporate risk management behaviour. |
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