From the archive · Saturday, 22 August 2026

The daily pick

One work a day, drawn from the 978 works in the library with a copy you can open — the same one for everybody, and a different one tomorrow.

Paper1993

Risk Management: Coordinating Corporate Investment and Financing Policies

Kenneth A. Froot, David S. Scharfstein & Jeremy C. Stein

A firm should hedge to keep internally generated cash flow from falling short of its investment needs, because external financing is costly enough that hedging is really about protecting the investment plan rather than smoothing earnings.

Level: Advanced
Access: Free
Length: —
Copy: link checked 17 Sept 2026
Filed under: Derivatives

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