Tesis sobre el tema "Hedging"
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Sushko, Tatiana. "Hedging Errors for Static Hedging Strategies". Thesis, Norges teknisk-naturvitenskapelige universitet, Institutt for samfunnsøkonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:no:ntnu:diva-13513.
Texto completoLoucks, Julie. "Static Hedging". Thesis, Uppsala University, Department of Mathematics, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-125734.
Texto completoLewis, Ty. "Hedging of Volatility". Thesis, Uppsala universitet, Analys och sannolikhetsteori, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-224881.
Texto completoSchulmerich, Marco. "Ausfallbasiertes Hedging von Finanzderivaten /". Wiesbaden : Dt. Univ.-Verl, 2002. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=009777231&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
Texto completoYick, Ho-yin. "Theories on derivative hedging". Click to view the E-thesis via HKUTO, 2004. http://sunzi.lib.hku.hk/hkuto/record/B30703530.
Texto completoFalgert, Gustaf, Andreas Jensen y Filip Lundkvist. "Fastighetsterminer : Hedging Spekulation Arbitrage". Thesis, Stockholm University, School of Business, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-6505.
Texto completoShin, On-Myung. "Portfolio Diversifikation und Hedging /". Lohmar [u. a.] : Eul-Verl, 2003. http://www.gbv.de/dms/zbw/362368791.pdf.
Texto completoJangenstål, Lovisa. "Hedging Interest Rate Swaps". Thesis, KTH, Matematisk statistik, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-169390.
Texto completoDen här uppsatsen undersöker hedgingstrategier för en portfölj bestående av ränteswapar i valutorna EUR och SEK. Syftet är att minimera portföljens varians och samtidigt minimera transaktionskostnaderna. Analysen genomförs med historisk simulering för två olika fall. Först med de verkliga förändringarna i forward- och diskonteringskurvorna. Sedan med hjälp av principalkomponentanalys för att reducera dimensionen av förändringarna i kurvorna. Dessa metoder jämförs med en metod som använder principalkomponenternas varians för att slumpa ut nya principalkomponenter.
Yick, Ho-yin y 易浩然. "Theories on derivative hedging". Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2004. http://hub.hku.hk/bib/B30703530.
Texto completoParapoulis, Panagiotis. "Hedging foreign currency options". Thesis, University of Reading, 1992. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.317577.
Texto completoAlkhamis, Mohammad Bader y Mohammad Bader Alkhamis. "Litigation Risk and Hedging". Diss., The University of Arizona, 2016. http://hdl.handle.net/10150/621281.
Texto completoLarsson, John. "Hedging of Weather Derivatives". Thesis, Uppsala universitet, Tillämpad matematik och statistik, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-413720.
Texto completoHaliplii, Rostislav. "Hedging in alternative aarkets". Thesis, Paris 1, 2020. http://www.theses.fr/2020PA01E059.
Texto completoThe research making the object of this thesis focuses on two alternative markets: cryptocurrencies and oil-distillates. Most alternative markets are far from being efficient, and this generates a lot of challenges in terms of modelling. Models based on Gaussian distributions are still the most popular choice for quantitative analysts and are implemented even in markets which are far from being efficient. A sound modelling framework for alternative assets should start from non-Gaussian distribution. Therefore, throughout this thesis, the overarching theme for ail simulations and estimations is the use of generalized hyperbolic distributions. This approach has a two-edged justification. On the one hand, it is critical to developing a fully-edged quantitative framework beyond the Gaussian universe, thereby testing the performance of the new mode! in real-life situations. On the other hand, the markets making the object of this research (oil distillates and crypto-currencies) have neither the fundamentals nor the empirical behaviour that could justify traditional modelling
Müller, Monika. "Risikominimierendes Hedging von Kreditderivaten /". Hamburg : Kovač, 2008. http://d-nb.info/990562166/04.
Texto completoSeyller, Thomas C. "The value of hedging /". May be available electronically:, 2008. http://proquest.umi.com/login?COPT=REJTPTU1MTUmSU5UPTAmVkVSPTI=&clientId=12498.
Texto completoWanga, Godwill George. "Hedging Exchange Rate Risks". ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/3373.
Texto completoPlayer, Pellby Ellen. "Hedging in Political Discourse : An Analysis of Hedging in an American City Council". Thesis, Högskolan i Gävle, Avdelningen för humaniora, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-14603.
Texto completoChen, Xiaoyi. "Parametric and Non-parametric Option Hedging and Estimation Based on Hedging Error Minimization". The Ohio State University, 2020. http://rave.ohiolink.edu/etdc/view?acc_num=osu1606825135996737.
Texto completoNance, Deana R. (Deana Reneé). "The Determinants of Off-Balance-Sheet Hedging in the Value-Maximizing Firm: an Empirical Analysis". Thesis, University of North Texas, 1988. https://digital.library.unt.edu/ark:/67531/metadc331494/.
Texto completoJakutis, Aurimas. "Mutual fund's currency risk hedging". Bachelor's thesis, Lithuanian Academic Libraries Network (LABT), 2009. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2008~D_20090403_124219-25175.
Texto completoBakalauro baigiamajame darbe yra analizuojama valiutų rizikos valdymas investiciniuose fonduose. Darbe analizuojamas valiutų rizikos draudimas ateities ir pasirinkimo sandoriais, bei gauti rezultatai palyginti su rezultatais kai rizika nebuvo valdoma. Išanalizavus šešių besivystančių rinkų akcijų indeksų valiutos draudimą, buvo prieita išvados, jog fondų valdytojai valiutą turėtų drausti ne nuolatos, o tik kai jie tikisi jog užsienio valiuta silpnės. Be to, darbe parodoma, jog valiutų draudimas ateities sandoriais yra geresnis būdas valdyti valiutos riziką nei kad pasirinkimo sandoriai. Taip pat pademonstruojama, jog trumpiausio periodo ateities sandoriai yra efektyviausi valiutų rizikos valdymo tikslais bei rekomenduojama naudoti 50 % draudimo koeficientą.
Elder, John. "Hedging strategies for financial derivatives". Thesis, University of Oxford, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.275325.
Texto completoDavis, Mark, Walter Schachermayer y Robert G. Tompkins. "Installment options and static hedging". SFB Adaptive Information Systems and Modelling in Economics and Management Science, WU Vienna University of Economics and Business, 2001. http://epub.wu.ac.at/1584/1/document.pdf.
Texto completoSeries: Report Series SFB "Adaptive Information Systems and Modelling in Economics and Management Science"
Lindholm, Love. "Calibration and Hedging in Finance". Licentiate thesis, KTH, Numerisk analys, NA, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-156077.
Texto completoDen här avhandlingen behandlar aspekter av två fundamentala problem i tillämpad finansiell matematik: kalibrering av en given stokastisk process till observerade marknadspriser på finansiella instrument (vilket är ämnet för den första artikeln) och strategier för hedging av optioner i finansiella marknader som är inkompletta (vilket är ämnet för den andra artikeln). Kalibrering i finans innebär att välja parametrarna i en stokastisk process så att de priser på finansiella instrument som processen genererar replikerar observerade marknadspriser. Vi behandlar den så kallade lokala volatilitets modellen som är en av de mest utbrett använda modellerna inom options prissättning för alla tillgångsklasser. Kalibrering av en lokal volatilitetsyta till marknadspriser på optioner är ett illa ställt inverst problem som en följd av att antalet observerbara marknadspriser är relativt litet och att priserna inte är släta i lösenpris och löptid. Liksom i vissa tidigare publikationer formulerar vi detta inversa problem som en minsta kvadratoptimering under bivillkoret att optionspriser följer Dupires partiella differentialekvation. Vi utvecklar två algoritmer för att utföra optimeringen: en baserad på tekniker från optimal kontrollteori och en annan där en numerisk kvasi-Newton metod direkt appliceras på målfunktionen. Regularisering av problemet kan enkelt införlivas i båda problemformuleringarna. Metoderna testas på tre månaders data med marknadspriser på optioner på två stora aktieindex. De resulterade lokala volatilitetsytorna från båda metoderna ger priser som överensstämmer mycket väl med observerade marknadspriser. Hedging inom finans innebär att uppväga risken i ett finansiellt instrument genom att ta positioner i en eller flera andra handlade tillgångar. Kvadratisk hedging är en väl utvecklad teori för hedging av betingade kontrakt i inkompletta marknader genom att minimera replikeringsfelet i en passande L2-norm. Denna teori används emellertid inte i någon högre utsträckning av marknadsaktörer och relativt få vetenskapliga artiklar utvärderar hur väl kvadratisk hedging fungerar på verklig marknadsdata. Vi utvecklar ett ramverk för att jämföra hedgingstrategier och använder det för att empiriskt pröva hur väl kvadratisk hedging fungerar för europeiska köpoptioner på aktieindexet Euro Stoxx 50 när det modelleras med en affin stokastisk volatilitetsmodell med och utan hopp. Som jämförelse använder vi hedging i Black-Scholes modell.Vi visar att kvadratiska hedgingstrategier är signifikant bättre än hedging i Black-Scholes modell för optioner utanför pengarna och optioner nära pengarna med kort löptid när endast spot används i hedgen. När en annan option används i hedgen utöver spot är kvadratiska hedgingstrategier bättre än hedging i Black-Scholes modell även för optioner nära pengarna medmedellång löptid.
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Ogg, Richard. "Hedging volatility: different perspectives compared". Master's thesis, Faculty of Commerce, 2020. http://hdl.handle.net/11427/32900.
Texto completoStolbov, Anatoly. "Volatility Smile and Delta Hedging". Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-206214.
Texto completoMonteiro, Wagner Oliveira. "Dynamic hedging in Markov regimes". reponame:Repositório Institucional do FGV, 2008. http://hdl.handle.net/10438/2182.
Texto completoThis dissertation proposes a bivariate markov switching dynamic conditional correlation model for estimating the optimal hedge ratio between spot and futures contracts. It considers the cointegration between series and allows to capture the leverage efect in return equation. The model is applied using daily data of future and spot prices of Bovespa Index and R$/US$ exchange rate. The results in terms of variance reduction and utility show that the bivariate markov switching model outperforms the strategies based ordinary least squares and error correction models.
Wiese, Anke. "Hedging stochastischer Verpflichtungen in zeitstetigen Modellen /". Karlsruhe : VVW, 1998. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=008066751&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
Texto completoAldén, Joakim. "Hedging Rule Discussions : A study on hedging and emoticons in an online board game discussion forum". Thesis, Högskolan Dalarna, Engelska, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:du-30536.
Texto completoVocke, Carsten. "Hedging with multi-factor interest rate models /". [St. Gallen] : [s.n.], 2005. http://www.gbv.de/dms/zbw/503121223.pdf.
Texto completoWan, Chung-kum. "Cross hedging of foreign exchange risk". Click to view the E-thesis via HKUTO, 2000. http://sunzi.lib.hku.hk/hkuto/record/B31954741.
Texto completoAntczak, Magdalena y Marta Leniec. "Pricing and Hedging of Defaultable Models". Thesis, Högskolan i Halmstad, Tillämpad matematik och fysik (MPE-lab), 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-16052.
Texto completoJohansson, Carl-Johan. "Model risk in a hedging perspective". Thesis, KTH, Matematik (Inst.), 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-31515.
Texto completoSundqvist, Greger. "Model risk in a hedging perspective". Thesis, KTH, Matematik (Inst.), 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-31517.
Texto completoIroume, Awe Andrés Guillermo. "Progressive hedging aplicado a coordinación hidrotérmica". Tesis, Universidad de Chile, 2013. http://www.repositorio.uchile.cl/handle/2250/114109.
Texto completoGould, John. "The joint hedging and leverage decision". University of Western Australia. School of Economics and Commerce, 2008. http://theses.library.uwa.edu.au/adt-WU2009.0038.
Texto completoVenkaramanan, Aanand. "Pricing and hedging multi-asset options". Thesis, University of Reading, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.515767.
Texto completoWan, Chung-kum y 尹頌琴. "Cross hedging of foreign exchange risk". Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2000. http://hub.hku.hk/bib/B31954741.
Texto completoFu, Jun y 付君. "Asset pricing, hedging and portfolio optimization". Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2012. http://hub.hku.hk/bib/B48199345.
Texto completopublished_or_final_version
Statistics and Actuarial Science
Doctoral
Doctor of Philosophy
Errington, Roger E. (Roger Edmund). "Hedging risk in commercial real estate". Thesis, Massachusetts Institute of Technology, 1995. http://hdl.handle.net/1721.1/65982.
Texto completoLu, Yang-Cheng y 盧陽正. "On Measuring the Hedging Contribution and Hedging Effectiveness and A Study of Hedging Strategy". Thesis, 1995. http://ndltd.ncl.edu.tw/handle/74863456432145120272.
Texto completo國立交通大學
管理科學研究所
83
Extending the work of Ederington(1979) and Anderson and Danthine (1981), we examine the problem of hedging multi- assets with multi-futures contracts under discretionary hedging theory. Chapter 2 discuss the measure of hedging contribution through canonical correlation analysis from the market point of view. Upon deriving the hedging effectiveness, a test statistic and its asymptotic distribution is derived through Monte Carlo simulation to measure the significance of the contribution of a new futures contract. In chapter 3, a generalized measure of hedging effective- ness under the multiple spots and multiple futures framework is proposed. It is shown that any affine transformation of futures contracts does not affect the hedging potential. However, affine transformation of spot assets does change the hedging effectiveness. Two other different hedging analysis for the multiple spots and futures framework are also examined, and the redundancy hedging analysis seems to be an excellent one. The short run dynamics and long run equilibrium relation- ship between spots and futures are studied in chapter 4. A dynamic nonlinear error correction mechanism for spot and futures prices under cointegration is proposed to capture the time varying information set. An emperical model obtained from the econometric methodology for S&P500 and New York composite index and index futures has shown the superiority of the proposed procedure.
Chung, Wen Liang y 鍾文亮. "The determinants of hedging and the hedging''s value". Thesis, 1996. http://ndltd.ncl.edu.tw/handle/66943342228386860993.
Texto completoHuang, Meng-Huei y 黃孟慧. "The Research on Hedging Strategies of Warrants from Hedging Costs". Thesis, 2001. http://ndltd.ncl.edu.tw/handle/48289625993364322762.
Texto completo淡江大學
財務金融學系
89
Title of Thesis: The Research on Hedging Total Pages:81 Strategies of Warrants from Hedging Costs Name of Institute: Tamkang University ,Graduate Institute of Money, Banking and Finance Graduate Date : June,2001 DegreeConferred:Master Name of Student:Meng-Huei Huang Advisor:Dr. Wen-Liang Hsieh ABSTRACT Warrant gives investors the privilege of buying underlying assets at exercise price in special period. The issuing institution of warrants have to hold underlying assets for escaping the exercise risk of warrants. Theoretically, Black and Scholes(1973)concludes that continuous rebalancing can completely escape the price change risk of warrants without hedging costs. However, continuous rebalancing has difficulty in exercising and would be ruinously expensive with more frequent revision when transaction costs are included. The paper used a discrete-time framework and daily delta hedge basis. The approach is to find the strategy of seven which can reduce more hedge costs under sixty three stock price patterns, and to probe into the effect that mean and standard deviation of stock return and transaction costs to the hedge costs and hedge strategies. This paper shows that, first, transaction costs will change the choice of the best hedge strategy, so it has to include the transaction costs when simulate hedging performance. Second, total hedge costs will diminish with raise of stock return rate under the same standard deviation of stock return. Third, the influence of change of standard deviation on hedge costs has a boundary of zero return rate .The hedge costs of Delta neutral hedge strategy and Leland hedge strategy will raise with the growth of standard deviation of stock return. The issuing institution of warrants can regard those conclusions as basis of hedging warrants, and hope to improve the performance of hedging in reality.
Chang, Tsung-Tsao y 張宗載. "Currency Basket Hedging". Thesis, 2006. http://ndltd.ncl.edu.tw/handle/64144541102431632047.
Texto completo國立臺灣大學
財務金融學研究所
94
Abstract In the present modern age, international businesses are tied more closely. Many global companies usually trade from one country to another, so “foreign exchange hedge” has become a key strategy to control the foreign exchange risk. In the following context, I plan to provide a new method (currency basket hedging model) to reduce or improve the “foreign exchange hedge cost” which most companies have met so far. With the “currency basket hedging model”, empirical analysis shows that this strategy is inexpensive. Averagely, instead of NDF, the currency basket hedging strategy has the advantage of saving hedging cost. Furthermore, its VaR estimate has a stable result. Therefore, if the owner agrees to take the downside risk (correspond to a specific critical value of a portfolio’s potential one-day profit and loss probability distribution), the currency basket hedging strategy will be a feasible, usable, effective and referable strategy.
Chen, Yen-An y 陳彥安. "Hedging Lease Liability". Thesis, 2018. http://ndltd.ncl.edu.tw/handle/u84f6e.
Texto completo國立臺灣大學
會計學研究所
106
The shipping business in Taiwan have used operating lease to acquire fixed asset for a long time. By the off-balance-sheet effects of operating lease, Leasee’s business could improve financial and operating performance. However, as the implementation of IFRS 16 in 2019, all leases should be recognized as right-of-use asset and lease liability except for short term lease and lower value asset. The elimination of the off-balance-sheet effects of operating lease not only influence the financial performance of leasee but causing the risk about fair value of lease liabilities paid by foreign currency, because most equipment for shipping business in Taiwan was rent from foreign corporations. The fair value risk of lease liabilities may also make leasee’s balance sheet unmatched, and unstable exchange gains and losses in income statement. Therefore, the purpose of the study was to address the risk about lease liabilities for lease according to IFRS 16. First, according to fair value hedge methods in IFRS 9, discuses the use of forward currency contract, currency swap and options to deal with the fair value risk of lease liabilities. Second, according to cash flow hedge methods in IFRS 9, discuses how to use lease liabilities as hedge instrument to deal with the cash flow risk about forecast foreign currency revenue.
TSENG, RUI-LIN y 曾睿霖. "The Relevance of Hedging Factors and Hedging Tools in Taiwan Electronics Industry". Thesis, 2016. http://ndltd.ncl.edu.tw/handle/95368956158229313911.
Texto completo中國文化大學
財務金融學系
104
Subject to the increase of the liberalization of financial markets, the performance of the business is significantly related to the market risk. Therefore, the company usually utilized high financial leverage of derivatives to hedge the risk. When the company chose different hedging instruments to faced a variety of exchange rate risk, therefore we employ the Multinomial Logistic-AHP to analyze the impact of various derivatives. Hence, the research summarized by the literature relevant factors affecting managers selected exchange rate hedging instruments, furthermore, using Multinomial Logistic Model and and further integrate AHP. Using Experts’ Questionnaires can test multi-level selection and hedging effect of different hedging instruments in order to calculate the hedging instruments and the multi-level factors of weights to understand the gap between the empirical results and practical operation. Finally, the Multinomial Logistic-AHP Model will sorted the weights to analyze. The research findings can be a basis reference for investors in decision-making.
Cachola, Marta Filipa de Almeida. "Dynamic hedging - comparing alternative hedging approaches for an interest rate derivatives portfolio". Master's thesis, 2013. http://hdl.handle.net/10362/120366.
Texto completoLo, Wei y 羅薇. "Hedging Effectiveness of Crude Oil Hedging Portfolio:Application of GARCH-EVT-Copula Model". Thesis, 2018. http://ndltd.ncl.edu.tw/handle/6j22j6.
Texto completo淡江大學
管理科學學系碩士班
106
The global market has a large demand of energy. Crude oil is one of important resources in economic activities. Because crude oil returns exists volatility clustering, fat-tail and dependence structure changes of tail behavior from extreme events, hedging plays an important role for producers. The study examined West Texas Intermediate crude oil spot and futures. The rolling-window method is used to study the hedging portfolio of West Texas Intermediate crude oil spot and futures by using GARCH-EVT-Copula model. Then, Comparing Normal distribution with Student-t distribution. The empirical results show that both hedging effectiveness of t distribution and Normal distribution don’t have significant difference. However, there are significant differences in the hedging performance of two models for the minimum variance hedging portfolio before the Persian Gulf War and after the financial crisis. These findings in this study can be used as a reference for investors.
Chen, Yi-Jen Elaine. "The mathematics of hedging". Thesis, 2009. http://hdl.handle.net/2152/ETD-UT-2009-12-590.
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WU, KUAN-MIN y 吳冠旻. "Corporate Hedging and Mergers". Thesis, 2017. http://ndltd.ncl.edu.tw/handle/2hej3m.
Texto completo國立暨南國際大學
財務金融學系
105
Using the data of U.S mergers over the period 1992 to 2013, this study examines the effects of corporate hedging policy on merger’s acquisition decisions, including the timing of merger, payment method, complexity of a deal, relative size, announcement return, and post-merger long-term performance. Empirical results indicate that (i) hedging firms are less likely to merge in the merger wave, make a cash offer, undertake larger deals, take less time to complete the deal, and lead to a better operating performance than non-hedging firms, (ii) hedging acquirers in the merger wave are more likely to make a cash offer, but undertake smaller deals, and take more time to complete the deal than those out of the merger wave. Further our evidence shows that hedging activities can reduce the time to complete the deal in the merger wave, and hedging acquirers have a better long-term performance than non-hedging acquirers in the merger wave. These results suggest that corporate hedging can bring some advantages in mergers to reduce the bad acquisition happens in the merger wave.
LIU, KAI-HAO y 劉鎧豪. "Religion and Corporate Hedging". Thesis, 2017. http://ndltd.ncl.edu.tw/handle/2x88z4.
Texto completo國立暨南國際大學
財務金融學系
105
This is the study to bridge the relationship between religion and corporate hedging. Using the S&P 1500 non-financial and non-public utility firms over the period from 2000 to 2015, this study examines the impacts of regional religion on corporate hedging behavior, including hedging willingness and hedging extent. The findings show that firms headquarters located in high religion areas tend to have significant lower hedging willingness and hedging extent. The significant negative relationship between local religion and corporate hedging is robustness under different hedging objectives, after controlling specific region, states, religious survey years, endogeneity problems and self-selection bias. When the sample is divided into financial crisis and non-financial crisis period, it is found that the negative impact of religion on corporate hedging is mainly exist in non-financial crisis period. Additionally, when sample is separated into before and after financial crisis, it is found that the negative relationship between local religion and corporate hedging keeps both before and after financial crisis period. Finally, we further explore whether the impact of regional religion on corporate hedging keep the same in different religions, and find that Protestant have stronger negative effect on corporate hedging willingness and extent than Catholic.