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1、RiskManagementwithSupplyContractsHeitorAlmeidaUniversityofIllinois,Urbana-ChampaignKristineWatsonHankinsUniversityofKentuckyRyanWilliamsUniversityofArizonaDecember2016Abstract:Purchaseobligationsareforwardcontractswithsuppliersandareusedmorebroadlythantradedcommodityderivatives.Thispaper
2、isthefirsttodocumentthatthesecontractsareariskmanagementtoolandhaveamaterialimpactoncorporatehedgingactivity.Firmsthatexpandtheirriskmanagementoptionsfollowingtheintroductionofsteelfuturescontractssubstitutefinancialhedgingforpurchaseobligations.Contractingfrictions–suchasbargainingpower
3、andsettlementrisk–aswellaspotentialhold-upissuesassociatedwithrelationship-specificinvestmentaffectstheuseofpurchaseobligationsinthecross-sectionaswellashowfirmsrespondtotheintroductionofsteelfutures.WegratefullyacknowledgefinancialsupportfromtheGARPRiskManagementResearchAwardProgram.Wew
4、ouldliketothankSöhnkeMBartram,MartijnCremers,AndreaGamba,Jose-MiguelGaspar,GeraldGay,JayantKale,YelenaLarkin,OmeshKini,Harley(Chip)Ryan,MarkWeinstein,andparticipantsatBristolUniversity,UniversityofExeter,FloridaStateUniversity,HECParis,IveySchoolofBusiness,LehighUniversity,MichiganStateU
5、niversity,theUniversityofArizona,UniversityofFlorida,UniversityofIowa,NewYorkUniversity,theUniversityofSouthernCaliforniaFinanceOrganizationandMarketsConference,UK/UTJimandJackConference,LUBRAFIN,HannoverCommodityMarketsconference,andtheEFMAmeetingsforthoughtfulcomments.Howdofirmsmanager
6、isk?Hedgingispotentiallybeneficialinaworldwithcapitalmarketfrictionssuchastaxesandagencyissues(SmithandStulz,1985;Froot,Scharfstein,andStein,1993).Butempiricistshavestruggledtomaptherichtheoreticalpredictionsregardingriskmanagementtoobservedfirmhedgingbehavior.Onepotentialissueisthattheo
7、rypapersoftenexamine“hedging”withoutspecifyinghowfirmshedge(e.g.,DeMarzoandDuffie,1995)whilemostempiricalanalysisfocusesontradedderivativesusage(e.g.,futures)astheirproxyforcorporatehedging(e.g.,Nance,Smith,andSmithson,1993;GrahamandRogers,2002).Inthispaper,wefocusonacomm
