{"id":"https://openalex.org/W2002072867","doi":"https://doi.org/10.1111/1468-036x.00039","title":"Large UK Companies and Derivatives","display_name":"Large UK Companies and Derivatives","publication_year":1997,"publication_date":"1997-07-01","ids":{"openalex":"https://openalex.org/W2002072867","doi":"https://doi.org/10.1111/1468-036x.00039","mag":"2002072867"},"language":"en","primary_location":{"id":"doi:10.1111/1468-036x.00039","doi":"https://doi.org/10.1111/1468-036x.00039","is_oa":false,"landing_page_url":"https://doi.org/10.1111/1468-036x.00039","pdf_url":null,"source":{"id":"https://openalex.org/S131852005","display_name":"European Financial Management","issn_l":"1354-7798","issn":["1354-7798","1468-036X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-2","norway-1","poland-100","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"European Financial Management","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5083882408","display_name":"Kevin C. Grant","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4210101092","display_name":"Windsor Clinical Research","ror":"https://ror.org/012kq8z96","country_code":"CA","type":"facility","lineage":["https://openalex.org/I4210101092"]},{"id":"https://openalex.org/I4210133687","display_name":"Wind Technologies (United Kingdom)","ror":"https://ror.org/03f6smv36","country_code":"GB","type":"company","lineage":["https://openalex.org/I4210133687"]}],"countries":["CA","GB"],"is_corresponding":false,"raw_author_name":"Kevin Grant","raw_affiliation_strings":["Record Treasury Management Ltd, Windsor, UK,"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Record Treasury Management Ltd, Windsor, UK,","institution_ids":["https://openalex.org/I4210101092","https://openalex.org/I4210133687"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5003924639","display_name":"Andrew P. Marshall","orcid":"https://orcid.org/0000-0001-7081-1296","observed_orcids":["https://orcid.org/0000-0001-7081-1296"]},"institutions":[{"id":"https://openalex.org/I181647926","display_name":"University of Strathclyde","ror":"https://ror.org/00n3w3b69","country_code":"GB","type":"education","lineage":["https://openalex.org/I181647926"]}],"countries":["GB"],"is_corresponding":true,"raw_author_name":"Andrew P. Marshall","raw_affiliation_strings":["Department of Accounting and Finance, University of Strathclyde, Curran Building,100 Cathedral St., Glasgow G40LN, Scotland, UK, e-mail andy@account.strath.ac.uk"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Accounting and Finance, University of Strathclyde, Curran Building,100 Cathedral St., Glasgow G40LN, Scotland, UK, e-mail andy@account.strath.ac.uk","institution_ids":["https://openalex.org/I181647926"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5003924639"],"corresponding_institution_ids":["https://openalex.org/I181647926"],"apc_list":{"value":3350,"currency":"USD","value_usd":3350},"apc_paid":null,"fwci":6.3407,"has_fulltext":false,"cited_by_count":95,"citation_normalized_percentile":{"value":0.96319063,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":99},"biblio":{"volume":"3","issue":"2","first_page":"191","last_page":"208"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12276","display_name":"Risk Management in Financial Firms","score":1.0,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12276","display_name":"Risk Management in Financial Firms","score":1.0,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.0,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/derivatives","display_name":"derivatives","score":0.6970000267028809},{"id":"https://openalex.org/keywords/treasury-management","display_name":"treasury management","score":0.7210000157356262},{"id":"https://openalex.org/keywords/hedging","display_name":"hedging","score":0.6159999966621399},{"id":"https://openalex.org/keywords/interest-rate-risk","display_name":"interest rate risk","score":0.8820000290870667},{"id":"https://openalex.org/keywords/foreign-exchange-risk","display_name":"exchange rate risk","score":0.9869999885559082},{"id":"https://openalex.org/keywords/commodity-price-risk","display_name":"commodity price risk","score":0.9380000233650208},{"id":"https://openalex.org/keywords/equity-risk","display_name":"equity risk","score":0.9330000281333923},{"id":"https://openalex.org/keywords/counterparty-risk","display_name":"counterparty risk","score":0.7540000081062317},{"id":"https://openalex.org/keywords/derivative-control","display_name":"derivative control","score":0.5680000185966492},{"id":"https://openalex.org/keywords/swaps","display_name":"swaps","score":0.675000011920929},{"id":"https://openalex.org/keywords/forwards","display_name":"forwards","score":0.9300000071525574},{"id":"https://openalex.org/keywords/options","display_name":"options","score":0.9980000257492065}],"concepts":[{"id":"https://openalex.org/C111771559","wikidata":"https://www.wikidata.org/wiki/Q66295","display_name":"Derivative (finance)","level":2,"score":0.7676005363464355},{"id":"https://openalex.org/C95727064","wikidata":"https://www.wikidata.org/wiki/Q1934287","display_name":"Derivatives market","level":3,"score":0.7352631092071533},{"id":"https://openalex.org/C70771513","wikidata":"https://www.wikidata.org/wiki/Q235779","display_name":"Hedge","level":2,"score":0.6459679007530212},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.629085898399353},{"id":"https://openalex.org/C99821215","wikidata":"https://www.wikidata.org/wiki/Q1136583","display_name":"Swap (finance)","level":2,"score":0.5622875094413757},{"id":"https://openalex.org/C128029710","wikidata":"https://www.wikidata.org/wiki/Q205180","display_name":"Interest rate derivative","level":3,"score":0.518330454826355},{"id":"https://openalex.org/C204434749","wikidata":"https://www.wikidata.org/wiki/Q105611","display_name":"Hedge fund","level":2,"score":0.5147204995155334},{"id":"https://openalex.org/C191654821","wikidata":"https://www.wikidata.org/wiki/Q247506","display_name":"Financial instrument","level":2,"score":0.5142583250999451},{"id":"https://openalex.org/C2779312582","wikidata":"https://www.wikidata.org/wiki/Q1783272","display_name":"Counterparty","level":3,"score":0.4634056091308594},{"id":"https://openalex.org/C99560960","wikidata":"https://www.wikidata.org/wiki/Q205258","display_name":"Interest rate swap","level":3,"score":0.45228099822998047},{"id":"https://openalex.org/C141121606","wikidata":"https://www.wikidata.org/wiki/Q8142","display_name":"Currency","level":2,"score":0.4390661120414734},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.42526954412460327},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.41230297088623047},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.39009684324264526},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3652965724468231},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3017716109752655},{"id":"https://openalex.org/C178350159","wikidata":"https://www.wikidata.org/wiki/Q162714","display_name":"Credit risk","level":2,"score":0.29804527759552},{"id":"https://openalex.org/C106306483","wikidata":"https://www.wikidata.org/wiki/Q183984","display_name":"Futures contract","level":2,"score":0.23320326209068298},{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.23113694787025452},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C18903297","wikidata":"https://www.wikidata.org/wiki/Q7150","display_name":"Ecology","level":1,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1111/1468-036x.00039","doi":"https://doi.org/10.1111/1468-036x.00039","is_oa":false,"landing_page_url":"https://doi.org/10.1111/1468-036x.00039","pdf_url":null,"source":{"id":"https://openalex.org/S131852005","display_name":"European Financial Management","issn_l":"1354-7798","issn":["1354-7798","1468-036X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-2","norway-1","poland-100","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"European Financial Management","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W1968722055","https://openalex.org/W2099328643","https://openalex.org/W1982434929","https://openalex.org/W2007472049","https://openalex.org/W7055476146","https://openalex.org/W195446995","https://openalex.org/W2233596381","https://openalex.org/W1822886189","https://openalex.org/W1579160724","https://openalex.org/W2946952031"],"abstract_inverted_index":{"Derivative":[0],"securities":[1],"have":[2,12],"transformed":[3],"the":[4,28,46,51,56,71,81,88,148,151,165,171,178],"way":[5],"treasurers":[6,33,158,191],"view":[7,162],"financial":[8],"price":[9],"risk":[10],"and":[11,98,111,127,164,190],"been":[13],"used":[14],"to":[15,38,69,107,124,196],"hedge":[16],"risks":[17,58,173],"that":[18,132,160],"were":[19],"previously":[20],"left":[21],"open.":[22],"In":[23],"this":[24],"paper,":[25],"we":[26],"present":[27],"results":[29],"of":[30,32,34,48,64,73,83,87,93,122,141,145,150,167,180],"surveys":[31,89],"large":[35],"UK":[36],"companies":[37],"questions":[39],"about":[40,137],"their":[41,54,104,168,198],"derivative":[42,49,84,199],"use.":[43],"We":[44],"examine":[45],"extent":[47],"use,":[50,55],"reasons":[52,102],"for":[53,103,154],"perceived":[57],"associated":[59],"with":[60],"derivatives,":[61,74,142],"what":[62],"sort":[63],"controls":[65],"are":[66,106,134,192,203],"in":[67,174],"place":[68],"monitor":[70],"use":[72,92,105,121,179],"and,":[75],"finally,":[76],"reporting":[77],"practices":[78],"which":[79],"govern":[80],"disclosure":[82],"practices.":[85],"Results":[86],"indicate":[90],"widespread":[91],"derivatives":[94,123,181],"like":[95],"swaps,":[96],"forwards":[97],"options.":[99],"The":[100],"primary":[101],"manage":[108,125],"interest":[109],"rate":[110],"currency":[112],"risk.":[113,129],"There":[114],"is":[115,182],"a":[116],"rather":[117],"limited,":[118],"but":[119],"growing,":[120],"commodity":[126],"equity":[128],"Treasurers":[130],"report":[131],"they":[133,161,202],"somewhat":[135],"cautious":[136],"more":[138],"exotic":[139],"types":[140],"primarily":[143],"because":[144],"concern":[146],"over":[147],"illiquidity":[149],"underlying":[152],"market":[153],"these":[155],"derivatives.":[156,176],"Interestingly,":[157],"revealed":[159],"control":[163,186],"nature":[166],"counterparty":[169],"as":[170],"main":[172],"using":[175,193],"Finally,":[177],"accompanied":[183],"by":[184],"significant":[185],"mechanisms":[187],"inside":[188],"companies,":[189],"sophisticated":[194],"procedures":[195],"quantify":[197],"exposures":[200],"before":[201],"reported":[204],"at":[205],"board":[206],"level.":[207]},"counts_by_year":[{"year":2025,"cited_by_count":2},{"year":2023,"cited_by_count":1},{"year":2020,"cited_by_count":2},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":7},{"year":2017,"cited_by_count":2},{"year":2016,"cited_by_count":2},{"year":2015,"cited_by_count":5},{"year":2014,"cited_by_count":5},{"year":2013,"cited_by_count":7},{"year":2012,"cited_by_count":5}],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2016-06-24T00:00:00"}