“…We also estimate these regressions by lagging the independent variables and find that our findings are unchanged.26 Besides for the U.S., going back toAllayannis, Ihrig, & Weston (2001) among others, hedging activity has been documented also in Korea, seeBae, Kim, & Kwon (2018); in Europe, seeLyonnet, Martin, & Mejean (2021), in Germany, seeKuzmina & Kuznetsova (2018), in Brazil, seeRossi (2013); in Chile, seeMiguel (2016), in Colombia, seeAlfonso-Corredor (2018), and in Mexico, seeAverell, Stein, Konigsberg, & Calixto López Castañon (2021).…”