Abstract
This paper presents evidence on derivatives usage by Brazilian non-financial firms, using a sample of 74 companies. The proportion of firms using derivatives in Brazil is comparable to that of other countries already researched. There are economies of scale for derivatives usage, and managers use derivatives for risk management purposes rather than speculation. Derivatives usage across risk classes in Brazil follows patterns observed internationally: companies use derivatives primarily to manage foreign exchange risk, followed by interest rates and commodities exposures. The main concerns of Brazilian managers are linked to taxation and accounting issues rather than to financial and economic aspects.
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