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Cover Caption: The cover image is based on the Research Article The real effect of foreign exchange hedging on corporate innovation by Chongwu Xia et al., https://doi.org/10.1002/fut.22255.
We study the effects of foreign exchange hedging on corporate innovation. According to the information asymmetry hypothesis, corporate hedging reduces firms' information asymmetry, alleviates managers' career concerns, and helps investors better monitor managers, which enhances innovation. According to the market pressure hypothesis, hedging imposes short‐term earnings pressure on managers as a result...