..., 2005 ; Easley et al., 1998). Furthermore, among the derivative instruments, exchange-traded instruments (futures and options) dominate and are more frequently used to hedge risk (Phillips, 1995). GMM Simultaneity Moneyness Futures volume Option volume Spot volatility Risk...

... for Vietnamese banks because of political interference[ 4 ]. This may be the case for SOCBs, which are targeted to have lower insolvency risk. To deal with three potential problems together, we use the generalized method of moments (GMM) system proposed by Arellano and Bover (1995) , which moves beyond...