In the real-world,financial decisions are irrelevant,so there is really no reason for firms to hedge.

Question

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Financial decisions are very relevant in the real-world, and firms often use hedging strategies to manage risks and uncertainties. Without hedging, firms may face financial losses due to unexpected market fluctuations and events. Therefore, hedging is an important tool for firms to stabilize their financial performance and ensure long-term profitability.

In the Real-World,financial Decisions Are Irrelevant,so There Is Really No