RT Journal Article SR Electronic T1 Survey Results JF Special Issues FD Institutional Investor Journals SP 19 OP 24 VO 2001 IS 1 A1 Ira G Kawaller A1 The Research Department of the Association for Financial Professionals YR 2001 UL https://pm-research.com/content/2001/1/19.abstract AB This article is based on an early-2001 survey of more than 200 corporations conducted to gauge the degree by which FAS 133 has altered or may alter the behavior of corporate end-users of derivatives. It includes a detailed discussion of changes in exposure management, hedging, and hedge-effectiveness testing practices. Among the survey findings are that two-thirds of the respondents believe FAS 133 has imposed an excessive burden on their reporting requirements; required documentation demonstrating that hedges are expected to be highly effective, as a precondition for hedge accounting, appears to be most problematic in connection with hedges of variable-interest-rate funding; and that hedgers' marked preferences for interest-rate swaps to hedge interest-rate exposures and forward contracts to hedge currency and commodity-price exposures have been enhanced at the expense of plain vanilla options, futures contracts, and other derivatives.