Anticipating this problem, the Downie, McMillan and Nosal (1996) survey of Canadian firms was structured to ask question similar to those of the Wharton surveys of US firms. The responses of the Canadian firms were quite similar to those of the US firms limiting the informativeness of a comparative study.

Most likely, the similarity in results is due to the geographical and cultural proximity of Canada to the US as well as the similarities in the structure of the corporate sector. From the perspective of a cross-country study, a more interesting case would be to contrast US firms to those of another economically significant country where industrial structure and corporate culture are not as similar. With this is mind, a study of derivatives usage of German non-financial companies was conducted by Gebhardt and Russ (1998). It was designed as a parallel study to the 1995 Wharton survey in order to allow direct comparison with the US results.

This paper reports on a comparison of the US and German firms use of and attitudes towards derivatives from the responses to this German survey and the 1995 Wharton survey. It is not a mere comparison of the results of both studies but a comparative study. It draws the comparable subsample of firms from the US study to match the sample of German firms on both size and industry composition.

The comparability of the questions as well as the firms responding allows us to draw relatively clean comparisons of the firms’ uses of and attitudes towards derivatives.
The analysis of the survey responses suggests that German firms are more likely to use derivatives than US firms. This is true across all three classes of derivatives examined: foreign exchange (FX), interest rate (IR), and commodity price (CM). Electronic Payday Loans Online