I do have a panel data set on North American companies from Compustat covering balance sheet and income information. I am wondering if there is a possibility to use a balance sheet variable as an indicator how much and if a company is hedged against uncertainty. I mean is it possible to see on a balance sheet level, for example in case of a oil company, if the company in question hedged its future oil sales or not. Is there a possible proxy variable, which could be used to check or compare companies and their exposure to spot market risks?
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