The structure is: Hedging choices / policies (how to hedge) – risk measures (idiosyncratic vs systematic) – CAPM, Sharpe ratio, diversification, versus volatility. Which risk matters to shareholders? – risk models: allow to calculate the optimal hedge (delta – Black Scholes model) – hedging models, do I want puts? Collars? Swaps? Etc. Hedging practices – do firms follow the theory? – does managerial attitude / beliefs matter? – overconfidence, hubris, price view, etc. The format is single spaced, 6 pages.