**2.2 Risk management and the financial crisis**

Karolyi et al. [20] indicated that the yen/dollar foreign exchange rates, the treasury bill returns, and the industry impacts have no measurable effect on the US and Japanese return correlations. Moreover, Antoniou et al. [21, 22] found that futures' trading has a significant impact on co-movements across the markets. Borokhovich et al. [23] found that there is a positive nexus between the monitoring of outside directors and the firm's use of the interest rate derivatives.
