Derivative instruments are intended to protect companies from adverse market variations, enabling the
protection or hedging of their commercial or financial operations. Grinblatt and Titman (2001 ) and Luquet
(2005) warn that some companies also use these instruments for speculative purposes in order to
leverage positions, seeking to maximize the return on their investments. They point out that large
companies have used these derivatives not only as a protection instrument, but also for speculative
purposes, repeating gambling movements perceived for several years now on Wall Street.