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The implementation of Statement of Financial Accounting Standard (SFAS)133 had raised concerns about the potential impact the standard could have on firm hedging activities. Chief among these concerns has been an increase in earnings volatility and a reduction in the use of derivatives. Therefore, the purpose of this study was to investigate the effects of SFAS 133 on the use of derivatives, cash flow volatility, earnings volatility, and income smoothing one-year before and after the implementation of the standard. Data from 2000-2001 for a sample of 305 non-financial, non-regulated Fortune...