Hedging Downside Risk: Futures versus Options Donald Lien and Yiu Kuen Tse * February 2000 * The authors are from the University of Kansas and the National University of Singapore, respectively. The research of the first author was in part supported by a general research grant from the University of Kansas. Helpful comments from the editor, Carl Chen, and two anonymous referees are gratefully acknowledged. Any remaining errors are, of course, the sole responsibility of the authors.