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Evaluation of Hedge Effectiveness Tests Angelika C. Hailer, Siegfried M. Rump∗ Abstract. According to IAS 39 or FAS 133 an a posteriori test for hedge effectiveness has to be implemented when using hedge accounting. Both standards do not regulate which numerical method has to be used. A number of hedge effectiveness tests have been published recently. Such tests are of different quality, for example not all of them can deal with the problem of small numbers. This means a test might determine an effective hedge to be ineffective, a