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Research paper Dynamic Risk Management (JFE, Rampini, Sufi, Viswanathan) showed that those US airlines that experienced financial distress in 2004-2005 chose not to hedge their

Research paper Dynamic Risk Management (JFE, Rampini, Sufi, Viswanathan) showed that those US airlines that experienced financial distress in 2004-2005 chose not to hedge their commodity price risk. As financial health of US airlines improved they became active hedgers. Please explain the papers findings from the point of view of the agency theory (conflict between shareholders and bondholders)

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