This paper examines the extent to which bank holding companies trade-off the use of investment securities and interest rate swaps when managing interest rate risk inherent in their core business. We find that both securities and swaps are used to hedge interest rate risk and that these two types...

This paper documents evidence on the efficacy of maturity gap disclosures and interest rate risk policy disclosures of commercial bank holding companies in indicating their interest rate risk exposures. Using data from the Federal Reserve Y-9 reports over 1991-1996, we find a significant...

Preface -- Business combinations -- Stock investments : investor accounting and reporting -- An introduction to consolidated financial statements -- Consolidation techniques and procedures -- Intercompany profit transactions : inventories -- Intercompany profit transactions : plant assets --...

We examine explanations for corporate policy choices related to the use of derivative financial instruments. Recent corporate disclosure requirements allows us to replicate and extend the work of Nance, Smith and Smithson (1993, NSS) using a larger sample. We extend previous research by...

This study analyzes the association between the degree of international involvement (DOI) and risk. Both systematic risk (measured by the market model beta) and total rishk (measured by variance of return) are analyzed. Betas of fully diversified foreign stock portfolios are shown to be lower...