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INTEREST RATE RISK AND EQUITY VALUES OF HEDGED AND UNHEDGED FINANCIAL INTERMEDIARIES
In: The journal of financial research: the journal of the Southern Finance Association and the Southwestern Finance Association, Band 9, Heft 4, S. 325-329
ISSN: 1475-6803
AbstractThis paper uses an approach developed by Flannery and James to show that interest rate changes have different effects on equity values of hedged and unhedged financial institutions. Equity values of (generally unhedged) savings and loans are significantly more sensitive to unexpected interest rate changes than equities of (generally hedged) commercial banks. The interest rate sensitivity of (generally hedged) life insurance equities is similar to that of bank equities. Overall, the equity values of unhedged financial institutions are more sensitive to interest rate changes than the equity values of financial institutions that more closely balance the maturities of their assets and liabilities.
Should the District of Columbia be given full representation? opposing views on the question
In: American Legion Magazine, Band 105, S. 31
Asia/Pacific: Policy and forces: Report of Senator S.Thurmond and Senator W.L. Scott with individual views to the Committee
In: Committee Print, 94.Congr.,1.Sess.,Feb.22,1975
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