In the last ten to fifteen years financial derivative securities have become an important, and controversial, product …, the difficulties with accurately reporting timely information concerning the value of firms' derivative positions, and the … interest-rate sensitivities of interest rate swap positions of U.S. commercial banks to empirically address the question of …

Over the last decade dealing in derivative financial instruments (basically forwards, futures, options and combinations …

competitive industries, the negative relation between past returns and current leverage will be attenuated. Theory suggests that … leverage as well as a lowering of future returns for firms in less competitive environments. Current leverage will therefore be … the relation between current leverage and future returns for such firms will be zero or negative. Using a proxy to …

develop a theory of the mechanism, provide empirical evidence, evaluate the ability of the quantitative theory to match the …

markets case. As in Miller's model, aggregate demand for corporate leverage is curtailed as interest rates on taxable bonds …