Swaps: Plain and Fanciful
指出将普通利率互换简单视为固定利率与浮动利率票据交换的理论存在缺陷，与标准化合同及破产处理不符，并提供了新的视角。
ABSTRACT The outstanding face amount of plain vanilla interest rate swaps exceeds two trillion dollars. While pricing and hedging of such swaps appear to be quite simple, many existing theories are based on the incorrect characterization of a swap as a simple exchange of a fixed for a floating rate note. This characterization is not consistent with standarized swap contracts and the treatment of swaps in bankruptcy. This paper provides an alternative perspective on swaps.