The Effect of Interest Rate Changes on the Common Stock Returns of Financial Institutions
研究普通股收益对利率变化的敏感性与企业名义合同期限结构的关系，发现股票收益与利率变化相关，且这种联动与名义资产和负债的期限差正相关。
ABSTRACT This paper examines the relation between the interest rate sensitivity of common stock returns and the maturity composition of the firm's nominal contracts. Using a sample of actively traded commerical banks and stock savings and loan associations, common stock returns are found to be correlated with interest rate changes. The co‐movement of stock returns and interest rate changes is positively related to the size of the maturity difference between the firm's nominal assets and liabilities.