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Working Paper
Alligators in the swamp: the impact of derivatives on the financial performance of depository institutions
Adams, William James; Moser, James T.; Brewer, Elijah (1996)
It has been argued that underpriced federal deposit insurance provides incentive for insured institutions to increase the value of shareholder equity by expanding into activities that shift risk onto the deposit insurer. Derivative instruments have been used by firms to change their risk exposure. Permitting firms with substantial moral hazard incentives to utilize interest-rate derivative instruments could lead to higher rather than lower exposure to risk. This article, using a sample of savings and loan associations (S&Ls), examines the proposition that involvement with interest-rate ...
Working Paper Series, Issues in Financial Regulation , Paper WP-96-6

Journal Article
Statement to Congress, July 24, 1998 and July 30, 1998, (regulation of over-the-counter derivatives).
Greenspan, Alan (1998-09)
Federal Reserve Bulletin , Issue Sep

Conference Paper
Derivatives: are we better off as a result of the growth in this industry?
Heller, Warren G. (1995)
Proceedings , Paper 437

Journal Article
Risk management activity on the rise
anonymous (1998-04)
Economics Update , Issue Apr , Pages 5

Conference Paper
The economic effects of client losses on OTC bank derivative dealers: evidence from the capital market
Clark, Jeffrey A.; Perfect, Steven B. (1996-08)
Proceedings , Issue Aug , Pages 527-547

Discussion Paper
Who holds the toxic waste? An investigation of CMO holdings
Lucas, Deborah J.; Haubrich, Joseph G. (2007-06)
Toxic waste refers to the riskiest derivative structures arising from collateralized mortgage obligations (CMOs). We use simulations to predict how this risk would manifest itself in various interest rate environments. We also look for evidence on the total dollar value of these securities, who holds them, and how much they hold. Very limited public information is available, but commercial banks are required to report on their holdings, and we investigate the extent to which the risk is concentrated in that sector.
Policy Discussion Papers , Issue Jun

Working Paper
Derivatives and corporate risk management: participation and volume decisions in the insurance industry
Smith, Stephen D.; Phillips, Richard D.; Cummins, J. David (1997)
In this paper we formulate and test a number of hypotheses regarding insurer participation and volume decisions in derivatives markets. Several specific hypotheses are supported by our analysis. We find evidence consistent with the idea that insurers are motivated to use financial derivatives to hedge the costs of financial distress, interest rate, liquidity, and exchange rate risks. We also find some evidence that insurers use these instruments to hedge embedded options and manage their tax bills. We also find evidence of significant economies of scale in the use of derivatives. ...
FRB Atlanta Working Paper , Paper 97-12

Journal Article
Amendment to the risk-based capital guidelines regarding the treatment of derivative contracts, effective October 1, 1995
anonymous (1995-10)
Federal Reserve Bulletin , Issue Oct

Conference Paper
Alligators in the swamp: the impact of derivatives on the financial performance of depository institutions
Moser, James T.; Brewer, Elijah; Jackson, William E. (1996-08)
Proceedings , Issue Aug , Pages 482-501

Working Paper
Dealer polling in the presence of possibly noisy reporting
Berkowitz, Jeremy (1998)
The value of a vast array of financial assets are functions of rates or prices determined in OTC, interbank, or other off-exchange markets. In order to price such derivative assets, underlying rate and price indexes are routinely sampled and estimated. To guard against misreporting, whether unintentional or for market manipulation, many standard contracts utilize a technique known as trimmed-means. This paper points out that this polling problem falls within the statistical framework of robust estimation. Intuitive criteria for choosing among robust valuation procedures are discussed. In ...
Finance and Economics Discussion Series , Paper 1998-33

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