{"corpus_id":154654022,"paper_sha":"55d2915c7e249f5d7d9c67ea5f6ac62ddb3fbc08","doi":"10.1111/J.1540-6261.1984.TB03898.X","arxiv_id":null,"pmid":null,"pmcid":null,"mag_id":2154401967,"dblp_id":null,"acl_id":null,"title":"The Effect of Interest Rate Changes on the Common Stock Returns of Financial Institutions","year":1984,"publication_date":"1984-09-01","venue":"","journal":{"name":"Journal of Finance","pages":"1141-1153","volume":"39"},"journal_issn":null,"journal_title":null,"publication_types":[],"pubmed_pub_types":null,"s2_fields_of_study":["Business","Economics"],"reference_count":17,"citation_count":823,"influential_citation_count":57,"is_open_access":false,"arxiv_categories":null,"arxiv_license":null,"arxiv_journal_ref":null,"mesh_headings":null,"chemicals":null,"comments_corrections":null,"source_flags":1,"s2_open_access_pdf_url":null,"s2_open_access_landing_url":null,"s2_open_access_license":null,"s2_open_access_status":null,"pmc_open_access_pdf_url":null,"pmc_open_access_landing_url":null,"pmc_open_access_license":null,"pmc_open_access_status":null,"unpaywall_open_access_pdf_url":null,"unpaywall_open_access_landing_url":null,"unpaywall_open_access_license":null,"unpaywall_open_access_status":null,"abstract":"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.","claims":[{"public_id":"cl_0e856649a0e2703b80e67c112485af17","status":"active","text":"Common stock returns of actively traded commercial banks and stock savings and loan associations are correlated with interest rate changes.","confidence":0.95,"contributors":[{"id":32,"public_id":"7c402c1b98","public_label":"뀨 (7c402c1b98)","roles":["extraction"],"url":"https://sah.borca.ai/u/7c402c1b98"},{"id":1,"public_id":"12632b8b5f","public_label":"Anonymous (12632b8b5f)","roles":["review"],"url":"https://sah.borca.ai/u/12632b8b5f"}],"url":"https://sah.borca.ai/claims/cl_0e856649a0e2703b80e67c112485af17"},{"public_id":"cl_901f34bff430aee62711e6f6ddab35b0","status":"active","text":"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.","confidence":0.95,"contributors":[{"id":32,"public_id":"7c402c1b98","public_label":"뀨 (7c402c1b98)","roles":["extraction"],"url":"https://sah.borca.ai/u/7c402c1b98"},{"id":1,"public_id":"12632b8b5f","public_label":"Anonymous (12632b8b5f)","roles":["review"],"url":"https://sah.borca.ai/u/12632b8b5f"}],"url":"https://sah.borca.ai/claims/cl_901f34bff430aee62711e6f6ddab35b0"}],"concepts":[{"public_id":"co_24f2daa16f5bb2f2b3d694ee4ed7de88","status":"active","name":"stock savings and loan associations","description":"Actively traded stock savings and loan associations included in the sample.","types":["institution type"],"aliases":[],"contributors":[{"id":32,"public_id":"7c402c1b98","public_label":"뀨 (7c402c1b98)","roles":["extraction"],"url":"https://sah.borca.ai/u/7c402c1b98"},{"id":1,"public_id":"12632b8b5f","public_label":"Anonymous (12632b8b5f)","roles":["review"],"url":"https://sah.borca.ai/u/12632b8b5f"}],"url":"https://sah.borca.ai/concepts/co_24f2daa16f5bb2f2b3d694ee4ed7de88"},{"public_id":"co_42c350764d4f0bef68f49f40cae0fa2d","status":"active","name":"co-movement","description":"The observed correlation between common stock returns and interest rate changes.","types":["phenomenon"],"aliases":[],"contributors":[{"id":32,"public_id":"7c402c1b98","public_label":"뀨 (7c402c1b98)","roles":["extraction"],"url":"https://sah.borca.ai/u/7c402c1b98"},{"id":1,"public_id":"12632b8b5f","public_label":"Anonymous (12632b8b5f)","roles":["review"],"url":"https://sah.borca.ai/u/12632b8b5f"}],"url":"https://sah.borca.ai/concepts/co_42c350764d4f0bef68f49f40cae0fa2d"},{"public_id":"co_50b40461425c2040bd6d6d053eb03a01","status":"active","name":"commercial banks","description":"Actively traded commercial banks included in the sample.","types":["institution type"],"aliases":[],"contributors":[{"id":32,"public_id":"7c402c1b98","public_label":"뀨 (7c402c1b98)","roles":["extraction"],"url":"https://sah.borca.ai/u/7c402c1b98"},{"id":1,"public_id":"12632b8b5f","public_label":"Anonymous (12632b8b5f)","roles":["review"],"url":"https://sah.borca.ai/u/12632b8b5f"}],"url":"https://sah.borca.ai/concepts/co_50b40461425c2040bd6d6d053eb03a01"},{"public_id":"co_95825ad1d7edff39c016d207dc81c4db","status":"active","name":"nominal liabilities","description":"The nominal (contractual) liabilities of the financial institution, whose maturity composition is considered.","types":["financial construct"],"aliases":[],"contributors":[{"id":32,"public_id":"7c402c1b98","public_label":"뀨 (7c402c1b98)","roles":["extraction"],"url":"https://sah.borca.ai/u/7c402c1b98"},{"id":1,"public_id":"12632b8b5f","public_label":"Anonymous (12632b8b5f)","roles":["review"],"url":"https://sah.borca.ai/u/12632b8b5f"}],"url":"https://sah.borca.ai/concepts/co_95825ad1d7edff39c016d207dc81c4db"},{"public_id":"co_988da856c4d7e7cb804150d02d76f29c","status":"active","name":"maturity difference","description":"The size of the maturity gap between the firm's nominal assets and liabilities.","types":["measure"],"aliases":[],"contributors":[{"id":32,"public_id":"7c402c1b98","public_label":"뀨 (7c402c1b98)","roles":["extraction"],"url":"https://sah.borca.ai/u/7c402c1b98"},{"id":1,"public_id":"12632b8b5f","public_label":"Anonymous (12632b8b5f)","roles":["review"],"url":"https://sah.borca.ai/u/12632b8b5f"}],"url":"https://sah.borca.ai/concepts/co_988da856c4d7e7cb804150d02d76f29c"},{"public_id":"co_ad086f18ef5e2b549a882c7d860d9066","status":"active","name":"interest rate changes","description":"Changes in interest rates that are examined for correlation with stock returns.","types":["variable"],"aliases":[],"contributors":[{"id":32,"public_id":"7c402c1b98","public_label":"뀨 (7c402c1b98)","roles":["extraction"],"url":"https://sah.borca.ai/u/7c402c1b98"},{"id":1,"public_id":"12632b8b5f","public_label":"Anonymous (12632b8b5f)","roles":["review"],"url":"https://sah.borca.ai/u/12632b8b5f"}],"url":"https://sah.borca.ai/concepts/co_ad086f18ef5e2b549a882c7d860d9066"},{"public_id":"co_f03604cabd5fa1951e46166f15d21766","status":"active","name":"nominal assets","description":"The nominal (contractual) assets of the financial institution, whose maturity composition is considered.","types":["financial construct"],"aliases":[],"contributors":[{"id":32,"public_id":"7c402c1b98","public_label":"뀨 (7c402c1b98)","roles":["extraction"],"url":"https://sah.borca.ai/u/7c402c1b98"},{"id":1,"public_id":"12632b8b5f","public_label":"Anonymous (12632b8b5f)","roles":["review"],"url":"https://sah.borca.ai/u/12632b8b5f"}],"url":"https://sah.borca.ai/concepts/co_f03604cabd5fa1951e46166f15d21766"},{"public_id":"co_fcecafbf5989bd91cccfd881d47c50e8","status":"active","name":"common stock returns","description":"Returns on shares of common stock of financial institutions, measured in the study.","types":["variable"],"aliases":["stock returns"],"contributors":[{"id":32,"public_id":"7c402c1b98","public_label":"뀨 (7c402c1b98)","roles":["extraction"],"url":"https://sah.borca.ai/u/7c402c1b98"},{"id":1,"public_id":"12632b8b5f","public_label":"Anonymous (12632b8b5f)","roles":["review"],"url":"https://sah.borca.ai/u/12632b8b5f"}],"url":"https://sah.borca.ai/concepts/co_fcecafbf5989bd91cccfd881d47c50e8"}],"external_ids":{"DOI":"10.1111/J.1540-6261.1984.TB03898.X","ArXiv":null,"PubMed":null,"PubMedCentral":null,"MAG":2154401967,"DBLP":null,"ACL":null},"open_access":{"is_open_access":false,"pdf_url":null,"landing_url":"https://sah.borca.ai/papers/154654022","source":null,"pdf_url_source":null,"license":null,"reason":"pdf_url_not_indexed"},"reference_availability":{"status":"available","references_indexed":true,"full_text_available":false,"full_text_source":null,"count_basis":"semantic_scholar_metadata","extraction_status":"not_applicable","reason":null},"source":{"provider":"episteme2","base_corpus":"semantic_scholar_dump","freshness_mode":"unknown","basis":["semantic_scholar_metadata","postgres_metadata"],"limits":["paper metadata is based on indexed upstream scholarly datasets","claims and concepts are available only for extracted papers","absence of claims or concepts means no extracted graph data is available in this response"],"status":"available","degraded":false,"degraded_reasons":[],"diagnostics":{"status":"available","degraded":false,"degraded_reasons":[],"metadata_status":"available","graph_status":"available","abstract_status":"available"},"source_flags":1},"paper_id":634151,"paper_uid":"f16159f4-5eb3-4cfa-a64d-0304f2ca3ad5","canonical_identity":{"paper_id":634151,"paper_uid":"f16159f4-5eb3-4cfa-a64d-0304f2ca3ad5","identity_status":"available","lookup_basis":"semantic_scholar_external_id","compatibility_path":"corpus_id"},"url":"https://sah.borca.ai/papers/154654022"}