... the failure o f the standard CAPM to its sta tic nature; see, forexample, Hansen and Richard [1987], Jagannathan and Wang [1996], and Gomes et al. [20 03]. More recently,Avramov and Chordia [20 06] ... median bank.4.3 The Usage of Interest Rate DerivativesAs emphasized, for e x ampl e , by Gorton and Rosen [1995], Choi and Elyasiani [1997] and Purnanandam [20 07], banks can, and in many cases ... Credit, and Banking, 1, 27 – 42. Ammer, J., C. Vega, and J. Wongswan (20 10): “International Transmission of U.S. Monetary35Table 2: Summary Statistics of Bank CharacteristicsVariable Mean StdDev Min...