... Richard [1987], Jagannathan and Wang [19 96] , and Gomes et al. [2003]. More recently,Avramov and Chordia [20 06] show that allowing betas to vary with firm characteristics and macroeconomic vari-ables, ... 1993.39 Finance and Economics Discussion SeriesDivisions of Research & Statistics and Monetary A airsFederal Reserve Board, Washington, D.C.Interest Rate Risk and Bank Equity ValuationsWilliam ... Yoldas, Hao Zho u, and seminar participants at the IMF, the FederalReserve Board, the 2011 Federal Reserve Day-Ahead Conference on Financial Markets and Institutions, and Universityof Ljubljana...