A. Agusman, G. S. Monroe, D. Gasbarro, and J. K. Zumwalt, Accounting and capital market measures of risk: Evidence from Asian banks during 1998-2003, Journal of Banking and Finance, vol.32, pp.480-488, 2008.

R. Ameer, Determinants of corporate hedging practices in Malaysia, International Business Research, vol.3, issue.2, pp.120-130, 2010.

G. Allayannis and J. P. Weston, The use of foreign currency derivatives and firm market value, Review of Financial Studies, vol.14, issue.1, pp.243-276, 2001.

N. Attig and J. Dai, Does trading in derivatives affect bank risk? The Canadian evidence, 2009.

T. G. Bali, S. R. Hume, and T. F. Martell, A new look at hedging with derivatives: Will firms reduce market risk exposure, Journal of Futures Markets, 2004.

S. M. Bartram, G. W. Brown, and J. Conrad, The Effect of derivatives on firm performance and value, Journal of Financial and Quantitative Analysis, vol.46, pp.967-999, 2006.

A. N. Berger, G. R. Clarke, R. Cull, L. Klapper, and G. F. Udell, Corporate governance and bank performance: A joint analysis of the static, selection, and dynamic effects of domestic, foreign, and state ownership, Journal of Banking and Finance, vol.29, issue.8-9, pp.2179-2221, 2005.

J. P. Bonin, I. Hasan, and P. Wachtel, Bank performance, efficiency and ownership in transition countries. Institute for Economies in Transition, pp.1456-5889, 2004.

N. Boubakri, J. C. Cosset, K. Fischer, and O. Guedhami, Privatization and bank performance in developing countries, Journal of Banking and Finance, vol.29, 2005.

. Iss, , pp.2015-2041, 2005.

E. Brewer, W. E. Jackson, and J. T. Moser, The value of using interest rate derivatives to manage risk at U.S. banking organizations. Economic Perspectives Vol, vol.QIII Iss., pp.49-66, 2001.

E. Brewer, B. A. Minton, and J. T. Moser, Interest-rate derivatives and bank lending, Journal of Banking and Finance, vol.24, issue.3, pp.353-379, 2000.

S. J. Brown and J. B. Warner, Using daily stock returns, Journal of Financial Economics, vol.14, pp.3-31, 1984.

A. Buyuksalvarci, The effects of macroeconomics variables on stock returns: Evidence from Turkey, European Journal of Social Sciences, vol.14, issue.3, pp.404-416, 2010.

D. A. Carter and J. J. Sinkey, The use of interest-rate derivatives by end users: the case of large community banks, Journal of Financial Services Research, 1998.

B. Casu and P. Molyneux, A comparative studies of efficiency in European banking, Applied Ecnomics, vol.35, pp.1865-1876, 2003.

M. Chaudhry and A. Reichert, The impact of off-balance sheet derivatives and interest rate swaps on bank risk, Research in Finance, vol.17, pp.275-300, 1999.

M. K. Chaudhry, R. Christie-david, T. W. Koch, and A. K. Reichert, The risk of foreign currency contingent claims at us commercial banks, Journal of Banking and Finance, vol.24, pp.1399-1417, 2000.

J. Choi and E. Elyasiani, Derivative exposure and the interest rate and exchange rate risks of, Journal of Financial Services Research, vol.12, issue.2, pp.267-286, 1997.

E. Clark and S. Mefteh, Foreign currency exposure and derivatives use, Markets and Investors, vol.104, 2010.

. Iss, , pp.21-29, 2010.

G. R. Duffee, On measuring credit risks of derivative instruments, Journal of Banking and Finance, vol.20, pp.805-833, 1996.

L. Fauver and A. Naranjo, Derivative usage and firm value: The influence of agency costs and monitoring problems, Journal of Corporate Finance, vol.16, issue.5, pp.719-735, 2010.

R. C. Fok, C. Carroll, and M. C. Chiou, Determinants of corporate hedging and derivatives: a revisit, Journal of Economics and Business, vol.49, issue.6, pp.569-585, 1997.

D. Fraser, R. J. Madura, and R. A. Weigand, Sources of bank interest rate risk, Financial Review, vol.37, issue.3, pp.351-367, 2002.

F. Frei, X. Kalakota, R. A. Leone, and L. M. Marx, Process variation as a determinant of bank performance: Evidence from the retail banking study, Management Science, vol.45, issue.9, pp.1210-1220, 1999.

K. A. Froot, D. S. Scharfstein, and J. C. Stein, Risk management: coordinating corporate investment and financing policies, Journal of Finance, vol.48, issue.5, pp.1629-1658, 1993.

J. W. Gunther and T. F. Siems, The likelihood and extent of bank's involvement with interest rate derivatives as end users, Research in Finance, vol.19, 2002.

. Iss, , pp.125-142, 2002.

L. Hentschel and S. Kothari, Are corporations reducing or taking risks with derivatives?, Journal of Financial and Quantitative Analysis, vol.36, issue.1, pp.93-118, 2001.

B. Hirtle, Derivatives, portfolio composition, and bank holding company interest rate risk exposure, Journal of Financial Services Research, vol.12, issue.2, pp.243-266, 1997.

P. Houweling and T. Vorst, Pricing default swaps: Empirical evidence, Journal of International Money and Finance, vol.24, issue.8, pp.1200-1225, 2005.

N. Instefjord, Risk and hedging: Do credit derivatives increase bank risk?, Journal of Banking and Finance, vol.29, issue.2, pp.333-345, 2005.

. Jarrow,

R. A. Turnbull and S. M. , Pricing Derivatives on financial securities subject to credit risk, The Journal of Finance, vol.50, issue.1, pp.53-85, 1995.

X. Lin and Y. Zhang, Bank ownership reform and bank performance in China, Journal of Banking and Finance, vol.33, issue.1, pp.20-29, 2009.

T. K. Liu, An empirical study of firms' merger motivations and synergy from Taiwanese banking industry, International Research Journal of Finance and Economics, vol.38, pp.1450-2887, 2010.

D. Mayers and C. W. Smith, On the corporate demand for insurance, Journal of Business, vol.55, issue.2, pp.281-296, 1982.

D. Mayers and C. W. Smith, Corporate insurance and the Underinvestment problem, Jounal of risk and insurance, vol.54, issue.1, pp.45-54, 1987.

M. L. Mcanally, Banks, risk, and FAS105 disclosures, Journal of Accounting, vol.11, issue.3, pp.453-490, 1996.

R. Merton, Financial innovation and economic performance, Journal of Applied Corporate Finance, vol.4, issue.4, pp.12-22, 1992.

R. Merton, Financial innovation and the management and regulation of financial institutions, Journal of Banking and Finance, vol.19, pp.461-481, 1995.

L. Mester, Efficiency in the saving and loan industry, Journal of Banking and Finance, vol.17, issue.2-3, pp.267-286, 1993.

K. D. Miller, A framework for integrated risk management in international business, Journal of International Business Studies, vol.23, issue.2, pp.311-331, 1992.

B. Minton, R. Stulz, and R. Williamson, How much do banks Use credit derivatives to hedge loans?, Journal of Financial Services Research, vol.35, issue.1, pp.1-31, 2009.

D. R. Nance, C. W. Smith, and C. W. Smithson, On the determinants of corporate hedging, Journal of Finance, vol.48, issue.1, pp.267-284, 1993.

H. Nguyen and R. Faff, Can the use of foreign currency derivatives explain variation in foreign exchange exposure? Evidence from Australian companies, Journal of Multinational Financial Management, vol.13, pp.193-215, 2003.

. O'brien and M. Robert, A caution regarding rules of thumb for variance inflation factors, Quality and Quantity, vol.41, issue.5, pp.673-690, 2007.

Y. A. Pierides, The pricing of credit risk derivatives, Journal of Economic Dynamics and Control, vol.21, issue.10, pp.1579-1611, 1997.

A. Reichert and Y. W. Shyu, Derivative activities and the risk of international banks: A market index and the VaR approach, International Review of Financial Analysis, vol.12, pp.489-511, 2003.

A. Rivas, T. Ozuna, and F. Policastro, Does the use of derivatives increase bank efficiency? Evidence from Latin American banks, International Business and Economics Research Journal, vol.5, issue.11, pp.47-56, 2006.

A. Said, Does the use of derivatives impact bank performance? A case study of relative performance during, Middle Eastern Finance and Economics, vol.11, pp.1450-2889, 2002.

L. Shanker, Derivatives use and interest rate risk of large banking firms, The Journal of Futures Markets, vol.16, issue.4, pp.459-474, 1996.

J. J. Sinkey and D. A. Carter, Evidence on the financial characteristics of banks that do and do not use derivatives, The Quarterly Review of Economics and Finance, vol.40, issue.4, pp.431-449, 2000.

C. Smith and R. Stulz, The Determinants of firms' hedging policies, The Journal of Financial and Quantitative Analysis, vol.20, issue.4, pp.391-405, 1985.

L. Stout, Betting the bank: How derivatives trading under conditions of uncertainty can increase risks and erode returns in financial markets, Journal of Corporation Law, vol.21, issue.1, pp.53-68, 1995.

J. Tobin, A general equilibrium approach to monetary theory, Journal of Money, Credit and Banking, vol.1, issue.1, pp.15-29, 1969.

M. Venkatachalam, Value-relevance of bank's derivatives disclosures, Journal of Accounting and Economics, vol.22, issue.1-3, pp.327-355, 1996.

H. Yong, R. Faff, and K. Chalmers, The Effect of derivatives activities on Asia-Pacific banks' interest rate and exchange rate exposures, International Financial Markets Institutions and Money, vol.19, issue.1, pp.16-32, 2009.

H. Zhang, Effect of derivative accounting rules on corporate riskmanagement behavior, Journal of Accounting and Economics, vol.47, issue.3, pp.244-264, 2006.