MICROSOFT CORP (Form: 424B2, Received: 01/31/2017 16:20:44)
... first and foremost objective, to enable people to meet and collaborate more easily, and to effectively express ideas in new ways . We invent new scenarios that in turn create opportunity for our partners and help businesses accelerate their transformation while respecting each person’s privacy choic ...
... first and foremost objective, to enable people to meet and collaborate more easily, and to effectively express ideas in new ways . We invent new scenarios that in turn create opportunity for our partners and help businesses accelerate their transformation while respecting each person’s privacy choic ...
NTMA Annual Report 2014 - National Treasury Management Agency
... wider euro crisis, we have seen a strong turnaround in Ireland’s debt dynamics which are now back on a sustainable and improving path. While Ireland’s debt level is still high at 110 per cent of GDP at end-2014, crucially it is on a downward trajectory and is forecast to decline to 100 per cent of G ...
... wider euro crisis, we have seen a strong turnaround in Ireland’s debt dynamics which are now back on a sustainable and improving path. While Ireland’s debt level is still high at 110 per cent of GDP at end-2014, crucially it is on a downward trajectory and is forecast to decline to 100 per cent of G ...
2013 CFA Level 1 - Book 5 - Apache
... Disclaimer: The SchweserNotes should be used in conjunction with the original readings as set forth by CFA Institute in their 2013 CFA Level I Study Guide. The information contained in these Notes covers ...
... Disclaimer: The SchweserNotes should be used in conjunction with the original readings as set forth by CFA Institute in their 2013 CFA Level I Study Guide. The information contained in these Notes covers ...
International Spillovers of Large
... (LSAPs; also known as quantitative easing or QE), at the zero lower bound. Several studies have found significant effects of these asset purchases in terms of lowering U.S. long-term yields and strengthening economic activity (see Baumeister and Benati, 2013; D’amico et al., 2012; Gagnon et al., 201 ...
... (LSAPs; also known as quantitative easing or QE), at the zero lower bound. Several studies have found significant effects of these asset purchases in terms of lowering U.S. long-term yields and strengthening economic activity (see Baumeister and Benati, 2013; D’amico et al., 2012; Gagnon et al., 201 ...
Sample
... 50) Insurance companies invest in the "long-end" of the securities market by purchasing securities with longer maturities. In which of the following instruments would an insurance company be least likely to invest most of its assets? A) corporate stocks B) corporate bonds C) mortgages D) commercial ...
... 50) Insurance companies invest in the "long-end" of the securities market by purchasing securities with longer maturities. In which of the following instruments would an insurance company be least likely to invest most of its assets? A) corporate stocks B) corporate bonds C) mortgages D) commercial ...
The Credit Spread Puzzle - Myth or Reality?
... spread predictions and fitting to historical default frequencies to low statistic power, we test the Merton model in a bias-free approach. Specifically, we calculate a Merton spread for each transaction, compute an average, and compare with the average actual spread. To our knowledge Eom, Helwege, a ...
... spread predictions and fitting to historical default frequencies to low statistic power, we test the Merton model in a bias-free approach. Specifically, we calculate a Merton spread for each transaction, compute an average, and compare with the average actual spread. To our knowledge Eom, Helwege, a ...
BEHAVIOR OF MONTHLY TOTAL RETURNS OF U.S. GOVERNMENT BONDS: 1926-2007 Abraham Habib
... In contrast to the extensive research on equity returns, few investigations examine seasonality in the fixed income market. Schneeweis and Woolridge (1979) find evidence of a January effect in various municipal, corporate, public utility, and government bond series from 1952 to 1977. Smirlock (1985) ...
... In contrast to the extensive research on equity returns, few investigations examine seasonality in the fixed income market. Schneeweis and Woolridge (1979) find evidence of a January effect in various municipal, corporate, public utility, and government bond series from 1952 to 1977. Smirlock (1985) ...
The role of inflation-linked bonds Increasing, but still modest
... government and that are held by risk-averse investors. The model offers two reasons why a government may find it unattractive to use inflation-linked bonds to finance its public debt. The most important one is liquidity risk. Because of liquidity risk, investors may be unwilling to step into ILBs. I ...
... government and that are held by risk-averse investors. The model offers two reasons why a government may find it unattractive to use inflation-linked bonds to finance its public debt. The most important one is liquidity risk. Because of liquidity risk, investors may be unwilling to step into ILBs. I ...
The Choice between Non-Callable and Callable Bonds
... In recent years, many observers note that the popularity of callable bonds is declining. For example, Kalotay (2008) and Banko and Zhou (2010) observe that the portion of callable bonds have been declining over the last 20 years and their popularity has shifted towards the below investment grade seg ...
... In recent years, many observers note that the popularity of callable bonds is declining. For example, Kalotay (2008) and Banko and Zhou (2010) observe that the portion of callable bonds have been declining over the last 20 years and their popularity has shifted towards the below investment grade seg ...
PROSPECTUS DATED 17 JANUARY 2014 BUREAU
... amount at the option of the Issuer at any time in the event of certain changes affecting taxation in France. The Bonds may also be redeemed at the option of the Issuer, in whole but not in part, at the greater of (i) 101 per cent. of their principal amount on the Call Settlement Date (as defined in ...
... amount at the option of the Issuer at any time in the event of certain changes affecting taxation in France. The Bonds may also be redeemed at the option of the Issuer, in whole but not in part, at the greater of (i) 101 per cent. of their principal amount on the Call Settlement Date (as defined in ...
Heat Waves, Meteor Showers, and Trading Volume: An Analysis of
... The U.S. Treasury market offers an interesting, alternative testing ground for these hypotheses on volatility spillovers. Since the Treasury market operates around-the-clock from different trading centers, the methodology of Engle et al. (1990) can be applied with only minor modifications. However, ...
... The U.S. Treasury market offers an interesting, alternative testing ground for these hypotheses on volatility spillovers. Since the Treasury market operates around-the-clock from different trading centers, the methodology of Engle et al. (1990) can be applied with only minor modifications. However, ...
KELLOGG CO (Form: 424B5, Received: 02/26/2016 17:06:57)
... yield to the maturity date of the 2031 Debentures equal to the sum of (i) the yield to maturity corresponding to the bid side price of a U.S. Treasury reference security set forth on the front cover of the offer to purchase plus (ii) a fixed spread of 275 basis points, minus accrued and unpaid inter ...
... yield to the maturity date of the 2031 Debentures equal to the sum of (i) the yield to maturity corresponding to the bid side price of a U.S. Treasury reference security set forth on the front cover of the offer to purchase plus (ii) a fixed spread of 275 basis points, minus accrued and unpaid inter ...
Quantifying Liquidity and Default Risks of Corporate Bonds over the
... the endogenous positive spiral between default and liquidity. For instance, “liquidity-drivendefault” is driven by the rollover risk mechanism in that firms relying on finite-maturity debt financing will default earlier when facing worsening secondary market liquidity. We show that these interactio ...
... the endogenous positive spiral between default and liquidity. For instance, “liquidity-drivendefault” is driven by the rollover risk mechanism in that firms relying on finite-maturity debt financing will default earlier when facing worsening secondary market liquidity. We show that these interactio ...
a non-zero-sum game approach to convertible bonds: tax benefit
... debt holders are tax-deductible expenses under the current corporate tax codes. This induces the company not to call the debt back even if the conversion value of the bond exceeds its call price. When the company calls, loss of the tax shield will decrease its after-tax value and ...
... debt holders are tax-deductible expenses under the current corporate tax codes. This induces the company not to call the debt back even if the conversion value of the bond exceeds its call price. When the company calls, loss of the tax shield will decrease its after-tax value and ...
A NON-ZERO-SUM GAME APPROACH TO CONVERTIBLE BONDS
... debt holders are tax-deductible expenses under the current corporate tax codes. This induces the company not to call the debt back even if the conversion value of the bond exceeds its call price. When the company calls, loss of the tax shield will decrease its after-tax value and ...
... debt holders are tax-deductible expenses under the current corporate tax codes. This induces the company not to call the debt back even if the conversion value of the bond exceeds its call price. When the company calls, loss of the tax shield will decrease its after-tax value and ...
The Great Escape? A Quantitative Evaluation of the Fed`s Liquidity
... Reserve System. Any errors or omissions are the responsibility of the authors. ...
... Reserve System. Any errors or omissions are the responsibility of the authors. ...
The Treasury Bill Auction and the When-Issued
... opening quote was used. Altogether, there were eleven missing 12:15 pm quotes for the 13-week bill and eight missing for the 26-week bill. For one auction day, there was no 26-week bill quote available prior to 1:00 pm, and thus the sample size is 130 for the 13-week bills and 129 for the 26- week b ...
... opening quote was used. Altogether, there were eleven missing 12:15 pm quotes for the 13-week bill and eight missing for the 26-week bill. For one auction day, there was no 26-week bill quote available prior to 1:00 pm, and thus the sample size is 130 for the 13-week bills and 129 for the 26- week b ...
DENTON COUNTY FRESH WATER SUPPLY DISTRICT NO. 11
... The $3,675,000 Denton County Fresh Water Supply District No. 11‐C Unlimited Tax Bonds, Series 2017 (the “Bonds”) are obligations of Denton County Fresh Water Supply District No. 11‐C (the “District”) and are not obligations of the State of Texas; Denton County, Texas; the Town ...
... The $3,675,000 Denton County Fresh Water Supply District No. 11‐C Unlimited Tax Bonds, Series 2017 (the “Bonds”) are obligations of Denton County Fresh Water Supply District No. 11‐C (the “District”) and are not obligations of the State of Texas; Denton County, Texas; the Town ...
Market Liquidity after the Financial Crisis
... News, January 24, 2016; “Liquidity Crunch Elevates Bond Traders,” Financial Times, March 20, 2016; “U.S. Treasury Sees Bond Liquidity, But Not as We Know It,” Bloomberg News, July 7, 2016. ...
... News, January 24, 2016; “Liquidity Crunch Elevates Bond Traders,” Financial Times, March 20, 2016; “U.S. Treasury Sees Bond Liquidity, But Not as We Know It,” Bloomberg News, July 7, 2016. ...
An Empirical Analysis of the Canadian Term Structure of Zero
... The motivation behind this work is straightforward. Zero-coupon interest rates (or spot rates) are the fundamental building block of fixed-income mathematics. These rates are used in a tremendous number of applications in both finance and economics, including bond pricing, the construction and prici ...
... The motivation behind this work is straightforward. Zero-coupon interest rates (or spot rates) are the fundamental building block of fixed-income mathematics. These rates are used in a tremendous number of applications in both finance and economics, including bond pricing, the construction and prici ...
The Term Structure of the Risk-Return Tradeoff
... VAR(1) investor will have a different return expectation each period, based on the changing state variables of the model. This return expectation is known as a conditional expectation to distinguish it from the unconditional expectation used in the traditional approach. Second, the VAR(1) investor ...
... VAR(1) investor will have a different return expectation each period, based on the changing state variables of the model. This return expectation is known as a conditional expectation to distinguish it from the unconditional expectation used in the traditional approach. Second, the VAR(1) investor ...
The Determinants of Corporate Bond Yield Spreads in
... 1.2. Sovereign Risk and the “Sovereign Ceiling” Rule Empirically, a high correlation between sovereign defaults and company defaults has been observed in the past, that is, it has been very hard for companies to avoid default once the sovereign of their incorporation had defaulted. This historical ...
... 1.2. Sovereign Risk and the “Sovereign Ceiling” Rule Empirically, a high correlation between sovereign defaults and company defaults has been observed in the past, that is, it has been very hard for companies to avoid default once the sovereign of their incorporation had defaulted. This historical ...