Expected and unexpected bond excess returns
... rank sum test to control for a significant deviation between both models. For all maturities the deviations are lower at the five factor specification and the test rejects the null hypothesis of equal medians at the one percent level. Thus, we find a clear preference for a term structure model with ...
... rank sum test to control for a significant deviation between both models. For all maturities the deviations are lower at the five factor specification and the test rejects the null hypothesis of equal medians at the one percent level. Thus, we find a clear preference for a term structure model with ...
The Case for Dividend Growers in Volatile Markets
... Frequent trading of ETFs could significantly increase commissions and other costs such that they may offset any savings from low fees or costs. It is not possible to invest directly in an index. Index performance does not reflect charges and expenses associated with the fund or brokerage commissions ...
... Frequent trading of ETFs could significantly increase commissions and other costs such that they may offset any savings from low fees or costs. It is not possible to invest directly in an index. Index performance does not reflect charges and expenses associated with the fund or brokerage commissions ...
Off the Cliff and Back? Credit Conditions and ∗ Davin Chor
... than exports of less dependent industries, and this sensitivity rises during the financial crisis. These results are robust to controlling for countries’ overall level of development (GDP and GDP per capita), as well as the role of factor endowments as determinants of trade patterns. We also consid ...
... than exports of less dependent industries, and this sensitivity rises during the financial crisis. These results are robust to controlling for countries’ overall level of development (GDP and GDP per capita), as well as the role of factor endowments as determinants of trade patterns. We also consid ...
The Impact of Collateral
... improving optimization and building support for additional variables and scenario analysis capabilities. ...
... improving optimization and building support for additional variables and scenario analysis capabilities. ...
Oxera (2011) “Discount rates for low
... power plant were known. As such, and because the full impacts of the events are not yet clear, it has not been possible to assess what, if any, impact this natural disaster may have on risk perceptions or discount rates for nuclear power and other low-carbon generation technologies in the UK. A wide ...
... power plant were known. As such, and because the full impacts of the events are not yet clear, it has not been possible to assess what, if any, impact this natural disaster may have on risk perceptions or discount rates for nuclear power and other low-carbon generation technologies in the UK. A wide ...
Rural Finance in Nigeria
... backdrop—onto which the future for rural finance is to be painted. On the positive side, although it came at great cost and would not be efficient to reproduce, Nigeria’s rural finance policies and practices have left behind a respectable (but diminishing) rural branch network. Nigeria also has a hi ...
... backdrop—onto which the future for rural finance is to be painted. On the positive side, although it came at great cost and would not be efficient to reproduce, Nigeria’s rural finance policies and practices have left behind a respectable (but diminishing) rural branch network. Nigeria also has a hi ...
Time-Zone Arbitrage in Vanguard International
... decisions. They found, through high correlations between the return of the S&P and the international mutual funds next day returns, that almost every fund is vulnerable to stale pricing. They also compared the change in the NAV of the funds to the magnitude of the in/out money flow. This yielded an ...
... decisions. They found, through high correlations between the return of the S&P and the international mutual funds next day returns, that almost every fund is vulnerable to stale pricing. They also compared the change in the NAV of the funds to the magnitude of the in/out money flow. This yielded an ...
Middle East Insights - MEI-NUS
... for sukuk. In the beginning, a distinct sukuk accounting standard was issued in Indonesia because IFRS was based on discount or interest rates for the valuation, which is not in line with Islamic teaching. The problem of harmonization between Indonesia’s sukuk accounting standard and IFRS 9 occurs h ...
... for sukuk. In the beginning, a distinct sukuk accounting standard was issued in Indonesia because IFRS was based on discount or interest rates for the valuation, which is not in line with Islamic teaching. The problem of harmonization between Indonesia’s sukuk accounting standard and IFRS 9 occurs h ...
2016 Euro Commercial Paper Programme
... This information memorandum (together with any supplementary information memorandum and information incorporated herein by reference, the Information Memorandum) contains summary information provided by Banco Bilbao Vizcaya Argentaria, S.A. (BBVA or the Issuer) in connection with a euro-commercial p ...
... This information memorandum (together with any supplementary information memorandum and information incorporated herein by reference, the Information Memorandum) contains summary information provided by Banco Bilbao Vizcaya Argentaria, S.A. (BBVA or the Issuer) in connection with a euro-commercial p ...
Two Essays on Adverse Selection in Annuity Markets
... A fourth explanation is that in reality annuities may not be actuarially fair, in the sense that individuals are insufficiently compensated for their risk of dying. This may be due to administrative costs and taxes, or monopoly profits as a result of imperfect competition among annuity firms. The i ...
... A fourth explanation is that in reality annuities may not be actuarially fair, in the sense that individuals are insufficiently compensated for their risk of dying. This may be due to administrative costs and taxes, or monopoly profits as a result of imperfect competition among annuity firms. The i ...
Towards a framework for calibrating macroprudential leverage limits
... Negative externalities due to the build-up of excessive leverage give rise to systemic risk in the financial system. System-wide leverage becomes excessive when it makes economies prone to costly financial crises. Evidence shows that costly crises since the late 19th century have more often than not ...
... Negative externalities due to the build-up of excessive leverage give rise to systemic risk in the financial system. System-wide leverage becomes excessive when it makes economies prone to costly financial crises. Evidence shows that costly crises since the late 19th century have more often than not ...
ucits – past, present and future
... investor protection safeguard for unit trusts. This Act provided for the Board of Trade to approve unit trust schemes, and proscribed the public marketing of schemes other than authorised ones. So a parallel regime to the listing of investment companies was created. The power to approve unit trust s ...
... investor protection safeguard for unit trusts. This Act provided for the Board of Trade to approve unit trust schemes, and proscribed the public marketing of schemes other than authorised ones. So a parallel regime to the listing of investment companies was created. The power to approve unit trust s ...
Download attachment
... events (e.g. losses experienced by banks in the aftermath of nuclear tests, Losses due to a sudden down turn in economy or falling interest rates). Banks rely on their capital as a buffer to absorb such losses. ...
... events (e.g. losses experienced by banks in the aftermath of nuclear tests, Losses due to a sudden down turn in economy or falling interest rates). Banks rely on their capital as a buffer to absorb such losses. ...
Advance America Compared to All Other
... to usury limits on banks and traditional lenders there are in effect two markets for credit. In some circumstances banks may be better capable of serving the needs of short term borrowers. However, due to usury limits these borrowers have been shut out of the market and forced to seek services in th ...
... to usury limits on banks and traditional lenders there are in effect two markets for credit. In some circumstances banks may be better capable of serving the needs of short term borrowers. However, due to usury limits these borrowers have been shut out of the market and forced to seek services in th ...
Lobbying on Regulatory Enforcement Actions: Evidence from U.S.
... This version: March 3, 2017 Abstract This paper analyzes the relationship between bank lobbying and supervisory decisions of regulators, and documents its moral hazard implications. Exploiting bank-level information on the universe of commercial and savings banks in the United States, I find that re ...
... This version: March 3, 2017 Abstract This paper analyzes the relationship between bank lobbying and supervisory decisions of regulators, and documents its moral hazard implications. Exploiting bank-level information on the universe of commercial and savings banks in the United States, I find that re ...
Sustainable Withdrawal Rates From Your Retirement Portfolio
... Using the same Ibbotson Associates (1996) data, Cooley, Hubbard, and Walz (1998) extended Bengen’s work in several directions. They investigated the effects of a wide range of withdrawal rates (3 to 12%) on terminal values of portfolios through overlapping payout periods of 15, 20, 25, and 30 years. ...
... Using the same Ibbotson Associates (1996) data, Cooley, Hubbard, and Walz (1998) extended Bengen’s work in several directions. They investigated the effects of a wide range of withdrawal rates (3 to 12%) on terminal values of portfolios through overlapping payout periods of 15, 20, 25, and 30 years. ...
Friends Life Investment Bond Fund Guide
... Derivatives: Where a fund uses derivatives for investment purposes, there may be an increase in the risk and volatility of the fund. Some derivative investments also expose investors to counterparty or default risk where another party is unable to meet its obligations and pay what is due, which coul ...
... Derivatives: Where a fund uses derivatives for investment purposes, there may be an increase in the risk and volatility of the fund. Some derivative investments also expose investors to counterparty or default risk where another party is unable to meet its obligations and pay what is due, which coul ...
Turning a Blind Eye: Wall Street Finance of Predatory Lending
... loans originated in states that impose liability on assignees of predatory loans. In states with weak anti-predatory lending laws, screening is minimal or nonexistent. As we explain, securitization solves the lemons problem for investors without requiring the capital markets to screen out predatory ...
... loans originated in states that impose liability on assignees of predatory loans. In states with weak anti-predatory lending laws, screening is minimal or nonexistent. As we explain, securitization solves the lemons problem for investors without requiring the capital markets to screen out predatory ...
CEE Banking_May14.indd - Raiffeisen Bank International AG
... consequence, future income convergence in SEE will also be much slower. Nevertheless, the region has not yet fully exploited all of the economic benefits that EU integration offers and some room for catching up remains. Recent economic developments in some SEE countries have also shown that economic ...
... consequence, future income convergence in SEE will also be much slower. Nevertheless, the region has not yet fully exploited all of the economic benefits that EU integration offers and some room for catching up remains. Recent economic developments in some SEE countries have also shown that economic ...
Stock market performance and pension fund investment policy
... theory, covariance between asset classes are generally ignored resulting in suboptimal portfolios. ...
... theory, covariance between asset classes are generally ignored resulting in suboptimal portfolios. ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... futures, (e) over- the- counter derivatives such as interest- rate swaps and currency forwards, and (f) collateralized default swaps and other securities with asymmetric payoVs. To properly monitor leverage it is imperative to distinguish three numbers: leverage at origination on extant old loans, l ...
... futures, (e) over- the- counter derivatives such as interest- rate swaps and currency forwards, and (f) collateralized default swaps and other securities with asymmetric payoVs. To properly monitor leverage it is imperative to distinguish three numbers: leverage at origination on extant old loans, l ...
Macroeconomic impact assessment of OTC derivatives regulatory
... exposures, both through netting as central clearing becomes more widespread and through more comprehensive collateralisation. The Group estimates that in the central scenario this lowers the annual probability of a financial crisis propagated by OTC derivatives by 0.26 percentage points. With the pr ...
... exposures, both through netting as central clearing becomes more widespread and through more comprehensive collateralisation. The Group estimates that in the central scenario this lowers the annual probability of a financial crisis propagated by OTC derivatives by 0.26 percentage points. With the pr ...
FREE Sample Here - We can offer most test bank and
... 42) Bill is a public accountant auditing Expo Corporation. Based on information in Expo's confidential records, Bill recommends the purchase of Expo stock to his brother. A) Bill is involved in insider trading prohibited by the SEC. B) Bill's brother has no direct connection to Expo Corporation and ...
... 42) Bill is a public accountant auditing Expo Corporation. Based on information in Expo's confidential records, Bill recommends the purchase of Expo stock to his brother. A) Bill is involved in insider trading prohibited by the SEC. B) Bill's brother has no direct connection to Expo Corporation and ...
The Adequacy of Investment Choices Offered By 401(k) Plans Edwin
... likely to be the bulk of their financial assets, so that plan offerings are likely to severely restrict the portfolios they can hold. What choices should a corporation offer to plan participants? For those participants for whom 401(k) investments are their sole financial assets, the corporation shou ...
... likely to be the bulk of their financial assets, so that plan offerings are likely to severely restrict the portfolios they can hold. What choices should a corporation offer to plan participants? For those participants for whom 401(k) investments are their sole financial assets, the corporation shou ...