Stock Market Liquidity and the Cost of Issuing Equity
... during regular trading hours. We follow Weston (2000) in filtering the TAQ data for errors. Specifically, we filter out quotations for which the ask is smaller than or equal to the bid price (crossed markets) or for which there is non-sequence warning flag on the Trades and Quotes (TAQ) database (st ...
... during regular trading hours. We follow Weston (2000) in filtering the TAQ data for errors. Specifically, we filter out quotations for which the ask is smaller than or equal to the bid price (crossed markets) or for which there is non-sequence warning flag on the Trades and Quotes (TAQ) database (st ...
The Demand for Short-Term, Safe Assets and Financial Stability
... shocks to the amount of public STSI, and the dynamic effects are stronger for financial instruments issued by institutions with the most flexibility to adjust to changing money premiums, namely, financial institutions. Second, we provide new evidence on the mechanism through which the supply of pub ...
... shocks to the amount of public STSI, and the dynamic effects are stronger for financial instruments issued by institutions with the most flexibility to adjust to changing money premiums, namely, financial institutions. Second, we provide new evidence on the mechanism through which the supply of pub ...
Bank Capital Methodology And Assumptions - A
... • Changed some of the weights we use to calculate RWA to align them more closely to the stress scenarios presented in Appendix IV of "Understanding Standard & Poor's Rating Definitions," published June 3, 2009; • Revised some of the data we use in the RACF and the risk weights we apply to improve gl ...
... • Changed some of the weights we use to calculate RWA to align them more closely to the stress scenarios presented in Appendix IV of "Understanding Standard & Poor's Rating Definitions," published June 3, 2009; • Revised some of the data we use in the RACF and the risk weights we apply to improve gl ...
PAVING THE WAY FOR A SUSTAINABLE RECOVERY PositiveMoney
... In Part 1 we briefly outline the causes of the financial crisis. We highlight the role played by banks and private debt, and discuss why monetary policy was largely ineffective at increasing aggregate demand. We consider the prospects for a sustainable recovery, given current economic conditions and ...
... In Part 1 we briefly outline the causes of the financial crisis. We highlight the role played by banks and private debt, and discuss why monetary policy was largely ineffective at increasing aggregate demand. We consider the prospects for a sustainable recovery, given current economic conditions and ...
Policies and Procedures
... outlined in the term sheet provided by 49SAF and corresponding legal documents. Other forms of collateral or credit enhancements, such as personal or corporate guarantees, letters of credit, etc., will be considered during applicant evaluation. 11. Transparency: Receiving investment from the 49SAF w ...
... outlined in the term sheet provided by 49SAF and corresponding legal documents. Other forms of collateral or credit enhancements, such as personal or corporate guarantees, letters of credit, etc., will be considered during applicant evaluation. 11. Transparency: Receiving investment from the 49SAF w ...
re-prioritizing priority sector lending in india
... Directed lending raises costs by way of loan losses, defaults, and payment delays which results in an increase in commercial banks’ NPAs. An NPA is an asset that ceases to generate any income for the lending bank. In directed lending programs, banks wield little power in allocating credit, and must ...
... Directed lending raises costs by way of loan losses, defaults, and payment delays which results in an increase in commercial banks’ NPAs. An NPA is an asset that ceases to generate any income for the lending bank. In directed lending programs, banks wield little power in allocating credit, and must ...
Bank of England Inflation Report May 2008
... prolonged slowdown in demand growth and from the impact of persistently elevated inflation on inflation expectations have both increased since the February Report. Overall, the balance of risks is presently judged to lie to the upside. Financial markets Financial markets remained under stress. The d ...
... prolonged slowdown in demand growth and from the impact of persistently elevated inflation on inflation expectations have both increased since the February Report. Overall, the balance of risks is presently judged to lie to the upside. Financial markets Financial markets remained under stress. The d ...
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... the shares of underperforming companies on a large scale may be detrimental for pension funds, because of their adverse impact on share prices. However, less liquid markets need not necessarily lead to more shareholder activism, since the gains from private information are reduced, as pension funds ...
... the shares of underperforming companies on a large scale may be detrimental for pension funds, because of their adverse impact on share prices. However, less liquid markets need not necessarily lead to more shareholder activism, since the gains from private information are reduced, as pension funds ...
Implementing Basel III capital reforms in Australia
... Although the new prudential standard will provide a prudential framework under which APRA will enforce these new requirements, the industry has already moved some way toward these better practices. The shift within industry is a result of multiple factors including regulatory, investor and rating a ...
... Although the new prudential standard will provide a prudential framework under which APRA will enforce these new requirements, the industry has already moved some way toward these better practices. The shift within industry is a result of multiple factors including regulatory, investor and rating a ...
INSTITUTE OF ECONOMIC STUDIES Faculty of social sciences of
... advantage in the fixed-rate market and relative disadvantage in the floating-rate market the A’s interest rate disadvantage is less in the floating-rate market Ö A has a relative advantage in the floating-rate market and relative disadvantage in the fixed-rate market both firms can gain from putting ...
... advantage in the fixed-rate market and relative disadvantage in the floating-rate market the A’s interest rate disadvantage is less in the floating-rate market Ö A has a relative advantage in the floating-rate market and relative disadvantage in the fixed-rate market both firms can gain from putting ...
Swaps - dedeklegacy.cz
... advantage in the fixed-rate market and relative disadvantage in the floating-rate market the A’s interest rate disadvantage is less in the floating-rate market A has a relative advantage in the floating-rate market and relative disadvantage in the fixed-rate market both firms can gain from putting ...
... advantage in the fixed-rate market and relative disadvantage in the floating-rate market the A’s interest rate disadvantage is less in the floating-rate market A has a relative advantage in the floating-rate market and relative disadvantage in the fixed-rate market both firms can gain from putting ...
Low Income Housing in Latin America
... guidance and assistance the borrower may use during construction. Each of these potential lenders operates under a different set of incentives and constraints. This paper will evaluate several Mexican institutions in each of these sectors with the goal of helping our client decide which are best pla ...
... guidance and assistance the borrower may use during construction. Each of these potential lenders operates under a different set of incentives and constraints. This paper will evaluate several Mexican institutions in each of these sectors with the goal of helping our client decide which are best pla ...
Determining Market Interest Rates
... wanted to borrow before are no longer interested in doing so because the cost of borrowing is higher. The price of bonds continues to fall until the excess supply of funds is eliminated. Equilibrium is restored at a price of P* $9091, or point E, at which the quantity demanded and quantity supplie ...
... wanted to borrow before are no longer interested in doing so because the cost of borrowing is higher. The price of bonds continues to fall until the excess supply of funds is eliminated. Equilibrium is restored at a price of P* $9091, or point E, at which the quantity demanded and quantity supplie ...
Enforcement Actions and Bank Loan Contracting
... interest rates than loans initiated before enforcement actions. The decreases in interest rates are significant for enforcement actions issued against both banks and management officials and are slightly more pronounced for severe enforcement actions. The results also suggest that other, non-price l ...
... interest rates than loans initiated before enforcement actions. The decreases in interest rates are significant for enforcement actions issued against both banks and management officials and are slightly more pronounced for severe enforcement actions. The results also suggest that other, non-price l ...
Chapter 8 - Mississippi State University, College of Business
... thus investors will require a return greater than the risk-free rate • Investors want to be compensated for the extra risk taken via a rate known as the risk premium (KRP) • The CAPM purports to explain how the risk premium in required rates of return are formed • The Security Market Line (SML) is t ...
... thus investors will require a return greater than the risk-free rate • Investors want to be compensated for the extra risk taken via a rate known as the risk premium (KRP) • The CAPM purports to explain how the risk premium in required rates of return are formed • The Security Market Line (SML) is t ...
The determinants of government bond yield spreads in
... spreads for the period between 2002 and 2013. Our analysis’ input to the existing literature can be summarized as follows: First, the specificity of our data timeframe, which offers a complete picture of the EMU sovereign debt crisis, permits to highlight the effects on yield spreads of various adju ...
... spreads for the period between 2002 and 2013. Our analysis’ input to the existing literature can be summarized as follows: First, the specificity of our data timeframe, which offers a complete picture of the EMU sovereign debt crisis, permits to highlight the effects on yield spreads of various adju ...
MCCM 3Q2016_Market Outlook.pub
... voyage be successful. There was huge risk in taking wooden ships across the ocean and when capital is put at risk, ...
... voyage be successful. There was huge risk in taking wooden ships across the ocean and when capital is put at risk, ...
Investment Policy - Rochester Area Community Foundation
... defined by the equity pool's strategic sector allocation, 20% fixed income as defined by the fixed income pool and 10% alternative investments as defined by the alternative investment pool. The Board of Directors and the Investment Committee believe that this asset allocation will maintain the purch ...
... defined by the equity pool's strategic sector allocation, 20% fixed income as defined by the fixed income pool and 10% alternative investments as defined by the alternative investment pool. The Board of Directors and the Investment Committee believe that this asset allocation will maintain the purch ...
EIB - EESC European Economic and Social Committee
... of monetary expansion policies is the indirect nature of their transfer to the real economy, which is achieved by injecting liquidity into the banking system, either through loans to financial institutions or acquisition of assets owned by those institutions. ...
... of monetary expansion policies is the indirect nature of their transfer to the real economy, which is achieved by injecting liquidity into the banking system, either through loans to financial institutions or acquisition of assets owned by those institutions. ...
how individual capital requirements affect capital
... changes in their capital holdings, but only 20% if they face a reduction. The results are different for building societies, where about 20% of either an increase or a decrease in capital requirements is transferred into capital ratios. Words: 5294. Key words: Banks, building societies, capital requi ...
... changes in their capital holdings, but only 20% if they face a reduction. The results are different for building societies, where about 20% of either an increase or a decrease in capital requirements is transferred into capital ratios. Words: 5294. Key words: Banks, building societies, capital requi ...
Country Spreads and Emerging Countries: Who Drives Whom?
... the interest rate would be interpreted as an exogenous innovation, and therefore part of the accompanying expansion would be erroneously attributed to a spread shock, when in reality it was entirely caused by a domestic improvement in productivity. Another important issue in understanding the macroe ...
... the interest rate would be interpreted as an exogenous innovation, and therefore part of the accompanying expansion would be erroneously attributed to a spread shock, when in reality it was entirely caused by a domestic improvement in productivity. Another important issue in understanding the macroe ...
Why Do Investment Banks Continue To Fail? By: Caroline Gieryn
... money it made from bond sales (McFerrin 6). Despite being a depository institution, the Bank of Tennessee was unique in that it had no individual deposit customers. Instead, it served exclusively as a depository for municipalities and companies financed by Caldwell and Company (Wicker 33). For all i ...
... money it made from bond sales (McFerrin 6). Despite being a depository institution, the Bank of Tennessee was unique in that it had no individual deposit customers. Instead, it served exclusively as a depository for municipalities and companies financed by Caldwell and Company (Wicker 33). For all i ...
Foreign bank presence and its effect on firm entry and
... Moreover, we find that the mode of foreign bank entry is crucial, because the negative impact is driven by virtual disappearance of domestic banks due to their acquisition by foreign investors. Interestingly, the entry of greenfield foreign banks has spurred firm creation in more opaque industries, ...
... Moreover, we find that the mode of foreign bank entry is crucial, because the negative impact is driven by virtual disappearance of domestic banks due to their acquisition by foreign investors. Interestingly, the entry of greenfield foreign banks has spurred firm creation in more opaque industries, ...
mutual fund strategy
... Money market funds invest in money market instruments, which are fixed income securities with a very short time to maturity and high credit quality. Investors often use money market funds as a substitute for bank savings accounts, though money market funds are not insured by the government, unlike b ...
... Money market funds invest in money market instruments, which are fixed income securities with a very short time to maturity and high credit quality. Investors often use money market funds as a substitute for bank savings accounts, though money market funds are not insured by the government, unlike b ...
Monitoring Matters: Debt Seniority, Market Discipline and Bank
... constrain risk taking, has been a cornerstone of the regulatory framework for many years. The concept of harnessing market forces for regulatory purposes has also received considerable attention in the literature (e.g., Flannery (2001)). The mechanism works as follows: Private investors, in particul ...
... constrain risk taking, has been a cornerstone of the regulatory framework for many years. The concept of harnessing market forces for regulatory purposes has also received considerable attention in the literature (e.g., Flannery (2001)). The mechanism works as follows: Private investors, in particul ...