The determinants of long-term debt issuance by European banks
... contrast, long-term wholesale debt funding, such as banks’ issuance of mediumterm notes (MTN) and bonds, has remained largely outside the scope of analysis. At the same time, long-term debt is an important source of funding. For example, the share of debt securities (excluding securitisations) with ...
... contrast, long-term wholesale debt funding, such as banks’ issuance of mediumterm notes (MTN) and bonds, has remained largely outside the scope of analysis. At the same time, long-term debt is an important source of funding. For example, the share of debt securities (excluding securitisations) with ...
Pacer ETFs Crosses $1 Billion Threshold
... Before investing you should carefully consider the Fund’s investment objectives, risks, charges, and expenses. This and other information is in the prospectus. A copy may be obtained by visiting www.paceretfs.com or calling 1-877-337-0500. Please read the prospectus carefully before investing. An in ...
... Before investing you should carefully consider the Fund’s investment objectives, risks, charges, and expenses. This and other information is in the prospectus. A copy may be obtained by visiting www.paceretfs.com or calling 1-877-337-0500. Please read the prospectus carefully before investing. An in ...
Adverse Selection, Liquidity, and Market Breakdown
... The equilibrium price of the risky asset is equal to the lesser of two amounts: the discounted value of ...
... The equilibrium price of the risky asset is equal to the lesser of two amounts: the discounted value of ...
Filed Pursuant to Rule 424(b)(2) Registration Statement No. 333
... In addition, if at any time MLPF&S were to cease acting as a market-maker for the notes, it is likely that there would be significantly less liquidity in the secondary market. In such a case, the price at which the notes could be sold likely would be lower than if an active market existed. Many econ ...
... In addition, if at any time MLPF&S were to cease acting as a market-maker for the notes, it is likely that there would be significantly less liquidity in the secondary market. In such a case, the price at which the notes could be sold likely would be lower than if an active market existed. Many econ ...
Only banks By - Federal Reserve Bank of Chicago
... their own investment and production activities, but also via spillover effects from competitors, suppliers, customers, universities, or government. This point argues for an experience measure that is broader than accumulated production; this study uses accumulated time as a proxy for a bank’s stock ...
... their own investment and production activities, but also via spillover effects from competitors, suppliers, customers, universities, or government. This point argues for an experience measure that is broader than accumulated production; this study uses accumulated time as a proxy for a bank’s stock ...
The Dark Side of Bank Wholesale Funding
... retail deposits (Feldman and Schmidt, 2001). The funding shortage is caused by intense competition for household savings from mutual funds, life insurance products, etc., and by the rapid growth in lending opportunities. In response, banks tap into wholesale markets to attract liquidity surpluses of ...
... retail deposits (Feldman and Schmidt, 2001). The funding shortage is caused by intense competition for household savings from mutual funds, life insurance products, etc., and by the rapid growth in lending opportunities. In response, banks tap into wholesale markets to attract liquidity surpluses of ...
DETERMINANTS OF PREMIUMS PAID IN EUROPEAN BANKING
... geographical area where the M&A was carried out and by the moment when it took place, as Cheng, Gup and Wall (1989) remark. This fact means the results of works performed cannot be applied to any country or institution. On the one hand, the works performed focus on the analysis of the transactions c ...
... geographical area where the M&A was carried out and by the moment when it took place, as Cheng, Gup and Wall (1989) remark. This fact means the results of works performed cannot be applied to any country or institution. On the one hand, the works performed focus on the analysis of the transactions c ...
NBER WORKING PAPER SERIES INTERNATIONAL RESERVES MANAGEMENT AND THE CURRENT ACCOUNT
... countries, and the financial crises of the 1990s focused attention on the growing exposure to sudden stops and on reversals in flows of capital.2 In such a world, financial markets may force an adjustment well before flows of commercial trade would adjust, shifting the focus to exposure to financial ...
... countries, and the financial crises of the 1990s focused attention on the growing exposure to sudden stops and on reversals in flows of capital.2 In such a world, financial markets may force an adjustment well before flows of commercial trade would adjust, shifting the focus to exposure to financial ...
Financial Intermediation and Capital Reallocation
... typically found in the asset pricing literature (see, for example, Campbell and Shiller (1988), and more recently, Lettau and Ludvigson (forthcoming).) Nevertheless, the model matches well the macroeconomic moments in the United States and produces a volatility of aggregate output of 3.6% from the c ...
... typically found in the asset pricing literature (see, for example, Campbell and Shiller (1988), and more recently, Lettau and Ludvigson (forthcoming).) Nevertheless, the model matches well the macroeconomic moments in the United States and produces a volatility of aggregate output of 3.6% from the c ...
Liquidity Hoarding - Federal Reserve Bank of New York
... of the interbank market. As early as the fall of 2007, following the collapse of the market for asset backed commercial paper in Europe, banks reported an inability to borrow in the interbank market resulting in record high levels of borrowing rates. Furthermore, markets for sale and repurchase agre ...
... of the interbank market. As early as the fall of 2007, following the collapse of the market for asset backed commercial paper in Europe, banks reported an inability to borrow in the interbank market resulting in record high levels of borrowing rates. Furthermore, markets for sale and repurchase agre ...
Report of the High-level Expert Group on reforming the structure of
... furthermore held a public consultation of stakeholders, the responses to which are published together with this report. In evaluating the European banking sector, the Group has found that no particular business model fared particularly well, or particularly poorly, in the financial crisis. Rather, t ...
... furthermore held a public consultation of stakeholders, the responses to which are published together with this report. In evaluating the European banking sector, the Group has found that no particular business model fared particularly well, or particularly poorly, in the financial crisis. Rather, t ...
Impact of Dividend Policy on Value
... dominance of one of the firms over the other. If one firm dominates the other, who would buy the dominated firm, or who would hold it? Clearly, no one. Hence, V1(T–1) = V2(T–1) . Suppose at some date τ, V1(τ) = V2(τ) , then, by the same argument (with "τ" replacing "T"), we have that V1(τ–1) = V2(τ– ...
... dominance of one of the firms over the other. If one firm dominates the other, who would buy the dominated firm, or who would hold it? Clearly, no one. Hence, V1(T–1) = V2(T–1) . Suppose at some date τ, V1(τ) = V2(τ) , then, by the same argument (with "τ" replacing "T"), we have that V1(τ–1) = V2(τ– ...
ISS research paper template
... research Paper. I would like also to acknowledge the contribution of my second supervisor Prof. Peter Van Bergeijk for his valuable comments, and his guidance. I am also grateful to Dr. Jan van Heemst (ECD convenor), and Marja Zubli (ECD administrator) for their advice, support and encouragement thr ...
... research Paper. I would like also to acknowledge the contribution of my second supervisor Prof. Peter Van Bergeijk for his valuable comments, and his guidance. I am also grateful to Dr. Jan van Heemst (ECD convenor), and Marja Zubli (ECD administrator) for their advice, support and encouragement thr ...
Principles of Economics, Case and Fair,9e
... desired policy into effect once economists and policy makers recognize that the economy is in a boom or a slump. Fiscal policy takes some time to start.. A majority of each house plus the president must agree there is a problem and then agree on what should be done about it. Monetary policy is decid ...
... desired policy into effect once economists and policy makers recognize that the economy is in a boom or a slump. Fiscal policy takes some time to start.. A majority of each house plus the president must agree there is a problem and then agree on what should be done about it. Monetary policy is decid ...
report - Standard Chartered Bank
... Conventional measures of money supply are calculated by simply adding together the components, ranging from currency and demand deposits in M1, time deposits and money market funds in M2 and instruments such as CDs, commercial paper and short-term debt securities for broader measures such as M3 and ...
... Conventional measures of money supply are calculated by simply adding together the components, ranging from currency and demand deposits in M1, time deposits and money market funds in M2 and instruments such as CDs, commercial paper and short-term debt securities for broader measures such as M3 and ...
Confronting Financial Crisis: Dodd
... Either way, the result makes a financial crisis more likely. Second, capital suppliers will reduce their investment in the financial sector, even during periods of financial stability. This is likely to increase the cost of debt and could reduce economic growth. In other words, we are better off if ...
... Either way, the result makes a financial crisis more likely. Second, capital suppliers will reduce their investment in the financial sector, even during periods of financial stability. This is likely to increase the cost of debt and could reduce economic growth. In other words, we are better off if ...
Financial Crises and the Composition of Cross-Border Lending
... syndicated loan deals, we estimate the stock of outstanding cross-border syndicated loans at the lender-borrower country-pair level using the same aggregation criteria as the BIS IBS. We also make several other adjustments to obtain estimates of cross-border SLEs that are comparable to the BIS loan ...
... syndicated loan deals, we estimate the stock of outstanding cross-border syndicated loans at the lender-borrower country-pair level using the same aggregation criteria as the BIS IBS. We also make several other adjustments to obtain estimates of cross-border SLEs that are comparable to the BIS loan ...
Chapter 27 Risk Management and Financial Engineering
... Hedging marketwide sources of risk, on the other hand, does not seem to provide any real service other than reduced volatility. In addition, this risk reduction is costly in terms of the resources required to implement an effective risk-management program. There are direct costs associated with hedg ...
... Hedging marketwide sources of risk, on the other hand, does not seem to provide any real service other than reduced volatility. In addition, this risk reduction is costly in terms of the resources required to implement an effective risk-management program. There are direct costs associated with hedg ...
westpac`s response to the final report of the financial system inquiry
... An example of a phased approach to retirement income could be: o Phase 1 to focus on the delivery of a flexible income stream of 65-70% income replacement (with access to capital) from retirement age up to mean mortality age (the ‘active stage’); and o Phase 2 to focus on a stable or guaranteed inco ...
... An example of a phased approach to retirement income could be: o Phase 1 to focus on the delivery of a flexible income stream of 65-70% income replacement (with access to capital) from retirement age up to mean mortality age (the ‘active stage’); and o Phase 2 to focus on a stable or guaranteed inco ...
Sample Glossary of Investment-Related Terms for
... Benchmark: An unmanaged group of securities whose performance is used as a standard to measure investment performance. Some well-known benchmarks are the Dow Jones Industrial Average and the S&P 500 Index. Bond: A debt security which represents the borrowing of money by a corporation, government, or ...
... Benchmark: An unmanaged group of securities whose performance is used as a standard to measure investment performance. Some well-known benchmarks are the Dow Jones Industrial Average and the S&P 500 Index. Bond: A debt security which represents the borrowing of money by a corporation, government, or ...
Margin-based Asset Pricing and Deviations from the Law of One Price
... rates and raising Sharpe ratios of risky securities, especially for high-margin securities. Such a funding-liquidity crisis gives rise to “bases,” that is, price gaps between securities with identical cash-flows but different margins. In the time series, bases depend on the shadow cost of capital, w ...
... rates and raising Sharpe ratios of risky securities, especially for high-margin securities. Such a funding-liquidity crisis gives rise to “bases,” that is, price gaps between securities with identical cash-flows but different margins. In the time series, bases depend on the shadow cost of capital, w ...
How to Establish an Alternative Investment Fund in
... It should be noted however, that, where the relevant AIFM is an EU entity, the process for approval of a RIAIF or a QIAIF is predicated on the AIFM having been authorised by the Central Bank, a process which can take between 3 to 6 months. In respect of QIAIFs only, the AIFM may be a “registered” or ...
... It should be noted however, that, where the relevant AIFM is an EU entity, the process for approval of a RIAIF or a QIAIF is predicated on the AIFM having been authorised by the Central Bank, a process which can take between 3 to 6 months. In respect of QIAIFs only, the AIFM may be a “registered” or ...
Impact of the U.S subprime crises on MENA stock markets: new
... countries. To this effect, they used stock indices daily returns of these markets observed for the period from the January 3rd 2006 to February 26th 2010. They concluded that during the subprime crisis, contagion is strong between the US and the developed and emerging countries. More specifically, t ...
... countries. To this effect, they used stock indices daily returns of these markets observed for the period from the January 3rd 2006 to February 26th 2010. They concluded that during the subprime crisis, contagion is strong between the US and the developed and emerging countries. More specifically, t ...
0.1 Front matter.PM
... product of human intelligence and society, comprehensible with a little effort, and maybe even transformable with a little more. In a soundbite, the U.S. financial system performs dismally at its advertised task, that of efficiently directing society’s savings towards their optimal investment pursui ...
... product of human intelligence and society, comprehensible with a little effort, and maybe even transformable with a little more. In a soundbite, the U.S. financial system performs dismally at its advertised task, that of efficiently directing society’s savings towards their optimal investment pursui ...