Banking fragility and distress: An econometric study of
... developed a dynamic credit cycle model. In a theoretical study utilizing the debt deflation model in the banking sector, von Peter (2004) shows that a shock can set the asset prices of the non-bank corporation sector in such a decline that, in an extreme case, can cause loss of banks’ capital. This ...
... developed a dynamic credit cycle model. In a theoretical study utilizing the debt deflation model in the banking sector, von Peter (2004) shows that a shock can set the asset prices of the non-bank corporation sector in such a decline that, in an extreme case, can cause loss of banks’ capital. This ...
Passthrough Efficiency in the Fed`s New Monetary Policy Setting
... various institutional forms of market segmentation. Pozsar (2016a) maps the complex set of institutional arrangements by which specific groups of market participants are blocked from direct trade with each other, so that funding must flow by relatively intricate and restricted channels from ultimate ...
... various institutional forms of market segmentation. Pozsar (2016a) maps the complex set of institutional arrangements by which specific groups of market participants are blocked from direct trade with each other, so that funding must flow by relatively intricate and restricted channels from ultimate ...
SMEs and Bank Lending Relationships: the Impact of Mergers
... The structure of the Belgian banking market, where large banks were important in granting loans to small firms even before the mergers, might suggest that other studies' findings of stronger merger effects for small firms than for large firms will not hold for our analysis. In addition, the fact tha ...
... The structure of the Belgian banking market, where large banks were important in granting loans to small firms even before the mergers, might suggest that other studies' findings of stronger merger effects for small firms than for large firms will not hold for our analysis. In addition, the fact tha ...
S2AV: A valuation methodology for insurance companies
... valuation methodology focuses on these metrics. However, we note that there may be additional constraints on distribution of surplus, which are discussed later. Our basic goal has been to develop a methodology which measures value as the net present value of future expected distributable profits at ...
... valuation methodology focuses on these metrics. However, we note that there may be additional constraints on distribution of surplus, which are discussed later. Our basic goal has been to develop a methodology which measures value as the net present value of future expected distributable profits at ...
ExamView - CH 28 sample test questions.tst
... d. makes it easier to use money as a standard of account. e. makes money function less well as a store of value. ____ 61. During an inflation, a household with savings of $100,000 a. gains because inflation increases the value of their savings. b. loses because the inflation increases the after-tax ...
... d. makes it easier to use money as a standard of account. e. makes money function less well as a store of value. ____ 61. During an inflation, a household with savings of $100,000 a. gains because inflation increases the value of their savings. b. loses because the inflation increases the after-tax ...
Lally - The dividend growth model
... CEG also test whether a model that allows different expected market costs of equity over different future time periods is compatible with the AER’s estimated cost of equity capital over the next 10 years (8.98%) by rerunning the example shown above with the AER’s market cost of equity for the next 1 ...
... CEG also test whether a model that allows different expected market costs of equity over different future time periods is compatible with the AER’s estimated cost of equity capital over the next 10 years (8.98%) by rerunning the example shown above with the AER’s market cost of equity for the next 1 ...
Financial Stability Report - November 2016
... The current size of public sector indebtedness is also a significant vulnerability in the Portuguese economy, aggravated by the fact that public debt (as a percentage of GDP) has continued to increase in the latest period (Chart 2). It is therefore essential to maintain a fiscal consolidation trajec ...
... The current size of public sector indebtedness is also a significant vulnerability in the Portuguese economy, aggravated by the fact that public debt (as a percentage of GDP) has continued to increase in the latest period (Chart 2). It is therefore essential to maintain a fiscal consolidation trajec ...
2017 10K - The York Water Company
... The forward-looking statements in this Annual Report reflect what the Company currently anticipates will happen. What actually happens could differ materially from what it currently anticipates will happen. The Company does not intend to make a public announcement when forward-looking statements in ...
... The forward-looking statements in this Annual Report reflect what the Company currently anticipates will happen. What actually happens could differ materially from what it currently anticipates will happen. The Company does not intend to make a public announcement when forward-looking statements in ...
Information Acquisition vs. Liquidity in Financial Markets
... the problem of provision of incentives for information acquisition and loan screening is only relevant for asset classes with liquid secondary markets and high securitization levels. Given these inefficiencies, I characterize the optimal mechanism that is obtained when the bank and the market can co ...
... the problem of provision of incentives for information acquisition and loan screening is only relevant for asset classes with liquid secondary markets and high securitization levels. Given these inefficiencies, I characterize the optimal mechanism that is obtained when the bank and the market can co ...
2003 Report as a word document
... Guide Dogs operates a defined benefit pension scheme in the UK. The assets of the scheme are held in trust administered funds. The pension cost relating to the scheme is assessed in accordance with the advice of a qualified independent actuary using a market-based valuation method. The pension cost ...
... Guide Dogs operates a defined benefit pension scheme in the UK. The assets of the scheme are held in trust administered funds. The pension cost relating to the scheme is assessed in accordance with the advice of a qualified independent actuary using a market-based valuation method. The pension cost ...
How to Access Trade Finance: A guide for exporting SMEs
... in the movement of goods between producer and consumer markets, and is threatening to stall the trading system. When banks are extremely risk-averse, small- and medium-sized enterprises (SMEs) are likely to be more affected than larger ones. With banks allowing a lower amount for loans, SMEs, normal ...
... in the movement of goods between producer and consumer markets, and is threatening to stall the trading system. When banks are extremely risk-averse, small- and medium-sized enterprises (SMEs) are likely to be more affected than larger ones. With banks allowing a lower amount for loans, SMEs, normal ...
High-Level Results
... 3. What are the top three external concerns facing your corporation? Reverse scale & weighted by the number of respondents (Higher number = greater weighted importance) ...
... 3. What are the top three external concerns facing your corporation? Reverse scale & weighted by the number of respondents (Higher number = greater weighted importance) ...
Forward Guidance in the Yield Curve: Short Rates versus Bond Supply
... Within a week, yields of ten-year government bonds had increased by 21 basis points. On June 19, 2013, bond yields increased further following a Federal Reserve press conference, as markets feared an end to the Fed’s balance-sheet expansion. Figure 1 shows the evolution of the zero-coupon Treasury y ...
... Within a week, yields of ten-year government bonds had increased by 21 basis points. On June 19, 2013, bond yields increased further following a Federal Reserve press conference, as markets feared an end to the Fed’s balance-sheet expansion. Figure 1 shows the evolution of the zero-coupon Treasury y ...
EXIDE TECHNOLOGIES
... 9, 2014), LIBOR plus 4.00% per annum and (ii) thereafter, LIBOR plus 4.50% per annum, (b) the fees payable for unused revolving commitments shall be increased to (i) with respect to such fees payable on or prior to December 31, 2014 (retroactive to October 9, 2014), 1.00% per annum and (ii) thereaft ...
... 9, 2014), LIBOR plus 4.00% per annum and (ii) thereafter, LIBOR plus 4.50% per annum, (b) the fees payable for unused revolving commitments shall be increased to (i) with respect to such fees payable on or prior to December 31, 2014 (retroactive to October 9, 2014), 1.00% per annum and (ii) thereaft ...
The Existence of Corporate Bond Clawbacks
... is possible that once the project has been “revealed”, bondholder’s benefit at the expense of stockholders, as they receive above average rates of interest although the risk has been revealed to be much lower than anticipated. This expropriation of wealth by bondholders reduces the benefits that flo ...
... is possible that once the project has been “revealed”, bondholder’s benefit at the expense of stockholders, as they receive above average rates of interest although the risk has been revealed to be much lower than anticipated. This expropriation of wealth by bondholders reduces the benefits that flo ...
Slide 1 - JRDeLisle
... Intermediaries will raise capital but struggle to deploy Infrastructure not in place to deal with sheer volume of deals ...
... Intermediaries will raise capital but struggle to deploy Infrastructure not in place to deal with sheer volume of deals ...
"Sarbanes-Oxley" For Credit Rating Agencies?
... auditors and credit rating agencies in exchange for evaluations. Additionally, both pre-Sarbanes-Oxley auditors and credit rating agencies market ancillary services to their audit and credit rating clients, respectively. These conditions create the potential for conflicts of interest. In 2002, Congr ...
... auditors and credit rating agencies in exchange for evaluations. Additionally, both pre-Sarbanes-Oxley auditors and credit rating agencies market ancillary services to their audit and credit rating clients, respectively. These conditions create the potential for conflicts of interest. In 2002, Congr ...
Risk and Valuation of Collateral Debt Obligations
... the underlying assets are floating-rate NationsBank loans rated BBB or BB. Any fixedrate loans were hedged, in terms of interest rate risk, by fixed-to-floating interest-rate swaps. As predicted by theory, the majority of the (unrated) lowest tranche was retained. Our valuation model does not deal d ...
... the underlying assets are floating-rate NationsBank loans rated BBB or BB. Any fixedrate loans were hedged, in terms of interest rate risk, by fixed-to-floating interest-rate swaps. As predicted by theory, the majority of the (unrated) lowest tranche was retained. Our valuation model does not deal d ...
Market Matters EUR and USD Credit Spreads
... performance is not a reliable indicator of future results. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units. Commissions and costs have a negative impact on performance. If the currency of a financial product or financial servic ...
... performance is not a reliable indicator of future results. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units. Commissions and costs have a negative impact on performance. If the currency of a financial product or financial servic ...
Repo Regret? - The University of Chicago Booth School of Business
... BAPCPA. This culminated in an increase in ex-post default rate by about 2.24% relative to a control group. IMCs operate using an originate-to-distribute (OTD) model of lending wherein they originate mortgages and sell them off for securitization (see Engel and McCoy (2011)). Unlike banks, IMCs do no ...
... BAPCPA. This culminated in an increase in ex-post default rate by about 2.24% relative to a control group. IMCs operate using an originate-to-distribute (OTD) model of lending wherein they originate mortgages and sell them off for securitization (see Engel and McCoy (2011)). Unlike banks, IMCs do no ...
Sovereign CDS and Bond Pricing Dynamics in the Euro-area
... markets. For these countries, the CDS market reacts relatively more quickly to changes in credit conditions. For the remaining two sovereigns in the sample, we observe a one-way credit risk pricing dynamic where information is essentially revealed in the CDS market, and the cash market adjusts to el ...
... markets. For these countries, the CDS market reacts relatively more quickly to changes in credit conditions. For the remaining two sovereigns in the sample, we observe a one-way credit risk pricing dynamic where information is essentially revealed in the CDS market, and the cash market adjusts to el ...
Money Management
... the transaction/sale. This form of debit card instantaneously reflects the transaction in the user’s account, therefore preventing overdraws. Offline debit cards are more like credit cards, offered by large credit companies such as Visa or MasterCard through a participating bank. However, these card ...
... the transaction/sale. This form of debit card instantaneously reflects the transaction in the user’s account, therefore preventing overdraws. Offline debit cards are more like credit cards, offered by large credit companies such as Visa or MasterCard through a participating bank. However, these card ...
0001193125-14-167598 - Town Sports International Holdings, Inc.
... The terms of the 2013 Senior Credit Facility provide for a financial covenant in the situation where the utilization of the revolving loan commitments (other than letters of credit up to $5,500 at any time outstanding) exceeds 25% of the commitment. In such event, TSI, LLC is required to maintain a ...
... The terms of the 2013 Senior Credit Facility provide for a financial covenant in the situation where the utilization of the revolving loan commitments (other than letters of credit up to $5,500 at any time outstanding) exceeds 25% of the commitment. In such event, TSI, LLC is required to maintain a ...
ESG integration in high yield portfolios
... a conscience by threatening to take their business elsewhere if they don’t. One recent study highlighted this trend after finding that 85% of consumers would switch from an existing brand to one associated with a social cause. Perhaps more telling, two-thirds of consumers, led by the increasingly re ...
... a conscience by threatening to take their business elsewhere if they don’t. One recent study highlighted this trend after finding that 85% of consumers would switch from an existing brand to one associated with a social cause. Perhaps more telling, two-thirds of consumers, led by the increasingly re ...
re-prioritizing priority sector lending in india
... objectives more effectively. Chapter 1 summarizes the economic literature on the rationale, forms, and advantages and disadvantages of directed credit, and the experience of five countries with directed credit programs. Chapter 2 describes India’s PSL guidelines and the characteristics of different ...
... objectives more effectively. Chapter 1 summarizes the economic literature on the rationale, forms, and advantages and disadvantages of directed credit, and the experience of five countries with directed credit programs. Chapter 2 describes India’s PSL guidelines and the characteristics of different ...
Credit rationing
Credit rationing refers to the situation where lenders limit the supply of additional credit to borrowers who demand funds, even if the latter are willing to pay higher interest rates. It is an example of market imperfection, or market failure, as the price mechanism fails to bring about equilibrium in the market. It should not be confused with cases where credit is simply ""too expensive"" for some borrowers, that is, situations where the interest rate is deemed too high. On the contrary, the borrower would like to acquire the funds at the current rates, and the imperfection refers to the absence of equilibrium in spite of willing borrowers. In other words, at the prevailing market interest rate, demand exceeds supply, but lenders are not willing to either loan more funds, or raise the interest rate charged, as they are already maximising profits.