Lending-of-last-resort is as lending-of-last-resort does
... (2013) find evidence that European banks designed investment strategies from 20072012 based on the purchasing of peripheral bonds through short-term debt financing. They conclude that moral hazard played a key role, in particular for large banks with ample access to central bank funding. Several stu ...
... (2013) find evidence that European banks designed investment strategies from 20072012 based on the purchasing of peripheral bonds through short-term debt financing. They conclude that moral hazard played a key role, in particular for large banks with ample access to central bank funding. Several stu ...
Nordic High Yield Update
... around 30 oil and gas projects carrying total reserves of around 20bn barrels have been put on hold or cancelled. However, 2016 is not the turning point and we expect another negative year for offshore oil service fundamentals and bond prices, as we believe 2016 will be characterised by equity issue ...
... around 30 oil and gas projects carrying total reserves of around 20bn barrels have been put on hold or cancelled. However, 2016 is not the turning point and we expect another negative year for offshore oil service fundamentals and bond prices, as we believe 2016 will be characterised by equity issue ...
Download Dissertation
... The prevalence of non-zero bases and the rejection of cointegration between CDS premiums and bond yield spreads do not, in and of themselves, indicate a different price for credit risk. Pricing model shows that deeply discounted bond prices account for positive bases. The basis does remain, however, ...
... The prevalence of non-zero bases and the rejection of cointegration between CDS premiums and bond yield spreads do not, in and of themselves, indicate a different price for credit risk. Pricing model shows that deeply discounted bond prices account for positive bases. The basis does remain, however, ...
Introduction to Credit Risk Modeling, An
... need some additional assumption on the constituents of Formula (1. 1), for example, the assumption that EAD and LGD are constant values. This is not necessarily the case under all circumstances. There are various situations in which, for example, the EAD has to be modeled as a random variable due to ...
... need some additional assumption on the constituents of Formula (1. 1), for example, the assumption that EAD and LGD are constant values. This is not necessarily the case under all circumstances. There are various situations in which, for example, the EAD has to be modeled as a random variable due to ...
Fixed Income Analysis: Securities, Pricing, and Risk
... 10.2 Basic assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229 10.3 Bond price dynamics and the drift restriction . . . . . . . . . . . . . . . . . . . . . 231 10.4 Three well-known special cases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233 10.4.1 ...
... 10.2 Basic assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229 10.3 Bond price dynamics and the drift restriction . . . . . . . . . . . . . . . . . . . . . 231 10.4 Three well-known special cases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233 10.4.1 ...
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
... Refer to our 2016 Form 10-K for a description of major accounting policies. There have been no significant changes to these accounting policies during the first six months of fiscal year 2017 other than those detailed in Note 2, New Accounting Guidance. Certain prior year information has been reclas ...
... Refer to our 2016 Form 10-K for a description of major accounting policies. There have been no significant changes to these accounting policies during the first six months of fiscal year 2017 other than those detailed in Note 2, New Accounting Guidance. Certain prior year information has been reclas ...
CITIGROUP`S 2007 ANNUAL REPORT ON FORM 10-K
... We are currently conducting business reviews through all of our franchises. The possible outcomes from these reviews include the focus on establishing stability for our Company; repositioning of low-return, non-strategic assets that do not support our growth strategy; redirection of capital to highe ...
... We are currently conducting business reviews through all of our franchises. The possible outcomes from these reviews include the focus on establishing stability for our Company; repositioning of low-return, non-strategic assets that do not support our growth strategy; redirection of capital to highe ...
macquarie infrastructure company llc
... In light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward-looking statements. The forward-looking events discussed in this report may not occur. These forward-looking statements are made as of the date of this report. We undertake no obligation to pub ...
... In light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward-looking statements. The forward-looking events discussed in this report may not occur. These forward-looking statements are made as of the date of this report. We undertake no obligation to pub ...
Stylized Facts for Business Cycles in Turkey Harun ALP Yusuf Soner BAŞKAYA
... consider the fact that business cycles in developing countries are shorter and the long-term trend is more volatile than those observed in developed economies, which requires us to modify the filtering techniques used in standard practices for developed countries3. Following one of the most common p ...
... consider the fact that business cycles in developing countries are shorter and the long-term trend is more volatile than those observed in developed economies, which requires us to modify the filtering techniques used in standard practices for developed countries3. Following one of the most common p ...
Credit Suisse AGM analysis and voting recommendations
... While Ethos welcomes the chairman's decision to voluntarily reduce his 2016 fees (for the third consecutive year), Ethos considers that the normal level of remuneration of the chairman of the board, the chairs of the key committees and members of the board at Credit Suisse is too high compared to in ...
... While Ethos welcomes the chairman's decision to voluntarily reduce his 2016 fees (for the third consecutive year), Ethos considers that the normal level of remuneration of the chairman of the board, the chairs of the key committees and members of the board at Credit Suisse is too high compared to in ...
The Micro Textbook with Calculus - Stand
... that individuals are selfish or greedy; their objectives may well involve friends or family, or people they’ve never met, or even plants and animals. Economics also does not make value judgments about different types of individuals; for example, economists do not say that people who avoid risk are b ...
... that individuals are selfish or greedy; their objectives may well involve friends or family, or people they’ve never met, or even plants and animals. Economics also does not make value judgments about different types of individuals; for example, economists do not say that people who avoid risk are b ...
NELNET INC
... Nelnet, Inc. (the “Company”) provides educational services in loan servicing, payment processing, education planning, and asset management. These products and services help students and families plan, prepare, and pay for their education and make the administrative and financial processes more effic ...
... Nelnet, Inc. (the “Company”) provides educational services in loan servicing, payment processing, education planning, and asset management. These products and services help students and families plan, prepare, and pay for their education and make the administrative and financial processes more effic ...
Assessment Study of Microfinance Market in Moldova
... The first SCAs were established in 1997; there are now about 400 licensed SCAs with a total of nearly 135,000 members5. Intended largely as rural finance providers, most SCAs are located in villages and are limited by law to serving clients within a specified village or raion (depending on license t ...
... The first SCAs were established in 1997; there are now about 400 licensed SCAs with a total of nearly 135,000 members5. Intended largely as rural finance providers, most SCAs are located in villages and are limited by law to serving clients within a specified village or raion (depending on license t ...
The Treasury Bill Auction and the When-Issued
... using intra-day when-issued data. He assesses the impact of prorationing4 on profitability for different trading schemes.5 He also finds that aggressiveness of bidding at auctions is partially reflected in the when-issued prices before the auction results are released. In contrast to Simon’s approac ...
... using intra-day when-issued data. He assesses the impact of prorationing4 on profitability for different trading schemes.5 He also finds that aggressiveness of bidding at auctions is partially reflected in the when-issued prices before the auction results are released. In contrast to Simon’s approac ...
Financial Intermediation as a Beliefs
... In short, contemporary theories predict that Þnancial intermediation should decline with advances in information technology. Yet, Þnancial intermediaries continue to thrive in informationally-advanced economies like the U.S. Moreover, the current theories also predict that Þnancial intermediaries wo ...
... In short, contemporary theories predict that Þnancial intermediation should decline with advances in information technology. Yet, Þnancial intermediaries continue to thrive in informationally-advanced economies like the U.S. Moreover, the current theories also predict that Þnancial intermediaries wo ...
Anno Stolper: The Appeal of Risky Assets
... We find that if the costs of being fired are sufficiently large in relation to the share of the realized return, there exists no equilibrium in which no fund manager invests in the risky asset. If there exists a symmetric3 equilibrium in pure strategies, low-ability fund managers, at least, invest i ...
... We find that if the costs of being fired are sufficiently large in relation to the share of the realized return, there exists no equilibrium in which no fund manager invests in the risky asset. If there exists a symmetric3 equilibrium in pure strategies, low-ability fund managers, at least, invest i ...
NBER WORKING PAPER SERIES Jesús Fernández-Villaverde
... in macroeconomics, starting with Kydland and Prescott (1982), who took their productivity shocks as exogenous, then to Mendoza (1995), who did the same with his terms of trade shocks, or Neumeyer and Perri (2005), who consider country spread shocks as given. Part of the reason is that an exogenous p ...
... in macroeconomics, starting with Kydland and Prescott (1982), who took their productivity shocks as exogenous, then to Mendoza (1995), who did the same with his terms of trade shocks, or Neumeyer and Perri (2005), who consider country spread shocks as given. Part of the reason is that an exogenous p ...
General Principles for Credit Reporting
... also plays the role of international standard setter in this space. Credit reporting systems are very important in today’s financial system. Creditors consider information held by these systems a primary factor when they evaluate the creditworthiness of data subjects and monitor the credit circumsta ...
... also plays the role of international standard setter in this space. Credit reporting systems are very important in today’s financial system. Creditors consider information held by these systems a primary factor when they evaluate the creditworthiness of data subjects and monitor the credit circumsta ...
Credit Suisse Global Investment Returns Yearbook 2013
... maturity premium to compensate investors for the volatility of long-bond returns, for inflation and real interest rate risk, and to reflect transient factors like liability-driven demand and flights to quality. We measure the maturity premium as the difference between the returns on long bonds and T ...
... maturity premium to compensate investors for the volatility of long-bond returns, for inflation and real interest rate risk, and to reflect transient factors like liability-driven demand and flights to quality. We measure the maturity premium as the difference between the returns on long bonds and T ...
Exercises in Recursive Macroeconomic Theory
... for our consumer. He knows that one of the two preceding Markov processes generates the data, but not which one. He assigns equal “prior probability” to the two chains. Suppose that the 10 successive observations on consumption are as follows: 1, 1, 1, 1, 1, 1, 1, 1, 1, 1. Compute the likehood of th ...
... for our consumer. He knows that one of the two preceding Markov processes generates the data, but not which one. He assigns equal “prior probability” to the two chains. Suppose that the 10 successive observations on consumption are as follows: 1, 1, 1, 1, 1, 1, 1, 1, 1, 1. Compute the likehood of th ...
Filed pursuant to Rule 424(b)(5) Registration No. 333
... Our credit ratings are an assessment of our ability to pay our obligations as they become due. Consequently, real or anticipated changes in our credit ratings may affect the trading value of the notes. However, because your return on the notes depends upon factors in addition to our ability to pay o ...
... Our credit ratings are an assessment of our ability to pay our obligations as they become due. Consequently, real or anticipated changes in our credit ratings may affect the trading value of the notes. However, because your return on the notes depends upon factors in addition to our ability to pay o ...
HOW STOCKBROKERS COULD REDUCE THEIR
... Return Delivery Slip. The broker making the delivery inserts and is paid the current market price of the stock involved. The brokers nomrnl Settlement Statement will list all outstanding deliveries to Broker 88 and the amount involved. Broker 88 will hold, as a consequence, unknown quantities of scr ...
... Return Delivery Slip. The broker making the delivery inserts and is paid the current market price of the stock involved. The brokers nomrnl Settlement Statement will list all outstanding deliveries to Broker 88 and the amount involved. Broker 88 will hold, as a consequence, unknown quantities of scr ...
Liquidity Hoarding - Federal Reserve Bank of New York
... sensitive to borrower risk, mean borrowing amounts remained stable on aggregate. They argue that it is likely that the market did not expand to meet additional demand for funds, which is consistent with our result on rationing in the interbank market when demand for liquidity is high. Ivashina and S ...
... sensitive to borrower risk, mean borrowing amounts remained stable on aggregate. They argue that it is likely that the market did not expand to meet additional demand for funds, which is consistent with our result on rationing in the interbank market when demand for liquidity is high. Ivashina and S ...
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.