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The pari passu clause in sovereign debt instruments
... obligation."); Lee C. Buchheit, The Pari Passu Clause Sub Specie Aeternitatis, INT'L FIN. L. REV., Dec. 1991. at 11, 12 ("[h1f a sovereign borrower intends as a practical matter to discriminate among its creditors in terms of payments, the pari passu undertaking will at least prevent the sovereign f ...
... obligation."); Lee C. Buchheit, The Pari Passu Clause Sub Specie Aeternitatis, INT'L FIN. L. REV., Dec. 1991. at 11, 12 ("[h1f a sovereign borrower intends as a practical matter to discriminate among its creditors in terms of payments, the pari passu undertaking will at least prevent the sovereign f ...
DOC - Investors
... the fourth quarter of 2000. Due to excess capacity and demand-induced product mix changes, coupled with overall decreased product demand and higher customer inventory levels, gross margins decreased from 31.6% in 2000 to 14.9% in 2001. The Company expects gross margin pressure to continue until such ...
... the fourth quarter of 2000. Due to excess capacity and demand-induced product mix changes, coupled with overall decreased product demand and higher customer inventory levels, gross margins decreased from 31.6% in 2000 to 14.9% in 2001. The Company expects gross margin pressure to continue until such ...
PDF Basics of Fannie Mae Single
... timely payment of principal and interest to the investor, whether or not there is sufficient cash flow from the underlying group of mortgages. Fannie Mae’s obligation under this guaranty is solely Fannie Mae’s and is not backed by the full faith and credit of the U.S. government. In general, mortga ...
... timely payment of principal and interest to the investor, whether or not there is sufficient cash flow from the underlying group of mortgages. Fannie Mae’s obligation under this guaranty is solely Fannie Mae’s and is not backed by the full faith and credit of the U.S. government. In general, mortga ...
NBER WORKING PAPER SERIES SYSTEMIC CRISES AND GROWTH Romain Ranciere Aaron Tornell
... Crises are costly. Widespread bankruptcies entail severe deadweight losses. Furthermore, the resultant collapse in internal funds depresses new credit and investment, hampering growth. Can systemic risk taking increase long-run growth by compensating for the effects of enforceability problems? Yes. I ...
... Crises are costly. Widespread bankruptcies entail severe deadweight losses. Furthermore, the resultant collapse in internal funds depresses new credit and investment, hampering growth. Can systemic risk taking increase long-run growth by compensating for the effects of enforceability problems? Yes. I ...
2016 Q4 Report - Home Capital Group
... Company communications. Forward-looking statements are made in connection with business objectives and targets, Company strategies, operations, anticipated financial results and the outlook for the Company, its industry, and the Canadian economy. These statements regarding expected future performanc ...
... Company communications. Forward-looking statements are made in connection with business objectives and targets, Company strategies, operations, anticipated financial results and the outlook for the Company, its industry, and the Canadian economy. These statements regarding expected future performanc ...
Rating Symbols and Definitions
... single consolidated legal entity structure. CFRs are generally employed for speculative grade obligors, but may also be assigned to investment grade obligors. The CFR normally applies to all affiliates under the management control of the entity to which it is assigned. For financial institutions or ...
... single consolidated legal entity structure. CFRs are generally employed for speculative grade obligors, but may also be assigned to investment grade obligors. The CFR normally applies to all affiliates under the management control of the entity to which it is assigned. For financial institutions or ...
the guide to understanding deflation
... with that buyer’s, then the value of the asset falls, and it falls for everyone who owns it. If a million other people own it, then their net worth goes down even though they did nothing. Two investors made it happen by transacting, and the rest of the investors made it happen by choosing not to dis ...
... with that buyer’s, then the value of the asset falls, and it falls for everyone who owns it. If a million other people own it, then their net worth goes down even though they did nothing. Two investors made it happen by transacting, and the rest of the investors made it happen by choosing not to dis ...
Equilibrium interest rate and liquidity premium under
... a decreasing stream of lal)or income over their lifetimes. In addition they can invest in long-term assets ...
... a decreasing stream of lal)or income over their lifetimes. In addition they can invest in long-term assets ...
In Short Supply: Short‐Sellers and Stock Returns
... lending market, we also examine the consequences and the determinants of short supply. The fact that firms’ specialness portends lower future returns is well known. We build on this insight by demonstrating the importance of supply and demand variables, after conditioning on specialness. In ad ...
... lending market, we also examine the consequences and the determinants of short supply. The fact that firms’ specialness portends lower future returns is well known. We build on this insight by demonstrating the importance of supply and demand variables, after conditioning on specialness. In ad ...
Options on Fed funds futures and interst rate volatity
... conclude that the documented effect is not driven by options expiration phenomena. The final strand of the literature questions the reliability of the listing effects documented in earlier studies. For example, Bolen (1998) and Freund, McCann, and Webb (1994) claim that since options are introduced ...
... conclude that the documented effect is not driven by options expiration phenomena. The final strand of the literature questions the reliability of the listing effects documented in earlier studies. For example, Bolen (1998) and Freund, McCann, and Webb (1994) claim that since options are introduced ...
FORM 10-Q - Vanguard Natural Resources LLC
... “may,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “continue,” or other similar words. These statements discuss future expectations, contain projections of results of operations or of financial condition or state other “forward-looking” information. We and our representatives may from t ...
... “may,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “continue,” or other similar words. These statements discuss future expectations, contain projections of results of operations or of financial condition or state other “forward-looking” information. We and our representatives may from t ...
The Researches on the Financing Difficulties and Improved Method
... in the financing difficulties of SMEs. On the other hand, although SMEs can gain the loan, the interest rate is higher. As the deepening of the revolution of financial institution, banking sectors pay more and more attention on the credit risk. There is a current of intensives of credit authority. P ...
... in the financing difficulties of SMEs. On the other hand, although SMEs can gain the loan, the interest rate is higher. As the deepening of the revolution of financial institution, banking sectors pay more and more attention on the credit risk. There is a current of intensives of credit authority. P ...
Explaining Credit Default Swap Spreads with Equity Volatility and
... suggests that realized variance measures from high frequency data provide a more accurate measure of short-term volatility (Andersen et al., 2001; Barndorff-Nielsen and Shephard, 2002; Meddahi, 2002). Furthermore, the continuous and jump contributions can be separated by comparing the difference bet ...
... suggests that realized variance measures from high frequency data provide a more accurate measure of short-term volatility (Andersen et al., 2001; Barndorff-Nielsen and Shephard, 2002; Meddahi, 2002). Furthermore, the continuous and jump contributions can be separated by comparing the difference bet ...
simmons first national corp
... Decrease in due from banks - time Purchases of premises and equipment, net Proceeds from sale of foreclosed assets held for sale Proceeds from sale of foreclosed assets held for sale, covered by FDIC loss share Proceeds from sale of available-for-sale securities Proceeds from maturities of available ...
... Decrease in due from banks - time Purchases of premises and equipment, net Proceeds from sale of foreclosed assets held for sale Proceeds from sale of foreclosed assets held for sale, covered by FDIC loss share Proceeds from sale of available-for-sale securities Proceeds from maturities of available ...
COLLEGE STUDENTS AND CREDIT CARD USE: THE EFFECT OF
... future. Also, the college student lifestyle offers many opportunities to use credit cards – both as a convenience and as a short term loan – for things such as emergency car repair, a weekend trip, and internet purchases. Expansion of the credit card market to college students has led to credit card ...
... future. Also, the college student lifestyle offers many opportunities to use credit cards – both as a convenience and as a short term loan – for things such as emergency car repair, a weekend trip, and internet purchases. Expansion of the credit card market to college students has led to credit card ...
ACI Dealing Certificate syllabus
... However, since ‘there is no free lunch in finance’, money creation must have some disadvantages too. The first and most important disadvantage is the fact that money creation causes liquidity risk. After all, the bank’s clients are allowed to withdraw the money that is booked on their current accoun ...
... However, since ‘there is no free lunch in finance’, money creation must have some disadvantages too. The first and most important disadvantage is the fact that money creation causes liquidity risk. After all, the bank’s clients are allowed to withdraw the money that is booked on their current accoun ...
Rural Finance in Nigeria
... feature underpinning persistent limited rural access (2 percent) is the lack of a financial system approach. The financial systems approach views initiatives in rural finance as part of the larger financial system. Viewing it this way necessarily implies financial viability of the rural financial se ...
... feature underpinning persistent limited rural access (2 percent) is the lack of a financial system approach. The financial systems approach views initiatives in rural finance as part of the larger financial system. Viewing it this way necessarily implies financial viability of the rural financial se ...
5. The impact of real interest rates in the euro area
... structural factors played a role and whether a more homogeneous monetary transmission mechanism limited the role of national real interest rates. The latter could be related to the role of persisting nominal (non-policy) interest rate differentials across euro-area countries. Moreover, questions ari ...
... structural factors played a role and whether a more homogeneous monetary transmission mechanism limited the role of national real interest rates. The latter could be related to the role of persisting nominal (non-policy) interest rate differentials across euro-area countries. Moreover, questions ari ...
Lecture 1
... Alternatively, we can use the implicitly defined ‘current account function’, since at the autarky interest rate, CA1 = 0: CA1 (r A , Y1 , Y2 ) = 0 If r A > r , then future consumption is cheaper under autarky in our country compared to the rest of the world. We will import current consumption and ex ...
... Alternatively, we can use the implicitly defined ‘current account function’, since at the autarky interest rate, CA1 = 0: CA1 (r A , Y1 , Y2 ) = 0 If r A > r , then future consumption is cheaper under autarky in our country compared to the rest of the world. We will import current consumption and ex ...
interest rates - EESC European Economic and Social Committee
... 2. The Bank shall not grant any reduction in interest rates. Where a reduction in the interest rate appears desirable in view of the nature of the investment to be financed, the Member State concerned or some other agency may grant aid towards the payment of interest to the extent that this is compa ...
... 2. The Bank shall not grant any reduction in interest rates. Where a reduction in the interest rate appears desirable in view of the nature of the investment to be financed, the Member State concerned or some other agency may grant aid towards the payment of interest to the extent that this is compa ...
Valuation of a CDO and an n to Default CDS Without Monte Carlo
... holders of this tranche are responsible for any credit losses. The creator of the CDO normally retains tranche 1 and sells the remaining tranches in the market. The CDO in Figure 1 is referred to as a cash CDO. An alternative structure is a synthetic CDO where the creator of the CDO sells a portfol ...
... holders of this tranche are responsible for any credit losses. The creator of the CDO normally retains tranche 1 and sells the remaining tranches in the market. The CDO in Figure 1 is referred to as a cash CDO. An alternative structure is a synthetic CDO where the creator of the CDO sells a portfol ...
Expected Returns, Yield Spreads, and Asset Pricing Tests
... asset pricing theories that do not require using realized returns have a much higher payoff than any additional development of statistical tests that continue to rely on realized returns as a proxy for expected returns.” (p. 1200) As most findings in the empirical asset pricing literature were estab ...
... asset pricing theories that do not require using realized returns have a much higher payoff than any additional development of statistical tests that continue to rely on realized returns as a proxy for expected returns.” (p. 1200) As most findings in the empirical asset pricing literature were estab ...
Subprime Lending, Suboptimal Bankruptcy: A Proposal to Amend
... in financial security caused by subprime mortgage lending and rising foreclosure rates has taken its toll on borrowers, their families, and the communities in which they live. The high cost of subprime credit is making it increasingly difficult for subprime borrowers to make ends meet. Stretched to ...
... in financial security caused by subprime mortgage lending and rising foreclosure rates has taken its toll on borrowers, their families, and the communities in which they live. The high cost of subprime credit is making it increasingly difficult for subprime borrowers to make ends meet. Stretched to ...
Pulling the Trigger: Default Option Exercise over the Business Cycle*
... entered into 60-‐day delinquency1 As is well established in the mortgage pricing literature, mortgage default is importantly driven by such factors as homeowner negative equity (see, e.g., ...
... entered into 60-‐day delinquency1 As is well established in the mortgage pricing literature, mortgage default is importantly driven by such factors as homeowner negative equity (see, e.g., ...
Credit rationing
![](https://commons.wikimedia.org/wiki/Special:FilePath/Loanablefunds.png?width=300)
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.