NBER WORKING PAPER SERIES THE LIMITS OF FINANCIAL GLOBALIZATION René M. Stulz
... Savings and investment: Feldstein and Horioka (1980) showed that savings and investment levels were very close for most countries. Their finding gave birth to the Feldstein-Horioka puzzle. As investors diversify internationally, a country’s saving, which depends on income and wealth, and a country’ ...
... Savings and investment: Feldstein and Horioka (1980) showed that savings and investment levels were very close for most countries. Their finding gave birth to the Feldstein-Horioka puzzle. As investors diversify internationally, a country’s saving, which depends on income and wealth, and a country’ ...
The To-Be-Announced (TBA) Market: a Primer
... For the largest most liquid parts of the TBA market, there are thousands of individual pools that can be delivered into a TBA sale to make good delivery. Since the seller has the option to deliver any pools that fit the original Agency, coupon, and amortization schedule stipulations, it is in the be ...
... For the largest most liquid parts of the TBA market, there are thousands of individual pools that can be delivered into a TBA sale to make good delivery. Since the seller has the option to deliver any pools that fit the original Agency, coupon, and amortization schedule stipulations, it is in the be ...
summary note
... might, under the national legislation of Malta, have to bear the costs of translating the Prospectus before legal proceedings are initiated; and Civil liability attaches only to those persons who have tabled the summary including any translation thereof, and who applied for its notification, but onl ...
... might, under the national legislation of Malta, have to bear the costs of translating the Prospectus before legal proceedings are initiated; and Civil liability attaches only to those persons who have tabled the summary including any translation thereof, and who applied for its notification, but onl ...
Investor Scale and Performance in Private Equity Investments
... invested capital (including new investments). Performance based on NAVs will understate performance when a program first begins. Lacking fund level data, we cannot control directly for vintage years effects or breakdown returns separately for venture and buyout fund programs. Given these data limit ...
... invested capital (including new investments). Performance based on NAVs will understate performance when a program first begins. Lacking fund level data, we cannot control directly for vintage years effects or breakdown returns separately for venture and buyout fund programs. Given these data limit ...
Small Business Lending Matrix and Analysis
... the adjusted $30.7 billion FRANdata estimated for 2012, reflecting economic growth and strengthened banks’ balance sheets. At the same time, however, banks will only be willing to provide a total of $23.9 billion in lending to new and existing franchisees. Even though this represents a nearly 10 per ...
... the adjusted $30.7 billion FRANdata estimated for 2012, reflecting economic growth and strengthened banks’ balance sheets. At the same time, however, banks will only be willing to provide a total of $23.9 billion in lending to new and existing franchisees. Even though this represents a nearly 10 per ...
Equal opportunity rule vs. market rule in transfer of control - Hal-SHS
... insist on the importance of the prior private phase in the takeover process. They show that negotiation develops and that competition is stronger during this first phase than in the ensuing public phase of the bid. Considering a sample of 400 US takeovers, one-half of the target firms are auctioned ...
... insist on the importance of the prior private phase in the takeover process. They show that negotiation develops and that competition is stronger during this first phase than in the ensuing public phase of the bid. Considering a sample of 400 US takeovers, one-half of the target firms are auctioned ...
in Central, Eastern, and Southern European
... responses has been elusive. What is often required are difficult institutional changes and deep reforms that can threaten deeply rooted practices or vested interests, or have costs that are difficult to bear given the difficult fiscal situation in most CESEE countries. Instead, the focus has often b ...
... responses has been elusive. What is often required are difficult institutional changes and deep reforms that can threaten deeply rooted practices or vested interests, or have costs that are difficult to bear given the difficult fiscal situation in most CESEE countries. Instead, the focus has often b ...
The Determinants of Bank Capital Structure
... Banks are a distinct industry with a special function and features that should be taken in consideration when analysing their capital structure. Banks’ capital structure literature is normally separated from that of non-financial firms’. This is due to their ‘specialness’, their business models and ...
... Banks are a distinct industry with a special function and features that should be taken in consideration when analysing their capital structure. Banks’ capital structure literature is normally separated from that of non-financial firms’. This is due to their ‘specialness’, their business models and ...
Measuring Transaction Costs and Institutional Change in the U.S.
... then, we can think of transaction costs are the sum of the costs associated with engaging in exchange and contracting activities, which are distinct from the costs of production. While scholars seem to agree that the transaction cost concept is important and progress has been made in operationalizin ...
... then, we can think of transaction costs are the sum of the costs associated with engaging in exchange and contracting activities, which are distinct from the costs of production. While scholars seem to agree that the transaction cost concept is important and progress has been made in operationalizin ...
Active bond-fund excess returns: Is it alpha . . . or beta?
... fail to pay interest and principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. While U.S. Treasury or governmentagency securities provide substantial protection against credit risk, they do not protect in ...
... fail to pay interest and principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. While U.S. Treasury or governmentagency securities provide substantial protection against credit risk, they do not protect in ...
Primary Market Design: Direct Mechanisms And Markets
... employ bookbuilding methods to solicit indications of interest from investors. Like auctions, bookbuilding procedures can be interpreted as mechanisms designed to obtain information directly from investors, albeit with implicit rather than explicit pricing and allocation rules.1 Primary markets vary ...
... employ bookbuilding methods to solicit indications of interest from investors. Like auctions, bookbuilding procedures can be interpreted as mechanisms designed to obtain information directly from investors, albeit with implicit rather than explicit pricing and allocation rules.1 Primary markets vary ...
Directive on Alternative Investment Fund Managers
... We recognise that the aggregate activity of hedge funds could cause risk to financial stability, and so welcome the aspects of the Directive that attempt to reduce risk posed by fund managers. We think that coordinated regulation and supervision of managers at EU level will be beneficial to the sing ...
... We recognise that the aggregate activity of hedge funds could cause risk to financial stability, and so welcome the aspects of the Directive that attempt to reduce risk posed by fund managers. We think that coordinated regulation and supervision of managers at EU level will be beneficial to the sing ...
Annual Financial Statements and Combined
... emphasis on growing our trade finance business and international payments, supported by the ProCredit Bank in Germany and the centralised settlement function it provides. With regard to private clients, the ProCredit group concentrates on the stable deposits from private individuals connected to ou ...
... emphasis on growing our trade finance business and international payments, supported by the ProCredit Bank in Germany and the centralised settlement function it provides. With regard to private clients, the ProCredit group concentrates on the stable deposits from private individuals connected to ou ...
Amendment to Policy Directions notified by GNCTD on 31.05.02
... Conclusion on Multiyear Tariff Proposal The Commission found that “ multiyear tariff setting principles” is an issue that merits consideration, it is not the mature stage for fixation of multiyear tariff principles. “Appreciating the sprit behind the proposal for multi year tariff the Commission sh ...
... Conclusion on Multiyear Tariff Proposal The Commission found that “ multiyear tariff setting principles” is an issue that merits consideration, it is not the mature stage for fixation of multiyear tariff principles. “Appreciating the sprit behind the proposal for multi year tariff the Commission sh ...
ETF Trading and Execution in the European MarketsPDF
... Premiums/Discounts and Why They Occur In some cases, a differential between the trading price and fair value of an ETF may arise. This discrepancy is known as a premium or discount in the fund. In the example of the ETF above, one variable that may serve as an impediment to keeping an ETF’s market p ...
... Premiums/Discounts and Why They Occur In some cases, a differential between the trading price and fair value of an ETF may arise. This discrepancy is known as a premium or discount in the fund. In the example of the ETF above, one variable that may serve as an impediment to keeping an ETF’s market p ...
The equity premium
... such a way that, ex ante, the loss in marginal utility incurred by sacrificing current consumption and buying an asset at a certain price is equal to the expected gain in marginal utility contingent on the anticipated increase in consumption when the asset pays off in the future. The operative conce ...
... such a way that, ex ante, the loss in marginal utility incurred by sacrificing current consumption and buying an asset at a certain price is equal to the expected gain in marginal utility contingent on the anticipated increase in consumption when the asset pays off in the future. The operative conce ...
Wells Fargo/BlackRock Short-Term Investment Fund Disclosure
... more price volatility as a result of interest rate changes than those with shorter maturities. Interest rate risk does not affect the interest paid by debt instruments unless it is specifically designed to pay an adjustable rate. Issuer risk. The value of a security may decline for a number of reaso ...
... more price volatility as a result of interest rate changes than those with shorter maturities. Interest rate risk does not affect the interest paid by debt instruments unless it is specifically designed to pay an adjustable rate. Issuer risk. The value of a security may decline for a number of reaso ...
Reporting Form ARF 210 Liquidity Instruction Guide
... Haircuts for HQLA1 and HQLA2 are pre-defined in this section in accordance with the requirements of APS 210 Attachment A paragraphs 8 and 9. Margins as defined by the RBA for CLF eligible securities are to be incorporated into the reported balance in column 1. No values are to be reported in this co ...
... Haircuts for HQLA1 and HQLA2 are pre-defined in this section in accordance with the requirements of APS 210 Attachment A paragraphs 8 and 9. Margins as defined by the RBA for CLF eligible securities are to be incorporated into the reported balance in column 1. No values are to be reported in this co ...
Regulatory Sanctions and Reputational Damage in Financial Markets
... either non-existent or perverse where the misconduct afflicts third parties. In these cases fines are the only effective sanction, and need to be substantially greater than they are at present if they are to have the same overall level of deterrence associated with second party wrongs. This paper th ...
... either non-existent or perverse where the misconduct afflicts third parties. In these cases fines are the only effective sanction, and need to be substantially greater than they are at present if they are to have the same overall level of deterrence associated with second party wrongs. This paper th ...
Building Sub-national Debt Markets in Developing and
... Section A: Principal-agent relationships between central government, subnational entities, and lenders 10. Sub-national debt markets are characterized by a number of specific agency problems. The first agency problem is that of hidden action, in which sub-national borrowers as agents may have an in ...
... Section A: Principal-agent relationships between central government, subnational entities, and lenders 10. Sub-national debt markets are characterized by a number of specific agency problems. The first agency problem is that of hidden action, in which sub-national borrowers as agents may have an in ...
EFFECT OF BEHAVIOURAL BIASES ON INVESTMENT DECISIONS
... For a long time everybody thought that traditional finance theory is accurate because it states that investors think rationally and make deliberate decisions, based on various estimations or using economic models. However after a number of investigations, it was noticed that human decisions often de ...
... For a long time everybody thought that traditional finance theory is accurate because it states that investors think rationally and make deliberate decisions, based on various estimations or using economic models. However after a number of investigations, it was noticed that human decisions often de ...
understanding mortgage market behavior: creating good mortgage
... The research reported in this study was funded by The Ford Foundation. We would like to acknowledge the staff of the Joint Center for Housing Studies of Harvard University for their support. © 2007 President and Fellows of Harvard College. All rights reserved. Short sections of text, not to exceed t ...
... The research reported in this study was funded by The Ford Foundation. We would like to acknowledge the staff of the Joint Center for Housing Studies of Harvard University for their support. © 2007 President and Fellows of Harvard College. All rights reserved. Short sections of text, not to exceed t ...
Financial Institutions Instruments and Markets, 5th Edition
... 41. When a large company issues a financial instrument into the financial markets: A. funds flow indirectly from saver to borrower. B. the cost of funds is generally higher owing to the risk involved. C. it buys a financial claim. D. it sells a financial claim. 42. Secondary markets: A. allow borrow ...
... 41. When a large company issues a financial instrument into the financial markets: A. funds flow indirectly from saver to borrower. B. the cost of funds is generally higher owing to the risk involved. C. it buys a financial claim. D. it sells a financial claim. 42. Secondary markets: A. allow borrow ...