Changes in the investor base for Emerging Market public debt: What
... EM local currency debt markets were also supported by the view that EM currencies will strengthen given EM’s growth differential with developed markets and their lower level of government debt. There is limited systematic information available that provides color on how institutional investors (pens ...
... EM local currency debt markets were also supported by the view that EM currencies will strengthen given EM’s growth differential with developed markets and their lower level of government debt. There is limited systematic information available that provides color on how institutional investors (pens ...
The Microstructure of Foreign Exchange Markets
... foreign exchange market, the near total inability to predict exchange rates at short horizons, the inability to explain exchange rate movements even ex post, and the volatility of exchange rates. Standard models have been unable to explain these phenomena satisfactorily. In particular, asset pricing ...
... foreign exchange market, the near total inability to predict exchange rates at short horizons, the inability to explain exchange rate movements even ex post, and the volatility of exchange rates. Standard models have been unable to explain these phenomena satisfactorily. In particular, asset pricing ...
Chapter 2: The Basics of Supply and Demand Elasticities of Supply
... taking a risk. For a risk averse person, the plot of utility vs income is upward sloping but with diminishing marginal utility. The risk premium is the difference in income between the expected value of a risky proposition and income associated with the point on the indifference curve with the same ...
... taking a risk. For a risk averse person, the plot of utility vs income is upward sloping but with diminishing marginal utility. The risk premium is the difference in income between the expected value of a risky proposition and income associated with the point on the indifference curve with the same ...
Bubbles
... good. Similarly, a bubble on a non-zero net supply asset cannot arise if the required return r exceeds the growth rate of the economy, since the bubble would outgrow the aggregate wealth in the economy. Hence, bubbles can only exist in a world in which the required return is lower than or equal to t ...
... good. Similarly, a bubble on a non-zero net supply asset cannot arise if the required return r exceeds the growth rate of the economy, since the bubble would outgrow the aggregate wealth in the economy. Hence, bubbles can only exist in a world in which the required return is lower than or equal to t ...
Rational Expectations Lecture
... Some economists have used this theoretical result to argue that markets are good at aggregating the information that traders have about the preferences of demanders and the technologies of suppliers. Other economists have argued there is limited investment in acquiring new information relevant to su ...
... Some economists have used this theoretical result to argue that markets are good at aggregating the information that traders have about the preferences of demanders and the technologies of suppliers. Other economists have argued there is limited investment in acquiring new information relevant to su ...
Lecture 3
... In early 2004, the management team judged that oil price would further decrease and began to heavily sell calls and buy puts: speculating! However, the Nymex oil futures contract increased to $55.17 per barrel on October 26 compared with just $34 at in early 2004: resulting a huge loss for CAO. ...
... In early 2004, the management team judged that oil price would further decrease and began to heavily sell calls and buy puts: speculating! However, the Nymex oil futures contract increased to $55.17 per barrel on October 26 compared with just $34 at in early 2004: resulting a huge loss for CAO. ...
Limit Orders and the Intraday Behavior of Market Liquidity
... expected gains from trading with liquidity traders exceeded the expected loss from trading with informed traders. However, his model does not endogenize the traders' choice between market and limit orders. Handa and Schwartz (1996) extend Glosten's analysis by examining the investors' rational choic ...
... expected gains from trading with liquidity traders exceeded the expected loss from trading with informed traders. However, his model does not endogenize the traders' choice between market and limit orders. Handa and Schwartz (1996) extend Glosten's analysis by examining the investors' rational choic ...
markets work in war
... cases, the sources have been written or spoken in order to support a particular cause and are therefore far from reflecting reality. In other cases, the authors of documents or interviews made a special effort to get themselves into a more prominent position, or put themselves in a more beneficial l ...
... cases, the sources have been written or spoken in order to support a particular cause and are therefore far from reflecting reality. In other cases, the authors of documents or interviews made a special effort to get themselves into a more prominent position, or put themselves in a more beneficial l ...
The Greek Letters
... HA: Required position in asset for delta hedging HF: Alternative required position in futures contracts for delta hedging ...
... HA: Required position in asset for delta hedging HF: Alternative required position in futures contracts for delta hedging ...
Conditional Correlation Between Oil and Stock Market
... indicators. Hamilton (1983) argues that almost all United States recessions since the World War II have been preceded by oil shocks. Schwert (1989) employed vector autoregressive model (VAR) using bond returns, growth rate of producer price index, and the monetary base, as relevant macroeconomic ind ...
... indicators. Hamilton (1983) argues that almost all United States recessions since the World War II have been preceded by oil shocks. Schwert (1989) employed vector autoregressive model (VAR) using bond returns, growth rate of producer price index, and the monetary base, as relevant macroeconomic ind ...
Transparency and Bypass in Electronic Financial
... such as the New York Stock Exchange (NYSE), today's extensive information dissemination means that traders can transact at prices verifiably as good as those on the established market. Generally, the alternative trading mechanisms have less overhead expense, and will offabr 1ower commissions and tra ...
... such as the New York Stock Exchange (NYSE), today's extensive information dissemination means that traders can transact at prices verifiably as good as those on the established market. Generally, the alternative trading mechanisms have less overhead expense, and will offabr 1ower commissions and tra ...
Vulnerability
... was $10.29 (twice that on print advertising to physicians and 7 times on print advertising to consumers). The pharmaceutical industries lobbying organization is the largest in the country. 9 out of 10 medical students have been asked or required to attend a pharmaceutical industry sales event. ...
... was $10.29 (twice that on print advertising to physicians and 7 times on print advertising to consumers). The pharmaceutical industries lobbying organization is the largest in the country. 9 out of 10 medical students have been asked or required to attend a pharmaceutical industry sales event. ...
SP92: The Equivalence of Screen Based Continuous-Auction and Dealer Markets
... There appears to be three differences between auction and dealer markets: (i) A dealer market has one or more intermediaries who quotes prices and take a position in the stock, whereas a continuous-auction market has no formally specified intermediary. On the other hand auction markets may feature t ...
... There appears to be three differences between auction and dealer markets: (i) A dealer market has one or more intermediaries who quotes prices and take a position in the stock, whereas a continuous-auction market has no formally specified intermediary. On the other hand auction markets may feature t ...
Download: Competition and Regulation: Micro-economic support for macro-economic recovery (pdf)
... endangering financial stability. This meant that an essential principle of competition – the exit of inefficient non-viable players from the market – was not operational. Member States were forced to rescue banks by injecting large amounts of State funds in order to prevent a financial meltdown. Fo ...
... endangering financial stability. This meant that an essential principle of competition – the exit of inefficient non-viable players from the market – was not operational. Member States were forced to rescue banks by injecting large amounts of State funds in order to prevent a financial meltdown. Fo ...
NARRATOR (DILLY BARLOW): This is the story of a brilliant
... NARRATOR: In 1968 Myron Scholes and his colleague Fisher Black set out to tackle the problem of options. MYRON SCHOLES: When I first discovered options I became very excited about the possibility that here was a contract that enabled you to only be able to take the upside of the returns and not the ...
... NARRATOR: In 1968 Myron Scholes and his colleague Fisher Black set out to tackle the problem of options. MYRON SCHOLES: When I first discovered options I became very excited about the possibility that here was a contract that enabled you to only be able to take the upside of the returns and not the ...
gmma relationships
... agreement on value - when they are close together - and when there is disagreement on value - when they are well spaced apart. The relationship between the two groups tells the trader about the strength of the market action. A change in price direction that is well supported by both short and long t ...
... agreement on value - when they are close together - and when there is disagreement on value - when they are well spaced apart. The relationship between the two groups tells the trader about the strength of the market action. A change in price direction that is well supported by both short and long t ...
Agenda Item 3b - Challenges faced by young and small
... a potential entry. Owing to weak financial markets, raising capital may be difficult, which could result in delay in entry, even if the capital requirement is not high in absolute terms. Further, information asymmetry also plays a crucial role when it comes to switching to a new player. This can be ...
... a potential entry. Owing to weak financial markets, raising capital may be difficult, which could result in delay in entry, even if the capital requirement is not high in absolute terms. Further, information asymmetry also plays a crucial role when it comes to switching to a new player. This can be ...
Does Pre-trade Transparency Affect the Market Quality in an Order
... inference of the true stock value. Second, each trader must change their optimal strategy in accordance with changes of other traders’ optimal strategies. Consequently, a new equilibrium is realized after the change of disclosure rules. Mixed evidence pertains to the effect of change for disclosure ...
... inference of the true stock value. Second, each trader must change their optimal strategy in accordance with changes of other traders’ optimal strategies. Consequently, a new equilibrium is realized after the change of disclosure rules. Mixed evidence pertains to the effect of change for disclosure ...
Trade Scheduling in Equity Markets: Theory and Practice
... Stocks with higher bid-ask spreads tend to be more expensive to trade Volatile stocks tend to be more expensive to trade than stocks that stay in tight trading ranges Similar stocks in different countries and on different exchanges within a country may be more or less expensive, depending on e ...
... Stocks with higher bid-ask spreads tend to be more expensive to trade Volatile stocks tend to be more expensive to trade than stocks that stay in tight trading ranges Similar stocks in different countries and on different exchanges within a country may be more or less expensive, depending on e ...
Market Effeciency
... There is sufficient statistical evidence that Sharpe’s CAPM and mean-variance analysis adequately explains the inherent risks of non-traditional investments It is the aim of the research study to show that H0 is indeed true. ...
... There is sufficient statistical evidence that Sharpe’s CAPM and mean-variance analysis adequately explains the inherent risks of non-traditional investments It is the aim of the research study to show that H0 is indeed true. ...
Determinants of stock-bond market comovement in the Eurozone
... positive correlation before and after the monetary union as well as evidence of the flight-toquality phenomenon. A more recent study from Perego and Vermeulen (2016) focuses on the Euro-zone asset markets and provides evidence on the importance of macroeconomic factors on stocks, bonds and stock-bon ...
... positive correlation before and after the monetary union as well as evidence of the flight-toquality phenomenon. A more recent study from Perego and Vermeulen (2016) focuses on the Euro-zone asset markets and provides evidence on the importance of macroeconomic factors on stocks, bonds and stock-bon ...
Securities Regulation
... • Insiders should not gain personal benefit • Investors should have equal access ...
... • Insiders should not gain personal benefit • Investors should have equal access ...
Top margin 1
... - "take-home" ice cream (sold via food retailers to private households) in France and Germany; - ice cream manufactured for secondary brands in Germany. The Commission's investigations into the "impulse" ice-cream market revealed that the merger would not lead to any significant change in the situat ...
... - "take-home" ice cream (sold via food retailers to private households) in France and Germany; - ice cream manufactured for secondary brands in Germany. The Commission's investigations into the "impulse" ice-cream market revealed that the merger would not lead to any significant change in the situat ...
Emerging Derivative Markets
... OTC Gross market value 3% [1%] ; FX swaps 13% [5%] Public banks very active in D ; 85% unrelated to loans 15% institutional investors ; tax incentives for D trading Questions on legal and counterparty risk ; 14% ø netting Questions on exchange margins ; trading collars ; cushions Page 13 ...
... OTC Gross market value 3% [1%] ; FX swaps 13% [5%] Public banks very active in D ; 85% unrelated to loans 15% institutional investors ; tax incentives for D trading Questions on legal and counterparty risk ; 14% ø netting Questions on exchange margins ; trading collars ; cushions Page 13 ...
Retail participation in many stock markets has risen
... status as a global financial centre. The Financial Services Authority seeks to achieve a balance by, among other things, recognising the responsibility of consumers for their investment choices, and subjecting new regulatory ...
... status as a global financial centre. The Financial Services Authority seeks to achieve a balance by, among other things, recognising the responsibility of consumers for their investment choices, and subjecting new regulatory ...