Efficiency and Distortions in a Production Economy with
... across states, generates volatility of consumption and wealth at the individual level (see Yan 2008, and Fedyk, Heyerdahl-Larsen, and Walden 2013). Speculation also affects asset price dynamics, increasing trading volume and price volatility, and potentially leading to mispricing (see Kubler and Schm ...
... across states, generates volatility of consumption and wealth at the individual level (see Yan 2008, and Fedyk, Heyerdahl-Larsen, and Walden 2013). Speculation also affects asset price dynamics, increasing trading volume and price volatility, and potentially leading to mispricing (see Kubler and Schm ...
How Homeowners Choose between Fixed and Adjustable Rate
... decision. Decision makers are bounded by the availability of information the market provides through its general media and judging this information by its representativeness. From that perspective, the change in short term interest rates is available for mortgage borrowers and can be representative ...
... decision. Decision makers are bounded by the availability of information the market provides through its general media and judging this information by its representativeness. From that perspective, the change in short term interest rates is available for mortgage borrowers and can be representative ...
Concentration risks in financial market infrastructures – the
... However, current regulation does not adequately deal with general systemic risks to the financial system as a whole resulting from concentration among CCPs. In the meantime, regulation could be enhanced in order to adequately take concentration risks into consideration. The default funds of CCPs tha ...
... However, current regulation does not adequately deal with general systemic risks to the financial system as a whole resulting from concentration among CCPs. In the meantime, regulation could be enhanced in order to adequately take concentration risks into consideration. The default funds of CCPs tha ...
Price-Level Accounting, Full Disclosure, and Rule 10b-5
... when, with pricing based on replacement cost and accounting of cost of goods sold based on a first in, first out method,' 3 earnings surged with "inventory" profits. Often profit levels would quickly fall to more normal levels in subsequent periods when statements would reflect substantially higher ...
... when, with pricing based on replacement cost and accounting of cost of goods sold based on a first in, first out method,' 3 earnings surged with "inventory" profits. Often profit levels would quickly fall to more normal levels in subsequent periods when statements would reflect substantially higher ...
NBER WORKING PAPER SERIES ON THE HIDDEN LINKS BETWEEN Joshua Aizenman
... positive association between the two. In order to evaluate the statistical significance of these linkages, I apply a panel regression methodology. Table 1 presents the regressions, where the dependent variable is the change in financial openness. The explanatory variables are changes in trade openne ...
... positive association between the two. In order to evaluate the statistical significance of these linkages, I apply a panel regression methodology. Table 1 presents the regressions, where the dependent variable is the change in financial openness. The explanatory variables are changes in trade openne ...
![The Use of Financial Accounts in Assessing Financial Stability[1]](http://s1.studyres.com/store/data/021047713_1-aafed391479db698c5f5ae679c369a1e-300x300.png)
“The modeling of equilibrium of the reinsurance markets in Germany
... tion of peculiarities of reinsurance markets functioning in different countries with the goal of their further comparison and the formation of specific characteristics and stability intervals of the achieved equilibrium points. The goal of the paper is the formalization of demand and supply of the r ...
... tion of peculiarities of reinsurance markets functioning in different countries with the goal of their further comparison and the formation of specific characteristics and stability intervals of the achieved equilibrium points. The goal of the paper is the formalization of demand and supply of the r ...
The Unintended Consequences of Banning Derivatives in Asset Management Alessandro Beber, Cass Business School Christophe Pérignon, HEC Paris
... leading to a better allocation of risks among economic agents. A derivative is a financial instrument that has its value based upon another financial or economic variable. Popular types of derivatives include forwards, futures, options, warrants, swaps, credit derivatives, and structured products ...
... leading to a better allocation of risks among economic agents. A derivative is a financial instrument that has its value based upon another financial or economic variable. Popular types of derivatives include forwards, futures, options, warrants, swaps, credit derivatives, and structured products ...
Chapter 11 Dividend Policy
... invested in all projects with a positive net present value (its optimal investment schedule). 3.2.3 The company could pay any level of dividend and if it had insufficient finance, make up the shortfall by issuing new equity. 3.2.4 Since investors had perfect information, they were indifferent betwee ...
... invested in all projects with a positive net present value (its optimal investment schedule). 3.2.3 The company could pay any level of dividend and if it had insufficient finance, make up the shortfall by issuing new equity. 3.2.4 Since investors had perfect information, they were indifferent betwee ...
The Economics of Skyscraper Construction in Manhattan
... calculus. Land values are determined by the profit maximizing height, not the other way around. Of course, to the developer, land costs are a large expense; and as land values rise the developer has an incentive build taller to recoup these costs. Though beyond the scope of this paper, it can be dem ...
... calculus. Land values are determined by the profit maximizing height, not the other way around. Of course, to the developer, land costs are a large expense; and as land values rise the developer has an incentive build taller to recoup these costs. Though beyond the scope of this paper, it can be dem ...
Uncertainty Co-Movement in Major European Countries
... more connected countries and this question we address in the present study.1 Since our study period is characterized by the periods of crisis and tranquility, the time varying co-movement is of particular interest, because periods of uncertainty and tranquility could indicate different nature of co- ...
... more connected countries and this question we address in the present study.1 Since our study period is characterized by the periods of crisis and tranquility, the time varying co-movement is of particular interest, because periods of uncertainty and tranquility could indicate different nature of co- ...
Consolidated Financial Statements
... that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the co ...
... that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the co ...
Developing the Right REIT Strategy: Recommendations for Two Multifamily Companies
... Introduction This paper provides strategic recommendations for two multifamily REITs, AvalonBay Communities and Gables Residential Trust in an effort to answer the question, “What is a REIT to do in today’s environment?” After providing a brief overview of the firms as well as a discussion on curre ...
... Introduction This paper provides strategic recommendations for two multifamily REITs, AvalonBay Communities and Gables Residential Trust in an effort to answer the question, “What is a REIT to do in today’s environment?” After providing a brief overview of the firms as well as a discussion on curre ...
Liquidity in an emerging bond market: the case of corporate bonds
... government-owned investment holding company. Regulations were eased in 2004 to permit selected foreign issuers to raise funds in the ringgit market, but they accounted for only 2% of bonds outstanding at end-2006. The vast majority of issues are of high credit quality. Prior to 2000, issuance was re ...
... government-owned investment holding company. Regulations were eased in 2004 to permit selected foreign issuers to raise funds in the ringgit market, but they accounted for only 2% of bonds outstanding at end-2006. The vast majority of issues are of high credit quality. Prior to 2000, issuance was re ...
Does Financial Distress Risk Drive the Momentum Anomaly?
... (1973) cross-sectional regressions. To simplify our analysis, we treat z-score as a binary measure classifying firms into two categories: 1) those with high risk of bankruptcy (z<0) and 2) those with low (negligible) risk (z>0).8 We use the Fama and French (1993) three-factor model to test whether o ...
... (1973) cross-sectional regressions. To simplify our analysis, we treat z-score as a binary measure classifying firms into two categories: 1) those with high risk of bankruptcy (z<0) and 2) those with low (negligible) risk (z>0).8 We use the Fama and French (1993) three-factor model to test whether o ...
(Should) Keeps Utility Execs Awake at Night? Sandy Williams, Foley
... Electricity is a political necessity, and the political environment in which utility regulation is carried out requires electricity to be provided at reasonable costs, and with reasonably adequate reliability Both are required, and the determination of “reasonable” cost is a relative determination b ...
... Electricity is a political necessity, and the political environment in which utility regulation is carried out requires electricity to be provided at reasonable costs, and with reasonably adequate reliability Both are required, and the determination of “reasonable” cost is a relative determination b ...
No.305 / November 2009 Emerging Markets Capital Structure and Financial Integration
... for both emerged and emerging market firms. However, openness results in opposite effects on debt maturity, which is lengthened in developed countries but shortened in developing countries. Additionally, the authors find that financial liberalization has a positive impact on both leverage and debt ...
... for both emerged and emerging market firms. However, openness results in opposite effects on debt maturity, which is lengthened in developed countries but shortened in developing countries. Additionally, the authors find that financial liberalization has a positive impact on both leverage and debt ...
Investing for the Future
... -The chance that inflation will rise faster than the return on your investment. -Government interferences EX. Taxes, regulations ...
... -The chance that inflation will rise faster than the return on your investment. -Government interferences EX. Taxes, regulations ...
II. Private Debt - University of Sussex
... It is important to note that here we assume a fixed proportion of the original investment can be recovered from the original investment in the event of default. An alternative assumption could be to assume a recovery of the investment value from the previous period i.e. Si,T-1 in this case. ...
... It is important to note that here we assume a fixed proportion of the original investment can be recovered from the original investment in the event of default. An alternative assumption could be to assume a recovery of the investment value from the previous period i.e. Si,T-1 in this case. ...
The Financial Intermediation Premium in the Cross Section of Stock
... premia demanded by investors for holding stocks of firms that borrow from high-leverage financial institutions. Even though my approach is significantly different from that of Philippon, the estimated magnitudes of financial intermediation costs are comparable: 4% in terms of risk premia versus 1.5% ...
... premia demanded by investors for holding stocks of firms that borrow from high-leverage financial institutions. Even though my approach is significantly different from that of Philippon, the estimated magnitudes of financial intermediation costs are comparable: 4% in terms of risk premia versus 1.5% ...
Week in Focus Price slide: ECB to rush to the rescue
... In the adverse scenario a sharp rise in long-dated yields, above all in the US, triggers a general asset revaluation, which adversely affects the emerging markets in particular. In the euro area, the sovereign debt crisis flares up once more, and yield premiums of peripheral bonds versus Bunds rise ...
... In the adverse scenario a sharp rise in long-dated yields, above all in the US, triggers a general asset revaluation, which adversely affects the emerging markets in particular. In the euro area, the sovereign debt crisis flares up once more, and yield premiums of peripheral bonds versus Bunds rise ...
Value-at-Risk and Extreme Returns
... Sumitomo, have brought risk management and regulation of financial institutions to the forefront of policy making and public discussion. A primary tool for financial risk assessment is the Value-at-Risk (VaR) methodology where VaR is defined as an amount lost on a portfolio with a given small probab ...
... Sumitomo, have brought risk management and regulation of financial institutions to the forefront of policy making and public discussion. A primary tool for financial risk assessment is the Value-at-Risk (VaR) methodology where VaR is defined as an amount lost on a portfolio with a given small probab ...