The fundamental drivers of recent volatility in
... hedging and speculation in futures markets is less clear than it may seem. Traditionally, traders with a commercial interest in or an exposure to a physical commodity have been called hedgers (or, commercial traders), while those without a physical position to offset have been called speculators (no ...
... hedging and speculation in futures markets is less clear than it may seem. Traditionally, traders with a commercial interest in or an exposure to a physical commodity have been called hedgers (or, commercial traders), while those without a physical position to offset have been called speculators (no ...
Demography and the Long-Run Predictability of the Stock Market
... cohorts are deterministically followed by small cohorts in a recurring cycle, as has been the case for the past century in the United States, rather than a stochastic birth model in which a large cohort might be followed by an even larger cohort. Second, we assume preferences for which saving is rel ...
... cohorts are deterministically followed by small cohorts in a recurring cycle, as has been the case for the past century in the United States, rather than a stochastic birth model in which a large cohort might be followed by an even larger cohort. Second, we assume preferences for which saving is rel ...
NBER WORKING PAPER SERIES THE DECLINING EQUITY PREMIUM: Martin Lettau
... (1999); Siegel (1999); Calvet, Gonzalez-Eiras, and Sodini (2003)). In this paper, we consider an alternative explanation for the declining equity premium and persistently high stock market valuations: a fall in macroeconomic risk, or the volatility of the aggregate economy. To understand intuitively ...
... (1999); Siegel (1999); Calvet, Gonzalez-Eiras, and Sodini (2003)). In this paper, we consider an alternative explanation for the declining equity premium and persistently high stock market valuations: a fall in macroeconomic risk, or the volatility of the aggregate economy. To understand intuitively ...
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... The existing literature on the finance-growth nexus uses three approaches: cross sectional analysis, a time-series approach, and panel data methods (a combination of both techniques). Each of these approaches has made useful contributions to the investigation of the relationship between finance and ...
... The existing literature on the finance-growth nexus uses three approaches: cross sectional analysis, a time-series approach, and panel data methods (a combination of both techniques). Each of these approaches has made useful contributions to the investigation of the relationship between finance and ...
Market structures and systemic risks of exchange
... Dietrich Domanski and Jingchun Zhang for helpful comments. The views expressed are those of the author and not necessarily those of the BIS. ...
... Dietrich Domanski and Jingchun Zhang for helpful comments. The views expressed are those of the author and not necessarily those of the BIS. ...
The Pull of Active Management - Market Strategies International
... a near-equal focus on seeking higher returns, which may explain their interest in private equity and alternatives. The $1 billion-plus pensions are more likely than their smaller-asset peers to point to the need of increasing diversification, suggesting these institutional investors feel the need to ...
... a near-equal focus on seeking higher returns, which may explain their interest in private equity and alternatives. The $1 billion-plus pensions are more likely than their smaller-asset peers to point to the need of increasing diversification, suggesting these institutional investors feel the need to ...
the use of portfolio credit risk models in central banks
... monthly basis. Indirectly, portfolio credit risk models are also used for limit setting, for instance, if the limit structure is designed in such a way that a certain CreditVaR for the whole portfolio is not exceeded. Individual limits, however, are not derived from a CreditVaR. Other applications a ...
... monthly basis. Indirectly, portfolio credit risk models are also used for limit setting, for instance, if the limit structure is designed in such a way that a certain CreditVaR for the whole portfolio is not exceeded. Individual limits, however, are not derived from a CreditVaR. Other applications a ...
So, you*re on the board of directors!
... Accurate Financial History History repeats itself unless those shaping the future know the history and how to avoid a repeat Absent zero-based budgeting, history is the best forecaster of expenses such as utilities History shows that inflation is a factor that must be considered in future project ...
... Accurate Financial History History repeats itself unless those shaping the future know the history and how to avoid a repeat Absent zero-based budgeting, history is the best forecaster of expenses such as utilities History shows that inflation is a factor that must be considered in future project ...
China`s heavily indebted corporate sector, Week in Focus, 15
... other hand, however, China's currency reserves must not be allowed to shrink too rapidly in case the market panics. One option would of course be to reverse liberalisation of capital movement to some extent. We have had a taste of what this would mean over the past few days, when restrictions on the ...
... other hand, however, China's currency reserves must not be allowed to shrink too rapidly in case the market panics. One option would of course be to reverse liberalisation of capital movement to some extent. We have had a taste of what this would mean over the past few days, when restrictions on the ...
Value and Prices of Intangible Assets
... persuasive evidence. One always has to be concerned about the quality of the accounting, of course, but typically the quality of the accounting suffers when accountants stray from that principle of unbiased measurement based of the evidence. Valuation with Imperfect Accounting If financial statement ...
... persuasive evidence. One always has to be concerned about the quality of the accounting, of course, but typically the quality of the accounting suffers when accountants stray from that principle of unbiased measurement based of the evidence. Valuation with Imperfect Accounting If financial statement ...
Schroders The effect of unstable correlations on portfolio diversification
... for a set of asset classes: long run expected returns, expected annualised volatility and expected correlations. In constructing portfolios, an optimisation problem is usually characterised by maximising long run expected returns subject to given levels of volatility in these returns. Or alternative ...
... for a set of asset classes: long run expected returns, expected annualised volatility and expected correlations. In constructing portfolios, an optimisation problem is usually characterised by maximising long run expected returns subject to given levels of volatility in these returns. Or alternative ...
Fed Intervention: Managing Moral Hazard in Financial Crises
... levels of leverage. Some subprime loans offered low initial interest rates; others only required interest payments, needed no down payment or were made with no proof of income. The mortgages were bundled into multilayered securities graded by risk, then sold to hedge funds, investment banks, insuran ...
... levels of leverage. Some subprime loans offered low initial interest rates; others only required interest payments, needed no down payment or were made with no proof of income. The mortgages were bundled into multilayered securities graded by risk, then sold to hedge funds, investment banks, insuran ...
Interest Rate Liberalization and Economic Growth in Zambia: A
... and economic growth are not causally related at all. This implies that neither of the two has any significant effect on the other, and that the empirically observed correlation between them is merely the result of a historical peculiarity. In other words, even though economies grow as the financial ...
... and economic growth are not causally related at all. This implies that neither of the two has any significant effect on the other, and that the empirically observed correlation between them is merely the result of a historical peculiarity. In other words, even though economies grow as the financial ...
Vietnam Today: GAS leads market higher to break four-day
... publication only. They do not necessarily reflect the opinions of VCSC and are subject to change without notice. This report is provided, for information purposes only, to institutional investors and retail clients of VCSC in Vietnam and overseas in accordance to relevant laws and regulations explic ...
... publication only. They do not necessarily reflect the opinions of VCSC and are subject to change without notice. This report is provided, for information purposes only, to institutional investors and retail clients of VCSC in Vietnam and overseas in accordance to relevant laws and regulations explic ...
The Global Secondary Market: A Growing and Evolving Investment
... objectives cannot be satisfied with a traditional sale. The assets acquired in complex secondary transactions are often similar to or the same as those involved in traditional transactions. Accordingly, they should not be viewed as having a different risk profile from the underlying assets involved ...
... objectives cannot be satisfied with a traditional sale. The assets acquired in complex secondary transactions are often similar to or the same as those involved in traditional transactions. Accordingly, they should not be viewed as having a different risk profile from the underlying assets involved ...