Determinants Of Cross-Border Financial Capital Flows In East Asia
... market economies, it is essential to ask how they are linked to the global financial markets, particularly those of the U.S. and Japan. An answer to this question may provide a clue to understanding why East Asian financial markets are so susceptible to the global financial market shocks. As shown i ...
... market economies, it is essential to ask how they are linked to the global financial markets, particularly those of the U.S. and Japan. An answer to this question may provide a clue to understanding why East Asian financial markets are so susceptible to the global financial market shocks. As shown i ...
NBER WORKING PAPER SERIES George M. Constantinides
... The direct antecedents of our work are the models in Feldstein et al. (2001), Smetters (1998, 2001), and Pennacchi (1999). These papers evaluate a “benefits guarantee” or put in the context of partial equilibrium models that take as fixed the distribution of equilibrium returns. In related work, Abe ...
... The direct antecedents of our work are the models in Feldstein et al. (2001), Smetters (1998, 2001), and Pennacchi (1999). These papers evaluate a “benefits guarantee” or put in the context of partial equilibrium models that take as fixed the distribution of equilibrium returns. In related work, Abe ...
An Evaluation of Money Market Fund Reform Proposals
... financial crisis. The crisis exposed important structural vulnerabilities in the system that have been the subject of regulatory debate ever since. The debate over money market mutual fund (MMF) reform in the US highlights two competing schools of regulatory thought. The first school argues that MMF ...
... financial crisis. The crisis exposed important structural vulnerabilities in the system that have been the subject of regulatory debate ever since. The debate over money market mutual fund (MMF) reform in the US highlights two competing schools of regulatory thought. The first school argues that MMF ...
Emerging Countries Sovereign Rating Adjustment using Market
... Paget-Blanc(2006)[19], and many others. Cantor and Packer(1996)[6] have shown that Moody’s and S&P’s ratings can be explained by a number of well-defined economic criteria. Ferri et al.(1999)[12] used these indicators to compare the ratings pre- and post- East Asian crisis. They reached the conclus ...
... Paget-Blanc(2006)[19], and many others. Cantor and Packer(1996)[6] have shown that Moody’s and S&P’s ratings can be explained by a number of well-defined economic criteria. Ferri et al.(1999)[12] used these indicators to compare the ratings pre- and post- East Asian crisis. They reached the conclus ...
Inflation: The Influence of Inflation on Equity Returns
... There has been little growth of the Japanese economy since the start of 1990, which means that there has been little growth in corporate profitability. This helps to explain the poor returns of the stock market. Since this poor growth and equity returns have happened at the same time as the Japanese ...
... There has been little growth of the Japanese economy since the start of 1990, which means that there has been little growth in corporate profitability. This helps to explain the poor returns of the stock market. Since this poor growth and equity returns have happened at the same time as the Japanese ...
Predictable returns and asset allocation
... portfolio choices of a Bayesian investor who views the simulated data. In contrast, our study bases its inference on the historical time series of returns and predictor variables. We ask whether an investor whose priors imply skepticism about the existence of predictability would find it optimal to ...
... portfolio choices of a Bayesian investor who views the simulated data. In contrast, our study bases its inference on the historical time series of returns and predictor variables. We ask whether an investor whose priors imply skepticism about the existence of predictability would find it optimal to ...
Ashmore Emerging Markets Liquid Investment Portfolio Ashmore
... experienced in recent years. This change in monetary policy was decisive in reducing FX volatility, which, in combination with compelling levels of real interest rates, pushed investors to cover their short EM FX positions leading to a rebound in local currencies and local currency bonds. ...
... experienced in recent years. This change in monetary policy was decisive in reducing FX volatility, which, in combination with compelling levels of real interest rates, pushed investors to cover their short EM FX positions leading to a rebound in local currencies and local currency bonds. ...
SASB Press Kit: Best Hits of 2015
... to reduce risk investors must first understand the type of risk, where it manifests in their portfolio, and their level of exposure. With this understanding, investors can create a responsive investment strategy, including strategies such as tilting, weighting, screening, and/or engaging with compan ...
... to reduce risk investors must first understand the type of risk, where it manifests in their portfolio, and their level of exposure. With this understanding, investors can create a responsive investment strategy, including strategies such as tilting, weighting, screening, and/or engaging with compan ...
FSA Consultation Paper 190 - enhanced capital requirements and
... Business to require a firm to retain assets (i.e. stop distributions to shareholders) or to obtain additional capital. The first formal increase in capital requirements is the increase in the MCR with effect from 1 January 2004, on the implementation of the Solvency 2 Directive. ECR and ICG will be ...
... Business to require a firm to retain assets (i.e. stop distributions to shareholders) or to obtain additional capital. The first formal increase in capital requirements is the increase in the MCR with effect from 1 January 2004, on the implementation of the Solvency 2 Directive. ECR and ICG will be ...
Martin Schmitz Department of Economics and IIIS, Trinity College Dublin
... account (provided that there are no errors and omissions, IMF, 1993).9 As it is our goal to consider financial inflows and outflows separately as well as net balances from the different investment categories, we also analyse financial account data. In the IMF’s (1993) definition, the financial accou ...
... account (provided that there are no errors and omissions, IMF, 1993).9 As it is our goal to consider financial inflows and outflows separately as well as net balances from the different investment categories, we also analyse financial account data. In the IMF’s (1993) definition, the financial accou ...
Power struggles: Explaining deregulatory reforms
... proposals have been adopted in California and a handful of New England states, and decisions to do so are pending in perhaps a dozen states. In many states, however, the legislatures and utility regulatory agencies show little eagerness to upset their basic regulatory system for electric utilities. ...
... proposals have been adopted in California and a handful of New England states, and decisions to do so are pending in perhaps a dozen states. In many states, however, the legislatures and utility regulatory agencies show little eagerness to upset their basic regulatory system for electric utilities. ...
How suitable is the Fama-French ve-factor model for
... According to asset pricing theory, assets earn risk premiums when they are exposed to underlying systematic risk factors. It is however still an unanswered question what these risk factors are. The research around this topic can be split into two groups. First, there are theoretical approaches tryin ...
... According to asset pricing theory, assets earn risk premiums when they are exposed to underlying systematic risk factors. It is however still an unanswered question what these risk factors are. The research around this topic can be split into two groups. First, there are theoretical approaches tryin ...
FY 2016 Results - Direct Line Group
... lump sum damages awards to minus 0.75% (the “Ogden discount rate”) and the Flood Re levy, while at the same time investing in the business and making progress on implementing its strategy. The Group's investment in its direct brands, competitiveness on price comparison websites ("PCWs") and partners ...
... lump sum damages awards to minus 0.75% (the “Ogden discount rate”) and the Flood Re levy, while at the same time investing in the business and making progress on implementing its strategy. The Group's investment in its direct brands, competitiveness on price comparison websites ("PCWs") and partners ...
Speculation and Risk Sharing with New Financial Assets Alp Simsek
... speculative variance. First, new assets lead to new disagreements because they are associated with new uncertainties. Second, and perhaps more importantly, new assets also amplify speculation on existing disagreements. To illustrate the second channel, Theorem 1 shows that new assets increase the sp ...
... speculative variance. First, new assets lead to new disagreements because they are associated with new uncertainties. Second, and perhaps more importantly, new assets also amplify speculation on existing disagreements. To illustrate the second channel, Theorem 1 shows that new assets increase the sp ...
emerald capital designated activity company series prospectus
... Series Prospectus. Owing to the structured nature of the Notes, their price may be more volatile than that of unstructured securities. Investors Each prospective investor in the Notes should have sufficient financial resources and liquidity to bear all of the risks of an investment in the Notes, inc ...
... Series Prospectus. Owing to the structured nature of the Notes, their price may be more volatile than that of unstructured securities. Investors Each prospective investor in the Notes should have sufficient financial resources and liquidity to bear all of the risks of an investment in the Notes, inc ...
stability report
... advanced economies. The risk of protracted low inflation or deflation compounds the prospect of ongoing recovery in many advanced economies, especially in Europe. Third, the scale of geopolitical tensions has risen in recent times, which may stress many markets including the oil market. Fourth, the ...
... advanced economies. The risk of protracted low inflation or deflation compounds the prospect of ongoing recovery in many advanced economies, especially in Europe. Third, the scale of geopolitical tensions has risen in recent times, which may stress many markets including the oil market. Fourth, the ...
financial stability, systemic risk and macroprudential policy
... This sets off a spiral (positive feedback loop) manifesting itself as a decreasing ability to recognise risk, trend growth in asset prices, weakened external financial constraints and high investment activity supported by output growth, increased revenue growth and improved profitability. In the backg ...
... This sets off a spiral (positive feedback loop) manifesting itself as a decreasing ability to recognise risk, trend growth in asset prices, weakened external financial constraints and high investment activity supported by output growth, increased revenue growth and improved profitability. In the backg ...
Notes on Investment, Fall 2014
... between t = 0 and t = T . The only solution is for q to increase less than in the case of a permanent increase in demand. This makes also sense since we know that q represents the PDV of future marginal profits minus the dilution component of adjustment costs. This PDV is lower now since the increas ...
... between t = 0 and t = T . The only solution is for q to increase less than in the case of a permanent increase in demand. This makes also sense since we know that q represents the PDV of future marginal profits minus the dilution component of adjustment costs. This PDV is lower now since the increas ...
1 - Review of Management and Economic Engineering
... A larger number of firms increase rivalry because more firms must compete for the same customers and resources. Slow market growth causes firms to fight for market share. High fixed costs result in an economy of scale effect that increases rivalry. High storage costs or highly perishable products ca ...
... A larger number of firms increase rivalry because more firms must compete for the same customers and resources. Slow market growth causes firms to fight for market share. High fixed costs result in an economy of scale effect that increases rivalry. High storage costs or highly perishable products ca ...
NBER WORKING PAPER SERIES INTERNATIONAL RESERVES MANAGEMENT AND THE CURRENT ACCOUNT
... corrected via a reduction in aggregate expenditures, imposing adjustment costs. As greater trade openness increases the exposure to trade shocks, minimizing adjustment costs requires higher reserve holdings. The rapid financial integration of developing countries, and the financial crises of the 199 ...
... corrected via a reduction in aggregate expenditures, imposing adjustment costs. As greater trade openness increases the exposure to trade shocks, minimizing adjustment costs requires higher reserve holdings. The rapid financial integration of developing countries, and the financial crises of the 199 ...
NBER WORKING PAPER SERIES INEFFICIENT INVESTMENT WAVES Zhiguo He Péter Kondor
... afterwards. These investment cycles are in the forefront of the academic and policy debate. Can these investment cycles be caused by financing frictions only? Are they inefficient, i.e., is there overinvestment in booms and/or underinvestment in downturns? Relatedly, should the policy maker interven ...
... afterwards. These investment cycles are in the forefront of the academic and policy debate. Can these investment cycles be caused by financing frictions only? Are they inefficient, i.e., is there overinvestment in booms and/or underinvestment in downturns? Relatedly, should the policy maker interven ...
MSN Money Articles By Michael Burry 2000/2001
... believer that it is a dog eat dog world out there. And while I do not acknowledge market efficiency, I do not believe the market is perfectly inefficient either. Insiders leak information. Analysts di ...
... believer that it is a dog eat dog world out there. And while I do not acknowledge market efficiency, I do not believe the market is perfectly inefficient either. Insiders leak information. Analysts di ...