Payoff Complementarities and Financial Fragility: Evidence from Mutual Fund Outflows potx

... on 3,185 equity funds from the CRSP Mutual Fund database from 1995-2005. 12 A fund is defined as an equity fund if at least 50% of its portfolio are in equity in all years from 1995-2005. To ensure ... terpret our result that outflows are more sensitive to bad performance in illiquid funds than in liquid funds as evidence that strategic complementarities amplify outflows a...

Ngày tải lên: 16/03/2014, 14:21

... FOMC wanted to reduce inflation from the 4% to 4.5% range. The federal funds rate was raised from 6% to 9 7/8% between March and May. The recession began in July 1990 and was aggravated by an oil ... one hand, there is the feeling that “growth is sometimes quite modest in the after- working paper FEDERAL RESERVE BANK OF CLEVELAND 12 14 Deep Recessions, Fast Recoveries, and Financial...

Ngày tải lên: 06/03/2014, 19:20

... 180 0 10 Financial data such as the stock exchange price index and interbank rates are taken from Bloomberg. Economic series such as real GDP and inflation are extracted from Haver Analytics. ... growth on the one hand, real GDP and stock price growth on the other hand, is significant, but the correlation between credit growth and real estate price growth is low and...

Ngày tải lên: 29/03/2014, 08:20

... without permission. Household liquidity and financial innovations: Evidence from the Survey of Consumer Finances Lyons, Angela Christine ProQuest Dissertations and Theses; 2001; ProQuest Central pg.

Ngày tải lên: 03/06/2014, 02:01

... Sentiment and Mutual Fund Flows: Net Exchanges Ben-Rephael, Kandel, and Wohl (2012) also explore flows between fund categories, finding that monthly shifts between bond funds and equity funds in ... Allocation: Evidence from Mutual Fund Flows Mark J. Kamstra, Lisa A. Kramer, Maurice D. Levi, and Russ Wermers ∗ July 2012 Abstract This paper explores U.S. mutual fund flow...

Ngày tải lên: 30/03/2014, 12:20

... the financial contracts offered by village banks and the education of the people who run the financial institution and the institution’s customers using data on village financial institutions and ... initial funding. The average loan size, the average duration of the loan, and the number of types of loans offered are insignificant. Human Capital and the Development of Financi...

Ngày tải lên: 06/03/2014, 10:20

... Quality Standards (or Ambient Environment Standard), (2) Effluent Standards; and (3) Supporting Standards (testing, sampling standards etc). Most of supporting standards are adapted from those ... deposits and lending. The second is the Development and Investment Support Fund – directed and funded by the Government. The third source of investment capital is soft loans and/ or...

Ngày tải lên: 24/08/2013, 18:48

... Iyigun, and Owen (2002) find that GDP volatility and financial development are negatively related. 11 financial depth), the average bank capital-asset ratio (a measure of bank financial strength), and ... predetermined measures of 9 financial structure and regulation to subsequent economic growth and stability (Demirgüç-Kunt and Levine, 2002; Levine, 1999; Claessens, Demir...

Ngày tải lên: 16/02/2014, 10:20

... Arrellano and Bover (1995) and Blundell and Bond (1998). 4 This technique is often used to control for endogeneity problems in panel data with small T and large N, as well as endogenous and predetermined ... liquidity and loan growth differed across the QEP and the non-QEP periods. For the QEP period, the results 5 This estimator was proposed by Arellano and Bover (...

Ngày tải lên: 16/02/2014, 11:20

... responses of note and 14 The opposite result is obtained by Roley and Sellon (1999), looking at one-day changes on FOMC 17 Monetary Policy Surprises and Interest Rates: Evidence from the Fed Funds Futures ... Surprises and Interest Rates: Evidence from the Fed Funds Futures Market Abstract This paper estimates the impact of monetary policy actions on bill, note, and bond yie...

Ngày tải lên: 06/03/2014, 02:21