bruce bent and the money market mutual fund panic of 2008
Tài liệu Financial Stability Oversight Council’s Proposed Recommendations Regarding Money Market Mutual Fund Reform (the “Proposal”), FSOC–2012–0003, 77 FR 69455, November 19, 2012. ppt
... calculation of the size of the NAV buffer established to absorb day-to-day fluctuations in the value of the fund s assets and an inequitable distribution of assets between stable NAV share owners and the ... than their MBR and the NAV buffer 26 In the Proposal, the NAV buffers are calibrated based on the riskiness of the fund s assets, but not by portfolio concentration Refer to pages 39 and 52 of the ... confidence that the size of the buffer is adequate to absorb likely losses Accordingly, the size of an appropriate NAV buffer should depend, in part, on the level of risk in a fund and the level of diversification...
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FINANCIAL STABILITY OVERSIGHT COUNCIL PROPOSED RECOMMENDATIONS REGARDING MONEY MARKET MUTUAL FUND REFORM potx
... account -7- II OVERVIEW OF MONEY MARKET MUTUAL FUNDS A DESCRIPTION OF MONEY MARKET MUTUAL FUNDS MMFs are a type of mutual fund registered under the Investment Company Act of 1940 (the “Investment Company ... think the primary factor that makes money funds vulnerable to runs is the marketing of the stable NAV And I think the record of money market funds and maintaining the stable NAV has largely been the ... whether the fund should discontinue the use of these methods and re-price the securities of the fund at a value other than $1.00 per share, an event known as “breaking the buck” (i.e., the fund...
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Tài liệu Money Market Mutual Funds and Financial Stability doc
... more accounted for 48 percent and 45 percent of the value of Fund and Fund holdings, respectively The remaining 52 percent and 55 percent of the value of Fund and Fund holdings included holdings ... prime money market mutual funds is substantially greater than the credit risk in U.S government-only funds The 2008 run on money market funds that began with problems at a single fund (the Reserve ... reforms and, potentially, by monitoring and reducing the credit risk taken by prime funds Prime Money Market Funds and Credit Risk The amount of credit risk taken by some money market funds was...
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Tài liệu The Stability of Prime Money Market Mutual Funds: Sponsor Support from 2007 to 2011 docx
... Money Market Funds, Inc Money Market / SunAmerica Money Market Funds, Inc Money Market Fund / Wells Fargo Funds Trust Money Market Fund / Wells Fargo Funds Trust Money Market I Fund / VALIC Co I Money ... Prime Money Market Fund / HSBC Funds ING Money Market Fund / ING Series Fund, Inc ING Money Market Fund / ING Series Fund, Inc ING Money Market Fund / ING Series Fund, Inc ING Money Market Fund / ... Money Market Fund / HSBC Funds ING Money Market Fund / ING Series Fund, Inc Liquid Reserves Portfolio / Master Portfolio Trust Money Market / SunAmerica Money Market Funds, Inc Money Market Fund...
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Tài liệu The Office Market, and the Labor Market docx
... Boston Office Market: Nodularity and the distribution of subcenters Office Area, Buildings, and Asking Rents, Boston-Area Towns, 1993, CBRE Town (Cluster Square Feet (thousands) Number of Buildings ... located up to that point and the cumulative number of workers living up to that point • Proof: if the number of inward travelers at distance (t) is less than this difference then not all jobs up ... and commuting • If people can commute only inward (not true but a useful assumption!) Then the number of people traveling inward at any point is the difference between the cumulative number of...
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Tài liệu INSTRUMENTS OF THE MONEY MARKET pdf
... borrow funds in the financial markets and channel these funds primarily to the farming and housing sectors of the economy They raise a substantial part of their funds in the money market Money Market ... Goodfriend and William Whelpley Federal funds are the heart of the money market in the sense that they are the core of the overnight market for credit in the United States Moreover, current and expected ... instruments, and the Federal Reserve's discount window The table summarizes the instruments of the money market and serves as a guide to the chapters in this book The major participants in the money market...
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Tài liệu Lombard Street: A Description of the Money Market docx
... Department of the Bank of England is the banking reserve not only of the Bank of England, but of all Londonand not only of all London, but of all England, Ireland, and Scotland too Of late there has ... dividend on the stock of the Bank of England was per cent, and the price of the stock itself 212; the dividend now is per cent, and the price of the stock 232 But in the same time the shares of the London ... described in the 'Economist': 'THE GREAT IMPORTANCE OF THE LATE MEETING OF THE PROPRIETORS OF THE BANK OF ENGLAND CHAPTER VII 48 'The late meeting of the proprietors of the Bank of England has a...
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Tài liệu THOUGHTS FROM THE BOARDROOM PWC MUTUAL FUND DIRECTORS ROUNDTABLE 2012 HIGHLIGHTS ppt
... regulations on money- market funds expected shortly, the management and future of these funds is also an issue of growing importance Federal officials think there is risk in the money- market arena ... enormous challenges for mutual fund managers and directors who should understand the impacts of these new rules and regulations on the adviser and its affiliates and then develop and implement compliance ... oversee the management of risk in their funds is among the most topical items on the agendas of many boards Directors expressed their belief that they need to understand the key risks that affect their...
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Reserve Recruiting and the College Market - Is a New Educational Benefit Needed doc
... federally funded research and development center sponsored by the Office of the Secretary of Defense, the Joint Staff, the Unified - iv - Combatant Commands, the Department of the Navy, the Marine ... Accessions Policy, Office of the Secretary of Defense The Office of Accession Policy within the Office of the Under Secretary of Defense provided these figures for Personnel and Readiness - ... Policy, Office of the Secretary of Defense The enlistment of high-quality recruits, where high-quality is defined as having a high school diploma and scoring in the top half of the distribution of the...
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The Project Gutenberg E Book of Lombard Street: A Description of the Money Market, by Walter Bagehot doc
... demands, and then he is fairly safe from the risk of failure By the law of England the legal tenders are gold and silver coin (the last for small amounts only), and Bank of England notes But the ... only The rich man wants the full rate of mercantile profit on the whole of the capital employed in his trade, but the poor man wants only the interest of money (perhaps not a third of the rate of ... Act of 1844 really were, as is commonly thought, the primum mobile of the English Money Market, the source of all good according to some, and the source of all harm according to others, the extreme...
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the financial crisis and the free market cure - john allision
... believed that the government regulators (the FDIC, the Office of the Comptroller of the Currency [OCC], the Office of Thrift Supervision [OTS], and the Federal Reserve) were in fact regulating these ... assessments of the consequences of our actions for us These regulatory policies are typically based on a fundamental misunderstanding of human nature, the means of human survival, and the nature of the ... much of the increase in the cost is really the result of the better equipment is often subjective Also, there is a major risk of double-counting the quality improvements and the cost impact The...
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Business English Lesson – Advanced Level''''s archiveGlobal Production and the Labour Market pptx
... endogenous process that is sustainable because of barriers to entry on the top, an abundant supply of labor on the bottom, and the entry of more firms on the level even though many industries already ... abundant supply of cheap labor and developed infrastructure and will therefore be affected adversely conversely inversely obversely The increased market linkages that now characterize the global ... as a result of the Washington Consensus of export-led manufacturing growth, deregulation, and liberalization maugre meager measly menial And as China participates even more fully in the global...
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Tiểu luận quản trị rủi ro 198 Chen Roll Ross – Economic Forces and the Stock Market
... xa so với khả Mục tiêu Our present goal is merely to model equity returns as functions of macro variables and nonequity asset returns Dó đó, pp đưa biến thị trường chứng nội sinh, quan hệ với ... định lạm phát kỳ vọng theo biến coi thay đổi không đại diện biến UI Điều xảy dự báo lạm phát bị ảnh hưởng yếu tố kinh tế khác nhiều sai số dự báo khứ C Phần bù rủi ro UPR= “Baa and under” bond portfolio ... trội, k đại lượng đo lường phần bù rủi ro, bc vector hệ số tiêu thụ Theo lý thuyết trực quan, cá nhân điều chỉnh mức tiêu thụ theo thời gian để phòng ngừa cho thay đổi thiết lập hội Ở trạng thái...
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Báo cáo quản trị rủi ro ECONOMIC FORCES AND THE STOCK MARKET
... unanticipated movement in the degree of risk aversion and in the level of risk implicit in the market s pricing of stocks D The Term Structure To capture the influence of the shape of the term structure, ... Characteristics of the Macro Variables The strongest correlation is between UPR and UTS YP and MP, are correlated with each other and with each of the other variables except DEI and UI DEI and UI ... pricing Furthermore, their signs are negative, and a comparison with the results of part B of table shows that the coefficients and the significance of the state variables arẹ unaltered by the presence...
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Chapter 13 return, risk, and the security market line
... • The security market line (SML) is the representation of market equilibrium • The slope of the SML is the reward-to-risk ratio: (E(RM) – Rf) / βM • But since the beta for the market is ALWAYS ... What is the standard deviation? 13-8 Portfolios • A portfolio is a collection of assets • An asset’s risk and return are important in how they affect the risk and return of the portfolio • The risk-return ... Concepts and Skills • • • • • • Know how to calculate expected returns Understand the impact of diversification Understand the systematic risk principle Understand the security market line Understand...
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Tiểu luận môn đầu tư tài chính chủ đề ChenRollRoss ECONOMICS FORCE AND THE STOCK MARKET
... return on the equally weighted NYSE index ( tỷ suất sinh lợi danh mục đầu tư có tỷ trọng sàn NewYork VWNY(t) = return on the value-weighted NYSE index ( tỷ suất sinh lợi danh mục đầu tư theo giá ... gắn biến với gian đoạn t không đề cập đến giai đoạn t-1.Theo cách chặt chẽ, DEI(t) có giá trị trung bình khác 0, giả định lạm phát kỳ vọng theo neo xem cú sốc, chứa đựng thông tin không diện biến ... hàng tháng sai phân bậc Log(PPI/ giá dầu thô) (Giá dầu thô thu thập từ Bureau of Labor Statistics, U.S Department of Labor, DRI series no 3884 Bảng tóm tắt thích biến H:Đặc tính thống kê biến...
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Thuyết trình tài chinh doanh nghiệp The Global Financial Crisis and the Efficient Market Hypothesis What Have We Learned
... returns There are three major versions of the hypothesis: "weak", "semistrong", and "strong" WHO EMH WHEN WHAT Fama is most often thought of as the father of the efficientmarket hypothesis, ... flaws in the model affect the reliability of the test of efficiency 44 TCDN There are limitations to tests of the EMH Tests of the EMH involve studying the flow of information into market prices ... reliability is, how continuous it is, the frequency of extreme events The theory addresses only the demand side of the market The EMH says only that, given the supply of information, investors will...
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Thuyết trình tài chính doanh nghiệp The Global financial crisis and the efficient market hypothesis
... Lessons from the Financial Crisis There are Limitations to the EMH as a Theory of Financial Markets Ignoring the supply side of the information in the EMH: • The EMH assumes the markets themselves ... from the Financial Crisis There are Limitations to the EMH as a Theory of Financial Markets The CAPM states that, given the variance covariance matrix of future returns and the pricing of two ... crisis, they personally had withdrawn from the stock and real estate markets and put their wealth into cash instead => this is the only reliable test of whether they believed there was a bubble and...
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