development of corporate bond market

... outstanding, the U.S corporate bond market' s value is equal to almost 40% of that of the equity market (2004) However, in contrast to the equity market' s high frequency trading on exchanges, corporate debt ... outstanding, the U.S corporate bond market value is equal to almost s 40% of that of the equity market However, in contrast to the equity market high s frequency trading on exchanges, corporate debt ... the corporate bond market is forward looking, news about future volatility will be incorporated into current bond prices Implied volatility calculated from bond prices is a measure of the market ...

Ngày tải lên: 16/02/2014, 02:20

... Japan’s Corporate Bond Market To explore whether the pricing of corporate bonds does reflect fundamental changes in the structure of the market, we first look at the correlation between bond market ... ratings—a key measure of creditworthiness—can explain only a part of the rise in yield spreads in Japan’s corporate bond market When we control for the decline in ratings, the market still quotes ... and that the market is becoming more sensitive to the riskiness of individual issuers.9 If credit risk has indeed become more important in the market valuation of bond issues, this development...

Ngày tải lên: 15/03/2014, 03:20

... government bond market. 3 Because corporate bond issues are by definition more heterogeneous than those of government bonds and issue sizes smaller, such a threshold for corporate bond markets would ... December 2005 Four markets qualify as large Crowding-out of issuers or investors Size of corporate bond markets and other channels of local currency funding At end-2004 Corporate bonds1 Amounts outstanding ... definition of corporate bonds Sources: Dealogic Bondware; BIS BIS Quarterly Review, December 2005 Table 87 Secondary markets Liquidity in corporate bond markets Before considering the problems of liquidity...

Ngày tải lên: 22/03/2014, 18:20

... including Treasury bonds, Corporate bonds (e.g., General Motors), Utility bonds (Baby Bells), State bonds (e.g., State of California bonds), and Municipal bonds (e.g., NYC bonds) In all these ... costs reflect the lack of transparency of the bond market Another empirical study of the municipal bond market, Green, Hollifield, and Schărho (2007a), estimates a structural model of bargaining between ... made One of our goals is to compare the costs of trading bonds today, in the OTC market, to the costs of trading bonds historically on the exchange To make this comparison for corporate bonds we...

Ngày tải lên: 22/03/2014, 20:20

... Classification of the securities market 1.1.3.1 Classified by the market s operating tools and commodities a Bond market The bond market (also known as the debt, credit or fixed income market) is ... sustainable development of the securities market in Viet Nam” The assignment is divided into: Introduction Chapter 1: Overview of the securities market Chapter2: The situation of the securities market ... the movement of capital a Primary market  The primary market is that part of the capital markets that deals with the issuance of new securities which is called an initial public offering (IPO)...

Ngày tải lên: 14/10/2014, 01:10

... financial development more broadly Absence of bond markets: implications for other markets In the absence of a bond market, the economy will lack a market- determined term structure of interest ... Compendium of Sound Practices, Guidelines to Facilitate the Development of Domestic Bond Markets in APEC member Economies, Report of the Collaborative Initiative on Development of Domestic Bond Markets ... identify best practices and promote the development of Asian bond markets Much of this official concern stems from the perception that the absence of bond markets made several Asian economies more...

Ngày tải lên: 24/10/2012, 09:40

... developing bond market 33 1.5.2 Japan’s experience on empirical pricing 35 1.6 Sum-up 37 CHAPTER DEVELOPMENT OF CORPORATE BOND MARKET 41 2.1 Vietnam’s corporate bond market overview ... Ratio of Government bonds and Corporate bonds 45 Figure 2.5 Corporate bond market Development 45 Figure 3.1 BIDV Financial results in period of 2001-2006 52 Figure 3.2 Onshore – offshore ... capital markets for earlier-stage and riskier companies 40 CHAPTER DEVELOPMENT OF CORPORATE BOND MARKET 2.1 Vietnam’s corporate bond market overview Since the country first embarked on its policy of...

Ngày tải lên: 26/03/2015, 08:48

... As of June 27, 2005 As of June 24, 2005 At the end of 2003 10 At the end of 2004 Stock Exchanges Operations of Capital Markets 63 This section will review the operation of Vietnam’s capital markets ... which will affect the development of government securities market, and other parts of the capital market 66 The scope of securities markets has been defined narrowly A securities market under Decree ... Capital Market Development 101 This section will explore the two principal problems for further development of Vietnam’s capital markets: management of government securities market, and the lack of...

Ngày tải lên: 21/01/2014, 12:59

... infinite number of assets, namely bonds with a continuum of possible maturities Since all modern continuous time models of bond markets assume the existence of bonds with a continuum of maturities, ... between stock and bond markets: while in stock markets portfolios are naturally limited to a finite number of basic assets, in bond markets there is at least the theoretical possibility of having portfolios ... prove the existence of a time- independent set of basic bonds We also give sufficient conditions for the existence of an affine term structure Key words: bond market, term structure of interest rates,...

Ngày tải lên: 16/02/2014, 02:20

... of Bond Market Development OLS regression estimates of Local Bond Market Development (the size of the total local currency bond market over GDP) and Local Share (the ratio of local currency bonds ... general measures of local bond market development: the ratio of the size of the local bond market to GDP (Local Bond Market Development) and the share of a country’s outstanding bonds that are denominated ... Multivariate Tests of Bond Market Development: Government and Corporate Bonds OLS regression estimates of Local Bond Market Development for the components Government and Private (i.e., the size of the government...

Ngày tải lên: 06/03/2014, 04:21

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Ngày tải lên: 06/03/2014, 08:20

... LIST OF CHARTS Chart 4.1 Age frequency of respondents 31 Chart 4.2 Gender frequency of respondents 31 Chart 4.3Description of Result – Question 32 Chart 4.4 Description of ... managers of Tam Viet and Vinamilk 43 Chart 4.15 Description of Result – Question - Questionnaire for managers of Tam Viet and Vinamilk 44 viii LIST OF ABBREVIATION CSR Corporate ... “How Corporate Social Responsibility is Defined: an Analysis of 37 Definitions” of Alexander Dahlsrud, a PhD fellow in Department of Industrial Economics and Technology Management, Faculty of Social...

Ngày tải lên: 13/03/2014, 14:20

... success in the investigated projects Newness of technological knowledge Development of technological knowledge Newness of market knowledge Development of market knowledge Status (duration) Internal, ... which exploration of technological and market knowledge occurs, as a prime objective of NBD-projects is the creation of new knowledge Degree of exploration of technological and market knowledge ... autonomy of projects in terms of leveraging knowledge Second, the timing of development differs for both types of knowledge Knowledge creation involves learning-by-doing 10 Yet, experimenting with market...

Ngày tải lên: 16/03/2014, 02:20

... B of Figure shows that a shock to the bond spread increases bond volatility As an alternative way of characterizing liquidity dynamics, Panel B of Table shows the variance decompositions of bond ... market than the bond market Hence, our measure of equity °ows (which ignore trades done by individuals for their own account) may be less accurate than that of bond °ows From the standpoint of ... significance of bond fund °ows on liquidity is small: A one-standard deviation shock to bond °ows has an annualized e®ect of only $2250 on the cost of trading a million dollars worth of Treasury Bonds...

Ngày tải lên: 23/04/2014, 16:11

... model of how spread levels depend on inventory The direction of market movements could also trigger asymmetric e®ects on liquidity However, the market movements in the value weighted stock market ... pp.75-76 and \A Review of Financial Market Events in Autumn 1998," CGFS Reports No 12, October 1999, available at http://www.bis.org/publ/cgfspubl.htm 16 \A Review of Financial Market Events in Autumn ... o f b u ys le s s s e lls e a c h d a y) Boni and Leach (2001) document the share of GovPX in aggregate bond market volume OIBB +: m a x( OIBB ,0 ) OIBB ¡: m in ( OIBB ,0 ) S in c e t h e b...

Ngày tải lên: 23/04/2014, 16:29

... article named "Myths of Marketing in banking activities", the two-side role of bank marketing is stated: one is the determination of marketing mix methods on the basis of market research to capture ... that a way of thinking along marketing lines is permeated into all areas of banking so as to enable the establishment of a marketing – oriented operation 2.2 The necessity of Bank Marketing towards ... THEORETICAL FRAMEWORK OF BANK MARKETING    4   2.1 Concept of Bank Marketing    4   2.2 The necessity of Bank Marketing towards individual customers    5   2.2.1 Marketing is effective...

Ngày tải lên: 23/04/2014, 16:41

... Chief Executive Of cer of PensonGHCO, founding partner of Goldenberg, Hehmeyer & Co., former Chairman of the Board of Trade Clearing Corporation and Director of the Chicago Board of Trade ‘If anyone ... deep dive into the world of clearing. ă OTTO E NAGELI Managing Partner of OEN Consulting, former Deputy Chief Executive Of cer of Eurex, and Member of the Executive Board of SWX Swiss Exchange ‘This ... context of CCP consolidation Structure of Chapter Interviewees’ assessment of cross-margining agreements Interviewees’ assessment of clearing links Interviewees’ assessment of the suitability of clearing...

Ngày tải lên: 20/06/2014, 18:20

... provides a description of the securities trading, clearing and settlement infrastructures of the cash equities and bonds markets in the 25 Member States of the European Union (EU) as of March 2005 These ... the market structure of bilateral relationships between counterparties, CCPs offer a number of important clearing services Some of these services are unique to the CCP structure in terms of their ... In securities markets, the same security is often sold back and forth between market participants As a result of these transactions, a number of exposures can arise; these might offset one another...

Ngày tải lên: 20/06/2014, 18:20

... and final category of indirect costs is back -of ce costs.92 Back -of ce costs comprise one-off, fixed and variable cost components One-off backoffice costs include the initial costs of connecting to ... Creation of OCC (US Options Market) I 1976 Formation of NSCC (US Securities Market) I 1982 Combining BOTCC and CME (US Futures Market) F 1997 Common Clearing Initiative of CME and BOTCC (US Futures Market) ... specialisation effects of CCP Figure 3.7 Categorisation of clearing-related risk management costs Source: Author’s own must bear the cost of capital of these margin payments The resulting cost of capital...

Ngày tải lên: 20/06/2014, 18:20

... back -of ce vendor’s software that is then developed further and adapted to specific requirements However, this software is often based on old versions of the vendor software; upgrades are often ... results, i.e the provision of a quantitative overview of the frequency of occurrence of certain codes For the purpose of this study, this overview is provided in the form of bar graphs These graphs ... Network Strategies Efficiency Impact of Network Strategies Case Studies of Network Strategies Future Development of Clearing and Global Outlook Although the approach of establishing a personal relationship...

Ngày tải lên: 20/06/2014, 18:20