investing over the business cycle

Bank income and profits over the business and interest rate cycle pdf

... amplify the business cycle. First, net interest income from granting loans and taking deposits actually moves with the cycle and the eﬀects of shocks in GDP growth on the spread in the non-bank business ... change in the loans ratio and decreasing margins (1994-1997). The equity ratio The share of (the book value of) equity capital in the balance sheet total rather steadily increased over the sample ... policy rates. On the other hand, the variation of banking-related measures over the interest rate cycle is rewarding on its own. Our presumptions follow the observation from the interest rate...

Ngày tải lên: 06/03/2014, 14:20

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Beyond the Business Cycle: The Need for a Technology-Based Growth Strategy potx

... occupations, the median income exceeds the median for all occupations. Moreover, in 57 of these occupations, the median income is 50 percent or more above the overall industry median (Hecker, 2005). The ... paying—but, they must be sustained over entire technology life cycles. The Wrong Growth Model The Black-Box Model. With respect to the “composition” and “efficiency” dimensions of the R&D cycle, ... within one technology life cycle the standard cell phone. The company failed, as many do, to plan for and thereby make the transition to the next major technology, the smart phone, where not...

Ngày tải lên: 08/03/2014, 16:20

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Banks’ regulatory capital buffer and the business cycle: evidence for German savings and cooperative banks pot

... both in a business cycle upturn and downturn. Hence, the 5 percent banks with the lowest capital buffers lag further and further behind their peers over the observation period. The results ... our hypotheses in terms of the coefficient α 2 as follows: H 1a : α 2 >0. The capital buffer fluctuates procyclically over the business cycle. Interpretation: During business cycle upturns, ... respect to the questions whether changes in the capital buffer over the business cycle simply reflect changes in loan demand. The finding that banks with low capital buffers increase their capital...

Ngày tải lên: 15/03/2014, 09:20

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REAL WAGES AND THE BUSINESS CYCLE: ACCOUNTING FOR WORKER AND FIRM HETEROGENEITY potx

... at the aggregate level. In particular, they have ignored the changes in the composition of the workforce over the cycle. The presence of compositional effects has attracted much attention in the ... the Business Cycle Here we examine the extent to which contractual wages, on the one hand, and firm-specific wage arrangements, in the form of the wage cushion, on the other, are sensitive to the 18 ... contractual wages vary over the business cycle. The contractual wage was computed adopting the procedure suggested by Cardoso and Portugal (2005). Thus, the BARGW was defined as the mode of the monthly base...

Ngày tải lên: 15/03/2014, 22:20

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Being Born Under Adverse Economic Conditions Leads to a Higher Cardiovascular Mortality Rate Later in Life: Evidence Based on Individuals Born at Different Stages of the Business Cycle pdf

... Mathe- matical Biosciences 198, 1–13. 37 4.3 Sensitivity analyses and additional results 4.3.1 The eﬀect of the timing of the birth in the year and the business cycle around the birth year The ... changes in the smoothing parameter for the GDP decomposition. Next, we investigate whether the CV mortality rate later in life also depends on the business cycle in the year before birth and in the ... the overview of Barker (2007). The second column of Table 5 presents estimates of a model where the business cycle indicator in the year before the birth year 17 and the three years after the birth...

Ngày tải lên: 17/03/2014, 08:20

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Working Paper No. 446 The business cycle implications of banks’ maturity transformation potx

... prominently in the analysis focusing on the bank capital channel. First, in the model without maturity transformation the fall in the price of capital p k t implies a reduction in the value of ... following the shock raises the ex-post real interest rates paid by the good-producing firms. The aggregate value of loans fall by less in the presence maturity transformation (due to the first channel) ... inflation. The reduction in inflation increases the real value of banks’ nominal assets and banks are therefore better off on impact. However, the fall in the demand for capital and the associated...

Ngày tải lên: 22/03/2014, 21:20

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How to Understand Business Finance Understand the Business Cycle Manage Your Assets Measure Business Performance Sunday Times Creating Success_1 potx

... much the same way. We will call it the business cycle. They produce and deliver a product or service, they invoice the customer, they pay their bills, they get paid by their customers, and they ... t are not the same, but do they change at the same time, and in the same way? Well, let’s look at the 25 The Business Cycle they are the last to get paid. The ﬁ rst to be paid are the receivers ... section by considering the business cycle over time. Suppose we looked at our business over a month. Some of the activities we have considered happen at the beginning of the month – for instance,...