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... third ranking officer, is in charge of accounting, FIGURE 1-1 Finance within an Organization Board of Directors Chief Executive Officer (CEO) Chief Operating Officer (COO) Chief Financial Officer ... University, Erie Rajesh Chakrabarti—Georgia Institute of Technology Brent Dalrymple—University of Central Florida Jim DeMello—Western Michigan University Anne M Drougas—Dominican University vii ... continue to list changes in this edition, but these items provide instructors (particularly those familiar with the last edition) with a good idea of the kinds of revisions that were made to this...

Ngày tải lên: 25/03/2014, 18:35

... rates, insignificant negative correlations in the convexity, and insignificant negative correlations in the change in slope for bonds with longer maturities, and insignificant positive correlations ... when hedging is involved This paper is organized in the following way • • Section discusses the data and variable specification • Section describes historical correlation findings using aggregated ... resulting impact on credit quality (or interest rates) will help determine how the assets and liabilities line up, consequently determining the institution’s financial health Thus, the relationship...

Ngày tải lên: 26/10/2012, 11:21

... stochastic interest rates, systematic volatility and idiosyncratic volatility on option prices We compute option prices using reprojected underlying historical volatilities and implied stochastic ... systematic effect or certain predictability of stock returns For logarithmic interest rates, there is an insignificant linear mean-reversion, which is consistent with many findings in the literature Since ... of implied volatility or volatility risk The Black-Scholes model exhibits similar pattern of mispricing, namely underpricing of short-maturity options and over-pricing of long-maturity options,...

Ngày tải lên: 21/12/2013, 01:20

... frequency of media inflation discussions Correlations with inflation expectations(a) Food and non-alcoholic beverages inflation Electricity, gas, liquid and solid fuels inflation CPI inflation 140 Four-quarter ... requires an assumption about how individuals’ specific expectations are distributed within these ranges To obtain a specific estimate, individual expectations are assumed to be evenly distributed ... Relationship with inflation visibility 1.2 The headline rate of CPI inflation can mask a wide dispersion of price changes across different items Prices of some goods may be falling, while prices of...

Ngày tải lên: 15/02/2014, 05:20

... (1) Measures of inflation expectations derived from financial market instruments are explicitly linked to RPI inflation But given the time-varying wedge between RPI and CPI inflation, and the fact ... The remainder of this article considers these in turn Chart 11 Media discussions of rising and falling prices(a) Number of headlines 40 30 Articles referring to rising prices Attitudes to interest ... the medium term then the monetary policy implications of higher short-term inflation expectations are limited But if any of the recent increase in inflation expectations were built into higher...

Ngày tải lên: 15/02/2014, 05:20

... Africa Spain Switzerland United States Developing Fiji Honduras India Indonesia Jamaica Korea Kuwait Malawi Malaysia Mauritius Netherlands Antilles Nepal Pakistan Singapore Solomon Islands Sri ... http://www.federalreserve.gov/ Fisher, Irving 1896 Appreciation and interest American Economic Review Publications 11 (August): 331–442 International Monetary Fund (IMF) Various dates International Financial Statistics ... conflicting, views about this One, the liquidity effect view, is that increasing interest rates requires a decrease in the money supply The other view, the Fisher equation view, is that increasing...

Ngày tải lên: 15/02/2014, 06:20

... responsibility for any information it provides Under no circumstances will it accept any liability for losses or damage which may result from the use of such information This limitation of liability ... liability applies, in particular, to the topicality, accuracy, validity and availability of the information ISSN 1660-7716 (printed version) ISSN 1660-7724 (online version) © 2012 by Swiss National Bank, ... Heterogeneity and the Impact of Trade Liberalization: How Representative is the Representative Agent Framework? 2010-14 Tommaso Mancini Griffoli and Angelo Ranaldo: Limits to arbitrage during the crisis:...

Ngày tải lên: 17/02/2014, 03:20

... only a 50–70 basis point increase in the bill rates One possibility is that policy actions are viewed as relatively transitory This is unlikely, however, in light of the observed persistence of target ... response is a highly significant 48 basis points, compared with an insignificant 10 basis points Even the 30year bond now shows a statistically significant 19 basis point reaction All are considerably ... points in Cook and Hahn That study also found a statistically significant 10 basis point response of the 30-year bond, while here it is essentially zero, and statistically insignificant One possible...

Ngày tải lên: 06/03/2014, 02:21

... βik is an identity matrix The model is then estimated using a Gibbs sampling algorithm with the conditional prior and posterior distributions described below D.5 Prior distributions and starting ... if i = j and ui j = if i = j This choice of ui j implies that the regimes are fairly persistent The posterior distribution is: pi j = D ui j + i j where i j denotes the number of times regime ... elements Rii are drawn from the following inverse gamma distribution ¯ Rii ∼ IG (Rii , T +V0 ) where ¯ ˆˆ Rii = i i + R0 ∗ ∗ ˆ where i denoting the residual Xit − F ∗ βk where Xit = Xit − i Xit−1...

Ngày tải lên: 06/03/2014, 14:20

... deposits (i. e foreign liabilities + capital) Implicit is the assumption that all foreign liabilities are denominated in foreign currency, which is the case for transition economies Since no consistent ... {rli ,rli ,rdi ,rd∗ ,rvi ,rvi } i ∗ ∗ E (rli − 1) li + (rli − 1)li − (rdi − 1) di − (rd∗ − 1)d∗ i i + E[min{(rvi − 1)vi , (M − 1)vi } − DefKi ] ∗ ∗ ∗ + E[min{rvi − 1)vi , (M − 1)vi } − DefKi∗ ... dif d nfc - interest rate differentials for individuals and firms Log L N dif d nfc dif l nfc dif d ind dif l ind ir dif d ir dif l margin lc nfc margin fc nfc margin lc ind margin fc ind margin...

Ngày tải lên: 22/03/2014, 23:20

... Africa Spain Switzerland United States Developing Fiji Honduras India Indonesia Jamaica Korea Kuwait Malawi Malaysia Mauritius Netherlands Antilles Nepal Pakistan Singapore Solomon Islands Sri ... http://www.federalreserve.gov/ Fisher, Irving 1896 Appreciation and interest American Economic Review Publications 11 (August): 331–442 International Monetary Fund (IMF) Various dates International Financial Statistics ... conflicting, views about this One, the liquidity effect view, is that increasing interest rates requires a decrease in the money supply The other view, the Fisher equation view, is that increasing...

Ngày tải lên: 22/03/2014, 23:20

... contain a common prediction: in equilibrium, an increase in the risk free rate will decrease a firm’ credit spread This prediction is inconsistent with our finding of a s positive long-run relation ... existence of a stationary combination implies that the variables cannot drift arbitrarily far apart Intuitively, it is the long-run equilibrium relationship that links the 11 cointegrated variables ... Unfortunately, it is difficult to provide a convincing intuitive explanation for this negative relation While it is possible that a ‘ flight to quality’could induce a temporary negative relation between...

Ngày tải lên: 22/03/2014, 23:20

... equity is random, that is, d S/dt is modelled as a random variable; this in turn implies the security S(t) itself is also a random variable, with its initial (deterministic) condition specified ... market in equilibrium, the security will have its fair price, and that investors will consequently not trade in it any further When in equilibrium, an efficient market is one in which the prices ... the contract is zero However, a notional fair price is assigned to the futures contract at time of writing the contract, namely F(t0 , T ) = An initial margin is paid on initiating the contract...

Ngày tải lên: 23/03/2014, 12:20

... Information Criterion Bayesian Information Criterion Final Prediction Error Hacker and Hatemi-J’s Criterion Schwarz’s Bayesian Criterion Shibata Criterion Oil price World Bond index Treasury bill rate ... short periods of sharp increases in volatility, while volatility clustering is positively correlated with financial market frictions and the nominal interest rate Dotsey et al (2003) reveal evidence ... in emerging economies, finding that oil shocks have no significant impact on stock index returns, especially in emerging economies Manera et al (2004) investigate the correlations of volatilities...

Ngày tải lên: 13/07/2014, 21:13

... the volatility of GDP by 14%, and volatility of consumption by 21% The majority of this decline in volatility is achieved by eliminating the shocks to risk-premium In particular, eliminating just ... pronounced in the smaller island states due to their higher intrinsic volatility, smaller size, lack of scale economies, less diversified production structure, and tighter financial and fiscal constraints.5 ... and run fiscal deficits Lastly, delays in the implementation and execution of fiscal policies in developing economies also contribute to fiscal policy pro-cyclicality in these countries Aside from...

Ngày tải lên: 23/04/2016, 04:50

... holding the two - period for two perids is 2i2 t Expectations Theory—In General III If two one - period bonds are bought with the $1 investment (1 + it )(1 + ite+1 ) − = + it + ite+1 + it (ite+1 ... of different maturities are substitutes but not perfect substitutes Liquidity Premium Theory int = it + ite+1 + ite+2 + + ite+(n−1) n + lnt where lnt is the liquidity premium for the n-period ... the time remaining to maturity is different • Yield curve - a plot of the yield on bonds with differing terms to maturity but the same risk, liquidity and tax considerations – Upward-sloping short-term...

Ngày tải lên: 05/01/2014, 16:56

... explicitly stated in its name, providing depositors with a safe way to transfer resources over time while keeping their immediate liquidity.6 The objective of macroeconomic financial stability ... putting in a situation of comparative disadvantage other financial intermediaries with respect to banks, and, inside the banking sector, it favours deposit collection vis a vis other bank liabilities ... seems to indicate that this provision is not effective in reducing moral hazard problems linked to bank lending activities Finally, we find that indicators of institutional quality have considerable...

Ngày tải lên: 15/02/2014, 05:20

... depositors if a bank is unable to meet its financial obligations Most depositors – including most individuals and small businesses – are covered by the scheme In respect of deposits, an eligible ... by allowing you to deposit funds and then make withdrawals without notice Minimum opening balance is only £1 There is no maximum balance limit However, if a sterling deposit is made in excess ... deduction of income tax at the specified rate Individuals should check their own tax situation, as there may be potential liability Barclays Bank PLC Current Interest Rates Important Information...

Ngày tải lên: 15/02/2014, 05:20

... Wharton Financial Institutions Center The Wharton Financial Institutions Center provides a multi-disciplinary research approach to the problems and opportunities facing the financial services industry ... automobile finance companies In both regressions, population is positively and significantly correlated with loan rates, while CMSA personal income is negatively and significantly correlated, especially ... The third definition imposes yet an additional restriction, namely, that during the year in which the merger occurred, the HHI must increase by at least 100 This condition restricts significant...

Ngày tải lên: 16/02/2014, 10:20