stock and bond market indexes

... stock and bond °ows explain a signi¯cant fraction of the error variance in forecasting liquidity in both stock and bond markets We also ¯nd that substantial commonality between stock and bond market ... stock and bond market liquidities closely mimic Tuesdays and Friday are respectively the highest- and lowest-liquidity days of the week for both markets Further, liquidity in both stock and bond ... results for bond and stock volatility Bond volatility is lower in July, August, November and December relative to January Stock and bond volatility are generally higher during crisis periods Bond volatility...

Ngày tải lên: 23/04/2014, 16:11

... weighted stock market return and the Lehman aggregate bond index return are signi¯cantly positively correlated with order °ow We have run our forecasting regressions with and without the market ... io n o f liqu id it y 10 The minimum lot size in the US government bond market is $1,000,000 whereas the lot size in the stock market is 100 shares P a n e lB p r e s e n t s s u m m a r y s t ... See, for example, Greenspan, 1999, and \Finance and Economics: Alan Greenspan's miracle cure," Economist, October 24, 1998, pp.75-76 and \A Review of Financial Market Events in Autumn 1998," CGFS...

Ngày tải lên: 23/04/2014, 16:29

... of bond markets relative to equity markets The consequences of operating a financial system with a banking sector and equity market, but without a well-functioning bond market are profound and ... the forward, futures and swap markets, the options market depends critically on the bond market for pricing and hedging positions In the absence of a well-functioning bond market, it may be possible ... disclosure standards, and efficient and reliable clearing and settlement arrangements It is also useful to have a community of bond analysts and ratings agencies who can help investors evaluate bonds...

Ngày tải lên: 24/10/2012, 09:40

... C.R and A Chart, 1989, Interest rate sensitivity and stock returns of financial institutions, Financial Review 24, 457-473 Chen N.-F., R Roll and S.A Ross, 1986, Economic forces and the stock market, ... reported in Fortune, June 6, 1988) The market return is similarly calculated as the rate of price change and the dividend yield for Standard and Poor’s 500 stocks obtained from the Wharton Econometric ... period t of the various balance sheet items is denoted by 15: and i&L for domestic and foreign loans and 0: and c?,D: for domestic and foreign deposits In addition, it is assumed that the bank...

Ngày tải lên: 22/03/2014, 17:20

... exchange and OTC derivatives and swap markets; and (4) consolidate the outstanding stock of government bonds 14 Relax exchange controls on bonds to facilitate investment by foreign investors and broaden ... 2004 The Structure and Characteristics of East Asian Bond Markets In Ito, T and Y.C Park, eds Developing Asian Bond Markets World Bank 2004 Study on Korea’s Corporate Bond Market and Its Implications ... Indian market is now the tenth largest in the world for futures contracts on single stocks and indexes and the largest for futures on single stocks Commodity markets have also developed Three new markets...

Ngày tải lên: 22/03/2014, 20:20

... Trends of domestic and international market According to chart 1, we can easily recognize the change and general trends of Binh Minh Company’s sale in domestic and international market from 2003 ... and international markets of quarterly sales (in VND millions) of Binh Minh Company during period 2003-2006, we can reflect data by following graphs: 3.1 Trend of domestic and international market ... the other hand, the number of Indian and Germanic students is not big and in general most of them expect level of salary is medium (over 30,000 -80, 000 USD/year) 2.2.2 Cross tables and charts...

Ngày tải lên: 19/07/2013, 09:49

... reached in progressing toward goals and objectives They are short range and are time and achievement related 2.1 THE PRIMARY GOALS AND OBJECTIVES OF MANUFACTURING It stands to reason that the primary ... one and two goals of 15% and 30% market share are elements of Acme’s strategic plan for achieving their objectives of industry domination and making money Each year Acme must measure their market ... standard and carry it throughout the organization All policies and procedures established for any organization are based upon basic mission statements and specific objectives Management vision and...

Ngày tải lên: 23/11/2013, 14:10

... the aftermarket Secondary trading of high-yield bonds is a wellestablished and active marketplace Broker-dealers often traffic in the “grey market before the paper is “freed to trade,” and in ... yield on a bond based on the coupon rate and the current market price of the bond (not on its face or par value) Current yield is calculated by dividing the annual interest earned on a bond by its ... issuers (WKSIs), and covers debt securities, common stock, preferred stock and warrants, among other various instruments A WKSI is a company that has filed all annual, quarterly and current reports...

Ngày tải lên: 15/02/2014, 13:20

... however, a fundamental difference 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 ... assets available for hedging as there are independent sources of randomness in the market In bond markets as well as in stock markets it seems reasonable to take into account the possible occurrence ... sources of randomness and, as a consequence, completeness may be lost In traditional stock market models there are usually only a finite number of basic assets available for hedging, and in order...

Ngày tải lên: 16/02/2014, 02:20

... (1977), Leland (1994), Leland and Toft (1996), Longsta¤ and Schwartz (1995), Anderson and Sundaresan (1996), Mella-Barral and Perraudin (1997), and Collin-Dufresne and Goldstein (2001), among others, ... …rm, and A are the drift and volatility, and dZ is a standard Wiener process At maturity, bondholders are paid …rst If …rm value lies above the face value of debt, the …rm does not default and bondholders ... characteristics, and volatility measures for the main sample There is large variation in observed bond spreads and in bond maturity The median bond spread is 92 bps and the sample standard deviation...

Ngày tải lên: 16/02/2014, 02:20

... Transparency in New Zealand.” Reserve Bank of New Zealand Discussion Paper Series No 2008/01 Ehrmann, M., and M Fratzscher 2004 “Taking Stock: Monetary Policy Transmission to Equity Markets.” Journal ... the central banks of New Zealand, Norway, and Sweden publish the expected policy rate path of their monetary policy decision makers, the central banks of Iceland and the Czech Republic publish ... always preceded (and was taken by market participants to imply) a tightening at the next meeting, and “close monitoring” preceded unchanged policy In contrast to the RBNZ, the FOMC and the ECB have...

Ngày tải lên: 17/02/2014, 03:20

... accounting standards and practices Our analysis follows a model developed by Preinreich (1938), Edwards and Bell (1961), and Peasnell (1982) and formalized by Ohlson (1991, 1995) and Feltham and Ohlson ... current earnings and book value Frankel and Lee (1999) look at the relation between accounting values, earnings forecasts and market prices across 20 countries (including Korea and Thailand) for years, ... Accounting Standards and Standard Setting in the Six Countries Country Indonesia Korea Malaysia Philippines Taiwan Thailand Primary basis for accounting standards Independent accounting standards...

Ngày tải lên: 17/02/2014, 09:20

Ngày tải lên: 18/02/2014, 11:20

... provide the most comprehensive and internationally consistent information on the size and structure of global foreign exchange markets, allowing policymakers and market participants to better ... commercial and investment banks and securities houses that (1) participate in the interdealer market and/ or (2) have active business with large customers, such as large corporate firms, governments and ... currency swaps, currency options and other foreign exchange products) Turnover on global foreign exchange markets and in interest rate derivatives is analysed in Tables to and in Tables to 9, respectively...

Ngày tải lên: 06/03/2014, 02:21

... budget surpluses and thus not need to issue bonds, developed a government bond market as a benchmark for their large mortgage market and the nascent corporate bond market In some markets, however, ... pros and cons of tax incentives 39 Developing Government Bond Markets investor protection arrangements in the private sector bond market (see Chapters 11 and 12)? The government issues bonds and ... been liberalized, development of money and government securities markets can go hand in hand When a money market has materialized and the government securities market is ready to take hold, coordination...

Ngày tải lên: 06/03/2014, 08:20

... held back by weak demand for a number of goods including motor vehicles and parts, industrial machinery, and aircraft Conversely, exports of energy products and metals stand at new all-time highs ... years although firming demand in the US and a gradual stabilization in Europe will turn the dial in terms of export growth in 2013 and 2014 At the same time, import demand will continue to grow, ... insulate the economy from persistently weak export demand The headline and core inflation rates stand closer to the bottom end of the 1% to 3% target band than the top, so there is no urgency for the...

Ngày tải lên: 06/03/2014, 19:20

... both the supply and demand for credit picking up Lending standards, according to the Federal Reserve’s Senior Loans’ Officer Survey, continued to ease for commercial and industrial and non-residential ... industrial production, and investment in machinery The pent-up demand for housing and vehicles created during the economic downturn will in part be met by Canadian autos and parts and forestry exports ... service costs and a healthy labour market are preventing foreclosures and delinquencies, so it has mainly been macro-prudential changes that have dampened housing activity and credit demand For now,...

Ngày tải lên: 08/03/2014, 06:20

... 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 price quotes and ... ratings) and 115 (Moody’s ratings) The test statistic is described in Dunn and Clark (1974) To calculate a U.S rating of Japanese corporate bonds, we average the ratings of Moody’s and Standard and ... Service 1998 “Decline and Fall of the ‘Joint Support’ Regime in Japan’s Domestic Bond Market. ” Special Comment, February Packer, Frank, and Elizabeth Reynolds 1997 “The Samurai Bond Market. ” Federal...

Ngày tải lên: 15/03/2014, 03:20

... not rated and should not be interpreted as indicating low quality For more information on Standard and Poor’s rating methodology, please visit standardandpoors.com and select “Understanding Ratings” ... curve, where the market demands lower yields (e.g 22 basis points (bps) roll down from to years and 26 bps from to years) Therefore a bond paying a constant coupon greater than what the market is currently ... municipal bonds in the intermediate part of the curve over this period Single state municipal bond funds Single state municipal bond funds invest in bonds issued by a specific state and its local...

Ngày tải lên: 15/03/2014, 04:20

... alongside overnight and open maturities Tri-party collateral in the US market comprises mostly Agency MBS and debentures, and US Treasury bonds, with a smaller share of corporate bonds and equities ... impact on asset prices and market dynamics, and thus propagate and amplify financial shocks throughout the financial system (Fontaine and Garcia (2012)) Copeland, Martin and Walker (2011) find ... and sterling government bond repo markets is primarily conducted through anonymous electronic trading systems linked to CCPs 3.3 Market characteristics The inter-dealer government bond repo market...

Ngày tải lên: 15/03/2014, 19:20