evidence from the eu
Credit-risk valuation in the sovereign CDS and bonds markets: Evidence from the euro area crisis ppt
Ngày tải lên :
15/03/2014, 07:20
... among others Credit-risk valuation in the sovereign CDS and bonds markets: Evidence from the euro area crisis 11 First, we test the “no-arbitrage” theoretical frictionless relation that equates the ... risk on the side of CDS dealers, we employ the CDS spreads of the 14 banks most active as dealers in the CDS market These CDS spreads are obtained from CMA The information regarding the European ... liquidity between the CDS and the bond Specifically, the degree of liquidity in the CDS market is proxied by the bid-ask spread of the CDS premium The higher this spread is, the lower the degree of...
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WORKING PAPER SERIES NO. 303 / FEBRUARY 2004: FISCAL POLICY EVENTS AND INTEREST RATE SWAP SPREADS: EVIDENCE FROM THE EU pdf
Ngày tải lên :
22/03/2014, 23:20
... of the SGP would be a “stupid” avenue, there is no evidence of significant reactions from the markets Indeed, the markets may have interpreted the announcement as not raising the risk of the European ... confirmed their commitment to their fiscal target.8 The embarrassment of the “sinners” resulting from the public debate of the issue had been an effective mechanism to enforce commitment to the European ... is the interest rate swap spread for the US, Yab the bid-ask spread for the 10-year government bonds, STOX the average of the volatility of put and call options on the Eurostoxx index, SLP the...
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Environmental regulation and economic competitiveness: Evidence from the textile industry in Vietnam
Ngày tải lên :
24/08/2013, 18:48
... insights into the environmental legal regulation in Vietnam and the impacts they have on the industry I.1 Research questions The thesis aims to answer the following questions, from the macro level ... situation for the environment but further research is needed The thesis is inspired by the idea of further research on the linkages that should be made on the industry specific basis rather than ... – grease money or the ‘envelope’ The inspectors received the money and turned a blind eye to the pollution as they are making a profit from the polluting operation They are then much concerned...
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Tài liệu Báo cáo " Late Eocene metamorphism and ductile deformation age of Con Voi range, the Red River shear zone: evidence from the garnet Sm/Nd dating" docx
Ngày tải lên :
13/02/2014, 12:20
... relation of the samples and country rocks and also on the thermal history in which the rock itself experienced All other radioactive dating methods applied for any mineral extracted from the first ... contamination with the mantle materials The model age TDM=1880 m.y calculated from the isochron suggested that the provenance of metamorphic rocks of Con Voi range might derive from the Proterozoic ... direct link to the metamorphism and ductile deformation lacked Therefore, the interpretation of the zircon age for metamorphism and interfoliation leucogranite strongly depended on the structural...
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Monetary Policy Surprises and Interest Rates: Evidence from the Fed Funds Futures Market doc
Ngày tải lên :
06/03/2014, 02:21
... reconstruct the surprise change in the target is to look at the difference between the average funds rate and the spot month rate on the day prior to the change, scaled up to reflect the number ... ms , τ The surprise computed in this way, therefore, is equal to the “true” surprise, plus the average targeting errors made later in the month, minus the scaled-up premium The first of these may ... change too much from one day to the next The only contamination is the day τ targeting error, and the revision in the expectation of future targeting errors.5 The expected component of the change...
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Deep Recessions, Fast Recoveries, and Financial Crises: Evidence from the American Record ppt
Ngày tải lên :
06/03/2014, 19:20
... pattern: the recovery from the Great Contraction in the 1930s; the recovery after the recession of the early 1990s and the present recovery The present recovery is strikingly more tepid than the 1990s ... pattern: the recovery from the Great Contraction in the 1930s; the recovery after the recession of the early 1990s and the present recovery The present recovery is strikingly more tepid than the 1990s ... shows the quarterly path of GDP from the preceding peak to the trough of each business cycle and then the quarterly path of GDP from the trough for the same number of quarters that occurred in the...
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WORKING PAPER NO. 136 RETAIL BANK INTEREST RATE PASS-THROUGH: NEW EVIDENCE AT THE EURO AREA LEVEL docx
Ngày tải lên :
15/03/2014, 14:20
... the determination of retail bank interest rates in the euro area The main contribution of this study is that for the first time both bank deposit rates and lending rates at the level of the euro ... Turning to Chart 1b, the maturity of the instruments also plays prima facie a role in determining the level of bank lending rates: the lower the maturity the higher the level of the bank lending ... the riskless loan, P(ã) is the probability of default on the second class of loan and br2 is the bank lending rate on these loans For the first type of loans br1/mr = 1; that is, changes in the...
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Báo cáo Y học: Identification of mammalian-type transglutaminase in Physarum polycephalum Evidence from the cDNA sequence and involvement of GTP in the regulation of transamidating activity potx
Ngày tải lên :
17/03/2014, 23:20
... Although the predicted aminoacid sequence had similarity with the sequences of mammalian TGase, the length of the cDNA was smaller than the length deduced from the molecular size of the purified ... after the primary injection Two weeks after the last immunization, blood was collected from the heart For expression of the full-length cDNA in E coli, the same system was used except for the vector ... residues are shown on the left and right sides, respectively The grey background indicates the amino acid sequence determined from the CNBr fragment The asterisk indicates the stop codon Three...
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Wars and Child Health: Evidence from the Eritrean-Ethiopian Conflict pdf
Ngày tải lên :
22/03/2014, 09:20
... directly from the author IZA Discussion Paper No 5558 March 2011 ABSTRACT Wars and Child Health: Evidence from the Eritrean-Ethiopian Conflict* This is the first paper using household survey data from ... exposure to the war) and temporal (within a given region, the timing of whether a child was born during the war period) These variables are binary and indicate whether a child was born before the war ... regions would have been similar in the absence of the war Equation assumes that, apart from the war, there are no other events that might have coincided with the war and independently affected...
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The Determinants of Bank Net Interest Margin: Evidence from the Lebanese Banking Sector ppt
Ngày tải lên :
22/03/2014, 17:20
... that the main determinants of net interest margins are bank-specific factors, whereas others claim that the industry-specific factors are more important On the other hand, others believe that the ... reason, they doubted the effect of the lending channel Conversely, Kashyap and Stein (1995, 2000) provide evidence that this hypothesis does not hold if asymmetric information about the value of the ... Standard error in parentheses *** Significantly different from zero at the 1% level ** Significantly different from zero at the 5% level * Significantly different from zero at the 10% level 0.003...
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Interest Rate Risk and Bank Common Stock Returns: Evidence from the Greek Banking Sector pot
Ngày tải lên :
22/03/2014, 17:20
... -11.7* * The mean and standard deviation correspond to the sample values The numbers in the parentheses stand for the t-ratios The Sharpe ratio is calculated by diving the sample mean by the sample ... stands for the Durbin-Watson statistic The numbers in the parentheses below the point estimates stand for the t-ratios Adj R2 stands for the adjusted coefficient of determination The hypotheses tests ... portfolios In other words, the analysis on the one hand has the drawback that noise is not 'averaged out', but on the other hand allows the evaluation of interest rate risk on the micro level...
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Bank Funding Structures and Risk: Evidence from the Global Financial Crisis pptx
Ngày tải lên :
22/03/2014, 21:20
... to weaken the connections between the macroeconomic environment in the run-up to the crisis and the likelihood of subsequent bank failure These hypotheses are taken to the data in the next sections ... declining trend in the pre-crisis period, which reverts from 2007 for the Domestic banks, and from 2008 for the Global banks In the latter group, there is a sudden drop at the peak of the crisis, followed ... buffers on the likelihood of bank failure are not large On the other hand, there is evidence of substantial threshold effects, and the benefits of stronger buffers appear substantial for the banks...
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DETERMINANTS OF COMMERCIAL BANKS INTEREST RATE SPREADS: SOME EMPIRICAL EVIDENCE FROM THE EASTERN CARIBBEAN CURRENCY UNION pdf
Ngày tải lên :
22/03/2014, 23:20
... factors go into the construction of the index, the number of firms in the industry and each firm’s market share The fewer the number of firms in the industry the easier it is for them to coordinate ... to support the hypothesis that interest rate spreads are positively related to market power That is, the more concentrated the banking industry (i.e the less competitive) the higher the banks’ ... uses the Herfindahl–Hirschman index (HHI) as the measure of market power in the banking system in each of the ECCU countries both at the aggregate level and for the foreign and indigenous banks The...
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Decentralization and Water Pollution Spillovers: Evidence from the Re-drawing of County Boundaries in Brazil ppt
Ngày tải lên :
29/03/2014, 14:20
... models are then left with the simpler task of explaining the change in pollution from the upstream point to the downstream point as a function of the characteristics of counties in between the two ... after the 1994 elections Thus the distance of the upstream station B to the nearest exiting border decreased from BD to BC, and the number of border crossings for the segment BF increased from ... following the passage of the Clean Water Act She uses variation in the time at which states were authorized to enforce the Clean Water Act within their boundaries in order to determine the impact of the...
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Poultry Meat Exports from the European Union to West- and Central Africa: Comments on EU Answers to APRODEV Questions pptx
Ngày tải lên :
31/03/2014, 08:20
... confirm the figures given above by the EU on the export prices the EU exporters receive from selling to African countries They serve as an indication for the prices at which poultry meat from the EU ... Leone, Liberia and the DRC The base for the amounts of export from the EU is the European export statistics Unfortunately, there are some considerable contradictions between the EU numbers and those ... taken as absolute, because of these variations There are further significant contradictions between the numbers of the EU and the numbers published by the FAO and the UN The total import amounts for...
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Báo cáo Y học: The a1b1 contact of human hemoglobin plays a key role in stabilizing the bound dioxygen Further evidence from the iron valency hybrids potx
Ngày tải lên :
31/03/2014, 15:20
... pocket from the surrounding solvent The iron is thus converted to the ferric met-form, and the water molecule or the hydroxyl ion remains bound to the Fe(III) at the sixth Ó FEBS 2002 The a1b1 ... can enter the heme pocket from the surrounding solvent The latter case may be in the b chains of the HbO2 tetramer To investigate more exactly the effect of the a1b1 or a2b2 contact on the stability ... passed through the column with the same buer To elute out the major peak of the hybrid tetramer, the buer was changed to 50 mM Hepes (pH 7.9) at the point indicated by the ®rst arrow The unassociated...
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Industry Consolidation and Price-Cost Margins --Evidence from the Pulp and Paper Industry ppt
Ngày tải lên :
01/04/2014, 00:20
... been on the rise since the 1980’s and continued throughout the 1990s The pace of change, measured by the number of mergers per year, picked up in the late 1990’s.12 From 1970 to 1979, the average ... the bias from omitted time-invariant variables, yet it does not eliminate the bias stemming from correlation between the concentration measure and the idiosyncratic errors In order to check the ... for approximately 35% of the total sales in the U.S.9 Conversely, the paperboard sector has the lowest import penetration, reflecting approximately 1% of the total sales The paper sector has imports...
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do principles-based accounting standards matter evidence from the adoption of ifrs in china
Ngày tải lên :
03/06/2014, 01:05
... Reproduced with permission of the copyright owner Further reproduction prohibited without permission Reproduced with permission of the copyright owner Further reproduction prohibited without ... permission Reproduced with permission of the copyright owner Further reproduction prohibited without permission Reproduced with permission of the copyright owner Further reproduction prohibited without ... permission Reproduced with permission of the copyright owner Further reproduction prohibited without permission Reproduced with permission of the copyright owner Further reproduction prohibited without...
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household liquidity and financial innovations evidence from the survey of consumer finances
Ngày tải lên :
03/06/2014, 02:01
... Reproduced with permission of the copyright owner Further reproduction prohibited without permission Reproduced with permission of the copyright owner Further reproduction prohibited without ... permission Reproduced with permission of the copyright owner Further reproduction prohibited without permission Reproduced with permission of the copyright owner Further reproduction prohibited without ... permission Reproduced with permission of the copyright owner Further reproduction prohibited without permission Reproduced with permission of the copyright owner Further reproduction prohibited without...
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Comparison of cosmetic earnings management for the developed markets and emerging markets some empirical evidence from the united states and taiwan
Ngày tải lên :
12/06/2014, 19:37
... management The occurrence of the agency problem results from the separation of ownership and control The managers might pursue their self-interest to maximize their own wealth, perhaps at the expense ... the case, the effect of the improvement of corporate governance cannot be ignored The Cramer's V of the first digit from years 1990 to 2002 was 0.0189, which is larger than the Cramer's V of the ... log10 ða þ 1Þ− log10 ðaÞ: ð1Þ Furthermore, the expected proportion of the given number a as the first digit and the number b as the second digit can be found in the following relation: ...
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