Financial Markets, Institutions and Instruments最新文献_第5页

Analoging the digital: Designing better binary option contracts 模拟数字:设计更好的二元期权合约

Financial Markets, Institutions and Instruments Pub Date : 2021-09-20 DOI: 10.1111/fmii.12151

Yisong S. Tian Ph.D.

引用次数: 0

The impact of legal advisor-issuer cooperation on securitization pricing 法律顾问与发行人合作对证券化定价的影响

Financial Markets, Institutions and Instruments Pub Date : 2021-09-16 DOI: 10.1111/fmii.12153

Nodirbek Karimov, Alper Kara, Gareth Downing

引用次数: 1

Law Firm expertise and shareholder wealth 律师事务所专业知识和股东财富

Financial Markets, Institutions and Instruments Pub Date : 2021-09-13 DOI: 10.1111/fmii.12152

Denis Schweizer, Ge Wu

引用次数: 0

Lender of last resort, buyer of last resort, and a fear of fire sales in the sovereign bond market* 最后贷款人，最后买家，以及对主权债券市场贱卖的恐惧*

Financial Markets, Institutions and Instruments Pub Date : 2021-05-08 DOI: 10.1111/fmii.12143

Viral Acharya, Diane Pierret, Sascha Steffen

引用次数: 2

Changes in trading behavior of analyst-affiliated institutions: the impact of the global analyst research settlement 分析师所属机构交易行为的变化:全球分析师研究结算的影响

Financial Markets, Institutions and Instruments Pub Date : 2021-04-24 DOI: 10.1111/fmii.12142

Hyoseok (David) Hwang

引用次数: 3

Has the Crisis Introduced a New Paradigm in Banks' Credit Allocation? The Non-financial Corporations' Perspective 危机是否为银行信贷配置引入了一种新模式？非金融公司视角

Financial Markets, Institutions and Instruments Pub Date : 2021-03-24 DOI: 10.1111/fmii.12141

Andresa Lopes, Vítor Oliveira, Ângelo Ramos, Fátima Silva

{"title":"Has the Crisis Introduced a New Paradigm in Banks' Credit Allocation? The Non-financial Corporations' Perspective","authors":"Andresa Lopes, Vítor Oliveira, Ângelo Ramos, Fátima Silva","doi":"10.1111/fmii.12141","DOIUrl":"10.1111/fmii.12141","url":null,"abstract":"In the years prior to the onset of the global financial crisis, the sharp credit growth, in a context of optimistic income expectations, boosted by an increase in competition in the banking system, less restrictive lending criteria and favorable financing conditions in international wholesale debt market, led to a marked rise in the debt levels of non-financial corporations. In this paper, we use a panel data regression, with fixed effect estimators, to study how the relationship between bank credit granted to each firm and a set of firm-specific indicators, that measure overall balance sheet performance and riskiness, changed over the 2006–2017 period. The results suggest that, during and after the Portuguese sovereign debt crisis, the sensitivity of the bank credit granted to firms to overall balance sheet strength and riskiness of firms increased, except in the case of leverage, where the sensitivity decreased slightly. Nonetheless, banks on average lent more to lower leveraged firms than to higher leveraged firms throughout the period considered. The results also show that statistical significance slightly reduces with the size of the firm and, when compared with the pre-crisis sub-period, banks did not increase lending to higher leveraged large firms in the crisis and post-crisis sub-periods. Finally, we find that the most capitalized banks were the ones more willing and/or able to support firms, during the crisis, even firms that experienced a deterioration in their indicators.","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"30 2","pages":"31-62"},"PeriodicalIF":0.0,"publicationDate":"2021-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/fmii.12141","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49611728","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Risk Transfer with Interest Rate Swaps 利率掉期的风险转移

Financial Markets, Institutions and Instruments Pub Date : 2020-12-21 DOI: 10.1111/fmii.12135

Lee Baker, Richard Haynes, John Roberts, Rajiv Sharma, Bruce Tuckman

{"title":"Risk Transfer with Interest Rate Swaps","authors":"Lee Baker, Richard Haynes, John Roberts, Rajiv Sharma, Bruce Tuckman","doi":"10.1111/fmii.12135","DOIUrl":"https://doi.org/10.1111/fmii.12135","url":null,"abstract":"This paper proposes Entity-Netted Notionals (ENNs) as a metric of interest rate risk transfer in the interest rate swap (IRS) market. Unlike the ubiquitous metric of notional amount, ENNs normalize for risk and account for the netting of longs and shorts within counterparty relationships. Using regulatory data for U.S.-reporting entities, the size of the market measured by notional amount is $231 trillion, but, measured by ENNs, is only $13.9 trillion 5-year swap equivalents, which is the same order of magnitude as other large U.S. fixed income markets. This paper also quantifies the size and direction of IRS positions across and within various business sectors. Among the empirical findings are that 92% of entities using IRS are exclusively long or exclusively short. Hence, the vast majority of market participants are prototypical end users, and the extensive amount of netting in the market is attributable to the activity of relatively few, larger entities. Finally, some sector-specific empirical findings are inconsistent with widespread, prior beliefs. For example, pension funds and insurance companies are typically thought to be long IRS to hedge their long-term liabilities, and these sectors are indeed net long, but approximately 50% of individual entities in these sectors are actually net short.","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"30 1","pages":"3-28"},"PeriodicalIF":0.0,"publicationDate":"2020-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/fmii.12135","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"109172536","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Diversification benefits of cat bonds: An in-depth examination cat债券的多元化效益:深入考察

Financial Markets, Institutions and Instruments Pub Date : 2020-10-13 DOI: 10.1111/fmii.12134

Karl Demers-Bélanger, Van Son Lai

引用次数: 1

Public pension reform and the 49th parallel: Lessons from Canada for the U.S. 公共养老金改革与第49条平行线:加拿大对美国的启示

Financial Markets, Institutions and Instruments Pub Date : 2020-09-24 DOI: 10.1111/fmii.12133

Clive Lipshitz, Ingo Walter

{"title":"Public pension reform and the 49th parallel: Lessons from Canada for the U.S.","authors":"Clive Lipshitz, Ingo Walter","doi":"10.1111/fmii.12133","DOIUrl":"https://doi.org/10.1111/fmii.12133","url":null,"abstract":"Public employee pension systems around the world show remarkable diversity in design and execution. Among these, the U.S. defined benefit public pension system has drawn increased attention because of questions about the long-term sustainability of many of the underlying pension funds – as well as concerns of equity between pension plan members, retirees, taxpayers, bondholders, and users of public services. The Covid-19 pandemic introduced new fissures in state and local government finances, heightening the need to bolster long-term public pension fund robustness. As an alternative model, the Canadian public pension system is widely respected. This was not foreordained. The authors trace difficult decisions undertaken in Canada in the 1980s and 1990s along with essential descriptive features of the Canadian Model. Using a novel primary dataset, the authors benchmark the 25 largest U.S. plans against their ten largest Canadian peers, exploring key issues in a paired analysis. The authors extract fundamental lessons from the Canadian experience, proposing a roadmap for reform of the U.S. public pension system. They argue that long-term pension sustainability, once politically prioritized, must be built on equity and discipline in plan design, funding, and amortization of existing deficits. They emphasize the importance of legal framework, particularly joint sponsorship, alongside enhanced governance and unified legislation. They also draw lessons from the Canadian experience with respect to enhanced investment organizations and investment strategies.","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"29 4","pages":"121-162"},"PeriodicalIF":0.0,"publicationDate":"2020-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/fmii.12133","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91869763","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

Environmental, social and governance reporting in annual reports: A textual analysis 年度报告中的环境、社会和治理报告：文本分析

Financial Markets, Institutions and Instruments Pub Date : 2020-06-26 DOI: 10.1111/fmii.12132

Philipp Baier, Marc Berninger, Florian Kiesel

引用次数: 28