The Report on a Right of Use for Collateral Takers and Custodians examines on what basis collateral takers can dispose … of the assets of collateral providers, and custodians of those of their clients. The report describes the current legal … (Collateral Directive, Investment Services Directive). The report contains a Tax Appendix. …

assets to prevent their debt from crowding out consumption. But their distress-selling causes a decline in equilibrium prices … credit crunch interferes with the accommodation necessary for stability. …

This note shows that, with pre-set price and capital decisions of firms facing uncertainty and financial market … imperfections, price, mark up and the expected degree of capacity utilization (resp. capital) decreases (resp. increases) with the …

economic activity and regional property values (the latter representing collateral effects) reduce regional insolvencies. An … increase in credit provision (increased leverage) raises the rate of insolvencies. In a low-inflation environment, a rise in …

Ziel der vorliegenden Arbeit ist eine empirische Analyse des Zusammenhangs zwischen Bond-Credit Spreads und Ratings …

We test whether liquidity is priced in the euro-denominated corporate bond market. We use the Arbitrage Pricing Theory … significant pricing anomalies due to liquidity exist for euro- denominated bonds. We find that the yield premium between liquid … to control for other sources of risk. Yields are used to measure the bonds' expected returns and liquidity is …

This paper studies the time-variant interactions among US stocks, emerging market bonds and US low-grade corporate … bonds. All of these assets are characterized by a similar average return, but returns are far from being perfectly …