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Is Liquidity Reflected in Bond Yields? Evidence from the Euro Corporate Bond Market

Houweling, Patrick; Mentink, Albert; Vorst, Ton - EconWPA - 2002

We test whether liquidity is priced in the euro-denominated corporate bond market. We use the Arbitrage Pricing Theory to control for other sources of risk. Yields are used to measure the bonds' expected returns and liquidity is approximated by four indirect measures: issued amount, age, number...

Persistent link: https://www.econbiz.de/10005413035

Spillovers across High Yield Markets

Moschitz, Julius - EconWPA - 2004

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 correlated. Therefore, investing in these different assets...

Persistent link: https://www.econbiz.de/10005413232

Zum Zusammenhang zwischen Bond-Credit Spreads und Ratings

Mergner, Sascha - EconWPA - 2005

Ziel der vorliegenden Arbeit ist eine empirische Analyse des Zusammenhangs zwischen Bond-Credit Spreads und Ratings. Anhand US- amerikanischer Unternehmensanleihen soll untersucht werden, welche Zusammenhänge an den Maerkten zu beobachten sind, welchen Veränderungen diese im Zeitablauf...

Persistent link: https://www.econbiz.de/10005077011

Learning versus Diversification in Project Choice

Subramanian, Narayanan; Menon, Nidhiya - EconWPA - 2004

We study the issue of project choice when a risk-averse agent must choose whether to invest in two projects of the same type (focus) or of different types (diversification). Projects of the same type are subject to common type-specific shocks. Hence focusing is more risky within each period, but...

Persistent link: https://www.econbiz.de/10005407512

When prices hardly matter: Incomplete insurance contracts and markets for repair goods

Nell, Martin; Richter, Andreas; Schiller, Jörg - EconWPA - 2005

purchases a good to compensate consequences of unfavorable events, such as an accident or an illness. Insurance policies in most … lines of insurance base indemnity on the insured’s actual expenses, i.e., the insured would be partially or completely … reimbursed when purchasing certain goods. In this setting we discuss the interaction between insurance and repair markets by …

Persistent link: https://www.econbiz.de/10005076664

Vote Splitting as Insurance Against Uncertainty

Bugarin, Mauricio - EconWPA - 1998

The present paper offers a racional choice explanation for political ticket splitting. It considers a game-theoretic model of voting and bargaining within Congress and between Congress and the president. When parties are ideologically oriented and voters' utilities are state dependent, the model...

Persistent link: https://www.econbiz.de/10005062374

Workers Compensation and Occupational Health and Safety Frameworks

Commission, Productivity - EconWPA - 2004

The final report of the public inquiry, National Workers' Compensation and Occupational Health and Safety Frameworks. Consistent with its terms of reference, the Commission had recommended a national workers’ compensation scheme to operate alongside those of the States and Territories to...

Persistent link: https://www.econbiz.de/10005062773

Measuring Risk: Political Risk Insurance Premiums and Domestic Political Institutions.

Jensen, Nathan M - EconWPA - 2005

institutions affect political risks for multinationals. Utilizing price data from political risk insurance agencies I test how …

Persistent link: https://www.econbiz.de/10005556634

Public Liability Claims Management

Commission, Productivity - EconWPA - 2003

public liability insurance should not prevent benefits from recent government policy changes being passed onto consumers. The …

Persistent link: https://www.econbiz.de/10005556901

Dynamic Financial Analysis - Understanding Risk and Value Creation in Insurance

Blum, Peter; Dacorogna, Michel - EconWPA - 2003

The changing business environment in non-life insurance and reinsurance has raised the need for new quantitative … based on large-scale computer simulations for the integrated financial modeling of non-life insurance and reinsurance …

Persistent link: https://www.econbiz.de/10005561063