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This paper tests a new hypothesis that bank managers issue bonds, at least in part, to convey positive, private … migrations, equity returns, bond issuance, and balance sheet data for US bank holding companies. The results add to our … requirements that banking organizations frequently issue public bonds might augment "market discipline." …
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. We find that two macroeconomic factors have an important predictive content for government bond yields and excess returns …
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The role of capital flows in the buildup to the global financial crisis and the potential vulnerabilities posed by capital flows to emerging market economies highlight the importance of reliable and timely measures of cross-border investment activity to better monitor developments as they...
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This paper analyzes panel data inference in predictive regressions with endogenous and nearly persistent regressors. The standard fixed effects estimator is shown to suffer from a second order bias; analytical results, as well as Monte Carlo evidence, show that the bias and resulting size...
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This paper describes the construction of a financial stress index. This stress index differs from other indexes in that it incorporates the co-movement and volatility of financial series as well as the levels of the series. Our index also uses past experience more than others to guide the...
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