Similar Search Results

Bidding With Securities : Auctions and Security Design

DeMarzo, Peter M. - 2004

We study security-bid auctions in which bidders compete by bidding with securities whose payments are contingent on the … offer securities and the seller chooses the most attractive bid, based on his beliefs, ex-post … securities, and show that steeper securities lead to higher revenues. We also show that the revenue equivalence principle holds …

Persistent link: https://www.econbiz.de/10012467796

What Determines End-of-Life Assets? A Retrospective View

Poterba, James - 2015

We consider assets when individuals were last observed prior to death in the Health and Retirement Study (HRS) and trace assets backwards to the age when these individuals were first observed. For most individuals, assets in the last year observed (LYO) were very similar to assets in the first...

Persistent link: https://www.econbiz.de/10012456987

Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence

Blanchard, Olivier - 2015

The workhorse open-economy macro model suggests that capital inflows are contractionary because they appreciate the currency and reduce net exports. Emerging market policy makers however believe that inflows lead to credit booms and rising output, and the evidence appears to go their way. To...

Persistent link: https://www.econbiz.de/10012457050

Liquidity and the Threat of Fraudulent Assets

Li, Yiting - 2011

We study an over-the-counter (OTC) market with bilateral meetings and bargaining where the usefulness of assets, as means of payment or collateral, is limited by the threat of fraudulent practices. We assume that agents can produce fraudulent assets at a positive cost, which generates endogenous...

Persistent link: https://www.econbiz.de/10012461157

Two Monetary Tools : Interest Rates and Haircuts

Ashcraft, Adam - 2010

We study a production economy with multiple sectors financed by issuing securities to agents who face capital … tool, we study the introduction of the legacy Term Asset-Backed Securities Loan Facility (TALF). By considering …

Persistent link: https://www.econbiz.de/10012462319

What Ties Return Volatilities to Price Valuations and Fundamentals?

David, Alexander - 2009

Stock and Treasury bond comovement, volatilities, and their relations to their price valuations and fundamentals change stochastically over time, both in magnitude and direction. These stochastic changes are explained by a general equilibrium model in which agents learn about composite economic...

Persistent link: https://www.econbiz.de/10012463086

Do Security Analysts Speak in Two Tongues?

Malmendier, Ulrike - 2007

Why do security analysts issue overly positive recommendations? We propose a novel approach to distinguish strategic motives (e.g., generating small-investor purchases and pleasing management) from nonstrategic motives (genuine overoptimism). We argue that nonstrategic distorters tend to issue...

Persistent link: https://www.econbiz.de/10012465530

Market Liquidity and Funding Liquidity

Brunnermeier, Markus K. - 2007

empirically documented features that market liquidity (i) can suddenly dry up, (ii) has commonality across securities, (iii) is …

Persistent link: https://www.econbiz.de/10012465717

Agency Conflicts, Asset Substitution, and Securitization

Gan, Yingjin Hila - 2006

Asset-backed securities represent one of the largest and fastest growing financial markets. Under securitization … a whole loan. We examine how outsourcing impacts performance using data on 357 commercial mortgage-backed securities …, including conflicts between junior and senior securities holders (the asset substitution problem) and risk aversion among …

Persistent link: https://www.econbiz.de/10012466306

Asset Prices When Agents are Marked-to-Market

Gorton, Gary - 2006

"Risk management" in securities markets refers to the oversight of portfolio managers and professional traders when …

Persistent link: https://www.econbiz.de/10012466594