This paper provides a discussion about some recent issues related to the transfer ofcredit risk (CRT) from the perspective of global liquidity. The CRT market is enormouslygrowing and exhibits major structural shifts in terms of buyers and sellers ofprotection. I try to address these issues from...

In der Vergangenheit wurden Liquiditätsrisiken sowie deren Management durch Wissenschaftund Praxis in stark schwankendem Mass beachtet. In der Regel nimmt ihre Bedeutungund damit auch der Grad der Beachtung in Zeiten wirtschaftlicher Anspannung zu, dasich Liquidität in diesen Situationen...

This paper investigates the determinants of a broad sample of Swiss non-financial firms’cash holdings between 1995 and 2004. The median Swiss firm holds almost twice asmuch cash and cash equivalents as the median U.S. or U.K. firm. Our results indicate thatasset tangibility and firm size are...