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This paper analyzes the impact of economic freedom along with traditional economic factors on economic growth for a panel of European countries. The growth of the gross domestic product was observed over a twenty-year time period on a sample of 43 developing and developed countries. Based on a...
Persistent link: https://www.econbiz.de/10012173941
This paper studies the link between secondary market liquidity for a corporate bond and the bond's yield spread at … issuance. Using ex-ante measures of expected liquidity at the time of issuance, based on the characteristics of the … underwriting syndicate, we find an economically large impact of liquidity on yield spreads. We estimate that a 10% increase in …
Persistent link: https://www.econbiz.de/10012022090
disappear if dealers are diversified in providing liquidity across country-specific secondary markets and SBBS tranches. Hedging …
Persistent link: https://www.econbiz.de/10012022215
We examine price discovery and liquidity provision in the secondary market for bitcoin-an asset with a high level of … volatility environment, aggressive orders seem to be more attractive to informed agents, but market liquidity migrates outward in …
Persistent link: https://www.econbiz.de/10012171450
This paper uses two highly liquid S&P 500 and gold exchange-traded funds (ETFs) to evaluate the impact of liquidity and … ability of liquidity variables to predict intraday jumps persists after controlling for news surprises. Results show that …
Persistent link: https://www.econbiz.de/10012305143
-term sustainability is the company's liquidity level, as it demonstrates its ability to meet short-term financial obligations. This type … liquidity. This information is very important for hotel investors. This study can also provide management information that …
Persistent link: https://www.econbiz.de/10012520262
The post-crisis liquidity framework improves banking stability by imposing stricter liquidity requirements. However … liquidity coverage ratio (LCR) on the profitability and non-performing assets (NPAs) of Indian banks using annual data from 2010 …-reaching implications for policymakers. Indian policymakers/regulators need to understand the strategies used by banks to meet liquidity …
Persistent link: https://www.econbiz.de/10013273491
Arbitrage and liquidity are interrelated. Liquidity facilitates arbitrageurs’ trading on deviations from the law of one … price. However, whether arbitrage opportunity leads to an increase or decrease in liquidity depends on the cause of the … deviation. A demand shock leads to greater liquidity, while asymmetric information is toxic to liquidity. We examine how …
Persistent link: https://www.econbiz.de/10014284282
We consider a system where the asset values of firms are correlated with the default thresholds. We first evaluate the probability of default of a single firm under the correlated assets assumptions. This extends Merton’s probability of default of a single firm under the independent asset...
Persistent link: https://www.econbiz.de/10011543135
The impact of a stress scenario of default events on the loss distribution of a credit portfolio can be assessed by determining the loss distribution conditional on these events. While it is conceptually easy to estimate loss distributions conditional on default events by means of Monte Carlo...
Persistent link: https://www.econbiz.de/10011544020