Similar Search Results

Beyond thirty : treasury issuance of long-term bonds from 1953 to 1965

Garbade, Kenneth D. - 2017

Ever since the emergence of regular and predictable issuance of coupon-bearing Treasury debt in the 1970s, thirty years has marked the outer boundary of Treasury bond maturities. However, longer-term bonds were not unknown in earlier years. Seven such bonds, including one with a forty-year term,...

Persistent link: https://www.econbiz.de/10011586602

Defaults and losses on commercial real estate bonds

Wiggers, Tyler; Ashcraft, Adam B. - 2012

-32) to determine their frequency of default and total loss given default. Default rates on these bonds far exceeded those … higher loan-to-value ratios results in higher rates of default and loss. They also support the business cycle's significance … is a rapid recovery around the corner. -- Great Depression ; CMBS market ; default and loss study ; commercial real …

Persistent link: https://www.econbiz.de/10009521614

Climate regulatory risks and corporate bonds

Seltzer, Lee; Starks, Laura T.; Zhu, Qifei - 2022

Investor concerns about climate and other environmental regulatory risks suggest that these risks should affect corporate bond risk assessment and pricing. We test this hypothesis and find that firms with poor environmental profiles or high carbon footprints tend to have lower credit ratings and...

Persistent link: https://www.econbiz.de/10013193337

The shifting drivers of global liquidity

Avdjiev, Stefan; Gambacorta, Leonardo; Goldberg, Linda S.; … - 2017

The post-crisis period has seen a considerable shift in the composition and drivers of international bank lending and international bond issuance, the two main components of global liquidity. The sensitivity of both types of flows to U.S. monetary policy rose substantially in the immediate...

Persistent link: https://www.econbiz.de/10011671045

Exorbitant privilege? : quantitative easing and the bond market subsidy of prospective fallen angels

Acharya, Viral V.; Banerjee, Ryan; Crosignani, Matteo; … - 2022

We document capital misallocation in the U.S. investment-grade (IG) corporate bond market, driven by quantitative easing (QE). Prospective fallen angels - risky firms just above the IG rating cutoff-enjoyed subsidized bond financing since 2009, especially when the scale of QE purchases peaked...

Persistent link: https://www.econbiz.de/10013161890

Gender and the availability of credit to privately held firms : evidence from the surveys of small business finances

Cole, Rebel A.; Mehran, Hamid - 2009

This study analyzes differences by gender in the ownership of privately held U.S. firms and examines the role of gender in the availability of credit. Using data from the nationally representative Surveys of Small Business Finances, which span a period of sixteen years, we document a series of...

Persistent link: https://www.econbiz.de/10003947529

The term structure of expectations and bond yields

Crump, Richard K.; Eusepi, Stefano; Mönch, Emanuel - 2016

How much do term premiums matter for explaining the dynamics of the term structure of interest rates? A lot. We characterize the expected path of nominal and real short-rates as well as inflation using the universe of U.S. surveys of professional forecasters covering more than 500 survey-horizon...

Persistent link: https://www.econbiz.de/10011477349

Deconstructing the yield curve

Crump, Richard K.; Gospodinov, Nikolaj - 2019

We investigate the factor structure of the term structure of interest rates and argue that characterizing the minimal dimension of the data-generating process is more challenging than currently appreciated. To circumvent these difficulties, we introduce a novel nonparametric bootstrap that is...

Persistent link: https://www.econbiz.de/10011999980

The effectiveness of nonstandard monetary policy measures : evidence from survey data

Altavilla, Carlo; Giannone, Domenico - 2015

We assess the perception of professional forecasters regarding the effectiveness of unconventional monetary policy measures announced by the U.S. Federal Reserve after the collapse of Lehman Brothers. Using survey data collected at the individual level, we analyze the change in forecasts of...

Persistent link: https://www.econbiz.de/10011399333

Forecasting throuth the rear-view mirror : data revisions and bond return predictability

Ghysels, Eric; Horan, Casidhe; Mönch, Emanuel - 2012

Real-time macroeconomic data reflect the information available to market participants, whereas final data's containing revisions and released with a delays' overstate the information set available to them. We document that the in-sample and out-of-sample Treasury return predictability is...

Persistent link: https://www.econbiz.de/10009664082