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Counterparty risk and the establishment of the New York Stock Exchange clearinghouse
Bernstein, Asaf; Hughson, Eric; Weidenmier, Marc D. - 2014
Persistent link: https://www.econbiz.de/10010415366
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Counterparty risk and the establishment of the New York Stock Exchange clearinghouse
Bernstein, Asaf; Hughson, Eric; Weidenmier, Marc D. - In: Journal of political economy 127 (2019) 2, pp. 689-729
Persistent link: https://www.econbiz.de/10012024320
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Central clearing and asset prices
Menkveld, Albert J.; Pagnotta, Emiliano; Zoican, Marius A. - 2013
We investigate the effects of introducing a central clearing counterparty (CCP) on securities prices by adopting as an …
Persistent link: https://www.econbiz.de/10010224773
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Counterparty Risk and the Establishment of the New York Stock Exchange Clearinghouse
Bernstein, Asaf - 2014
in global financial stability. Empirical identification of the effect of centralized clearing on counterparty risk is … already had a clearinghouse. Using identical securities on the CSE as a control, we find that the introduction of clearing … reduced annualized volatility of NYSE returns by 90-173bps and increased asset values. Prior to clearing, shocks to overnight …
Persistent link: https://www.econbiz.de/10013047773
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Counterparty Risk and the Establishment of the New York Stock Exchange Clearinghouse
Bernstein, Asaf - 2014
in global financial stability. Empirical identification of the effect of centralized clearing on counterparty risk is … already had a clearinghouse. Using identical securities on the CSE as a control, we find that the introduction of clearing … reduced annualized volatility of NYSE returns by 90-173bps and increased asset values. Prior to clearing, shocks to overnight …
Persistent link: https://www.econbiz.de/10013048938
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Counterparty Risk and the Establishment of the New York Stock Exchange Clearinghouse
Bernstein, Asaf - 2014
in global financial stability. Empirical identification of the effect of centralized clearing on counterparty risk is … already had a clearinghouse. Using identical securities on the CSE as a control, we find that the introduction of clearing … reduced annualized volatility of NYSE returns by 90-173bps and increased asset values. Prior to clearing, shocks to overnight …
Persistent link: https://www.econbiz.de/10013060492
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Counterparty Risk and the Establishment of the New York Stock Exchange Clearinghouse
Bernstein, Asaf - 2014
in global financial stability. Empirical identification of the effect of centralized clearing on counterparty risk is … already had a clearinghouse. Using identical securities on the CSE as a control, we find that the introduction of clearing … reduced annualized volatility of NYSE returns by 90-173bps and increased asset values. Prior to clearing, shocks to overnight …
Persistent link: https://www.econbiz.de/10012458209
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On creditor seniority and sovereign bond prices in Europe
Steinkamp, Sven; Westermann, Frank - 2012
The recent increase of interest rate spreads in Europe and their apparent detachment from underlying fundamental variables has generated a debate on multiple equilibria in the sovereign bond market (see Grauwe and Ji (2012)). We critically evaluate this hypothesis, by pointing towards an...
Persistent link: https://www.econbiz.de/10009659917
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On creditor seniority and sovereign bond prices in Europe
Steinkamp, Sven; Westermann, Frank - 2012
The recent increase of interest rate spreads in Europe and their apparent detachment from underlying fundamental variables has generated a debate on multiple equilibria in the sovereign bond market (see De Grauwe and Ji (2012)). We critically evaluate this hypothesis, by pointing towards an...
Persistent link: https://www.econbiz.de/10009630117
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On creditor seniority and sovereign bond prices in Europe : conference paper
Steinkamp, Sven; Westermann, Frank - 2013
The recent increase of interest rate spreads in Europe and their apparent detachment from underlying fundamental variables has generated a debate on multiple equilibria in the sovereign bond market (see De Grauwe and Ji (2012)). We critically evaluate this hypothesis, by pointing towards an...
Persistent link: https://www.econbiz.de/10010341164