In this paper we provide evidence that the post-issue accounting profitability of firms underwritten by bank affiliated underwriters that are also borrowers from the same bank in the IPO (Initial Public Offerings) year is significantly better than average, but that the stock price performance of...

Baigiamajame magistro darbe nagrinėjamas investicinių fondų valdymo vaidmuo plėtojant šalies ekonomiką augančios globalizacijos kontekste ir ekonominio klestėjimo sferoje. Akcentuojama rizikos kapitalo fondų reikšmė didinant šalies konkurencingumą kitų šalių atžvilgiu,...

Šiame baigiamajame bakalauro darbe bus formuojama plėtros strategija investicinių fondų valdymo paslaugai įmonei UAB „Finasta investicijų valdymas“. Darbo tikslas – suformuoti plėtros strategiją, kuri įmonei padėtų padidinti užimamą rinkos dalį. Siekiant rasti atsakymą į...

We study the impact of a liquidity shock affecting investment funds on the financing conditions of firms. The abrupt liquidity needs of investment funds, triggered by the outbreak of the Covid-19 pandemic, prompted a retrenchment from bond purchases of firms and a withdrawal of short term funds...

Rationale This article presents annual distributions of aggregate wealth and debt components of Spanish households by income and wealth. Distributions for the period 2002 to 2020 are estimated drawing on the seven available waves of the Spanish Survey of Household Finances, while those for the...

Rationale Households overall built up a large stock of excess savings during the pandemic. The use of these excess savings and the potential amount currently available for spending are relevant to understanding how they may support consumption over the coming quarters. Takeaways •To end-2022,...

Artículo de revista ; Over financial stability concerns, supervisors and regulators have turned their attention to non-bank financial institutions and activities because of the importance they have taken on in recent years. Discussions have started globally over whether macroprudential policy...

The assets under management of investment funds have soared in recent years, triggering a debate on their possible implications for financial stability. We contribute to this debate assessing the asset price impact of fire sales in a novel partial equilibrium model of euro area funds and banks...

This paper studies whether Eurosystem collateral eligibility played a role in the portfolio choices of euro area asset managers during the "dash-for-cash" episode of 2020. We find that asset managers reduced their allocation to ECB-eligible corporate bonds, selling them in order to finance...

Are central bank tools effective in reaching non-banks with no access to the lender-of-last-resort facilities? Using runs on mutual funds in March 2020 as a laboratory, we show that, following the announcement of large-scale purchases, funds with higher ex ante shares of assets eligible for...