The 2008 financial crisis has served as a catalyst for re-examining the forces of systemic financial crisis, the leading of which was perceived to be the inaccurate credit ratings. Although sovereign credit ratings constitute a small part of the credit rating industry, the impact of unexpected...

This paper is designed to assist individuals and organizations in understanding the role and risks of derivatives in two specific areas -- debt management and investing. The various risks associated with derivatives are discussed in this article. Similar to collateralized debt obligations (CDOs)...

This paper analyzes the economic determinants of developing country creditworthiness indicators for over 60 developing countries for the period from 1980 to 1993. Our results indicate that economic fundamentals--the ratio of nongold foreign exchange reserves to imports, the ratio of the current...

The failure of credit rating agencies to properly assess risks of complex financial securities was instrumental in setting off the global financial crisis. This paper studies the incentives of companies and rating agencies and argues that the way the current rating market is organized may...

The investors’ market for structured investment products has traversed an impressive evolution during the last fifteen years. The diversity of the offerings reached previously unimaginable dimensions: Structured products are being composed by traditional investment products like fixed income...

In the course of the European sovereign debt crisis, the question has arisen as to whether the soundness of the US banking and financial system could be harmed by contagion effects. Considering the numerous downgradings of European countries in recent years, the current paper examines price...

We study the impact of economic indicators on financial markets and their varying importance for the main financial segments, i. e. stocks, bonds and FX. Indicators from the USA, Germany, and Euro zone are included while market data for the German stock market (represented by the DAX-Index), the...

In this study, the investment bank reputation role in the initial public offerings for the Istanbul Stock Exchange is analyzed. A comparison is made between the investment bank reputation and the post-issue operating performance in the analysis, contrary to the works which examine the...

The objective of this study is to investigate the long-run performance of initial public offerings (IPO) in Germany for the period from 1977 to 1995. Of particular interest is to examine whether underpricing and the timing of subsequent seasoned equty offerings (SEO) may help to explain why some...

This paper documents the dramatic improvement in institutional, legal and regulatory environment for the exiting of foreign venture capital in China. It also discusses the recent developments, advantages and disadvantages of various China venture-backed IPO listing channels, including overseas...