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Sensenbrenner, Frank - 2013

Current trading is characterized by various market structures. This chapter examines market structures predominant in equities and fixed-income markets and compares and contrasts them. It also reviews the academic literature about the implications of market structure design. Market structure...

Persistent link: https://www.econbiz.de/10013083345

The Revived Bretton Woods System, Liquidity Creation, and Asset Price Bubbles

Dellas, Harris - 2013

led to the creation of excessive global liquidity, which has contributed to asset price bubbles. Although the exchange …

Persistent link: https://www.econbiz.de/10013083537

Provision of Effectiveness of Legal Regulation of Controllers’ Subsidiary Liability : The Prospects of Development of Insolvency Legislation

Zhukova, Yulia - 2013

The subject matter of the present article is the analysis of development of the legal rules laying down the controllers' subsidiary liability in case of business entity's insolvency and disability to satisfy the creditors' claims. The article covers the issues concerning the grounds of the...

Persistent link: https://www.econbiz.de/10013083568

Bankruptcy and the Unresolved DOMA Questions

Gardina, Jackie - 2013

Even if the Supreme Court declares DOMA section 3 unconstitutional, bankruptcy courts will still need to grapple with a number of complex questions. This brief article explores 2 of those questions and provides an answer to both. First, how should bankruptcy courts legally recognized same-sex...

Persistent link: https://www.econbiz.de/10013083963

Is Bankruptcy the Answer for Troubled Cities and States?

Skeel, David A. - 2013

The financial crisis that has afflicted America's cities and states for the past decade is far from over. Under existing U.S. law, distressed municipalities can file for bankruptcy if their state permits this, as roughly half do. The states themselves do not have a bankruptcy option, however, no...

Persistent link: https://www.econbiz.de/10013083964

The Determinants of Bank Liquidity

Wuryandani, Gantiah - 2013

This study investigates the determinants of banks liquidity. There are two category of bank liquidity in this study … that is precautionary and involuntary. The definition of precautionary liquidity is the ratio of total cash, demand deposit … at central bank, and demand deposit at other banks, to total asset. Whilst the definition of involuntary liquidity is the …

Persistent link: https://www.econbiz.de/10013084073

Estimating Default and Recovery Rate Correlations

Witzany, Jiri - 2013

The paper analyzes a two-factor credit risk model allowing to capture default and recovery rate variation, their mutual correlation, and dependence on various explanatory variables. At the same time, it allows computing analytically the unexpected credit loss. We propose and empirically...

Persistent link: https://www.econbiz.de/10013084106

Modeling Intra and Inter Correlations in Credit Default Losses

Syrkin, Mark - 2013

Comparing alternatives for a simultaneous incorporation of intra and inter correlations into the credit portfolio loss distribution within the asymptotic single risk factor (ASRF) model and showing that the resulting distribution depends on the type of a dominant correlation: whether it is of...

Persistent link: https://www.econbiz.de/10013084226

The Impact of Liquidity on Senior Credit Spreads During the Subprime Crisis

Marra, Miriam - 2013

This paper examines the effects of liquidity during the 2007-09 crisis, focussing on the senior tranche of the CDX …-capital, and liquidity preference exhibited by investors. Using cointegration analysis, the paper shows that during the crisis … lower market and funding liquidity and higher investors' risk-aversion are important drivers of the increase in the spread …

Persistent link: https://www.econbiz.de/10013084230

Statutory Lien Priorities

Nehf, James P. - 2013

Secured credit attorneys often ignore competing interests of statutory lien claimants when planning and documenting financial transactions. One of the primary reasons for the lack of attention is that statutory lien claimants are difficult to identify and investigate. Statutory liens can arise...

Persistent link: https://www.econbiz.de/10013084308