Leverage, liquidity, volatility, time horizon, and the risk of ruinReview of Financial Economics - Tập 11 - Trang 225-239 - 2002
Erik Norland, D.Sykes Wilford
AbstractIn order to meet their financial goals, investors, whether institutions or individuals, must make asset allocation decisions by balancing their return targets with their tolerance for volatility, their liquidity requirements, and time horizons. Yet even optimal mixes of investments with regard to time horizon, liquidity, and volatili...... hiện toàn bộ
Riding the yield curve: Term premiums and excess returnsReview of Financial Economics - Tập 6 - Trang 113-119 - 1997
Rolando F. Pelaez
AbstractRiding the yield curve is an active portfolio strategy consisting of buying bonds with maturities longer than one's holding period and selling before maturity. The objective is to profit from a higher initial yield and a possible capital gain as the bond “rides” down an upward sloping yield curve. The evidence presented in this paper...... hiện toàn bộ
Optimal default and liquidation with tangible assets and debt renegotiationReview of Financial Economics - Tập 27 - Trang 16-27 - 2015
Makoto Goto, Teruyoshi Suzuki
AbstractWe propose a pricing model for corporate securities issued by a levered firm with the possibility of debt renegotiation, where the firm's earnings follow a geometric Brownian motion with stochastic collaterals. While equity holders can default the firm when the earnings become insufficient, they may liquidate it by repaying the face ...... hiện toàn bộ
Portuguese banking: A structural model of competition in the deposits marketReview of Financial Economics - Tập 13 - Trang 41-63 - 2004
Ana Canhoto
AbstractIn this article, we specify a structural model of competition in the deposits market, in line with the New Empirical Industrial Organization (NEIO) approach, and estimate it using data from Portuguese banking in the early 1990s. The article contributes to the general debate on competition issues by the theoretical model selected and ...... hiện toàn bộ
An optimization process in Value‐at‐Risk estimationReview of Financial Economics - Tập 19 - Trang 109-116 - 2010
Alex YiHou Huang
AbstractA new method is proposed to estimate Value‐at‐Risk (VaR) by Monte Carlo simulation with optimal back‐testing results. The Monte Carlo simulation is adjusted through an iterative process to accommodate recent shocks, thereby taking into account the latest market conditions. Empirical validation covering the current financial crisis sh...... hiện toàn bộ
Monetary secrecy and selective disclosure: The emerging market case of Mexico's monetary reportingReview of Financial Economics - Tập 13 - Trang 199-210 - 2004
Berry Wilson, Anthony Saunders
AbstractThe International Monetary Fund (IMF) adopted a code of good conduct to increase the transparency of official operations in emerging markets, in part prompted by the 1994 peso and other emerging market crises. In the case of Mexico, its central bank increased monetary reporting from thrice a year to weekly monetary disclosures follow...... hiện toàn bộ
Are the Arab Maghreb countries really integratable?Review of Financial Economics - Tập 11 - Trang 79-90 - 2002
Ali F Darrat, Anita Pennathur
AbstractThe main objective of this study is to assess the extent of economic and financial integration among the countries in the Arab Maghreb region. Empirical results consistently suggest that three of these countries (Algeria, Morocco, and Tunisia) do share a robust and meaningful relation binding together their macroeconomies, their fina...... hiện toàn bộ