Exodus from Sovereign Risk
Title | Exodus from Sovereign Risk PDF eBook |
Author | Jongsub Lee |
Publisher | |
Pages | 60 |
Release | 2015 |
Genre | |
ISBN |
Using 5-year credit default swap (CDS) spreads on 2,364 companies in 54 countries during 2004-2011, we show firms exposed to better property rights institutions through their foreign asset positions (Institutional channel) and firms whose stocks are cross-listed on exchanges with stricter disclosure requirements (Informational channel) reduce their CDS spreads by 40 bps for a one standard deviation increase in their exposure on the two channels. These channels capture distinct effects beyond those associated with firm- and country-level fundamentals. Overall, we find that firm-level global asset and information connections are important mechanisms to delink firms from their sovereign and country risks.The appendices for this paper are available at the following URL: "http://ssrn.com/abstract=2635548" http://ssrn.com/abstract=2635548.
Internet Appendix for 'Exodus from Sovereign Risk
Title | Internet Appendix for 'Exodus from Sovereign Risk PDF eBook |
Author | Jongsub Lee |
Publisher | |
Pages | 61 |
Release | 2015 |
Genre | |
ISBN |
This Internet Appendix provides supplementary results to the main analyses in Exodus from Sovereign Risk: Global Asset and Information Networks in the Pricing of Corporate Credit Risk.The paper to which these Appendices apply is available at the following URL: "http://ssrn.com/abstract=2635545" http://ssrn.com/abstract=2635545.
The Exodus from Sovereign Risk
Title | The Exodus from Sovereign Risk PDF eBook |
Author | Jongsub Lee |
Publisher | |
Pages | 69 |
Release | 2013 |
Genre | |
ISBN |
This paper examines sovereign ceiling violations (SCVs) in credit default swap (CDS) markets, whereby private sector firms have lower CDS spreads relative to their sovereign counterparts with equal contractual terms. Using 5-year CDS spreads on 2,364 companies in 54 countries during 2004-2011, we find that firms exposed to better property rights institutions through their foreign asset positions (Institutional channel) and firms whose stocks are listed on exchanges with stricter disclosure requirements (Informational channel) tend to violate the sovereign ceiling rule. Our results suggest that firm-level global asset and information connections are important mechanisms to delink firms from their sovereign risk.
Risk Management in Public Administration
Title | Risk Management in Public Administration PDF eBook |
Author | Konrad Raczkowski |
Publisher | Springer |
Pages | 463 |
Release | 2016-11-09 |
Genre | Business & Economics |
ISBN | 3319308777 |
This book draws on financial, economic, and management theory in its exploration of the theory underlying risk and risk management at both micro- and macroeconomic levels. It has a particular reference to the public financial sector. Chapters investigate the elimination of currency risk in the Transatlantic Trade and Investment Partnership (TTIP), as well as the changes that credit ratings undergo due to the influence of credit spreads. Featuring contributions on important topics such as public safety and the internet, intellectual capital, bank regulatory risk in the EU, the financial distress of public sector entities, and systemic risk in the insurance sector, it also explores innovative and emerging issues in the European tax gap in personal income taxes and VAT carousel fraud in selected European countries. Discussion of the complex nature of risk management in public administration will appeal to public officials, policy-makers, academics and researchers alike.
Debt Markets and Investments
Title | Debt Markets and Investments PDF eBook |
Author | H. Kent Baker |
Publisher | Financial Markets and Investme |
Pages | 833 |
Release | 2019-09-05 |
Genre | Business & Economics |
ISBN | 019087743X |
Debt Markets and Investments provides an overview of the dynamic world of markets, products, valuation, and analysis of fixed income and related securities. Experts in the field, practitioners and academics, offer both diverse and in-depth insights into basic concepts and their application to increasingly intricate and real-world situations. This volume spans the entire spectrum from theoretical to practical, while attempting to offer a useful balance of detailed and user-friendly coverage. The volume begins with the basics of debt markets and investments, including basic bond terminology and market sectors. Among the topics covered are the relationship between fixed income and other asset classes as well as the differences in fundamental risk. Particular emphasis is given to interest rate risk as well as credit risks as well as those associated with inflation, liquidity, reinvestment, and ESG. Authors then turn to market sectors, including government debt, municipal bonds, the markets for corporate bonds, and developments in securitized debt markets along with derivatives and private debt markets. The third section focuses on models of yield curves, interest rates, and swaps, including opportunities for arbitrage. The next two sections focus on bond and securitized products, from sovereign debt and mutual funds focused on bonds to how securitization has increased liquidity through such innovations as mortgaged-and asset- backed securities, as well as collateralized debt-, bond-, and loan obligations. Authors next discuss various methods of valuation of bonds and securities, including the use of options and derivatives. The volume concludes with discussions of how debt can play a role in financial strategies and portfolio creation. Readers interested in a broad survey will benefit as will those looking for more in-depth presentations of specific areas within this field of study. In summary, the book provides a fresh look at this intriguing and dynamic but often complex subject.
Internet of Everything and Big Data
Title | Internet of Everything and Big Data PDF eBook |
Author | Salah-ddine Krit |
Publisher | CRC Press |
Pages | 159 |
Release | 2021-07-25 |
Genre | Computers |
ISBN | 1000180298 |
There currently is no in-depth book dedicated to the challenge of the Internet of Everything and Big Data technologies in smart cities. Humankind today is confronting a critical worldwide portability challenge and the framework that moves cities must keep pace with the innovation. Internet of Everything and Big Data: Major Challenges in Smart Cities reviews the applications, technologies, standards, and other issues related to smart cities. This book is dedicated to addressing the major challenges in realizing smart cities and sensing platforms in the era of Big Data cities and Internet of Everything. Challenges vary from cost and energy efficiency to availability and service quality. This book examines security issues and challenges, addresses the total information science challenges, covers exploring and creating IoT environment-related sales adaptive systems, and investigates basic and high-level concepts using the latest techniques implemented by researchers and businesses. The book is written for analysts, researchers, and specialists who are working on the future generation of the technologies. It will serve as a valuable guide for those in the industry, and students as well.
A Political Economy of Contemporary Capitalism and its Crisis
Title | A Political Economy of Contemporary Capitalism and its Crisis PDF eBook |
Author | Dimitris Sotiropoulos |
Publisher | Routledge |
Pages | 289 |
Release | 2013-06-19 |
Genre | Business & Economics |
ISBN | 1135037922 |
The recent financial meltdown and the resulting global recession have rekindled debates regarding the nature of contemporary capitalism. This book analyses the ongoing financialization of the economy as a development within capitalism, and explores the ways in which it has changed the organization of capitalist power. The authors offer an interpretation of the role of the financial sphere which displays a striking contrast to the majority of contemporary heterodox approaches. Their interpretation stresses the crucial role of financial derivatives in the contemporary organization of capitalist power relations, arguing that the process of financialization is in fact entirely unthinkable in the absence of derivatives. The book also uses Marx’s concepts and some of the arguments developed in the framework of the historic Marxist controversies on economic crises in order to gain an insight into the modern neoliberal form of capitalism and the recent financial crisis. Employing a series of international case studies, this book will be essential reading for all those with an interest in the financial crisis, and all those seeking to comprehend the workings of capitalism.