the reaction of financial markets

... Trang 1COPYRIGHT NOTICE:John Y Campbell, Andrew W Lo, and A Craig MacKinlay: The Econometrics of Financial Markets is published by Princeton University Press and copyrighted, (c) 1996, byPrinceton ... charged for access Archiving, redistribution, or republication of this text on other terms, in any medium, requires theconsent of Princeton University Press For COURSE PACK PERMISSIONS, refer ... University Press All rights reserved This text may be usedand shared in accordance with the fair-use provisions of US copyright law,and it may be archived and redistributed in electronic form, provided

Ngày tải lên: 13/10/2017, 10:53

... of the evils of capitalism—the tyranny ofcapital over labor, the excessive concentration of industry, the unequal distribution of income in favor of the owners of capital, the relative lack of ... want relief, and since the markets offer them none, they will try the route ofpolitics The unlikely alliance of the incumbent industrialist—the capitalist in the title—and thedistressed unemployed ... side of this tension: the Left the need forgovernment intervention, the Right the corruption of the government If both are correct, as theyundoubtedly are, the political stability of free markets

Ngày tải lên: 09/01/2020, 09:12

... the same copyright notice that appears on the screen or printed page of such transmission The Journal of Financial and Quantitative Analysis is published by University of Washington School of ... somewhat arbitrary but the issue is not crucial to the analysis The reader is free to reclassify indicators as he likes Let us examine the arguments underlying the use of each of these ratios First ... favorable price If their corporate officials think prices are low, most companies withhold their offer- ings since higher prices increase the number of offerings Thus secondary of- ferings give

Ngày tải lên: 17/01/2014, 03:20

... indicated (¶ 9) Each of these purposes represents an integral part of the development of financial accounting standards and the fulfillment of the mission of the FASB Embedded in the second purpose ... pronouncement, the project moves into the final stage of due process called the final resolution The issuance of the final pronouncement requires a majority vote of the seven members of the FASB Board ... by the two cases? The unit of analysis for this research contains two items The first unit is the actual comment letters received by the FASB as part of its due process The second is the financial

Ngày tải lên: 01/06/2014, 13:59

... the use of or inability to use the work, even if any of them has been advised of the possibility of such damages This limitation of liability shall apply to any claim or cause whatsoever whether ... felloweconomist Over the course of the meal I explained that I intended topublish a radical forecast for the U.S economy The centerpiece of my outlook was the S&L crisis and the high debt levels of U.S ... Levy Institute “With the angel of Hyman Minsky on one shoulder and various devil economists on the other, Barbera provides cogent explanations of the financial crises of the modern era and an

Ngày tải lên: 21/06/2014, 08:20

... New York, June 2006 “The Minskyan System, Part II: Dynamics of the Minskyan Analy-sis and the Financial Fragility HypotheAnaly-sis.” Working Paper no 453, Levy Institute of Bard College, New ... practices, 20 Financial companies, as different, 181 Financial crisis of 2008 colossal scope of, 207 coming to terms with, 10–11 economic orthodoxy on the eve of, 161–176 essential elements of, 149–151 ... in the aftermath of, 205–215 response to, 1–2 roots of, 207 seeds of, 5 of 2009, 104–105 Bernanke on, 189 in financial markets, 2, 5–6, 180 government intervention, 213–214 Keynesian view, 179 Financial

Ngày tải lên: 21/06/2014, 08:20

... subjected to the vicissitudes of these volatile markets In short, thelogic of financialization has penetrated the ordinary lives of wage earn-ers and inserted the ideology of the market in the reproduction ... cent at the zenith of the dot.com bubble in 1999 The ratio ofprofits of financial institutions to the profits of non-financial corpora-tions rose from about 15 per cent on average in the 1950s ... (Crotty, 2005, p 85) Another indicator of thedegree of financialization is the level of private debt or the relative size of the US credit market In 1981, for instance, the value of the US creditmarket

Ngày tải lên: 31/10/2014, 00:10

... produc-by the drop in profits (around 50%) between the1960s and the 1970s; the drop due to the exhaustion of the technological and economic foundations ofFordism, particularly by the saturation of markets ... like in the past, the rest of the world is inthe position of being able to finance the us,we cananticipate a containment of the crisis on a regionalscale This is because to the extent that the Americangovernment ... by the winner of the Nobel prize in economics, Paul Krugman The abyss opened by derivative financial products C1 1zatlonof caPltalism THE BECOMING OF THE CRISIS Before interpreting the crisis of

Ngày tải lên: 01/11/2014, 19:27

... accountants that the demise of Arthur Andersen and thefinancial scandals of the past few years need to be seen These scandalsraise questions of independence and the role of the audit industry ... that the value of accounting andauditing should only be judged according to the interests of investors andsuppliers of capital (Cooper & Sherer, 1984) THE THEATER OF FINANCIAL SCANDAL The theater ... Acts at the beginning ofthe 1930s, and the subsequent creation of the Securities and Exchange Com-mission (SEC), the concept of auditor independence changed significantly.The influence of the SEC

Ngày tải lên: 01/11/2014, 23:07

... accuracy) of the financial-reporting system or the incentives of management.The sophistication (or accuracy) of the financial-reporting system is likely to differwith the size and age of the company, ... magnitude of the slope coefficient α1) is not independent of theaccounting choices of management The opportunistic use of accruals tends toreduce the slope coefficient, while the use of accruals ... coefficient than the latter Measurement of audit-firm tenure Audit-firm tenure is the length of the audit-firm–client relationship as of the fiscalyear-end covered by the audited financial statements.9

Ngày tải lên: 06/01/2015, 19:43

... affecting the financial statements influenced by: Trang 10( a) rotation of the audit partner in charge of the audit( b) the provision of internal audit services by the external auditors ( c) whether the ... auditors of listed companies in Singapore participated in twoexperimental cases In the first, the strength of the audit committee, the exist-ence of an internal audit function and the strength of the ... and the effectiveness of this practicehas not been tested empirically 2.2.2 The provision of internal audit services to the audit client The impact on audit independence of the provision of other

Ngày tải lên: 06/01/2015, 19:49

... 4Demand for factors in the long run The optimum mix of capital and labour depends on the relative prices of these factors – This helps to explain why more labour-intensive means of production are ... worker equals the MVPL MVPL Employment The marginal value product of labour is the revenue obtained by selling the output produced by an extra worker W 0 Trang 6The demand for labour in the short ... total output Trang 5The demand for labour in the short run Under perfect competition, with diminishing marginal productivity:  the firm maximizes profit when the marginal cost of employing an

Ngày tải lên: 03/02/2015, 15:28

... part, the impact of the crisis on the economy as well as speed of economic recovery Most of the literature on financial crisis focuses on the transmission and not the resolution of the crisis Therefore, ... even though the institutional structures of Malaysia and Thailand are different from that of the United States in the 1930s and 1990s and that of Japan’s in the1990s, the nature of the financial ... than the United States Hence, if there was evidence of the operation of bank lending or broad credit channel in the United States, then the magnitude of amplification of shocks through the bank

Ngày tải lên: 12/09/2015, 08:18

... all the reforms they have inspired, they continue to batter us, as we can see from the collapse of the Asian banks and stock markets, the bursting of the Internet bubble and subsequent wave of ... from the nature of the political system to the distribution of income and the strength of economic growth The threshold will therefore vary from state to state It will reflect the nuances of a ... development? What they show is that three factors are critical for the development of financial institutions: the level of government debt, the size of the middle class, and the amount of information...

Ngày tải lên: 01/11/2014, 17:10

... how the term may be used regarding institutions in financial markets, and the implications of doing so Meaning and Use of the Term An examination of a broad range of definitions and uses of the ... for the project Lee then wrote the book, incorporating those elements of the experts’ contributions into the text as he saw fit The book is not an edited collection of essays written by the different ... interested in financial markets The aim was to obtain a broad diversity of sponsors, both in terms of type and location, in order to ensure that the project would be independent of them The sponsors...

Ngày tải lên: 03/11/2014, 19:11

... by a further extension of the present theory, by the framework of the agency theory and the theory of asymmetric information The question goes into the heart of the present theory, into the paradigm ... practical and a theoretical point of view The theory is impressive by the multitude of applications in the financial world of the agency theory and the theory of asymmetric information, of adverse ... review the doctrines of the theory of financial intermediation.2 These are specifications, relevant to the financial services industry, of the agency theory, and the theory of imperfect or asymmetric...

Ngày tải lên: 24/10/2012, 09:11

... Benefits the owners of a bank by making their investment safe • Costly to owners of a bank because the higher the bank capital, the lower the return on equity • Choice depends on the state of the ... in interest rates on income but also on net worth of the institution • Duration Analysis examines the sensitivity of the market value of the financial institution’s net worth to changes in interest ... Capital $1M • The cost of selling securities is the brokerage and other transaction costs $90M $10M Liquidity Management: Bank of Canada Advances Borrow $9 million from the Bank of Canada Assets...

Ngày tải lên: 05/01/2014, 16:57

... costs of financial services and the fragility of the financial systems are negatively related to the degree of openness of the domestic market to foreign financial firms The efficiency of financial ... users of financial services in the event of a financial crisis If some of the cost of a financial crisis are passed on to the rest of the domestic economy (either through direct bailouts of corporates ... strengthen the supporting institutional framework, i.e., the regulatory and supervisory functions of the state (including the screening of the entry of new financial firms) and the use of the market...

Ngày tải lên: 27/01/2014, 12:20

... in the education variables, only the direct effects of the years of schooling of the head of the household, the years of schooling of the money manager and the average schooling of the heads of ... Sixty-eight percent of the banks in the Northeast and 81% of the banks in the Central region make loans, while only 35% of the banks in the Northeast and 53% of the banks in the Central region offer savings ... for 84% of the banks in the Northeast and 66% of banks in the Central region Very few banks offer more than one type of loan In the Northeast, 21% of banks have more than type of loan In the Central...

Ngày tải lên: 06/03/2014, 10:20

... (pre-)financed by the European taxpayer in the course of 2008 to 2012 These operations, together with the faltering of economic activity caused by the spread of uncertainty about the stability of the overall ... fully, at the scale of all 27 Member States10 Risks of fragmentation of the internal market and of a distortion of competition will first of all be reduced and/or avoided within the scope of the FTT ... within the Council in the foreseeable future Enhanced cooperation in the area of the establishment of a common system of FTT aims at ensuring the proper functioning of the internal market At the...

Ngày tải lên: 06/03/2014, 19:20