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Short Sellers and Financial Misconduct 6 7 ∗ 8 JONATHAN M
jofi˙1597 jofi2009v2.cls (1994/07/13 v1.2u Standard LaTeX document class) June 25, 2010 19:56 JOFI jofi˙1597 Dispatch: June 25, 2010 CE: AFL Journal MSP No. No. of pages: 35 PE: Beetna 1 THE JOURNAL OF FINANCE • VOL. LXV, NO. 5 • OCTOBER 2010 2 3 4 5 Short Sellers and Financial Misconduct 6 7 ∗ 8 JONATHAN M. KARPOFF and XIAOXIA LOU 9 10 ABSTRACT 11 12 We examine whether short sellers detect firms that misrepresent their financial state- ments, and whether their trading conveys external costs or benefits to other investors. 13 Abnormal short interest increases steadily in the 19 months before the misrepresen- 14 tation is publicly revealed, particularly when the misconduct is severe. Short selling 15 is associated with a faster time-to-discovery, and it dampens the share price inflation 16 that occurs when firms misstate their earnings. These results indicate that short sell- 17 ers anticipate the eventual discovery and severity of financial misconduct. They also convey external benefits, helping to uncover misconduct and keeping prices closer to 18 fundamental values. 19 20 21 22 SHORT SELLING IS A CONTROVERSIAL ACTIVITY. Detractors claim that short sell- 23 ers undermine investors’ confidence in financial markets and decrease market 24 liquidity. For example, a short seller can spread false rumors about a firm 25 in which he has a short position and profit from the resulting decline in the 1 26 stock price. Advocates, in contrast, argue that short selling facilitates market 27 efficiency and the price discovery process. Investors who identify overpriced 28 firms can sell short, thereby incorporating their unfavorable information into 29 market prices. -
Saskatchewan Bound: Migration to a New Canadian Frontier
University of Nebraska - Lincoln DigitalCommons@University of Nebraska - Lincoln Great Plains Quarterly Great Plains Studies, Center for 1992 Saskatchewan Bound: Migration to a New Canadian Frontier Randy William Widds University of Regina Follow this and additional works at: https://digitalcommons.unl.edu/greatplainsquarterly Part of the Other International and Area Studies Commons Widds, Randy William, "Saskatchewan Bound: Migration to a New Canadian Frontier" (1992). Great Plains Quarterly. 649. https://digitalcommons.unl.edu/greatplainsquarterly/649 This Article is brought to you for free and open access by the Great Plains Studies, Center for at DigitalCommons@University of Nebraska - Lincoln. It has been accepted for inclusion in Great Plains Quarterly by an authorized administrator of DigitalCommons@University of Nebraska - Lincoln. SASKATCHEWAN BOUND MIGRATION TO A NEW CANADIAN FRONTIER RANDY WILLIAM WIDDIS Almost forty years ago, Roland Berthoff used Europeans resident in the United States. Yet the published census to construct a map of En despite these numbers, there has been little de glish Canadian settlement in the United States tailed examination of this and other intracon for the year 1900 (Map 1).1 Migration among tinental movements, as scholars have been this group was generally short distance in na frustrated by their inability to operate beyond ture, yet a closer examination of Berthoff's map the narrowly defined geographical and temporal reveals that considerable numbers of migrants boundaries determined by sources -
Asset Securitization
L-Sec Comptroller of the Currency Administrator of National Banks Asset Securitization Comptroller’s Handbook November 1997 L Liquidity and Funds Management Asset Securitization Table of Contents Introduction 1 Background 1 Definition 2 A Brief History 2 Market Evolution 3 Benefits of Securitization 4 Securitization Process 6 Basic Structures of Asset-Backed Securities 6 Parties to the Transaction 7 Structuring the Transaction 12 Segregating the Assets 13 Creating Securitization Vehicles 15 Providing Credit Enhancement 19 Issuing Interests in the Asset Pool 23 The Mechanics of Cash Flow 25 Cash Flow Allocations 25 Risk Management 30 Impact of Securitization on Bank Issuers 30 Process Management 30 Risks and Controls 33 Reputation Risk 34 Strategic Risk 35 Credit Risk 37 Transaction Risk 43 Liquidity Risk 47 Compliance Risk 49 Other Issues 49 Risk-Based Capital 56 Comptroller’s Handbook i Asset Securitization Examination Objectives 61 Examination Procedures 62 Overview 62 Management Oversight 64 Risk Management 68 Management Information Systems 71 Accounting and Risk-Based Capital 73 Functions 77 Originations 77 Servicing 80 Other Roles 83 Overall Conclusions 86 References 89 ii Asset Securitization Introduction Background Asset securitization is helping to shape the future of traditional commercial banking. By using the securities markets to fund portions of the loan portfolio, banks can allocate capital more efficiently, access diverse and cost- effective funding sources, and better manage business risks. But securitization markets offer challenges as well as opportunity. Indeed, the successes of nonbank securitizers are forcing banks to adopt some of their practices. Competition from commercial paper underwriters and captive finance companies has taken a toll on banks’ market share and profitability in the prime credit and consumer loan businesses. -
Canadian Journal
Canadian Paper Money Society Journal Official publication of the Canadian Paper Money Society VOLUME 53, NUMBER 154 SEPTEMBER 2017 Seal of the Eastern Townships Bank The design is comparable to the crest on the backs of the 1906 $5 and $10 notes. See page 87. Robert J. Graham presents the next part of a history and register of The Eastern Townships Bank. Above is illustrated some interesting ephemera associated with the bank. The article begins on page 78. In this issue: Hitesh Doshi’s column takes a closer look at the window designs of the Frontier Note series . Page 74 Bernard Wilde describes how Bank of Toronto notes were altered from notes of the Colonial Bank of Canada . Page 90 Barry Uman tells us about the Scrip of Eustache Brunet dit Letang 1837 . Page 94 …and much more! Canadian Paper Money Society Journal 2017 Page 67 ISSN 0045–5237 The Canadian Paper Money Journal is published quarterly by the Canadian Paper Money Society, P.O. Box 562, Pickering, Ontario L1V 2R7. Annual dues are for the calendar year and are payable in Canadian dollars for Canadian addresses and in United States dollars for all other addresses. Membership is now available in two forms. When you sign up online, you are enrolled with a digital membership that provides access to your quarterly Journal in digital format via Honorary President our website in lieu of a printed Journal. If you President Walter D. Allan, FCNRS would prefer a printed Journal, that option is available for an additional fee. Regular Digital Ronald Greene c/o Dick Dunn Honorary Vice Presidents Annual Membership is $20.00, while Regular Robert J. -
Which Lender of Last Resort for the Eurosystem?
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Steiger, Otto Working Paper Which lender of last resort for the eurosystem? ZEI Working Paper, No. B 23-2004 Provided in Cooperation with: ZEI - Center for European Integration Studies, University of Bonn Suggested Citation: Steiger, Otto (2004) : Which lender of last resort for the eurosystem?, ZEI Working Paper, No. B 23-2004, Rheinische Friedrich-Wilhelms-Universität Bonn, Zentrum für Europäische Integrationsforschung (ZEI), Bonn This Version is available at: http://hdl.handle.net/10419/39595 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially -
Auction Rate Securities 1
Auction Rate Securities 1 Auction Rate Securities (ARS) were marketed by broker-dealers to investors, including individuals, corporations and charitable foundations as liquid, short-term, cash-equivalent investments similar to traditional commercial paper. The securities, however, were long-term floating rate bonds or preferred stock with floating rate coupons which gave them a superficial similarity to short-term investments. ARS’s liquidity and similarity to short-term investments were entirely dependent on the presence of sufficient orders to buy outstanding ARS at periodic auctions in which they were bought and sold subject to a contractual ceiling on the interest rate the issuer would have to pay. If the interest rate that would clear the market was greater than this maximum rate, the auctions “failed” and existing holders of the securities were forced to hold securities they wanted to sell and had previously thought were liquid. If the demand for an ARS was too low to clear the market, broker dealers sponsoring the auction could place bids just below the maximum interest rate to clear the auction. The lower the public demand for an issue, the larger the quantity broker dealers had to buy to avoid a failed auction. Participating broker dealers had better information than public investors about the creditworthiness of the ARS issuers and were the only parties with information about the broker dealers’ holdings and inclination to abandon their support of the auctions. In addition, brokerage firms involved in the auctions knew of temporary maximum rate waivers negotiated with the issuers and the ratings agencies that allowed auctions that would have failed in late 2007 to continue to clear. -
Auction Rate Securities Issue Brief
C ALIFORNIA DEBT AND ISSUE BRIEF INVESTMENT ADVISORY California Debt and Investment Advisory Commission August 2004 C OMMISSION AUCTION RATE SECURITIES Douglas Skarr CDIAC Policy Research Unit The Auction Rate Securities market has Securities must carefully evaluate the current expanded significantly in the public finance environment, their objectives, and consider how sector since 2001. Nationwide, issuance of this debt will be managed over the long term. auction rate securities, including the public finance area, grew from $100 billion in the This Issue Brief provides an overview of the first quarter of 2002 to $200 billion by the end market, mechanics, costs, benefits and risks of the fourth quarter of 2003. Public finance associated with Auction Rate Securities. has become the fastest-growing sector to use auction rate securities, with total issuance I. DEFINITION AND PURPOSE projected to grow at double-digit rates in the Auction Rate Securities (ARS) are long term, future (see Figure 1). variable rate bonds tied to short term interest rates. ARS have a long term nominal maturity Figure 1 – ARS Issues Outstanding with interest rates reset through a modified ARS Outstanding 2002-2003 Dutch auction, at predetermined short term 250 intervals, usually 7, 28, or 35 days. They trade 200 at par and are callable at par on any interest payment date at the option of the issuer. 150 Interest is paid at the current period based on 100 the interest rate determined in the prior auction ($)In Billions period. 50 0 Although ARS are issued and rated as long term Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- 2002 2002 2002 2002 2003 2003 2003 2003 bonds (20 to 30 years), they are priced and Total Municipal traded as short term instruments because of the liquidity provided through the interest rate reset The use of auction rate financing is becoming mechanism. -
Capital Flows and the Exchange Rate of the Krone
25 Capital Flows and the Exchange Rate of the Krone Jakob Lage Hansen, Market Operations and Peter Ejler Storgaard, Economics INTRODUCTION AND SUMMARY Capital flows across national borders have increased in volume in recent years, both to and from Denmark as well as internationally. At the same time, the economic literature has turned more attention to the relation- ship between capital flows and exchange rates. Conventional exchange-rate models have sought to explain exchange rates in terms of the development in different macroeconomic variables such as the money stock, interest rates and inflation. These models have had limited empirical success, however. More recent research has intro- duced microeconomic explanations instead, e.g. foreign-exchange dealers' inventory management. The underlying intuition is that foreign-exchange dealers normally adjust their bid and offer prices to and from their inven- tories to match purchase and sales orders in the foreign-exchange market. In this way foreign-exchange dealers ensure that their inventories are not undesirably large or small. An overweight of purchase orders pushes prices up, while they are reduced if there is an overweight of sales orders. To the extent that capital flows trigger purchase or sales orders in the foreign- exchange market, they may therefore influence the exchange rate. This article considers the short-term relationship between capital flows to and from Denmark and the development in the krone vis-à-vis the euro in the period 1999-2004. Initially it is demonstrated that while there is a significant relation be- tween the krone rate and capital flows from portfolio investments on a monthly basis, it is not possible to identify an impact on the krone rate from capital flows from direct investments and other capital imports. -
Show Me the Money!
Show Me the Money! Number of players: two or more, with a referee (to confirm correct answers) Materials: play money (coins and bills), transaction cards, calculator and score sheet, answer key. Goal: Earn a percentage of the profits as you answer questions where you show how the money goes! One player selects a card that has a transaction described. The player must then use the cardboard money to show the transaction. If the player answers the transaction correctly, she/he receives 5% of the answer as cash-points (not necessarily the amount listed in the question). Whoever collects the greatest amount of cash points after five rounds of play is the winner. Coin and bill denominations: penny, nickel, dime, quarter, loonie, twonie; five dollar, ten dollar, twenty dollar, fifty dollar and one hundred dollar bills. To play: 1. Every Player selects a scoresheet. The sheet will track the player’s answers, the money earned with each correct answer, and the cumulative total of the money she/he has earned through five rounds of play. 2. Players are NOT permitted to use calculators to figure out the answer to a question card. Calculators CAN be used to figure out the 5% of the answer (money earned) if desired, after the question has been answered. 2. Shuffle the question cards and place them face down in front of the players. 3. Arrange the bills and coins in piles in the centre of play, for easy access. 4. Player One selects a question card. The question can be shared with all Players, but the individual player is expected to work independently to figure out the answer. -
The Landscape of Ukrainian Settlement in the Canadian West
University of Nebraska - Lincoln DigitalCommons@University of Nebraska - Lincoln Great Plains Quarterly Great Plains Studies, Center for Spring 1982 The Landscape Of Ukrainian Settlement In The Canadian West John C. Lehr University of Winnipeg Follow this and additional works at: https://digitalcommons.unl.edu/greatplainsquarterly Part of the Other International and Area Studies Commons Lehr, John C., "The Landscape Of Ukrainian Settlement In The Canadian West" (1982). Great Plains Quarterly. 1655. https://digitalcommons.unl.edu/greatplainsquarterly/1655 This Article is brought to you for free and open access by the Great Plains Studies, Center for at DigitalCommons@University of Nebraska - Lincoln. It has been accepted for inclusion in Great Plains Quarterly by an authorized administrator of DigitalCommons@University of Nebraska - Lincoln. THE LANDSCAPE OF UKRAINIAN SETTLEMENT IN THE CANADIAN WEST JOHN C. LEHR To journey through parts of the western in belt where wood, water, and meadowland were terior of Canada at the turn of the century was available in abundance. Their uniformity in to experience the cultural landscapes of the appraising the resources of the land and their peasant heartland of Europe. Nowhere was this strong desire to settle close to compatriots, more true than on the northerly fringes of the friends, and kinfolk led to the formation of a parkland belt and across the. southern reaches series of large ethnically homogenous block of the boreal forest pioneered by Ukrainian settlements that eventually spanned the West immigrants from the Austrian provinces of from southeastern Manitoba to central Alberta Galicia and Bukovyna. (Fig. 1).2 Between 1892, when the fIrst small group of seven Ukrainian families settled in Alberta, THE ESTABLISHED FRAMEWORK and 1914, when the outbreak of war in Europe FOR SETTLEMENT terminated immigration from Austria-Hungary, more than 120,000 Ukrainians settled in Since the great majority of Ukrainian immi Canada. -
The EDHEC Express – 18.1.2021
January 18th, 2021 THE EDHEC EXPRESS WEEKLY NEWSLETTER OF EDHEC STUDENTS FINANCE CLUB CONTENTS EUROPE Ford to close Brazil Deutsche Bank to pay $130m to manufacturing operations, take settle federal criminal and civil $4.1bn in charges 9 investigations 3 Walmart to create fintech start- Canada’s Couche-Tard ends up with investment firm behind €16.2bn takeover talks with Robinhood 10 Carrefour 3 YouTube Suspends Trump’s USA LSE’s $27bn Refinitiv deal Channel for at Least 7 Days 10 Capitol Riot Prompts Some Big approved by EU regulators 3 Boeing Falls Further Behind Banks and Companies to Pause Deliveroo valued at more than Airbus in Plane Deliveries 10 Political Funding 7 $7bn 4 Boeing to Pay $25m in Drone Blackstone eyes £3bn Signature Serious Fraud Office closes Settlement 11 bid with Bill Gates’s asset bribery inquiry of British WhatsApp fights back as users manager 7 American Tobacco 4 flee to Signal and Telegram 11 Gunmakers see stock price Shell resumes shipping after a U.S. Won't Ban Investments In increases in days after riots at year-long technical disruption 4 Alibaba, Tencent, Baidu–But 9 US Capitol 7 Veolia braces for shareholder Other Firms Are Set To Be Off PayPal blocks site that helped showdown in France’s most Limits 12 raise funds for those who vicious takeover battles 5 Fitch to buy CreditSights in bid attended Capitol violence 8 Telefonica stock surges after to bolster debt research 12 Twitter suspends 70,000 $9.4bn sale deal agreement 5 Google closes its Fitbit accounts sharing QAnon content ASOS exceeds revenue acquisition 13 8 expectations 5 Delta Air Lines Earnings: Facebook Says It Is Removing All Ericsson wins key ruling over Recovery on the Horizon 13 Content Mentioning ‘Stop the Samsung as US-China fight IBM Buys Cloud MSP Taos for Steal’ 8 pertain 6 Expertise in cloud industry 13 Amazon to remove QAnon Dr. -
Euro Banknotes © Moneymuseum
Euro Banknotes © MoneyMuseum A banknote is the ambassador of its country. It reflects the identity of the country, it represents its ethical and cultural values. That has to apply also to the Euro banknotes. Though Europe is an entity in which many different cultures try to cope with each other, but these cultures have a history of more than 2,000 years. That has to be documented on the Euro banknotes. But what do the Euro banknotes reflect? Have you ever carefully looked at one? Besides a map of Europe and a flag, there are bridges and some other platitudinous elements. The design was chosen because the commonplace does not pose any political problems. Read more about the image of the European Union that will be represented by the Euro banknotes here ... 1 von 6 www.sunflower.ch The euro banknotes The Council of Europe agreed on a common flag already in 1986 and wrote: "The number twelve is unchangeable, since it is the symbol for perfection and unity (e.g. the 12 apostles, the sons of Jacob, the legendary deeds of Hercules, the months of a year)." The number 12 supposedly also stands for the twelve member states of the European Union where the euro will be introduced on January 1, 2002. 4,000 years ago the number twelve was already used in Mesopotamia. The EU thus wanted to underline the fact that its roots go back far in time. Windows and gateways on the obverse of each banknote symbolize the spirit of openness and cooperation in the EU; the reverse of the bills feature bridges as metaphors for communication among the peoples of Europe.