We isolate a U.S. dollar currency premium by comparing corporate bonds issued in the dollar and the euro by firms o utside t he U .S. a nd e uro a rea. We make s everal empirical observations that dissect the perceived advantage of borrowing in the dollar. First, while the dollar dominates global debt issuance, borrowing costs in the dollar are more expensive without a currency hedge and about the same with a currency hedge when compared to the euro. This observed parity in currency-hedged corporate borrowing stands in contrast to the persistent deviation from covered interest parity in risk-free rates. Second, we observe a dollar safety premium in relative hedged borrowing costs, found in the subset of bonds with high credit ratings and short maturities, attributes similar to those of safe sovereigns. Finally, we find that firms flexibly adjust the currency mix of their debt issuance depending on the relative borrowing cost between dollar and euro debt. In sum, the disproportionate demand for U.S. dollar debt is reflected in higher issuance volumes that drive up the currency hedged dollar borrowing costs such that at the margin they equate to euro borrowing costs.
The picture on the front cover is a portrait of myself when I was seven or eight years old. It was drawn in charcoal, by my father. I am using this picture for a couple of reasons. The first, is that I wanted to showcase and honor my father's artistic talent. I can still remember how uncomfortable I was, sitting stiffly in a chair for 20 minutes while he completed the drawing. I was not at all happy. And now, I can honestly say that this picture is one of my most cherished possessions. The second reason for using the picture, is that I wanted to illustrate that the past is now the future. There are many people who grew up in the fifties, as I did, who are gravely concerned about an impending crisis with Social Security. I am now 53, and out of this concern, I hope I have come up with a viable solution that will avert this crisis.
A mother overnight… Single parenthood had never been on Dr. Andrina Bell’s agenda. But when her stepsister’s newborn son is orphaned she doesn’t hesitate to step in as his mum.Drew Curtis, country GP and the baby’s uncle, wants the best for his nephew, too. When he offers Andrina a job, and a home for her and baby Jonathan in his beautiful Derbyshire village, Andrina knows she can’t deny the baby such an idyllic and carefree childhood. It’s the start of a wonderful new life for Jonathan, but for Andrina it’s one full of uncertainties. Because Andrina has fallen for Drew’s charm and kindness in every way—and that was never part of the arrangement…
These lecture notes comprise a three-semester graduate course in quantum mechanics at the University of Illinois. There are a number of texts which present the basic topics very well; but since a fair quantity of the material discussed in my course was not available to the students in elementary quantum mechanics books, I was asked to prepare written notes. In retrospect these lecture notes seemed sufficiently interesting to warrant their publication in this format. The notes, presented here in slightly revised form, consitutute a self-contained course in quantum mechanics from first principles to elementary and relativistic one-particle mechanics. Prerequisite to reading these notes is some familiarity with elementary quantum mechanics, at least at the undergraduate level. Preferably the reader should already have met the uncertainty principle and the concept of a wave function. Prerequisites also include sufficient acquaintance with complex cariables to be able to do simple contour integrals and to understand words such as "poles" and "branch cuts." An elementary knowledge of Fourier transforms and series is necessary. I also assume an awareness of classical electrodynamics.
The topics in the book are organized in the same manner as they would actually arise in a construction project. First, the book deals with pre-construction issues licensing, bidding, and the formation of the construction contract. It then discusses what happens when things go wrong with breach of contract by the owner and/or the contractor. An in-depth analysis is provided with regard to claims involving delay, disruption, and acceleration. Several chapters are then devoted to statutory remedies-mechanics' liens, stop notices, and bonds both on public and private works. Finally, coverage is provided on other issues and subjects involving the construction industry, including expanding liability, home improvement contracts, bankruptcy, and alternative dispute resolution.
Complete profiles of today's most successful annuities... Experttips on how to maximize your returns... Variable annuities now outpace mutual funds as the number onechoice among street-smart investors--and it's easy to see why.Tax-deferred, commission-free, easy to purchase and redeem,carrying less risk than most other instruments, and exhibiting asuperb overall performance, they are an indispensable addition toany low-risk, high-yield portfolio. Now, in the first book of itskind, financial planning expert Gordon Williamson demystifiesannuities investing. Writing in a straightforward, down-to-earthstyle, he: * Clearly explains how annuities work, profiles their returnpotential, and frankly assesses their relative advantages anddisadvantages * Steers you to the 100 best annuities for your investment dollar * Emphasizes risk reduction without sacrificing returns * Supplies complete annuity profiles, including average annualreturns over the past 3, 5, and 10 years * Ranks and evaluates today's entire spectrum of annuityproducts--aggressive growth/small cap, international, growth andincome, balanced, money market, and more * Pinpoints the best performing variable annuities * Includes investment options within each annuity recommended The word is out: variable annuities are one of the best investmentinstruments developed in this century. Now find out how you cantake full advantage of their unprecedented earning potential withThe 100 Best Annuities You Can Buy.
This introduction provides a clear framework for understanding and analyzing securities, and covers the major institutional features and theories of investing. While the book presents a thorough discussion of investments, the authors keep the material practical, relevant, and easy to understand. The latest developments in investments are brought to life through the use of tables, graphs, and illustrations that incorporate current market information and academic research. An international content deals directly with international securities and securities markets throughout the book--along with currency management and interest rate parity. Up-to-date "Money Matters" articles reflect the latest real-world developments and are provided throughout each chapter to give readers a sense of how practitioners deal with various investment issues and use techniques. Other coverage includes an array of investment tools--presented through discussions on stocks, bonds, and other securities such as options and futures. A guide to reviewing, forecasting, and monitoring--for individuals preparing to make investments or take the CFA exam.
Twenty-four years ago, Hellmut Fritzsche came to our laboratory to evaluate our work in amorphous materials. He came many times, sometimes bringing his violin to play with our youngest son, to talk, to help, to discover, and to teach. The times with him were always exciting and rewarding. There was a camaraderie in the early years that has continued and a friendship that has deepened among Iris and me and Hellmut, Sybille and their children. The vision that Hellmut Fritzsche shared with me, the many important contributions he made, the science that he helped so firmly to establish, the courage he showed in the time of our adversity, and the potential that he recognized put all of us in the amorphous field, not only his close friends and collaborators, in his debt. He helped make a science out of intuition, and played an important role not only in the experimental field but also in the basic theoretical aspects. It has been an honor to work with Hellmut through the years.
ENGLISH IN BUSINESS to angielsko-polski słownik i leksykon definicji z zakresu szeroko rozumianego słownictwa z dziedziny finansów, bankowości oraz terminów ekonomicznych i używanych w ubezpieczeniach. Całość liczy ponad 12 tysięcy haseł słownikowych oraz 6725 definicji opisowych. Publikacja jest także podręcznikiem dla osób uczących się Business English i jest przeznaczona na komputery i tablety.
Can expectations alone explain the yield differentials among bonds of different maturities? To what extend do attitudes toward risk and transactions costs influence the behavior of bond investors? Is it possible for the Federal Reserve to "twist" the interest-rate structure in accordance with its policy objectives? These are among the questions treated. Originally published in 1966. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Professional investors are bombarded on a day to day basis with assertions about the role liquidity is playing and will play in determining prices in the financial markets. Few, if any, of the providers or recipients of such advice can truly claim to understand the well–springs of such liquidity and the transmission mechanisms through which it impacts asset prices. This groundbreaking new book explores the belief that at the core of liquidity there is a force which exerts individuals to effect a financial transaction when they would not otherwise do so. Understanding this force of compulsion is a key to understanding a financial market when it appears to be behaving irrationally. This book will enable new and seasoned investors to develop an understanding of the factors, so that costly mistakes can be avoided without the lesson of experience.
A self-avoiding walk is a path on a lattice that does not visit the same site more than once. In spite of this simple definition, many of the most basic questions about this model are difficult to resolve in a mathematically rigorous fashion. In particular, we do not know much about how far an n step self-avoiding walk typically travels from its starting point, or even how many such walks there are. These and other important questions about the self-avoiding walk remain unsolved in the rigorous mathematical sense, although the physics and chemistry communities have reached consensus on the answers by a variety of nonrigorous methods, including computer simulations. But there has been progress among mathematicians as well, much of it in the last decade, and the primary goal of this book is to give an account of the current state of the art as far as rigorous results are concerned. A second goal of this book is to discuss some of the applications of the self-avoiding walk in physics and chemistry, and to describe some of the nonrigorous methods used in those fields. The model originated in chem istry several decades ago as a model for long-chain polymer molecules. Since then it has become an important model in statistical physics, as it exhibits critical behaviour analogous to that occurring in the Ising model and related systems such as percolation.
An in-depth look at the best ways to navigate the post-reform world of derivatives and futures The derivatives market is one of the largest, and most important financial markets in the world. It's also one of the least understood. Today we are witnessing the unprecedented reform and reshaping of this market, and along with these events, the entire life cycle of a derivatives transaction has been affected. Accordingly, nearly all market participants in the modern economy need to view the handling of risk by derivatives in a very different way. Many aspects of financial services reform are based on a belief that derivatives caused the Great Recession of 2008. While the difficulties we now face cannot be blamed solely on derivatives, the need to understand this market, and the financial products that trade within it, has never been greater. The Post-Reform Guide to Derivatives and Futures provides straightforward descriptions of these important investment products, the market in which they trade, and the law that now, after July 16, 2011, governs their use in America and creates challenges for investors throughout the world. Author Gordon Peery is an attorney who works exclusively in the derivatives markets and specializes in derivatives and futures reform and market structure. Since representing clients in Congressional hearings involving Enron Corp., he has developed extensive experience in this field. With this guide, he reveals how derivatives law, and market practice throughout the world, began to change in historic ways beginning in 2011, and what you must do to keep up with these changes. Explains what derivatives and futures are, who trades them, and what must be done to manage risk in the post reform world Accurately reflects the futures and derivatives markets as they exist today and how they will be transformed by the Dodd-Frank Wall Street Reform and Consumer Protection Act Highlights the risks and common disputes regarding derivatives and futures, and offers recommendations for best practices in light of the evolving law governing derivatives The financial crisis has changed the rules of Wall Street, especially when it comes to derivatives and futures. The Post-Reform Guide to Derivatives and Futures will help you navigate this evolving field and put you in a better position to make the most informed decisions within it.
Battery Park City in Manhattan has been hailed as a triumph of urban design, and is considered to be one of the success stories of American urban redevelopment planning. The flood of praise for its design, however, can obscure the many lessons from the long struggle to develop the project. Nothing was built on the site for more than a decade after the first master plan was approved, and the redevelopment agency flirted with bankruptcy in 1979. Taking a practice-oriented approach, the book examines the role of planning and development agencies in implementing urban waterfront redevelopment. It focuses upon the experience of the central actor - the Battery Park City Authority (BPCA) - and includes personal interviews with executives of the BPCA, former New York mayors John Lindsay and Ed Koch, key public officials, planners, and developers. Describing the political, financial, planning, and implementation issues faced by public agencies and private developers from 1962 to 1993, it is both a case study and history of one of the most ambitious examples of urban waterfront redevelopment.
In this book Michael A. Gordon examines the causes and consequences of the tragic and bloody "Orange Riots" that rocked New York City in 1870 and 1871. On July 12 of both years, groups of Irish Catholics clashed with Irish Protestants marching to commemorate the victory of 1690 at the Battle of the Boyne that confirmed the Protestant Ascendancy in Ireland. The violence of 1870 left eight people dead; the following year, more than sixty died. Reconstructing the events of July 12 in those years, Gordon provides a riveting and richly detailed account of the riots. He maintains that they stemmed from more than religious hatred or generations of oppression in Ireland. Rather, both years bear witness to a struggle between two profoundly different visions of the promise of America: a re-creation of European social classes or a form of life liberated from the constraints and stratifications of the Old World. These visions were enmeshed n the turbulent ideological and political confrontations arising from industrialization and newly found immigrant power under New York City's notorious mayor, William Marcy "Boss" Tweed. Gordon concludes by showing how the riots sparked a reform movement that toppled Tweed from power and led to the restructuring of city politics in the 1870s.
The financial crisis of 2007-9 revealed serious failings in the regulation of financial institutions and markets, and prompted a fundamental reconsideration of the design of financial regulation. As the financial system has become ever-more complex and interconnected, the pace of evolution continues to accelerate. It is now clear that regulation must focus on the financial system as a whole, but this poses significant challenges for regulators. Principles of Financial Regulation describes how to address those challenges. Examining the subject from a holistic and multidisciplinary perspective, Principles of Financial Regulation considers the underlying policies and the objectives of regulation by drawing on economics, finance, and law methodologies. The volume examines regulation in a purposive and dynamic way by framing the book in terms of what the financial system does, rather than what financial regulation is. By analysing specific regulatory measures, the book provides readers to the opportunity to assess regulatory choices on specific policy issues and encourages critical reflection on the design of regulation.
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