1,519 research outputs found
El context social i cultural de la persuasió de massa
Traducció al català del capÃtol 6 de Mass Persuasion, El context social i cultural
Letter from Robert K. Merton
Letter from Robert K. Merton to John J. Trainor confirming that Madeleine Giguère completed all requirements for her doctorate degree except the dissertation.https://digitalcommons.usm.maine.edu/giguere-early-life-and-education/1081/thumbnail.jp
Visually narrating post-colonial lives: ghosts of war and empire
This paper is about two journeys: the first through the memories of an old soldier captured by the Japanese in the Second World War; the second through the present life to which this past gave rise, in which the old soldier tends the graves of his fellow soldiers as part of his current navigation by bus and taxi of the post-colonial landscape of Hong Kong
Default Risk and Equity Returns: A Comparison of the Bank-Based German and the U.S. Financial System
In this paper, we address the question whether the impact of default risk on equity returns depends on the financial system firms operate in. Using an implementation of Merton's option-pricing model for the value of equity to estimate firms' default risk, we construct a factor that measures the excess return of firms with low default risk over firms with high default risk. We then compare results from asset pricing tests for the German and the U.S. stock markets. Since Germany is the prime example of a bank-based financial system, where debt is supposedly a major instrument of corporate governance, we expect that a systematic default risk effect on equity returns should be more pronounced for German rather than U.S. firms. Our evidence suggests that a higher firm default risk systematically leads to lower returns in both capital markets. This contradicts some previous results for the U.S. by Vassalou/Xing (2004), but we show that their default risk factor looses its explanatory power if one includes a default risk factor measured as a factor mimicking portfolio. It further turns out that the composition of corporate debt affects equity returns in Germany. Firms' default risk sensitivities are attenuated the more a firm depends on bank debt financing
An Analysis of the Systemic Risks Posed by Fannie Mae and Freddie Mac and an Evaluation of the Policy Options for Reducing those Risks
Fannie Mae and Freddie Mac are government-sponsored enterprises that are central players in U.S. secondary mortgage markets. Over the past decade, these institutions have amassed enormous mortgage- and non-mortgage-oriented investment portfolios that pose significant interest-rate risks to the companies and a systemic risk to the financial system. This paper describes the nature of these risks and systemic concerns and then evaluates several policy options for reducing the institutions’ investment portfolios. We conclude that limits on portfolio size (assets or liabilities) would be the most desirable approach to mitigating the systemic risk posed by Fannie Mae and Freddie Mac
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