scholarly journals Price and Size Discovery in Financial Markets: Evidence from the U.S. Treasury Securities Market

2018 ◽  
Vol 9 (2) ◽  
pp. 256-295 ◽  
Author(s):  
Michael J Fleming ◽  
Giang Nguyen
Keyword(s):  
Yield Curve ◽  
Securities Market ◽  
Order Flow ◽  
Treasury Securities ◽  
Oxford University ◽  
Informed Traders ◽  
Nature Of Information ◽  
Editorial Decision ◽  
To Come ◽  
The U.S

Abstract We study the workup protocol, an important size discovery mechanism in the U.S. Treasury market. We find that workup order flow shocks explain 6%–8% of the variation of returns on benchmark notes and, across maturities, 10% of the variation of the yield curve level factor. Information related to proprietary client order flow is more likely to show up in workup trades, whereas information derived from public announcements tends to come through preworkup trades. Our findings highlight how the nature of information affects the trade-off between speed and execution price when informed traders choose between the lit and workup channels. Received May 3, 2017; Editorial decision August 1, 2018 by Editor Thierry Foucault. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online. Internet Appendix tables are numbered with “IA” prefix.

United States Treasury Securities

2019 ◽  
pp. 121-138
Author(s):  
Alan N. Rechtschaffen
Keyword(s):  
Interest Rates ◽  
Federal Government ◽  
Yield Curve ◽  
Fixed Income ◽  
Fixed Income Securities ◽  
United States Treasury ◽  
Treasury Bills ◽  
Treasury Securities ◽  
Treasury Department ◽  
The U.S

This chapter begins with a discussion of the purpose and goals of treasury securities. Treasury securities are a type of debt instrument providing limited credit risk. U.S. Treasury bills, notes, and bonds are issued by the Treasury Department and represent direct obligations of the U.S. government. Treasury securities are used to meet the needs of investors who wish to “loan” money to the federal government and in return receive a fixed or floating interest rate. The Treasury yield curve is a benchmark for fixed income securities across the spectrum of debt securities. The remainder of the chapter covers types of treasury securities, pricing, bond auctions and their effect on price, interest rates, and STRIPS (separate trading of registered interest and principal securities).

Crystallex Int'l Corp. v. Bolivarian Rep. Venez. (3D Cir.)

2021 ◽  
pp. 1-21
Author(s):  
Kevin D. Benish
Keyword(s):  
United States Supreme Court ◽  
The United States ◽  
United States Supreme ◽  
Decision To Leave ◽  
Court Of Appeals ◽  
The Third ◽  
To Come ◽  
Alter Ego ◽  
Oil Company ◽  
The U.S

On May 18, 2020, the United States Supreme Court denied a request by the Bolivarian Republic of Venezuela and its state-owned oil company, Petróleos de Venezuela, S.A. (PDVSA), to review the merits of Crystallex Int'l Corp. v. Bolivarian Republic of Venezuela, a decision by the U.S. Court of Appeals for the Third Circuit. In Crystallex, the Third Circuit affirmed a trial court's determination that PDVSA is the “alter ego” of Venezuela itself, thus permitting Crystallex to enforce a $1.4 billion judgment against Venezuela by attaching property held in PDVSA's name. Given the Supreme Court's decision to leave the Third Circuit's opinion undisturbed, Crystallex is a significant decision that may affect parties involved in transnational litigation for years to come—especially those pursuing or defending against U.S. enforcement proceedings involving the property of foreign states.

scholarly journals Coming Vaccine Battle

Contexts ◽  
2020 ◽  
Vol 19 (4) ◽  
pp. 92-94
Author(s):  
Jennifer Reich
Keyword(s):  
To Come ◽  
The U.S

“Though small, the recent protests we've seen across the U.S. signal what is likely to come as governments grapple with how to move forward, particularly if a vaccine against SARS-CoV-2, the virus causing the pandemic becomes available.”

scholarly journals Belonging in the Coronaverse: Will There Be Time?

2021 ◽  
Vol 1 (1) ◽  
pp. 100-115
Author(s):  
Kate Fischer ◽  
Malika Rakhmonova ◽  
Mike Tran
Keyword(s):  
College Experience ◽  
The United States ◽  
Limited Time ◽  
The Novel ◽  
Residential University ◽  
To Come ◽  
Novel Coronavirus ◽  
University Experience ◽  
The U.S ◽  
Older Siblings

Abstract Since the spring of 2020 SARS-CoV-2, the novel coronavirus, has upended lives and caused a rethinking of nearly all social behaviors in the United States. This paper examines the ways in which the pandemic, shutdown, and gradual move towards “normal” have laid bare and obfuscated societal pressures regarding running out of time as it pertains to the residential university experience. Promised by movies, television, and older siblings and friends as a limited-time offer, the “typical” college experience is baked into the U.S. imaginary, reinforcing a host of notions of who “belongs” on campus along lines of race, class, and age. Fed a vision of what their whole lives “should be”, students who enter a residential four-year college are already imbued with a nostalgia for what is yet to come, hailed, in Althusser’s (2006[1977]) sense, as university subjects even before their first class. The upheaval of that subjecthood during the pandemic has raised important questions about the purpose of the college experience as well as how to belong to a place that is no longer there.

Marc B. Shapiro. The Limits of Orthodox Theology: Maimonides' Thirteen Principles Reappraised. The Littman Library of Jewish Civilization. Oxford: Oxford University Press, 2004. 221 pp.

AJS Review ◽  
2005 ◽  
Vol 29 (1) ◽  
pp. 169-171
Author(s):  
Gidon Rothstein
Keyword(s):  
Oxford University ◽  
The Core ◽  
The World ◽  
Orthodox Theology ◽  
Contemporary Writers ◽  
To Come ◽  
Contemporary Context ◽  
Oxford University Press

Marc Shapiro puts an explicit contemporary context on this remarkable collection of sources that disagreed with one part or other of Maimonides' Thirteen Principles—the beliefs Maimonides asserted were absolutely necessary to be considered a believing Jew and to attain the World to Come. By showing the extent to which past authors disagreed with those Principles, Shapiro seeks to debunk assertions by contemporary writers that place those Principles at the core of Orthodox belief.

scholarly journals Multinational Banks and Supranational Supervision

2018 ◽  
Vol 32 (8) ◽  
pp. 2997-3035 ◽  
Author(s):  
Giacomo Calzolari ◽  
Jean-Edouard Colliard ◽  
Gyongyi Lóránth
Keyword(s):  
Organizational Structure ◽  
Organizational Structures ◽  
Unintended Consequences ◽  
Coordination Failures ◽  
The Public ◽  
Oxford University ◽  
Multinational Banks ◽  
Editorial Decision ◽  
Public Costs ◽  
Published Paper

Abstract Supervision of multinational banks (MNBs) by national supervisors suffers from coordination failures. We show that supranational supervision solves this problem and decreases the public costs of an MNB’s failure, taking its organizational structure as given. However, the MNB strategically adjusts its structure to supranational supervision. It converts its subsidiary into a branch (or vice versa) to reduce supervisory monitoring. We identify the cases in which this endogenous reaction leads to unintended consequences, such as higher public costs and lower welfare. Current reforms should consider that MNBs adapt their organizational structures to changes in supervision. Received January 9, 2017; editorial decision September 15, 2018 by Editor Philip Strahan. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

scholarly journals The Effects of Losing a Business Group Affiliation

2018 ◽  
Vol 32 (8) ◽  
pp. 3036-3074 ◽  
Author(s):  
Borja Larrain ◽  
Giorgo Sertsios ◽  
Francisco Urzúa I
Keyword(s):  
Business Group ◽  
The Other ◽  
Group Affiliation ◽  
Oxford University ◽  
Capital Misallocation ◽  
Editorial Decision ◽  
Business Group Affiliation ◽  
Industry Peers ◽  
Published Paper ◽  
Identification Strategy

Abstract We propose a novel identification strategy for estimating the effects of business group affiliation. We study two-firm business groups, some of which split up during the sample period, leaving some firms as stand-alone firms. We instrument for stand-alone status using shocks to the industry of the other group firm. We find that firms that become stand-alone reduce leverage and investment. Consistent with collateral cross-pledging, the effects are more pronounced when the other firm had high tangibility. Consistent with capital misallocation in groups, the reduction in leverage is stronger in firms that had low (high) profitability (leverage) relative to industry peers. Received July 3, 2017; editorial decision April 7, 2018 by Editor Wei Jiang. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

scholarly journals Investors´ protection in the U.S.: the issue of mandatory arbitration clauses in contracts between investors and brokerage/advisory firms

2017 ◽  
Vol 13 (2) ◽  
pp. 520-536
Author(s):  
DÉBORA CHAVES MARTINES FERNANDES
Keyword(s):  
United States ◽  
American Literature ◽  
Supreme Court ◽  
Securities Market ◽  
Middle Ground ◽  
Arbitration Clause ◽  
Pros And Cons ◽  
The U.S

Abstract This paper proposes a review of the American literature, as well as the main rulings of Supreme Court of United States, aiming to map the pros and cons of inserting a mandatory pre-dispute arbitration clause in contracts between investors and brokerage/advisory firms that trade on the securities market. The study discusses some proposals to banish this sort of clause and some ideas to reach a middle ground solution.

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