scholarly journals Determinants of the Issuance of Put/Call Convertibles in the Non-Financial Sector of the US Market

2014 ◽  
Vol 17 (2) ◽  
pp. 119-137
Author(s):  
Damian Kaźmierczak ◽  
Jakub Marszałek
Keyword(s):  
Financial Sector ◽  
Risk Exposure ◽  
Market Demand ◽  
Convertible Securities ◽  
Fixed Assets ◽  
The Us ◽  
Call Provisions

The aim of this article is to characterize and show the differences between issuers of ordinary convertibles and convertibles with attached put/call provisions (put/call convertibles). The research was carried out on a sample of 379 firms in the US market, outside the financial sector, between 2002 and 2011. It turns out that the issuers of put/call convertibles are the companies with a higher risk exposure, associated with, inter alia, a higher level of indebtedness and worse ratio between the issue value to the fixed assets value. Adding the put/call provisions is aimed at decreasing issuers’ risk exposure, which may increase the market demand for this type of convertible securities.  

Russian Banking System under Conditions of Global Crisis

2009 ◽  
pp. 4-14 ◽  
Author(s):  
G. Gref ◽  
K. Yudaeva
Keyword(s):  
Banking System ◽  
Commodity Prices ◽  
Financial Sector ◽  
Banking Crises ◽  
Economic Recovery ◽  
Balance Sheets ◽  
Current Economic Crisis ◽  
Risk Appetite ◽  
The Us ◽  
The Face

Problems in the financial sector were at the core of the current economic crisis. Therefore, economic recovery will only become sustainable after taking care of the major weaknesses in the financial sector. This conclusion is relevant both for the US and UK - the two countries where crisis has started, and for other economies which financial institutions turned out to be fragile in the face of the swings in the risk appetite. Russia is one of the countries where the crisis has revealed serious deficiency in the financial sector. Our study of 11 banking crises during the last 25-30 years shows that sustainable economic recovery and decrease in the dependence on commodity prices will be virtually impossible without cleaning of balance sheets and capitalization of the financial sector.

The Economics of the Biopharmaceutical Industry

2011 ◽  
pp. 519-554 ◽  
Author(s):  
Patricia M. Danzon
Keyword(s):  
Pharmaceutical Industry ◽  
Research And Development ◽  
Future Research ◽  
Neglected Diseases ◽  
Market Demand ◽  
Global Issues ◽  
Insurance Reimbursement ◽  
Development Costs ◽  
The Us ◽  
Differential Pricing

This article summarizes the literature, and considers the issue of paying for research and development. It reviews research and development costs, regulation, productivity and incentives for innovation. It discusses market demand and pricing, effects of insurance, reimbursement regulation, alternatives to patents, and generics. Further, it reviews trends in promotion, regulation of promotion and its effects. It discusses global issues, including differential pricing and R&D for neglected diseases. The focus is on the US, as the home of the largest number of multinational pharmaceutical and smaller biotech companies. This article notes the important differences in regulatory and reimbursement systems in other countries. Finally it suggests that although there is large and growing literature on the pharmaceutical industry that has produced valuable information, important issues remain for future research.

Backbone Topology, Access, and the Commercial Internet, 1997–2000

2002 ◽  
Vol 29 (4) ◽  
pp. 533-552 ◽  
Author(s):  
Morton E O'Kelly ◽  
Tony H Grubesic
Keyword(s):  
United States ◽  
Spatial Organization ◽  
Business Models ◽  
Telecommunications Industry ◽  
The United States ◽  
Digital Information ◽  
Market Demand ◽  
Telecommunications Infrastructure ◽  
Current State ◽  
The Us

As the Internet grows in popularity, telecommunications infrastructure in the United States continues to increase in capacity and geographic reach to meet market demand. Important components of this infrastructure include the commercial fiber-optic backbones used to transport digital information between locations. The spatial organization of commercial Internet backbones reflects an increasingly competitive privatized market for service provision, in which certain locations are more accessible and better connected than others. The authors have three objectives. First, they explore the current state of the telecommunications industry, paying special attention to current trends, mergers, and new company business models. Second, they use a standardized methodology to examine the topological structure of the US commercial Internet and the resulting differences in city accessibility. Third, this methodology is put to the test by an exploration of an empirical database of 41 network providers in the United States. Results suggest that significant changes in city accessibility to the commercial Internet occurred between 1997 and 2000.

International diversification and return differential between the US and the foreign markets

2015 ◽  
Vol 14 (4) ◽  
pp. 382-397 ◽  
Author(s):  
Abdullah Noman
Keyword(s):  
Mutual Funds ◽  
Factor Model ◽  
Foreign Market ◽  
Risk Exposure ◽  
Market Returns ◽  
Foreign Markets ◽  
Content Type ◽  
Conditional Specification ◽  
The Us ◽  
Information Variable

Purpose – This paper aims to examine the impact of the return differential between the domestic and foreign markets on the risk exposure of country mutual funds (CMFs). It is argued that when US market returns are higher than the foreign market returns, the returns chasing investors will tilt their portfolio toward the US market assets, increasing the co-movement between the US market and CMF return. Design/methodology/approach – The sample includes 19 exchange traded funds (ETFs) and 18 closed-end mutual funds (CEFs) over the period between 2001 and 2011. A static two-factor model is used to get the benchmark results. On the other hand, a conditional specification is used, with the return differential as the information variable, to capture the variation in the exposure of the country funds to their underlying risks. Findings – Empirically, the authors find results that partially support their argument. The results of the static two-factor model indicate that the CMFs are exposed to the foreign market risks, whereas the local (US) market risk is not generally priced. The results obtained from the conditional specification, however, shows that the estimated US betas are significant for a number of CMFs. Practical implications – A possible interpretation of this finding is that the return differential encourages return chasing behavior of the US investors documented in the international investment literature. This, in turn, may contribute to the time-varying exposure of the CMF return to their underlying risk factors. The findings of the paper have important implications for the investors as the time variation in risk exposure of CMFs causes fluctuation in diversification benefits over time. Originality/value – To the best of the authors’ knowledge, this is the first paper that uses return differential as the information variable in a conditional factor model.

Current situation with the production and use of supplementary cementitious materials (SCMs) in concrete construction in Canada

2005 ◽  
Vol 32 (1) ◽  
pp. 129-143 ◽  
Author(s):  
Nabil Bouzoubaâ ◽  
Benoît Fournier
Keyword(s):  
Fly Ash ◽  
Silica Fume ◽  
Blended Cement ◽  
Cementitious Materials ◽  
Current Situation ◽  
Supplementary Cementitious Materials ◽  
Market Demand ◽  
Granulated Blast Furnace Slag ◽  
The Us ◽  
Economic Barriers

The data gathered on the current situation of supplementary cementing materials (SCMs) in Canada have shown that around 524 000, 347 000, and 37 000 t of fly ash, ground granulated blast furnace slag (GGBFS), and silica fume were used in cement and concrete applications in 2001, respectively, which represents 11%, 90%, and 185% of the quantity produced. The remaining 10% of GGBFS produced was used in the US, and 17 000 t of silica fume were imported from the US and Norway to meet market demand. Fly ash appears to be the only material that is underused and that represents a potential for increased use of SCMs in Canada. For the GGBFS, the quantity produced can be increased if the demand increases. This investigation has shown, however, that there are policy, technical, and economic barriers to the increased use of SCMs in Canada. Some solutions were proposed to overcome these barriers and are summarized in the conclusions of the paper.Key words: fly ash, slag, silica fume, concrete, blended cement.

scholarly journals Impact of the COVID-19 Pandemic on the US Credit Default Swap Market

Complexity ◽  
2021 ◽  
Vol 2021 ◽  
pp. 1-5
Author(s):  
Kirill Romanyuk
Keyword(s):  
Credit Default Swap ◽  
Financial Sector ◽  
Default Probability ◽  
Goods And Services ◽  
Us Economy ◽  
Credit Default ◽  
The Us ◽  
Default Swap ◽  
Econometric Tests ◽  
Different Levels

The COVID-19 pandemic affected the US economy at different levels. Since credit default swaps can be viewed as a default probability indicator, the article shows the credit default swap market perspective on how the US economy was hit by the pandemic. Forecasting models are built to estimate the predictability of the CDS market sectors during the pandemic, i.e., manufacturing, energy, banks, consumer goods, and services and financial sector excluding banks. Econometric tests are applied to check the uniqueness of credit default swap market sectors after the declaration of the pandemic. The results indicate that the financial sector excluding banks performed uniquely during the pandemic; i.e., the predictability of this sector dropped significantly, and the Chow breakpoint test and Wald coefficient test can identify the shift in the data after declaration of the pandemic.

scholarly journals Pozycja w systemie władzy USA oraz zadania Rady ds. Monitorowania Stabilności Finansowej

2017 ◽  
pp. 61-74
Author(s):  
Wojciech Kwiatkowski
Keyword(s):  
United States ◽  
Financial Sector ◽  
The United States ◽  
Point Of View ◽  
Federal Law ◽  
The Us ◽  
Finance Company ◽  
Key Issues ◽  
The Stability ◽  
Financial Company

Present article discusses some of the key issues introduced to the US federal law in 2010 to ensure the stability of the financial sector in the United States. Special attention was paid to two issues, i.e. the rules and procedures under which the FSOC may considered a non-banking finance company to be important from the point of view of stability of the US financial sector (and in such situation trigger supplementary supervision by the FRS) and the procedure for controlled liquidation of a financial company considered by the FSOC to be a risk to the stability of the US financial system.

Sukuk Performance Using Comparison of Return and Risk Through Calculation of Market Price and Fair Price

2021 ◽  
Vol 1 (2) ◽  
pp. 47-59
Author(s):  
Adieb Mursyada ◽  
Fifi Swandari
Keyword(s):  
Market Price ◽  
Movement Pattern ◽  
Financial Sector ◽  
Risk Exposure ◽  
Fair Price ◽  
Short Term ◽  
Initial Information ◽  
Holding Period ◽  
Average Return ◽  
Significant Difference

Sukuk investors’ important information used by investors of Sukuk (proof or claim of ownership on assets) is the market price of the Sukuk issued by the IDX and the fair price of the Sukuk issued by the Indonesian Securities Price Appraiser (PHEI). This is a signal or initial information for investors in considering the decision to invest in Sukuk. The measured performance returns as measured by Holding Period Yield (HPY), Yield To Maturity (YTM), and Sharpe Index, while Risk of Sukuk is measured based on its standard deviation. Corporate Sukuk are classified into financial and non-financial sectors and have short, medium, and long maturities. Comparative analysis is conducted using an Independent Sample t-test and ANOVA. The results showed that the average Sukuk return was calculated at a higher market price than the fair price. Sukuk return results in a pattern of movement that tends to be inversely proportional to the market price or fair price of the Sukuk, while the risk of Sukuk based on price issuing institutions had a movement pattern that tends to be in the same direction as the price. Furthermore, corporate Sukuk in the non-financial sector had a higher average return but was more susceptible to risk than the financial sector. Corporate Sukuk with long maturities had a higher average yield and risk exposure than medium and short-term Sukuk. Hypothesis testing showed a significant difference between the market price and the fair price of corporate Sukuk.

Telehealth-Based Systems for Diagnosis, Management, and Treatment of Autism Spectrum Disorders

2013 ◽  
pp. 1044-1065 ◽  
Author(s):  
Fiorentina Angjellari-Dajci ◽  
William F. Lawless ◽  
Nitin Agarwal ◽  
Ron Oberleitner ◽  
Barbara Coleman ◽  
...  
Keyword(s):  
South Carolina ◽  
Autism Spectrum Disorders ◽  
Service Delivery ◽  
Behavioral Interventions ◽  
Autism Spectrum ◽  
Market Demand ◽  
The Us ◽  
Spectrum Disorders ◽  
Full Utilization

The prevailing system for diagnosis, treatment, and management of Autism Spectrum Disorders (ASDs) in the US—the in-person service delivery—has been unable to address the increase in the demand for services and societal costs for those served, and the unattained societal benefits for those not diagnosed early enough or not offered early and intensive behavioral interventions. The authors discuss new developments in telehealth for diagnostic evaluation and ASD treatment in the US. They build a theoretical model to capture telehealth system’s potential in reaching ASD screening market equilibrium under the constraint of full utilization of provider hours and other stylized facts. The authors estimate the market demand for ASD screening in the US for year 2011. They present their progress with a case study that focuses on the potential impacts of increased access to care of technology-based telehealth on the Georgia-South Carolina border. The authors use social network analysis to envision the future of telehealth service delivery for ASDs.

An analysis of the US decking materials market: perceptual mapping approach

2011 ◽  
Vol 41 (4) ◽  
pp. 669-681 ◽  
Author(s):  
Indroneil Ganguly ◽  
Ivan Eastin ◽  
Douglas MacLachlan
Keyword(s):  
The United States ◽  
Mapping Technique ◽  
Perceptual Space ◽  
Market Demand ◽  
Product Positioning ◽  
Business Decision ◽  
Perceptual Mapping ◽  
Demand Distribution ◽  
The Us ◽  
Business To Business

This paper analyzes the product positioning and market demand of preservative-treated, naturally decay-resistant, and composite decking materials in the United States using an innovative perceptual mapping technique. Market analysis using perceptual mapping is generally used for end-user market scenarios for strategic planning. This paper establishes that the perceptual mapping technique can also be a valuable tool for analyzing the US decking products market, which is predominantly a business-to-business (B2B) market. Using perceptual mapping of the US decking market, this paper proposes a method for incorporating market demand density on a perceptual space, incorporating a kernel regression based nonparametric demand distribution. Representation of products and demand distribution on the same perceptual space in the proposed mapping technique enables simultaneous visualization of product positioning and demand density distribution in the marketplace. The mapping results obtained in this paper will enable business decision makers in the US decking industry to strategically position their offerings based on existing product positioning and market demand distribution. The data used for the study were collected through a national survey of 368 professional deck builders and homebuilders.

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