scholarly journals The Impact of Bail-in Risk on Bank Bondholders

2020 ◽  
Vol 15 (9) ◽  
pp. 105
Author(s):  
Lorenzo Gai ◽  
Federica Ielasi ◽  
Martina Mainini
Keyword(s):  
Euro Area ◽  
Risk Premium ◽  
Panel Regression ◽  
Yield Spread ◽  
Regression Analyses ◽  
Secondary Markets ◽  
Using Data ◽  
The Impact

The paper investigates the impact of the bail-in regulation on bank bond secondary markets. Using data on outstanding bonds issued by significant Euro-Area banks, the study carries out pooled panel regression analyses to determine the association between yields of “bailinable” and “bailinable” bonds. The paper also analyses the impact of the bail-in tool in relation to bank leverage, which affects the potential severity of losses for bondholders in the case of bail-in. With a sample of 4,855 bonds issued by 45 banks from January 2006 to December 2016, we find an increase in the risk premium for unsecured bonds, and senior unsecured bonds show the greatest effect on yields and yield spread when bail-in regulation came into force. Moreover, a “bail-in severity” premium, related to bank leverage, is identified.

scholarly journals Volatility Modeling: An Overview of Equity Markets in the Euro Area during COVID-19 Pandemic

Mathematics ◽  
2021 ◽  
Vol 9 (11) ◽  
pp. 1212
Author(s):  
Pierdomenico Duttilo ◽  
Stefano Antonio Gattone ◽  
Tonio Di Di Battista
Keyword(s):  
Stock Market ◽  
Euro Area ◽  
Risk Premium ◽  
Stock Markets ◽  
Market Volatility ◽  
Stock Market Volatility ◽  
Volatility Modeling ◽  
The Impact ◽  
Second Wave ◽  
Daily Returns

Volatility is the most widespread measure of risk. Volatility modeling allows investors to capture potential losses and investment opportunities. This work aims to examine the impact of the two waves of COVID-19 infections on the return and volatility of the stock market indices of the euro area countries. The study also focuses on other important aspects such as time-varying risk premium and leverage effect. This investigation employed the Threshold GARCH(1,1)-in-Mean model with exogenous dummy variables. Daily returns of the euro area stock markets indices from 4th January 2016 to 31st December 2020 has been used for the analysis. The results reveal that euro area stock markets respond differently to the COVID-19 pandemic. Specifically, the first wave of COVID-19 infections had a notable impact on stock market volatility of euro area countries with middle-large financial centres while the second wave had a significant impact only on stock market volatility of Belgium.

scholarly journals The Impact of Education on Household Income in Rural Vietnam

2020 ◽  
Vol 8 (1) ◽  
pp. 11 ◽  
Author(s):  
Hung Van Vu
Keyword(s):  
Quantile Regression ◽  
Household Income ◽  
Living Standard ◽  
Regression Analyses ◽  
Poor Households ◽  
Quantile Regression Analysis ◽  
Research Findings ◽  
Using Data ◽  
The Impact ◽  
Positive Effect

Using data from the 2018 Vietnam Household Living Standard Survey, our study investigates the impact of education on household income in rural Vietnam. Both mean and quantile regression analyses were employed to analyze the impact of education. We found that education has a positive effect on the household income after controlling for various factors in the models. However, quantile regression analysis reveals that the effect of schooling years increases with quantiles, suggesting that education bring higher returns for richer households. We also found that households with the heads having higher qualifications or vocational education tend to earn higher income levels. Combined together, these findings imply that while education was found to increase household income, it increases income inequality in rural Vietnam. Our research findings suggest that improving the access of poor households to better education is expected to increase their income and reduce inequality in rural Vietnam.

scholarly journals The Impact of ICT and FDI as Drivers to Economic Growth In ASEAN-8 Countries: A Panel Regression Analysis

2021 ◽  
Vol 9 ◽  
pp. 91-98
Author(s):  
Noraina Mazuin Sapuan ◽  
Mohammad Rahmdzey Roly
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Regression Analysis ◽  
Panel Regression ◽  
Information And Communication ◽  
Asean Countries ◽  
Using Data ◽  
The Impact ◽  
The Relationship ◽  
Positive Effect

Over the last few years, information and communication technology (ICT) has become a key catalyst for economic growth. The durability of this technology is demonstrated by the rapid proliferation of the Internet, mobile phones and cellular networks across the globe. However, among economic scholars, the question of exactly how the spread of ICT affects economic development and FDI, especially in ASEAN countries with differences in levels of income, remains unanswered. The aim of this study was essentially to explore the relationship between ICT dissemination, FDI and economic growth in ASEAN-8 countries. By using data from 2003 to 2017, the panel regression analysis was used to evaluate these relationships. The results showed that the dissemination of ICT and FDI are important and they have a positive effect on the ASEAN-8 countries’ economic development.

scholarly journals KETIMPANGAN DAN FAKTOR-FAKTOR YANG MEMPENGARUHI KUALITAS PEMBANGUNAN MANUSIA DI KOTA DEPOK

2019 ◽  
Vol 8 (1) ◽  
Author(s):  
Dewi Nur Aini ◽  
Harianto ◽  
Herien Puspitawati
Keyword(s):  
Gender Gap ◽  
Primary Schools ◽  
Fixed Effect Model ◽  
Panel Regression ◽  
Independent Variables ◽  
Economic Progress ◽  
Effect Model ◽  
Teachers And Students ◽  
Using Data ◽  
The Impact

Human Development Index (HDI) of Depok is highest in West Java, but there are inequality and the gender gap. The purposes of the research are to analyze the level of income inequality, analyze the level of economic progress and analyze the factors that affect of HDI. The data were analyzed using Williamson Index, Klassen typology and panel regression using data from 11 districts in Depok over the period 2012-2014. Based on Williamson Index, we found that disparity of income among districts in Depok is relatively high (>0,5) but tended to decrease over the period of 2013-2014. Klassen typology shows that Depok can be classified into four types. Estimation using fixed effect model could be applied to examined the impact of independent variables consist of education aspects, health aspects, personal income aspects and demography aspect to HDI. Regression analysis showed a positive and significant influence between the number of primary schools, PDRB per capita and population density with IPM. The ratio of teachers and students in primary schools and the ratio of teachers and students in high school/ vocational negative significant effect on the HDI.Keyword: HDI, disparity, panel dataABSTRACT Indeks Pembangunan Manusia (IPM) Kota Depok tertinggi di Jawa Barat, tetapi ada ketimpangan dan kesenjangan gender. Tujuan penelitian ini adalah untuk menganalisis tingkat ketimpangan pendapatan, menganalisis tingkat kemajuan ekonomi dan menganalisis faktor-faktor yang mempengaruhi IPM. Data dianalisis dengan menggunakan Indeks Williamson, tipologi Klassen dan regresi data panel menggunakan data dari 11 kecamatan di Depok selama periode 2012-2014. Berdasarkan Indeks Williamson, kami menemukan bahwa disparitas pendapatan antar kecamatan di Depok relatif tinggi (> 0,5), tetapi cenderung menurun selama periode 2013-2014. Tipologi Klassen mengklasifikasikan Kota Depok menjadi empat kuadran. Estimasi dengan menggunakan model efek tetap bisa diterapkan untuk meneliti dampak dari variabel independen meliputi aspek pendidikan, aspek kesehatan, aspek pendapatan pribadi dan aspek demografi terhadap IPM. Hasil analisis regresi menunjukkan pengaruh positif dan signifikan antara jumlah sekolah dasar, PDRB per kapita dan kepadatan penduduk dengan IPM. Rasio guru dan murid di sekolah dasar dan rasio guru dan murid sekolah menengah atas/kejuruan berpengaruh negatif dan signifikan terhadap IPM.Kata kunci: IPM, disparitas, data panel

Measuring the Efficiency of Marketing Efforts in the Indian Pharmaceutical Industry using Data Envelopment Analysis

2015 ◽  
Vol 3 (1) ◽  
Author(s):  
M. Dash ◽  
A. Bose ◽  
S. Shome ◽  
S. Mondal ◽  
M.G. Majumdar ◽  
...  
Keyword(s):  
Data Envelopment Analysis ◽  
Sales Performance ◽  
Pharmaceutical Companies ◽  
Data Envelopment ◽  
Panel Regression ◽  
Model Data ◽  
Huge Amount ◽  
Using Data ◽  
The Impact ◽  
Indian Pharmaceutical Industry

Pharmaceutical companies have been spending huge amount of money on marketing and promotions, sales distribution, and traveling done by the sales representatives. However, they find it difficult to directly link the returns with these efforts. This study makes an attempt to examine whether the marketing efforts have significant influence on the sales performance in the industry. It uses the DEA model (Data Envelopment Analysis) to assess the efficiency of marketing efforts by pharmaceutical companies, and uses random effects maximum likelihood panel regression to assess the significance of the impact of marketing efforts.

scholarly journals Positive Liquidity Spillovers from Sovereign Bond-Backed Securities

2019 ◽  
Vol 12 (2) ◽  
pp. 58 ◽  
Author(s):  
Peter G. Dunne
Keyword(s):  
Euro Area ◽  
Risk Premium ◽  
Risk Exposure ◽  
Simulation Approach ◽  
Secondary Markets ◽  
Sovereign Bond ◽  
Sovereign Bonds ◽  
Reduce Risk ◽  
Sovereign Defaults ◽  
Country Specific

This paper contributes to the debate concerning the benefits and disadvantages of introducing a European Sovereign Bond-Backed Securitisation (SBBS) to address the need for a common safe asset that would break destabilising bank-sovereign linkages. The analysis focuses on assessing the effectiveness of hedges incurred while making markets in individual euro area sovereign bonds by taking offsetting positions in one or more of the SBBS tranches. Tranche yields are estimated using a simulation approach. This involves the generation of sovereign defaults and allocation of the combined credit risk premium of all the sovereigns, at the end of each day, to the SBBS tranches according to the seniority of claims under the proposed securitisation. Optimal hedging with SBBS is found to reduce risk exposures substantially in normal market conditions. In volatile conditions, hedging is not very effective but leaves dealers exposed to mostly idiosyncratic risks. These remaining risks largely disappear if dealers are diversified in providing liquidity across country-specific secondary markets and SBBS tranches. Hedging each of the long positions in a portfolio of individual sovereigns results in a risk exposure as low as that borne by holding the safest individual sovereign bond (the Bund).

scholarly journals Volatility Modeling: An Overview of Equity Markets in the Euro Area During COVID-19 Pandemic

2021 ◽  
Author(s):  
Pierdomenico Duttilo ◽  
Stefano Antonio Gattone ◽  
Tonio Battista
Keyword(s):  
Stock Market ◽  
Euro Area ◽  
Risk Premium ◽  
Market Volatility ◽  
Stock Market Volatility ◽  
Volatility Modeling ◽  
Investment Opportunities ◽  
The Impact ◽  
Second Wave ◽  
Daily Returns

Volatility is the most widespread measure of risk. Volatility modeling allows investors to capture potential losses and investment opportunities. This work aims to examine the impact of the two waves of COVID-19 infections on the return and volatility of the stock market indices of the euro area countries. The study also focuses on other important aspects such as time-varying risk premium and leverage effect. Thus, this investigation employed the Threshold GARCH(1,1)-in-Mean model with exogenous dummy variables. Daily returns of ten euro area stock indices from 4th January 2016 to 31th December 2020 has been used for the analysis. The results reveal that euro area stock markets respond differently to the COVID-19 pandemic. Specifically, the first wave of COVID-19 infections had a notable impact on stock market volatility of euro area countries with large and middle financial centres while the second wave had a significant impact only on stock market volatility of Belgium.

Accent Policy and Accent Modification Enterprises as Potential Indicators of Intercultural Power Relations: A Call for an Updated Research Agenda

2013 ◽  
Vol 3 (1) ◽  
pp. 22-33 ◽  
Author(s):  
Brynne D. Ovalle ◽  
Rahul Chakraborty
Keyword(s):  
International Relations ◽  
Identity Construction ◽  
Social Theory ◽  
Power Relations ◽  
Linguistic Diversity ◽  
Cultural Organization ◽  
Using Data ◽  
The Individual ◽  
The Impact ◽  
The Relationship

This article has two purposes: (a) to examine the relationship between intercultural power relations and the widespread practice of accent discrimination and (b) to underscore the ramifications of accent discrimination both for the individual and for global society as a whole. First, authors review social theory regarding language and group identity construction, and then go on to integrate more current studies linking accent bias to sociocultural variables. Authors discuss three examples of intercultural accent discrimination in order to illustrate how this link manifests itself in the broader context of international relations (i.e., how accent discrimination is generated in situations of unequal power) and, using a review of current research, assess the consequences of accent discrimination for the individual. Finally, the article highlights the impact that linguistic discrimination is having on linguistic diversity globally, partially using data from the United Nations Educational, Scientific and Cultural Organization (UNESCO) and partially by offering a potential context for interpreting the emergence of practices that seek to reduce or modify speaker accents.

Interculturalism and the Acceptance of Minority Groups

2020 ◽  
Vol 51 (2) ◽  
pp. 135-140 ◽  
Author(s):  
Maykel Verkuyten ◽  
Kumar Yogeeswaran
Keyword(s):  
Minority Groups ◽  
Psychological Research ◽  
Survey Experiment ◽  
Social Psychological ◽  
Negative Attitudes ◽  
Positive Attitudes ◽  
Social Psychological Research ◽  
Using Data ◽  
The Impact ◽  
Situational Effect

Abstract. Multiculturalism has been criticized and rejected by an increasing number of politicians, and social psychological research has shown that it can lead to outgroup stereotyping, essentialist thinking, and negative attitudes. Interculturalism has been proposed as an alternative diversity ideology, but there is almost no systematic empirical evidence about the impact of interculturalism on the acceptance of migrants and minority groups. Using data from a survey experiment conducted in the Netherlands, we examined the situational effect of promoting interculturalism on acceptance. The results show that for liberals, but not for conservatives, interculturalism leads to more positive attitudes toward immigrant-origin groups and increased willingness to engage in contact, relative to multiculturalism.

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