Essays on the US Public Equity and High Yield Bond Markets as a Source of Finance for Shipping Companies PDF Download
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Author: Nikolaos C. Papapostolou
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Nikolaos C. Papapostolou
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Angelos George Arkoulis
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Kevin F. Winch
Publisher:
ISBN:
Category : Bonds
Languages : en
Pages : 56
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Author: Michael Weickhardt
Publisher:
ISBN:
Category :
Languages : en
Pages : 58
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Book Description
The ship finance market faces a structural change rather than just a cyclical downturn. Debt -the traditional source of finance- has vanished to a large extend and new financial sources need to be exploited by ship owners in order to maintain their business. This challenge is accompanied by increased competition due to oversupply, raising bunker costs and the request for new and environmentally sustainable tonnage. Within this structural change the financing through bonds on the international capital markets has emerged to be a vital alternative. This young and promising area, however, enjoys only a minor recognition among the academic literature. The only study defining the determinants of shipping bond prices was done more than a decade ago under different market conditions. This paper expands the original regression model in order to point out which determinants drive bond prices in the maritime sector today. It was possible to find new factors of significance affecting maritime bond prices. The most important and most influential aspect is the discovery of significance of fleet age in that context. Furthermore, this paper reveals that traditional shipping companies and offshore shipping companies follow different characteristics in terms of investor requirements. For this reason, different models are evaluates and introduced in this paper.
Author: Financial Crisis Inquiry Commission
Publisher: Cosimo, Inc.
ISBN: 1616405414
Category : Political Science
Languages : en
Pages : 692
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Book Description
The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Author:
Publisher:
ISBN: 9781908833297
Category : Shipping
Languages : en
Pages : 164
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Book Description
Formerly known as Financial & Management Accouting in the ICS collection, this new edition provides information on the following areas: *THE NATURE OF THE SHIPPING BUSINESS. *THE LENDERa?TS PERSPECTIVE IN THE SHIP FINANCING DECISION. *EQUITY AS A SOURCE OF FINANCE IN THE SHIPPING BUSINESS. *DEBT FINANCING AND THE BOND MARKETS. *TYPES OF LOANS USED IN SHIPPING FINANCE. *SECURITISATION. *KS AND KG SHIP FINANCING. *SIGNIFICANCE OF THE DEBT-EQUITY STRUCTURE FOR A SHIPPING COMPANY."
Author: Luis Ceballos
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This dissertation contains three chapters on the topic of bond markets. The first chapter examines the pricing of inflation volatility risk --uncertainty on the unexpected component of inflation-- in the cross-section of expected corporate bond returns. I document a negative and significant inflation volatility risk premium (IVRP) obtained from the difference between high and low-inflation beta portfolios after accounting for common risk factors in the equity and corporate bond markets. Further, I find that the IVRP is partially explained by market risk and alternative measures of monetary policy shocks. Lastly, I show that the IVRP is associated with firms that incur in debt maturity management to mitigate refinancing risks. The second chapter analyzes the systemic impact of massive pension funds' portfolio reallocations triggered by a financial advisory firm in Chile. We analyze the main channels by which government yields are affected and trace their impact on households financing costs. We document significant and persistent price pressure in the domestic government bond market after portfolio switching recommendations. Further, we find persistent changes in government yields, particularly in long-term inflation-linked bond yields, triggered by changes in the term premium component. Consistent with the relevance of inflation-linked bonds as the primary benchmark in setting interest rates, we find a substantial impact on households' financing costs. The third chapter focuses on financing decisions in the floating bond market. We use floating rate bond offerings and data from interest rate swaps to study the impact of firms' financing decisions. A trading strategy that is long the stock of firms that make smart decisions and short the stock of firms that make non-smart decisions earns a significant alpha relative to the three-factor, four-factor, and five-factor asset pricing models. Our results remain significant even after controlling for swap usage, different stock holding periods, operating performance hedging, and a quality minus junk factor. Both smart and non-smart firms experience jumps in abnormal investor attention around floating bond issuance dates, but smart firms on average experience greater overall abnormal attention with lower attention volatility.
Author: Board of Governors of the Federal Reserve System
Publisher:
ISBN: 9780894991967
Category : Banks and Banking
Languages : en
Pages : 0
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Book Description
Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Author: Augusto de la Torre
Publisher: World Bank Publications
ISBN: 0821365444
Category : Business & Economics
Languages : en
Pages : 232
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Book Description
Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264852395
Category :
Languages : en
Pages : 94
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Book Description
This edition of the OECD Sovereign Borrowing Outlook reviews developments in response to the COVID-19 pandemic for government borrowing needs, funding conditions and funding strategies in the OECD area.
