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  • 13 Jul 2007
  • Working Paper Summaries

Economic Catastrophe Bonds

Keywords: by Joshua D. Coval, Jakub W. Jurek & Erik Stafford; Financial Services
  • 2011
  • Working Paper

Fractionalization and the Municipal Bond Market

We study the impact of ethnic and religious fractionalization on the U.S. municipal debt market and find that issuers from more ethnically and religiously fractionalized counties pay higher yields on their municipal debt. A two standard deviation increase in religious... View Details
Keywords: Ethnicity Characteristics; Bonds; Financial Markets; Investment Return; Geographic Location; City; Religion; United States
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  • 2024
  • Working Paper

LASH Risk and Interest Rates

By: Laura Alfaro, Saleem Bahaj, Robert Czech, Jonathan Hazell and Ioana Neamtu
We introduce a framework to understand and quantify a form of liquidity risk that we dub Liquidity After Solvency Hedging or “LASH” risk. Financial institutions take LASH risk when they hedge against losses, using strategies that lead to liquidity needs when the value... View Details
Keywords: Liquidity; Monetary Policy; Non-bank Intermediaries; Hedging; Risk and Uncertainty; Investment Funds; Financial Condition; Interest Rates
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  • Article

Reaching for Yield in the Bond Market

By: Bo Becker and Victoria Ivashina
Reaching for yield—the propensity to buy riskier assets in order to achieve higher yields—is believed to be an important factor contributing to the credit cycle. This paper analyzes this phenomenon in the corporate bond market. Specifically, we show evidence for... View Details
Keywords: Fixed Income; Reaching For Yield; Financial Intermediation; Insurance Companies; Insurance; Assets; Bonds; Investment Return; Investment Portfolio; Risk Management; Insurance Industry
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  • 18 Oct 2013
  • Working Paper Summaries

Monetary Policy Drivers of Bond and Equity Risks

Keywords: by John Y. Campbell, Carolin E. Pflueger & Luis M. Viceira
  • January 1994
  • Exercise

Walt Disney Company's Sleeping Beauty Bonds

By: Carliss Y. Baldwin
Walt Disney Co. issues a 100-year bond. This case describes the terms of the bond and immediate capital market reaction. View Details
Keywords: Capital Markets; Cash Flow; Debt Securities; Bonds; Interest Rates; Value
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  • 01 Jun 2012
  • News

Good as Our Word

For most of the 20th century, three bond ratings agencies—Moody’s, Fitch, and Standard & Poor’s—controlled 97 percent of the credit ratings market. The status quo was... View Details
Keywords: Maggie Starvish; Bond rating; Securities, Commodities, and Other Financial Investments; Finance
  • 2012
  • Working Paper

Reaching for Yield in the Bond Market

By: Bo Becker and Victoria Ivashina
Reaching-for-yield—the propensity to buy riskier assets in order to achieve higher yields—is believed to be an important factor contributing to the credit cycle. This paper analyses this phenomenon in the corporate bond market. Specifically, we show evidence for... View Details
Keywords: Fixed Income; Reaching For Yield; Financial Intermediation; Insurance Companies; Insurance; Bonds; Assets; Risk Management; Investment Return; Investment Portfolio; Insurance Industry
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  • Fast Answer

Municipal bonds: ratings

Where can I find ratings of municipal bonds? Use Bloomberg: For credit worthiness of US states and territories, type STGO then press GO. To identify specific state securities, type SECF then press GO.  Change the... View Details
  • 2017
  • Article

Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds

By: John Y. Campbell, Adi Sunderam and Luis M. Viceira
The covariance between U.S. Treasury bond returns and stock returns has moved considerably over time. While it was slightly positive on average in the period 1953–2009, it was unusually high in the early 1980s and negative in the 2000s, particularly in the downturns of... View Details
Keywords: Inflation and Deflation; Bonds; Interest Rates; Investment Return; Risk Management
Related

    Reaching for Yield in the Bond Market

    Reaching-for-yield — the propensity to buy riskier assets in order to achieve higher yields — is believed to be an important factor contributing to the credit cycle. This paper analyses this phenomenon in the corporate bond market. Specifically, we show evidence for... View Details

    • 2013
    • Working Paper

    Return Predictability in the Treasury Market: Real Rates, Inflation, and Liquidity

    By: Carolin E. Pflueger and Luis M. Viceira
    Estimating the liquidity differential between inflation-indexed and nominal bond yields, we separately test for time-varying real rate risk premia, inflation risk premia, and liquidity premia in U.S. and U.K. bond markets. We find strong, model independent evidence... View Details
    Keywords: Expectations Hypothesis; Term Structure; Real Interest Rate Risk; Inflation Risk; Inflation-Indexed Bonds; Financial Crisis; Inflation and Deflation; Financial Liquidity; Bonds; Investment Return; Risk and Uncertainty; United Kingdom; United States
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    • June 2018
    • Article

    The Fed, the Bond Market, and Gradualism in Monetary Policy

    By: Jeremy C. Stein and Adi Sunderam
    We develop a model of monetary policy with two key features: (i) the central bank has some private information about its long-run target for the policy rate, and (ii) the central bank is averse to bond-market volatility. In this setting, discretionary monetary policy... View Details
    Keywords: Central Banking; Interest Rates; Policy; Bonds; Financial Markets
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    • 13 May 2010
    • News

    How to keep politics out of rating agency reform

    • 31 Aug 2009
    • Research & Ideas

    Why Competition May Not Improve Credit Rating Agencies

    reserves when investing in bonds of lower ratings. Ratings are also used in private contracts, for example to define the investment objectives of bond mutual funds. View Details
    Keywords: by Martha Lagace; Financial Services
    • 2008
    • Working Paper

    Just Keep My Money! Supporting Tax-time Savings with U.S. Savings Bonds

    By: Peter Tufano
    This paper reports the results of a 2007 experiment testing if specific process simplification can foster increased take-up rates for savings products, particularly by low-to-moderate income (LMI) households. Tax refund recipients at certain H&R Block tax preparation... View Details
    Keywords: Household; Income; Bonds; Investment; Personal Finance; Saving; Taxation; United States
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    • 27 Aug 2016
    • News

    Fed should keep trillions in bonds to provide stability: paper

    • 11 Feb 2020
    • News

    The Skinny On The Ongoing Morningstar Ratings Squabble

    • Fast Answer

    High yield bonds: ratings

    Where can I find ratings of high yield bonds? Use Bloomberg Type HYM then hit GO for the high yield bond menu. Type HYI then hit GO for high yield bond indices.
    (Note:... View Details
    • 27 May 2011
    • Working Paper Summaries

    An Empirical Decomposition of Risk and Liquidity in Nominal and Inflation-Indexed Government Bonds

    Keywords: by Carolin E. Pflueger & Luis M. Viceira