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We design a novel across-the-curve credit spread index, AXI, a measure of the recent cost of wholesale unsecured debt funding for publicly listed US bank holding companies and commercial banks. AXI, a benchmark for bank lending and risk management, is the weighted average of credit spreads for unsecured debt instruments with maturities ranging from overnight to five years, with weights that reflect both transaction and issuance volumes. We provide illustrative output of the bond-based component of AXI. By widening coverage to include all corporate debt issuers, we also build a financial conditions index (FXI). 相似文献
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We analyze the effect of the receipt of remittances on the education and health of children in Kyrgyzstan during a volatile period of their recent history, 2005–2009. The country experienced revolution in 2005 and the global financial crisis beginning in 2008. Both events impact human capital investment, and the changes vary by region of the country. We use fixed effects estimation and fixed effects, instrumental variables estimation to isolate the effects of remittances and other events on human capital. We find that boys aged 14–18 in remittances’ receiving households are less likely to be enrolled in school than other children. We also find that girls in remittances’ receiving households are more likely to be malnourished (thin). Both effects are relatively small. Remittances do not improve the human capital of children left behind. However, we do find an overall positive improvement in school enrollment among young children between 2005 and 2009 but a negative trend in enrollment among older boys and girls. Nutrition improves over time. Regional differences are apparent in these trends in nutrition and education. 相似文献
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Bank credit has evolved from the traditional relationship banking model to an originate-to-distribute model. We show that the borrowers whose loans are sold in the secondary market underperform their peers by about 9% per year (risk-adjusted) over the three-year period following the initial sale of their loans. Therefore, either banks are originating and selling loans of lower quality borrowers based on unobservable private information (adverse selection), and/or loan sales lead to diminished bank monitoring that affects borrowers negatively (moral hazard). We propose regulatory restrictions on loan sales, increased disclosure, and a loan trading exchange/clearinghouse as mechanisms to alleviate these problems. 相似文献
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This paper explores the development of Western popular music consumption for highly involved Chinese consumers. This research is exploratory and uses semi-structured online interviews. The consumption of Western popular music in China is deeply embedded in the changing political and social context. In the late 1980s and early 1990s, an underground culture of ‘dakou’, cut tapes and CDs, developed, which was a decisive and formative influence for many of our respondents. Later this was supplemented by counterfeit tapes/CDs, and by Internet downloads, which also increased access to Western music. However, both recorded and live music are still censored in China. Our respondents agreed that the political restrictions on music have prevented China from developing a 'normal' music market, and created a market which is almost entirely based on illegal downloading. As the lifestyle choices of our respondents were deeply influenced by the consumption of Western music, many of them ultimately decided to leave China and live abroad. 相似文献
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Discussions about the inclusion of the previously privately insured into the statutory government health insurance abound. Specifically, questions regarding the transfer of specific rights under the private contract persist. In particular this article addresses the ageing reserve into which the insured contributed as part of their original policies. Since contractual claims are protected by fundamental property rights, it was first investigated whether the ageing reserve would allow the insured to claim a reimbursement. However, this disbursement cannot be supported as long as the ageing reserve is still being accrued and has not yet been dissolved since the monies paid into the reserve cannot be traced to their individual sources. The legal principles of trust (Treuhand) and reversion (Anwartschaftsrecht) are also not applicable to this situation as they are based on different factual premises. While the expectation of a constant premium throughout old age is not protected by German Basic Constitutional Law, the insured’s right to expect a continuance of the contract is protected; in addition, required services and remuneration in case of a claim are guaranteed by article 14. 相似文献
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We study the merits of capped retirement products with guarantee for investors who have the flexibility to dynamically adjust their investment strategy. All contracts under consideration are fairly priced such that the net profit of the provider is zero. Without the rider, an expected utility maximizing CRRA investor does not want an investment cap. Here, she commits herself to a strategy a priori. With the flexibility rider, the optimization problem changes and the optimal strategy is a response to an exogenously set price. A fair pricing then anticipates the optimal response of the investor. We show that the maximum expected utility of the investor can, for anticipated fairly priced products, be obtained for a finite cap. Thus, a capped product design can give a Pareto improvement to the otherwise uncapped contract version. 相似文献
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The mediating role of leader–member exchange: a study of job satisfaction and turnover intentions in temporary work
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Miriam Flickinger Marcel Allscher Marina Fiedler 《Human Resource Management Journal》2016,26(1):46-62
This paper focuses on turnover intentions in temporary work. Specifically, we analyse whether job satisfaction and leader–member exchange (LMX) play the same role as antecedents of turnover intentions for both temporary and permanent employees. Results from a total‐effects moderation model based on a survey of 593 individuals placed by a temporary work agency suggest that temporary work lessens the impact that high job satisfaction has in terms of reducing turnover intentions. Furthermore, while for permanent employees, high‐quality LMX relationships play a central role in the link between job satisfaction and turnover intentions; for temporary employees, job satisfaction is less important in the formation of high‐quality LMX relationships. Therefore, we contribute to knowledge on turnover intentions in temporary work by showing that within this context, turnover intentions cannot be directly remedied by high job satisfaction and that temporary work inhibits LMX's reinforcing role in the relationship between job satisfaction and turnover intentions. 相似文献