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Conventional Vs Islamic Bonds Announcements: The Effects on Shareholders’ Wealth
Zariyawati Mohd Ashhari
International Journal of Business and Management , 2009, DOI: 10.5539/ijbm.v4n6p105
Abstract: In this study the impact of Islamic bond and conventional bonds announcement on shareholder wealth was investigated. Data was employed from firms that listed in Bursa Malaysia for the period 2001 to 2006. A standard event study methodology with beta refinement using Blume’s method is employed to achieve the objective. The results indicate that there is a wealth effect by the announcement of Islamic bond issues. This is consistent with Mikkelson and Partch (1986) that states certain types of debts lead to abnormal return. The bond offering size appears to have a mild negative impact on the cumulative abnormal return.
Cross correlations in European government bonds and EuroStoxx  [PDF]
Jan Jurczyk,Alexander Eckrot
Quantitative Finance , 2015,
Abstract: We use principle component analysis (PCA) of cross correlations in European government bonds and European stocks to investigate the systemic risk contained in the European economy. We tackle the task to visualize the evolution of risk, introducing the conditional average rolling sum (CARS). Using this tool we see that the risk of government bonds and stocks had an independent movement. But in the course of the European sovereign debt crisis the coupling between bonds and stocks has strongly ncreased. This results in an in-phase oscillation of risk for both markets since mid 2010. In our data, we observe a steep amplitude increase, suggesting a high vulnerability of the two coupled systems.
The Impact of Sovereign Credit Ratings on the Issuance of Government Bonds in Central and Eastern Europe  [PDF]
Theoretical and Applied Economics , 2011,
Abstract: The current research paper aims to assess the impact of sovereign credit ratings on the issuance of government bonds in Central and Eastern Europe. The personal analysis is performed on a sample of government bonds issued by Turkey, Hungary, Czech Republic, Slovak Republic, Poland, Romania and Russia between 2000-2010. The sample includes issues in several currencies (EUR, USD, GBP, JPY, CHF, CZK, PLN, TRY, RUB, RON, HUF). The research paper consists of two different analyses. The first one assesses the degree in which the variation in the initial yield of government bonds issued in one particular currency can be explained by using explanatory variables such as: inflation, sovereign rating corresponding to the issuing country, and the state of crisis (this analysis is performed for each currency separately). The second analysis assesses the degree in which the variation in the maturity of the government bonds issued by a certain country can be explained by using explanatory variables such as: inflation, sovereign rating on the date of issuance, and the state of crisis.
Modeling and Visualising the Geodemography of Poverty and Wealth across Nigerian Local Government Areas
Adegbola Ojo,Patrick Oseloka Ezepue
The Social Sciences , 2013, DOI: 10.3923/sscience.2012.145.158
Abstract: Numerous researchers, commentators and policy makers have described poverty and inequality as the greatest challenges facing the Nigerian populace. Successive governments have pursued different policy initiatives with a view to mitigating the problem. In spite of large scale investment committed to poverty alleviation programmes, >50% of Nigerians still live in relative poverty with over a third of the population languishing in extreme poverty. To date, there is no published work examining the scale of inequality in poverty and prosperity amongst Nigerians at local spatial scales. In this study, we demonstrate the first attempt to exemplify the potential of geodemographics and spatial analysis in exposing poverty and wealth differences within and between Nigerian Local Government Areas (LGAs). We use a recently developed Nigerian LGA geodemograpic system to analyse data for five poverty quintiles. We discover that different local community types would be better suited to different initiatives as the magnitudes and direction of their predisposition for poverty and wealth vary. The findings reinforce the view that there is value in using geodemographic modeling techniques to better target local populations and to support poverty alleviation programmes in developing countries.
Economic interactions and the distribution of wealth  [PDF]
Davide Fiaschi,Matteo Marsili
Quantitative Finance , 2009,
Abstract: This paper analyzes the equilibrium distribution of wealth in an economy where firms' productivities are subject to idiosyncratic shocks, returns on factors are determined in competitive markets, dynasties have linear consumption functions and government imposes taxes on capital and labour incomes and equally redistributes the collected resources to dynasties. The equilibrium distribution of wealth is explicitly calculated and its shape crucially depends on market incompleteness. In particular, a Paretian law in the top tail only arises if capital markets are incomplete. The Pareto exponent depends on the saving rate, on the net return on capital, on the growth rate of population and on portfolio diversification. On the contrary, the characteristics of the labour market mostly affects the bottom tail of the distribution of wealth. The analysis also suggests a positive relationship between growth and wealth inequality.
经济结构、政府债务与地方政府债券发行成本*——来自1 589只地方政府债券的证据

- , 2017,
Abstract: 摘要 方政府债券自2015年起进入常态化、大规模发行阶段,其发行定价亟待研究。本文构建了地方经济结构、政府债务风险状况与地方政府债券发行成本的作用机制,运用地方政府债券发行数据,对其发行利率和同期国债的利差,与发行人经济结构、政府债务率、债券特征及市场资金供给等变量进行了实证研究。定量分析表明,地方的固定资产投资率、政府债务率与地方政府债券发行利差显著正相关,但因为区域经济异质性,西部地区固定资产投资率、东北地区的地方债务率与地方政府债券发行利差呈显著负相关;定向承销的发行方式显著增大了发行利差,但Shibor与发行利差无显著关系。据此建议加快区域协调发展,提高地方政府债券流动性,适度增大地方政府债券发行量。
Abstract: China local government bonds enter to the normal, largescale release stage from 2015, the pricing of LGBs need to be studied. This paper constructs the local economic structure, mechanism of government debt risk profile and local government bond issuance rates. By using the data of local government bonds of the 34 provincial municipalities, the empirical research focuses on the local government bond interest rates spread over the treasury, with economic structure of the issuer, the government debt ratio, and the bond market capital supply and other features. Quantitative analysis show that the relation of local government bond rates spread, with the investment ratio, local government debt rate is positive significantly. However, as the regional economic heterogeneity, the relation among local government bonds issue spreads with the invest ratio within western region, and the debt ratio within northeastern region, is significant negative. Issue of oriented underwriting increase the local government bond spreads significantly, but the relationship between spreads and Shibor is no significant. Accordingly, we propose policy advice of reduce the cost of local government bonds, is to accelerate regional development, increase local government bond liquidity, and bond volume.
Sustainability of the Greek Government Net Borrowing: An Analytical and Comprehensive Exposition  [PDF]
Anna Maria Mouza
Theoretical Economics Letters (TEL) , 2016, DOI: 10.4236/tel.2016.64081
Abstract: This paper aims to investigate the sustainability of the general Greek government net borrowing, applying novel techniques for both to determine the order of integration of a difference stationary series and to specify the final form of the co-integration equation. Co-integration analysis was applied, and robust rules of thumb are suggested taking into account the individuality of the case under consideration. The empirical application revealed that the Greek debt is not sustainable. Further, we introduce consistent planning methods to obtain optimal time paths for both government revenue and spending, so as sustainability of the debt to become a feasible task under certain assumptions. Finally, we suggest a policy making approach on macrolevel combining co-integration with optimal control.
Stepped coupon bonds and restructuring factoring in relation to net circulating capital in companies in financial difficulty
Katarzyna Kreczmańska-Gigol,Marcin Liberadzki
Perspectives of Innovations, Economics and Business , 2012,
Abstract: The instrument to be applied in order to raise net circulating capital is stepped coupon bonds, a novel solution non-existent on the Polish market. Restructuring factoring applied sporadically in Poland and Germany is an instrument reducing the demand for the corporate net circulating capital. The article presents the idea of these instruments and the possibility of using them by a company in financial difficulty
Wealth and Employment Creation among Women in Idah Local Government Area of Kogi State,Nigeria  [cached]
Michael Sunday Agba,Ogaboh A.M. Agba,James Okoro,Grace E.M. Agba
Canadian Social Science , 2010,
Abstract: In the last four decades, Nigeria has been confronted with variegated problems-widespread poverty, political violence, corruption, natural disasters, HIV/AIDS scourge, various endemic diseases, communal clashes, unemployment, strikes, poor government performance, etc. Underlying these concerns is the need to create wealth and employment as a means of addressing some of the challenges facing youths, women and men. Thus, this paper focuses on wealth and employment creation among women in Idah Local Government Area of Kogi State. It argues that with the right enabling environment created by government, private/public partnership, training and affirmative action wealth and employment creation is a distinct possibility. Creating wealth and employment among women will help curb social vices like prostitution, crime, violence, theft, armed robbery. Key words: wealth; employment; creation; women Résumé: Au cours des quatre dernières décennies, le Nigéria a été confronté à des problèmes variés - la pauvreté généralisée, la violence politique, la corruption, les catastrophes naturelles, le VIH / sida fléau, de diverses maladies endémiques, les conflits intercommunautaires, le ch mage, les grèves, de faibles performances gouvernementales etc. Sous-jacent à ces préoccupations est la nécessité de créer de la richesse et des emplois comme un moyen de s'attaquer à certains de ces défis auxquels sont confrontés les jeunes, les femmes et les hommes. Ainsi, ce document met l'accent sur la richesse et la création d'emplois chez les femmes dans le gouvernement local d’Idah, dans la zone de l'état de Kogi. Créer de la richesse et l'emploi chez les femmes contribueront à lutter contre les fléaux sociaux comme la prostitution, la criminalité, la violence, le vol et le bricandage à main armée. Mots-Clés: richesse; employ; creation; femmes
Interest Rate Risk of Bond Prices on Macedonian Stock Exchange - Empirical Test of the Duration, Modified Duration and Convexity and Bonds Valuation  [PDF]
Zoran Ivanovski,Toni Draganov Stojanovski,Nadica Ivanovska
Quantitative Finance , 2012,
Abstract: This article presents valuation of Treasury Bonds (T-Bonds) on Macedonian Stock Exchange (MSE) and empirical test of duration, modified duration and convexity of the T-bonds at MSE in order to determine sensitivity of bonds prices on interest rate changes. The main goal of this study is to determine how standard valuation models fit in case of T- Bonds that are traded on MSE and to verify whether they offer reliable results compared with average bonds prices on MSE. We test the sensitivity of T- Bonds on MSE on interest rate changes and determine that convexity is more accurate measure as approximation of bond prices changes than duration. Final conclusion is that T-Bonds traded at MSE are not sensitive on interest rate changes due to institutional investors' permanent higher demand and at the same time market limited offer of risk-free instruments.
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