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- The Role of the Value Added by the Venture Capitalists in Timing and Extent of IPOs
- The article says that a venture capitalist may decide to take a company public or to liquidate it after one or two financing periods. A longer venture capitalist's participation in a firm later IPO may increase its value while also increasing costs for the venture capitalist. Due to his active...
- White papers 2003-07-01
- Accounting for Financial Instruments in the Banking Industry: Conclusions From a Simulation Model
- The paper analyses the effects of three sets of accounting rules for financial instruments - Old IAS before IAS 39 became effective, Current IAS or US GAAP, and the Full Fair Value FFV model proposed by the Joint Working Group JWG - on the financial statements of banks. It develops...
- White papers 2003-11-01
- Bank Loans Non-Linear Structure of Pricing: Empirical Evidence From Sovereign Debts
- The paper suggests an innovative contribution to the investigation of banking liabilities pricing contracted by sovereign agents. To address fundamental issues of banking, the study focuses on the determinants of the up-front fees (the up-front fee is a charge paid out at the signature of the loan arrangement). The investigation...
- White papers 2003-10-01
- Institutional Investors in Germany: Insurance Companies and Investment Funds
- This paper focuses on institutional investors in the German financial markets. Institutional investors are specialized financial intermediaries who collect and manage funds on behalf of small investors toward specific objectives in terms of risk, return and maturity. The major types of institutional investors in Germany are insurance companies and investment...
- White papers 2003-06-05
- The Importance of the Number of Different Agents in a Heterogeneous Asset-Pricing Model
- Models with heterogeneous agents and incomplete markets often only have two types of agents to limit the computational complexity. The question arises whether equilibrium models with a realistic number of types have the same implications as models with a small number of types. In the asset-pricing model considered in this...
- White papers 2002-08-29
- Why Do Borrowers Pay a Premium to Larger Lenders in Syndicated Loans? Empirical Evidence From Sovereign Debt
- All other terms being equal (e.g. seniority), syndicated loan contracts provide larger lending compensations in percentage points to institutions funding larger amounts. This paper explores empirically the motivation for such a price design on a sample of sovereign syndicated loans in the period 1990-1997. The paper finds strong evidence that...
- White papers 2003-10-01
- Multiple-Bank Lending: Diversification and Free-Riding in Monitoring
- This paper analyzes banks' choice between lending to firms individually and sharing lending with other banks, when firms and banks are subject to moral hazard and monitoring is essential. Multiple-bank lending is optimal whenever the benefit of greater diversification in terms of higher monitoring dominates the costs of free-riding and...
- White papers 2004-06-01
- Why Borrowers Pay Premiums to Larger Lenders: Empirical Evidence From Sovereign Syndicated Loans
- This paper explores empirically the motivation for such a price design on a sample of sovereign syndicated loans in the period 1990-1997. All other terms being equal (e.g. seniority), syndicated loan contracts provide larger lending compensations in percentage points to institutions funding larger amounts. There are strong evidence that a...
- White papers 2003-10-01
- Credit Unions and the Common Bond
- Credit Unions are cooperative financial institutions specializing in the basic financial needs of certain groups of consumers. A distinguishing feature of credit unions is the legal requirement that members share a common bond. This organizing principle recently became the focus of national attention as the Supreme Court and the U.S....
- White papers 1998-11-01
- Inflation Targeting and Central Bank Behavior
- The article states that inflation targeting mandates the single-minded, rule-like pursuit of price stability without regard for other policy objectives, to others, inflation targeting represents nothing more than the latest version of cheap talk by central banks unable to sustain monetary commitments. Advocates of inflation targeting, including the adopting central...
- White papers 1999-01-01
- Domestic Money and US Output and Inflation
- Recent empirical research found that the strong short-term relationship between monetary aggregates and US real output and inflation, as outlined in the classical study by M. Friedman and Schwartz, mostly disappeared since the early 1980s. In the light of the B. Friedman and Kuttner (1992) information value approach, the article...
- White papers 2001-08-01
- Activist Stabilization Policy and Inflation
- A number of recent studies have suggested that activist stabilization policy rules responding to inflation and the output gap can attain simultaneously a low and stable rate of inflation as well as a high degree of economic stability. This paper demonstrates that the policy settings that would have been suggested...
- White papers 2002-11-01
- The Performance of Forecast-Based Monetary Policy Rules under Model Uncertainty
- The article investigates the performance of forecast-based monetary policy rules using five macroeconomic models that reflect a wide range of views on aggregate dynamics. It identifies the key characteristics of rules that are robust to model uncertainty. Such rules respond to the one-year-ahead inflation forecast and to the current output...
- White papers 2002-06-01
- Heterogeneous Expectations in the Foreign Exchange Market
- In this study a regime switching approach is applied to estimate the chartist and fundamentalist (c&f) exchange rate model originally proposed by Frankel and Froot (1986). The c&f model is tested against alternative regime switching specifications applying likelihood ratio tests. Nested theoretical models like the popular segmented trends model suggested...
- White papers 2003-03-01
- Do Credit Rating Agencies Add to the Dynamics of Emerging Market Crises?
- The experience in the period during and after the crisis of 1997-98 has provoked an extensive debate about the credit rating agencies' evaluation of sovereign risk in emerging markets lending. This study analyzes the role of credit rating agencies in international financial markets, particularly whether sovereign credit ratings have an...
- White papers 2003-08-01
- Financial Instruments Fair Value Accounting for the Banking Industry
- The paper analyses the effects of three sets of accounting rules for financial instruments - Old IAS before IAS 39 became effective, Current IAS or US GAAP, and the Full Fair Value FFV model proposed by the Joint Working Group JWG - on the financial statements of banks. It develops...
- White papers 2003-06-01
- The Determinants of Debt and (Private-) Equity Financing in Young Innovative SMEs: Evidence From Germany
- Financial theory creates a puzzle. Some authors argue that high-risk entrepreneurs choose debt contracts instead of equity contracts since risky but high returns are of relatively more value for a loan-financed firm. On the contrary, authors who focus explicitly on start-up finance predict that entrepreneurs are the more likely to...
- White papers 2004-06-01
Additional Resources
- Acadient Platform Fuels Web-Based Financial Accreditation Program for Center for Fiduciary Studies
- Business Editors/High-Tech Writers BOSTON--BUSINESS WIRE--April 8, 2003 Working with Boston-based Acadient, a leading developer and distributor of online education for the financial services industry, The Center for Fiduciary Studies Center today launched its Web-based ACCREDITED INVESTMENT FIDUCIARYTM (AIFTM) Program. The program is designed for fiduciaries -- investment decision-makers...
- Research articles 2003-04-08
- Harold E. Grubbs has attained the accredited investment fiduciary credential in association with the Center for Fiduciary Studies and the University of Pittsburgh's Joseph M. Katz Graduate School of Business
- Harold E. Grubbs has attained the accredited investment fiduciary credential in association with the Center for Fiduciary Studies and the University of Pittsburgh's Joseph M. Katz Graduate School of Business. Grubbs is president of Financial Management Inc. in Little Rock.
- Research articles 2004-07-12
- Financial Crises, Past and Present
- Past financial crises had very different effects on the real economy. Although the lessons of the past don't give much cause for optimism, they do provide hints on how companies should prepare this time around. Financial crises occur with surprising frequency — in every decade...
- Articles 2009-01-12
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