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	<title><![CDATA[center for financial studies Resources | BNET]]></title>
	<link><![CDATA[http://resources.bnet.com/topic/center+for+financial+studies.html]]></link>
	<description><![CDATA[White papers, case studies, business articles, and blog posts relating to center for financial studies]]></description>
	<s:counts start="0" returned="17" found="17" />
	<language>en-us</language>
	<item>
		<title><![CDATA[Multiple-Bank Lending: Diversification and Free-Riding in Monitoring]]></title>
		<link><![CDATA[http://jobfunctions.bnet.com/abstract.aspx?docid=115864]]></link>
		<description><![CDATA[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...]]></description>
		<s:doctype><![CDATA[White papers]]></s:doctype>
		<pubDate>Tue, 01 Jun 2004 00:00:00 -0700</pubDate>
		<category domain="http://resources.bnet.com/topic/bank.html"><![CDATA[Bank]]></category>
		<category domain="http://resources.bnet.com/topic/monitoring.html"><![CDATA[Monitoring]]></category>
		<category domain="http://resources.bnet.com/topic/center+for+financial+studies.html"><![CDATA[Center For Financial Studies]]></category>
		<category domain="http://resources.bnet.com/topic/financial+services.html"><![CDATA[Financial Services]]></category>
	</item>
	<item>
		<title><![CDATA[The Determinants of Debt and (Private-) Equity Financing in Young Innovative SMEs: Evidence From Germany]]></title>
		<link><![CDATA[http://jobfunctions.bnet.com/abstract.aspx?docid=167652]]></link>
		<description><![CDATA[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...]]></description>
		<s:doctype><![CDATA[White papers]]></s:doctype>
		<pubDate>Tue, 01 Jun 2004 00:00:00 -0700</pubDate>
		<category domain="http://resources.bnet.com/topic/small+and+medium+enterprise.html"><![CDATA[Small And Medium Enterprise]]></category>
		<category domain="http://resources.bnet.com/topic/equity.html"><![CDATA[Equity]]></category>
		<category domain="http://resources.bnet.com/topic/center+for+financial+studies.html"><![CDATA[Center For Financial Studies]]></category>
		<category domain="http://resources.bnet.com/topic/financial+theory.html"><![CDATA[Financial Theory]]></category>
		<category domain="http://resources.bnet.com/topic/smb%252fsme.html"><![CDATA[Smb/Sme]]></category>
		<category domain="http://resources.bnet.com/topic/investment.html"><![CDATA[Investment]]></category>
		<category domain="http://resources.bnet.com/topic/financial+services.html"><![CDATA[Financial Services]]></category>
		<category domain="http://resources.bnet.com/topic/venture+capital.html"><![CDATA[Venture Capital]]></category>
		<category domain="http://resources.bnet.com/topic/entrepreneurship.html"><![CDATA[Entrepreneurship]]></category>
		<category domain="http://resources.bnet.com/topic/finance.html"><![CDATA[Finance]]></category>
		<category domain="http://resources.bnet.com/topic/financing+startups.html"><![CDATA[Financing Startups]]></category>
		<category domain="http://resources.bnet.com/topic/management.html"><![CDATA[Management]]></category>
	</item>
	<item>
		<title><![CDATA[Accounting for Financial Instruments in the Banking Industry: Conclusions From a Simulation Model]]></title>
		<link><![CDATA[http://jobfunctions.bnet.com/abstract.aspx?docid=135577]]></link>
		<description><![CDATA[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...]]></description>
		<s:doctype><![CDATA[White papers]]></s:doctype>
		<pubDate>Sat, 01 Nov 2003 00:00:00 -0800</pubDate>
		<category domain="http://resources.bnet.com/topic/commercial+banking.html"><![CDATA[Commercial Banking]]></category>
		<category domain="http://resources.bnet.com/topic/accounting.html"><![CDATA[Accounting]]></category>
		<category domain="http://resources.bnet.com/topic/financial.html"><![CDATA[Financial]]></category>
		<category domain="http://resources.bnet.com/topic/financial+instrument.html"><![CDATA[Financial Instrument]]></category>
		<category domain="http://resources.bnet.com/topic/center+for+financial+studies.html"><![CDATA[Center For Financial Studies]]></category>
		<category domain="http://resources.bnet.com/topic/banking.html"><![CDATA[Banking]]></category>
		<category domain="http://resources.bnet.com/topic/financial+accounting.html"><![CDATA[Financial Accounting]]></category>
		<category domain="http://resources.bnet.com/topic/financial+services.html"><![CDATA[Financial Services]]></category>
		<category domain="http://resources.bnet.com/topic/finance.html"><![CDATA[Finance]]></category>
	</item>
	<item>
		<title><![CDATA[Why Borrowers Pay Premiums to Larger Lenders: Empirical Evidence From Sovereign Syndicated Loans]]></title>
		<link><![CDATA[http://jobfunctions.bnet.com/abstract.aspx?docid=103586]]></link>
		<description><![CDATA[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...]]></description>
		<s:doctype><![CDATA[White papers]]></s:doctype>
		<pubDate>Wed, 01 Oct 2003 00:00:00 -0700</pubDate>
		<category domain="http://resources.bnet.com/topic/lender.html"><![CDATA[Lender]]></category>
		<category domain="http://resources.bnet.com/topic/center+for+financial+studies.html"><![CDATA[Center For Financial Studies]]></category>
		<category domain="http://resources.bnet.com/topic/investment.html"><![CDATA[Investment]]></category>
		<category domain="http://resources.bnet.com/topic/finance.html"><![CDATA[Finance]]></category>
	</item>
	<item>
		<title><![CDATA[Why Do Borrowers Pay a Premium to Larger Lenders in Syndicated Loans? Empirical Evidence From Sovereign Debt]]></title>
		<link><![CDATA[http://jobfunctions.bnet.com/abstract.aspx?docid=115900]]></link>
		<description><![CDATA[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...]]></description>
		<s:doctype><![CDATA[White papers]]></s:doctype>
		<pubDate>Wed, 01 Oct 2003 00:00:00 -0700</pubDate>
		<category domain="http://resources.bnet.com/topic/lender.html"><![CDATA[Lender]]></category>
		<category domain="http://resources.bnet.com/topic/center+for+financial+studies.html"><![CDATA[Center For Financial Studies]]></category>
		<category domain="http://resources.bnet.com/topic/investment.html"><![CDATA[Investment]]></category>
		<category domain="http://resources.bnet.com/topic/finance.html"><![CDATA[Finance]]></category>
	</item>
	<item>
		<title><![CDATA[Bank Loans Non-Linear Structure of Pricing: Empirical Evidence From Sovereign Debts]]></title>
		<link><![CDATA[http://jobfunctions.bnet.com/abstract.aspx?docid=132640]]></link>
		<description><![CDATA[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...]]></description>
		<s:doctype><![CDATA[White papers]]></s:doctype>
		<pubDate>Wed, 01 Oct 2003 00:00:00 -0700</pubDate>
		<category domain="http://resources.bnet.com/topic/bank.html"><![CDATA[Bank]]></category>
		<category domain="http://resources.bnet.com/topic/pricing+strategy.html"><![CDATA[Pricing Strategy]]></category>
		<category domain="http://resources.bnet.com/topic/center+for+financial+studies.html"><![CDATA[Center For Financial Studies]]></category>
		<category domain="http://resources.bnet.com/topic/banking.html"><![CDATA[Banking]]></category>
		<category domain="http://resources.bnet.com/topic/pricing.html"><![CDATA[Pricing]]></category>
		<category domain="http://resources.bnet.com/topic/financial+services.html"><![CDATA[Financial Services]]></category>
		<category domain="http://resources.bnet.com/topic/marketing.html"><![CDATA[Marketing]]></category>
	</item>
	<item>
		<title><![CDATA[Do Credit Rating Agencies Add to the Dynamics of Emerging Market Crises?]]></title>
		<link><![CDATA[http://jobfunctions.bnet.com/abstract.aspx?docid=54321]]></link>
		<description><![CDATA[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...]]></description>
		<s:doctype><![CDATA[White papers]]></s:doctype>
		<pubDate>Fri, 01 Aug 2003 00:00:00 -0700</pubDate>
		<category domain="http://resources.bnet.com/topic/agency.html"><![CDATA[Agency]]></category>
		<category domain="http://resources.bnet.com/topic/emerging+market.html"><![CDATA[Emerging Market]]></category>
		<category domain="http://resources.bnet.com/topic/center+for+financial+studies.html"><![CDATA[Center For Financial Studies]]></category>
		<category domain="http://resources.bnet.com/topic/marketing+research.html"><![CDATA[Marketing Research]]></category>
		<category domain="http://resources.bnet.com/topic/advertising+%2526+promotion.html"><![CDATA[Advertising & Promotion]]></category>
		<category domain="http://resources.bnet.com/topic/financial+services.html"><![CDATA[Financial Services]]></category>
		<category domain="http://resources.bnet.com/topic/marketing.html"><![CDATA[Marketing]]></category>
	</item>
	<item>
		<title><![CDATA[The Role of the Value Added by the Venture Capitalists in Timing and Extent of IPOs]]></title>
		<link><![CDATA[http://jobfunctions.bnet.com/abstract.aspx?docid=54317]]></link>
		<description><![CDATA[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...]]></description>
		<s:doctype><![CDATA[White papers]]></s:doctype>
		<pubDate>Tue, 01 Jul 2003 00:00:00 -0700</pubDate>
		<category domain="http://resources.bnet.com/topic/financing.html"><![CDATA[Financing]]></category>
		<category domain="http://resources.bnet.com/topic/ipo.html"><![CDATA[IPO]]></category>
		<category domain="http://resources.bnet.com/topic/center+for+financial+studies.html"><![CDATA[Center For Financial Studies]]></category>
		<category domain="http://resources.bnet.com/topic/financing+period.html"><![CDATA[Financing Period]]></category>
		<category domain="http://resources.bnet.com/topic/venture+capital.html"><![CDATA[Venture Capital]]></category>
		<category domain="http://resources.bnet.com/topic/investment.html"><![CDATA[Investment]]></category>
		<category domain="http://resources.bnet.com/topic/finance.html"><![CDATA[Finance]]></category>
		<category domain="http://resources.bnet.com/topic/financing+startups.html"><![CDATA[Financing Startups]]></category>
	</item>
	<item>
		<title><![CDATA[Institutional Investors in Germany: Insurance Companies and Investment Funds]]></title>
		<link><![CDATA[http://jobfunctions.bnet.com/abstract.aspx?docid=131781]]></link>
		<description><![CDATA[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...]]></description>
		<s:doctype><![CDATA[White papers]]></s:doctype>
		<pubDate>Thu, 05 Jun 2003 00:00:00 -0700</pubDate>
		<category domain="http://resources.bnet.com/topic/financial.html"><![CDATA[Financial]]></category>
		<category domain="http://resources.bnet.com/topic/insurance.html"><![CDATA[Insurance]]></category>
		<category domain="http://resources.bnet.com/topic/investor.html"><![CDATA[Investor]]></category>
		<category domain="http://resources.bnet.com/topic/center+for+financial+studies.html"><![CDATA[Center For Financial Studies]]></category>
		<category domain="http://resources.bnet.com/topic/financial+accounting.html"><![CDATA[Financial Accounting]]></category>
		<category domain="http://resources.bnet.com/topic/finance.html"><![CDATA[Finance]]></category>
	</item>
	<item>
		<title><![CDATA[Financial Instruments Fair Value Accounting for the Banking Industry]]></title>
		<link><![CDATA[http://jobfunctions.bnet.com/abstract.aspx?docid=54318]]></link>
		<description><![CDATA[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...]]></description>
		<s:doctype><![CDATA[White papers]]></s:doctype>
		<pubDate>Sun, 01 Jun 2003 00:00:00 -0700</pubDate>
		<category domain="http://resources.bnet.com/topic/bank.html"><![CDATA[Bank]]></category>
		<category domain="http://resources.bnet.com/topic/accounting.html"><![CDATA[Accounting]]></category>
		<category domain="http://resources.bnet.com/topic/financial.html"><![CDATA[Financial]]></category>
		<category domain="http://resources.bnet.com/topic/financial+instrument.html"><![CDATA[Financial Instrument]]></category>
		<category domain="http://resources.bnet.com/topic/center+for+financial+studies.html"><![CDATA[Center For Financial Studies]]></category>
		<category domain="http://resources.bnet.com/topic/banking.html"><![CDATA[Banking]]></category>
		<category domain="http://resources.bnet.com/topic/financial+services.html"><![CDATA[Financial Services]]></category>
		<category domain="http://resources.bnet.com/topic/operational+accounting.html"><![CDATA[Operational Accounting]]></category>
		<category domain="http://resources.bnet.com/topic/gaap.html"><![CDATA[GAAP]]></category>
		<category domain="http://resources.bnet.com/topic/finance.html"><![CDATA[Finance]]></category>
		<category domain="http://resources.bnet.com/topic/financial+accounting.html"><![CDATA[Financial Accounting]]></category>
	</item>
	<item>
		<title><![CDATA[Heterogeneous Expectations in the Foreign Exchange Market]]></title>
		<link><![CDATA[http://jobfunctions.bnet.com/abstract.aspx?docid=54323]]></link>
		<description><![CDATA[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...]]></description>
		<s:doctype><![CDATA[White papers]]></s:doctype>
		<pubDate>Sat, 01 Mar 2003 00:00:00 -0800</pubDate>
		<category domain="http://resources.bnet.com/topic/foreign-exchange.html"><![CDATA[Foreign-exchange]]></category>
		<category domain="http://resources.bnet.com/topic/regime.html"><![CDATA[Regime]]></category>
		<category domain="http://resources.bnet.com/topic/center+for+financial+studies.html"><![CDATA[Center For Financial Studies]]></category>
		<category domain="http://resources.bnet.com/topic/free+trade.html"><![CDATA[Free Trade]]></category>
		<category domain="http://resources.bnet.com/topic/currency+%2526+foreign+exchange.html"><![CDATA[Currency & Foreign Exchange]]></category>
		<category domain="http://resources.bnet.com/topic/finance.html"><![CDATA[Finance]]></category>
	</item>
	<item>
		<title><![CDATA[Activist Stabilization Policy and Inflation]]></title>
		<link><![CDATA[http://jobfunctions.bnet.com/abstract.aspx?docid=54328]]></link>
		<description><![CDATA[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...]]></description>
		<s:doctype><![CDATA[White papers]]></s:doctype>
		<pubDate>Fri, 01 Nov 2002 00:00:00 -0800</pubDate>
		<category domain="http://resources.bnet.com/topic/policy.html"><![CDATA[Policy]]></category>
		<category domain="http://resources.bnet.com/topic/inflation.html"><![CDATA[Inflation]]></category>
		<category domain="http://resources.bnet.com/topic/center+for+financial+studies.html"><![CDATA[Center For Financial Studies]]></category>
		<category domain="http://resources.bnet.com/topic/currency+%2526+foreign+exchange.html"><![CDATA[Currency & Foreign Exchange]]></category>
		<category domain="http://resources.bnet.com/topic/finance.html"><![CDATA[Finance]]></category>
	</item>
	<item>
		<title><![CDATA[The Importance of the Number of Different Agents in a Heterogeneous Asset-Pricing Model]]></title>
		<link><![CDATA[http://jobfunctions.bnet.com/abstract.aspx?docid=127177]]></link>
		<description><![CDATA[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...]]></description>
		<s:doctype><![CDATA[White papers]]></s:doctype>
		<pubDate>Thu, 29 Aug 2002 00:00:00 -0700</pubDate>
		<category domain="http://resources.bnet.com/topic/agent.html"><![CDATA[Agent]]></category>
		<category domain="http://resources.bnet.com/topic/type.html"><![CDATA[Type]]></category>
		<category domain="http://resources.bnet.com/topic/center+for+financial+studies.html"><![CDATA[Center For Financial Studies]]></category>
		<category domain="http://resources.bnet.com/topic/real+estate.html"><![CDATA[Real Estate]]></category>
		<category domain="http://resources.bnet.com/topic/business+operations.html"><![CDATA[Business Operations]]></category>
	</item>
	<item>
		<title><![CDATA[The Performance of Forecast-Based Monetary Policy Rules under Model Uncertainty]]></title>
		<link><![CDATA[http://jobfunctions.bnet.com/abstract.aspx?docid=54325]]></link>
		<description><![CDATA[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...]]></description>
		<s:doctype><![CDATA[White papers]]></s:doctype>
		<pubDate>Sat, 01 Jun 2002 00:00:00 -0700</pubDate>
		<category domain="http://resources.bnet.com/topic/uncertainty.html"><![CDATA[Uncertainty]]></category>
		<category domain="http://resources.bnet.com/topic/performance.html"><![CDATA[Performance]]></category>
		<category domain="http://resources.bnet.com/topic/center+for+financial+studies.html"><![CDATA[Center For Financial Studies]]></category>
		<category domain="http://resources.bnet.com/topic/performance+management.html"><![CDATA[Performance Management]]></category>
		<category domain="http://resources.bnet.com/topic/currency+%2526+foreign+exchange.html"><![CDATA[Currency & Foreign Exchange]]></category>
		<category domain="http://resources.bnet.com/topic/human+resources.html"><![CDATA[Human Resources]]></category>
		<category domain="http://resources.bnet.com/topic/workforce+management.html"><![CDATA[Workforce Management]]></category>
		<category domain="http://resources.bnet.com/topic/finance.html"><![CDATA[Finance]]></category>
	</item>
	<item>
		<title><![CDATA[Domestic Money and US Output and Inflation]]></title>
		<link><![CDATA[http://jobfunctions.bnet.com/abstract.aspx?docid=54330]]></link>
		<description><![CDATA[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...]]></description>
		<s:doctype><![CDATA[White papers]]></s:doctype>
		<pubDate>Wed, 01 Aug 2001 00:00:00 -0700</pubDate>
		<category domain="http://resources.bnet.com/topic/inflation.html"><![CDATA[Inflation]]></category>
		<category domain="http://resources.bnet.com/topic/center+for+financial+studies.html"><![CDATA[Center For Financial Studies]]></category>
		<category domain="http://resources.bnet.com/topic/currency+%2526+foreign+exchange.html"><![CDATA[Currency & Foreign Exchange]]></category>
		<category domain="http://resources.bnet.com/topic/finance.html"><![CDATA[Finance]]></category>
	</item>
	<item>
		<title><![CDATA[Inflation Targeting and Central Bank Behavior]]></title>
		<link><![CDATA[http://jobfunctions.bnet.com/abstract.aspx?docid=54333]]></link>
		<description><![CDATA[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...]]></description>
		<s:doctype><![CDATA[White papers]]></s:doctype>
		<pubDate>Fri, 01 Jan 1999 00:00:00 -0800</pubDate>
		<category domain="http://resources.bnet.com/topic/bank.html"><![CDATA[Bank]]></category>
		<category domain="http://resources.bnet.com/topic/inflation.html"><![CDATA[Inflation]]></category>
		<category domain="http://resources.bnet.com/topic/center+for+financial+studies.html"><![CDATA[Center For Financial Studies]]></category>
		<category domain="http://resources.bnet.com/topic/currency+%2526+foreign+exchange.html"><![CDATA[Currency & Foreign Exchange]]></category>
		<category domain="http://resources.bnet.com/topic/finance.html"><![CDATA[Finance]]></category>
	</item>
	<item>
		<title><![CDATA[Credit Unions and the Common Bond]]></title>
		<link><![CDATA[http://jobfunctions.bnet.com/abstract.aspx?docid=54336]]></link>
		<description><![CDATA[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....]]></description>
		<s:doctype><![CDATA[White papers]]></s:doctype>
		<pubDate>Sun, 01 Nov 1998 00:00:00 -0800</pubDate>
		<category domain="http://resources.bnet.com/topic/union.html"><![CDATA[Union]]></category>
		<category domain="http://resources.bnet.com/topic/bond.html"><![CDATA[Bond]]></category>
		<category domain="http://resources.bnet.com/topic/center+for+financial+studies.html"><![CDATA[Center For Financial Studies]]></category>
		<category domain="http://resources.bnet.com/topic/investment.html"><![CDATA[Investment]]></category>
		<category domain="http://resources.bnet.com/topic/finance.html"><![CDATA[Finance]]></category>
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