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- The Integration of Bank Syndicated Loan and Junk Bond Markets
- This paper hypothesizes that the special role of banks as corporate quasi-insiders has been changing due to developments in informational, legal, and institutional infrastructures of syndicated loan markets. We investigate the integration of intermediated and dis-intermediated financial markets through highly leveraged transaction HLT syndicated loans during the 1990s. The paper...
- White papers 2002-12-13
- Diversification Benefits of Emerging Markets Subject to Portfolio Constraints
- This paper examines the international diversification benefits subject to portfolio constraints - in particular, constraints on short selling. It shows that the international diversification benefits remain substantial for U.S. equity investors when they are prohibited from short selling in emerging markets. This result is robust to investment restrictions on nonnative...
- White papers 2003-02-11
- Income Inequality: The Aftermath of Stock Market Liberalization in Emerging Markets
- Early research has documented that the large-scale equity market liberalizations of the last decade led the subsequent rise in aggregate equity indices, investment booms, capital flows, and economic growth. An important and unaddressed issue is the normative question of whether and how these reforms shifted the distribution of incomes in...
- White papers 2003-02-11
- What Drives Financial Crises in Emerging Markets?
- This study examines the causes of financial crises in 31 emerging market countries during 1980-2001. It estimates a probit model using 23 macroeconomic and financial sector variables. Traditional variables such as unemployment and inflation, as well as several indicators of indebtedness such as private sector liabilities and the foreign liabilities...
- White papers 2003-09-18
- Size Effect on Bond Strength of Deformed Bars
- There is a current interest in using large bars as reinforcement in seismically resistant structures. While a large amount of experimental and analytical work has been performed to study the size-effect on the shear strength and flexural strength of reinforced concrete members less attention has been devoted to the size...
- White papers 2004-05-18
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