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Bidding and performance in repo auctions: evidence from ECB open market operations
Nyborg, Kjell G.; Strebulaev, Ilya A.; Bindseil, Ulrich - 2002
We study bidder bahavior and performance in 53 main refinancing operations (repo auctions) of the European Central Bank (ECB). The data set starts with the first auctions after the ECB changed from fixed rate tenders to variable rate tenders. We find that private information and the winnner's...
Persistent link: https://www.econbiz.de/10011604203
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Data envelopment analysis and multifactor asset pricing models
Solórzano-Taborga, Pablo; Alonso-Conde, Ana Belén; … - In: International Journal of Financial Studies 8 (2020) 2, pp. 1-18
create the efficiency factor. Secondly, we estimate the prices of risk tied to the four factors using ordinary least squares … the performance of the model, including and omitting the efficiency factor. The results show that the efficiency factor … conclude that the efficiency index may be used as a factor in asset pricing models. …
Persistent link: https://www.econbiz.de/10013200271
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Evaluating the efficiency of public services
Johnes, Geraint - In: IZA World of Labor (2015)
Efficiency is an important consideration for those who manage public services. Costs vary with output and with a … these factors into account, costs vary across providers because of differences in efficiency. Such differences offer clues … about good practice that can lead to improvements in the system as a whole. The role of efficiency is illustrated by …
Persistent link: https://www.econbiz.de/10011405022
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The Malmquist Productivity Index
Forsund, F.R. - 1990
Persistent link: https://www.econbiz.de/10010330291
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Observatorio de Costes y Financiación del Transporte Urbano Colectivo: Un programa de investigación
Sánchez Toledano, Daniel; Carrasco Díaz, Daniel; … - In: Investigaciones Europeas de Dirección y Economía de … 20 (2014) 1, pp. 33-40
The Observatorio de Costes y Financiación del Transporte Urbano Colectivo (Cost and Funding of Urban Transport Watchdog) and its annual reports on this industry provide an excellent platform to improve awareness of its cost structure, to enable benchmarking strategies/practices for companies,...
Persistent link: https://www.econbiz.de/10011984987
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Multilateral Development Bank Ratings and Preferred Creditor Status
Perraudin, William; Powell, Andrew; Yang, Peng - 2016
This paper analyzes influences on the credit standing of Multilateral Development Banks (MDBs), specifically the quality, diversification and single name concentration of their portfolios, and on the market practice known as Preferred Creditor Status (PCS), whereby sovereigns that default on...
Persistent link: https://www.econbiz.de/10011535773
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El comportamiento de la liquidez de valores de Pymes en un mercado alternativo bursátil
Soto-Araneta, Miguel A.; Téllez-Valle, Cecilia; … - In: Atlantic Review of Economics 2 (2013)
The low liquidity showed in the evolution of Alternative Markets for expanding firms has caused a great concern among practitioners. The debate arises: Is it this lack of liquidity a market maturity matter? Would liquidity arise itself with more companies going public and more investors trading?...
Persistent link: https://www.econbiz.de/10011536948
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The Federal Reserve and market confidence
Boyarchenko, Nina; Haddad, Valentin; Plosser, Matthew C. - 2016
We discover a novel monetary policy shock that has a widespread impact on aggregate financial conditions. Our shock can be summarized by the response of long-horizon yields to Federal Open Market Committee (FOMC) announcements; not only is it orthogonal to changes in the near-term path of policy...
Persistent link: https://www.econbiz.de/10011538003
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Term structures of asset prices and returns
Backus, David; Boyarchenko, Nina; Chernov, Mikhail - 2016
We explore the term structures of claims to a variety of cash flows: U.S. government bonds (claims to dollars), foreign government bonds (claims to foreign currency), inflation-adjusted bonds (claims to the price index), and equity (claims to future equity indexes or dividends). Average term...
Persistent link: https://www.econbiz.de/10011538004
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The term structure of expectations and bond yields
Crump, Richard K.; Eusepi, Stefano; Moench, Emanuel - 2016
How much do term premiums matter for explaining the dynamics of the term structure of interest rates? A lot. We characterize the expected path of nominal and real short-rates as well as inflation using the universe of U.S. surveys of professional forecasters covering more than 500 survey-horizon...
Persistent link: https://www.econbiz.de/10011538005