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Nobel Lecture: Financial Intermediaries and Financial Crises
In: Journal of political economy, Volume 131, Issue 10, p. 2597-2622
ISSN: 1537-534X
Financial Markets and Financial Institutions in Russia in 2016
In: Russian Ecponomy in 2016. Trends and Outlooks. 2017. Moscow. IEP, issue 38, pp. 77-130
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Working paper
Financial Literacy and Financial Literacy Programmes in Australia
In: Financial Literacy and the Limits of Financial Decision-Making, p. 281-301
Corporate financial aspects of the financial crisis
In dieser Dissertation werden drei Fragestellungen der Corporate Finance empirisch beantwortet. Kapitel 1 untersucht die negativen Auswirkungen auf Investitionen und Unternehmensfinanzierungsaktivitäten im Realsektor, die im Rahmen der Finanzkrise 2007-09 durch den Kollaps von drei führenden Investmentbanken hervorgerufen wurden. Unsere Ergebnisse zeigen, dass Firmen, die vor der Krise mit diesen Banken verbunden waren, signifikant niedrigere Investitions- und Finanzierungsaktivitäten nach der Krise aufweisen als Unternehmen, die vor der Krise keine Verbindung zu den jeweiligen Investmentbanken hatten. Die Effekte variieren systematisch mit den Charakteristika der Geschäftsbeziehungen zwischen Bank und Klient. Unsere Ergebnisse sind robust gegenüber mehreren Modellmodulationen und -erweiterungen als auch generell inkonsistent mit alternativen Erklärungsmöglichkeiten. Kapitel 2 untersucht die Bepreisung von impliziten Kreditrisiken in strukturierten Produkten. Unsere Ergebnisse zeigen, dass Investoren erst nach der Unternehmensinsolvenz von Lehman Brothers für das in strukturierten Produkten enthaltene Kreditrisiko entlohnt werden. Die Kompensation beschränkt sich auf Produkte ohne implizite Kreditabsicherung, d.h. auf Fälle ohne ausreichend positive Korrelation zwischen Produktauszahlungen und dem finanziellen Wohlstand des Emittenten. Wir argumentieren, dass Investoren erst durch die Insolvenz von Lehman Brothers gelernt haben, das in strukturierten Produkten enthaltene Kreditrisiko besser abzuschätzen. Vor der Finanzkrise als auch während der Finanzkrise aber vor der Insolvenz von Lehman Brothers werden Investoren demnach nicht für das Kreditrisiko entlohnt. Wir interpretieren dieses Ergebnis als Anhaltspunkt dafür, dass die Höhe der Kreditrisikokompensation nicht nur mit der Höhe des Kreditrisikos zusammenhängt, sondern vor allem mit dessen Salienz. Unsere Ergebnisse haben wichtige Implikationen für
Good-bye financial repression, hello financial crash
In: Journal of development economics, Volume 19, Issue 1-2, p. 1-24
ISSN: 0304-3878
Financial Interconnectedness and Financial Sector Reforms in the Caribbean
In: IMF Working Paper No. 13/175
SSRN
Working paper
Regional Financial Interlinkages and Financial Contagion within Europe
In: IMF Working Papers, p. 1-42
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An Empirical Analysis of Inter Linkages between Financial Attitudes, Financial Behaviour and Financial Knowledge of Salaried Individuals
Financial literacy is the ability to make informed judgments and to take effective decisions regarding the use and management of money. Past research on financial literacy had indicated that levels of financial literacy are low across the world. Various initiatives such as financial education programs are being taken by governments, organizations and agencies to improve the level of financial literacy among the population. For financial education programs to be effective they must be built around the various dimensions of financial literacy such as financial knowledge, financial behaviour and financial attitudes so that people benefit the most out of financial literacy programs. Thus in order to improve the financial literacy of the population, focus should not only be on financial knowledge and financial awareness but assessment of financial attitude and financial behaviour is also necessary. Also inter linkages between financial attitudes; financial behaviour and financial knowledge must be studied thoroughly, in order to know the relationship between different dimensions of financial literacy. The results of the study suggests that it is not only financial knowledge which shapes overall financial literacy of an individual but financial attitudes and financial behaviour of the individual has a considerable effect on overall financial literacy of an individual. Thus in order to improve the level of financial literacy amongst the population, financial education programs should not only aim at increasing financial knowledge of the population but must also focus on developing positive financial behaviour and favourable financial attitudes among the population.
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Financial Management: Recurring Financial Systems Problems Hinder FFMIA Compliance
Testimony issued by the General Accounting Office with an abstract that begins "The Federal Financial Management Improvement Act of 1996 (FFMIA) requires Chief Financial Officers (CFO) Act agencies to implement and maintain financial management systems that comply substantially with (1) federal financial management systems requirements, (2) federal accounting standards, and (3) the U.S. Government Standard General Ledger. Most federal agencies face long-standing challenges, which are discussed in greater detail in our mandated September 2003 report, Sustained Efforts Needed to Achieve FFMIA Accountability (GAO-03-1062). In light of these circumstances, Congress asked GAO to testify about recurring financial management systems problems and agencies' efforts to upgrade their systems."
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Financial Conditions and Financial in : A Literature Review
In: Financial Sustainability in Public Administration, p. 23-53