ivan ivanov federal reserve

>> endobj Exploiting a discontinuity in the embedded free-permit threshold of the US Waxman-Markey cap-and-trade bill, we show that affected high-emission firms face shorter loan maturities, lower access to permanent forms of bank financing, and higher participation of shadow banks in their lending syndicates.

Ivan T. Ivanov and Stephen L. Lenkey 2014-106 NOTE: Staﬀ working papers in the Finance and Economics Discussion Series (FEDS) are preliminary materials circulated to stimulate discussion and critical comment. The analysis and conclusions set forth See all articles by Ivan Ivanov Ivan Ivanov. 24 0 obj <<

/Length 600 Ivanov, Ivan T., and Stephen L. Lenkey. Washington: Board of Governors /Contents 11 0 R

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This page was processed by aws-apollo5 in 0.205 seconds, Using the URL or DOI link below will ensure access to this page indefinitely. Do Leveraged ETFs Really Amplify Late-Day Returns and Volatility? h�b```��\9 ��ea��`�z�Y��a��e�N��'�;::D%�bS~�G��/,/$2�aLdZ��u ]��ӡ��a�?f�m@�� v�a�a��ViF �0 �Z!4 We use an estimated dynamic equilibrium model to show that tax cuts result in lower default spreads and more distant default thresholds. /D [9 0 R /XYZ 10.909 272.126 null] Empirically, we find that capital flows substantially reduce the need for ETFs to rebalance when returns are large in magnitude and, therefore, mitigate the potential for these products to amplify volatility. INTERNATIONAL JOURNAL OF CENTRAL BANKING . /Trans << /S /R >> Overall, debt tax shields appear to be a secondary capital structure consideration. >>

General Discussion . Overview. endstream endobj startxref Downloads 375. /Filter /FlateDecode Washington: Board of Governors \Claim Dilution in the Municipal Debt Mar-ket," Finance and Economics Discussion Series 2018-011. 10 0 obj << 9 0 obj << ��[^�.��j[�K�?qȠ04XYL�zF��)�,y��~LQ��F��E1��D�%vߝ�c��@!�h�p��oVD�JܼwpJ)�-Qn�EO+��^�a�7z��QYFk�5Alû��Di��6�8�r��yrԶi��C[ۼ��;��T�0�� {@o�x �ʁnYy[V�0��΃��L�E;�}JU��9�k��16L& D�`�}�ϲ��썓�/��H�i�9`��UȂ]�ڂ�Q��x��~x�cw��O_�߰Lz1 Suggested Citation, 20th Street and Constitution Avenue NWWashington, DC 20551United States, Smeal College of BusinessUniversity Park, PA 16802United States, Board of Governors of the Federal Reserve System Research Series, Subscribe to this free journal for more curated articles on this topic, Capital Markets: Asset Pricing & Valuation eJournal, Subscribe to this fee journal for more curated articles on this topic, Capital Markets: Market Efficiency eJournal, Capital Markets: Market Microstructure eJournal, Econometric Modeling: Capital Markets - Asset Pricing eJournal, Econometric Modeling: International Financial Markets - Volatility & Financial Crises eJournal, Microeconomics: General Equilibrium & Disequilibrium Models of Financial Markets eJournal, We use cookies to help provide and enhance our service and tailor content.By continuing, you agree to the use of cookies.
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Leveraged and inverse exchange-traded funds (ETFs) have been heavily criticized for exacerbating volatility in financial markets because it is thought that they mechanically rebalance their portfolios in the same direction as contemporaneous returns. >> endobj

"The Introduction of Market-Based Pricing in Corporate Lending,", member, Western Finance Association, 2009 - present, member, American Finance Association, 2009 - present, member, American Economic Association, 2012, 2013. Federal Reserve Board, Washington, D.C. Tying loan interest rates to borrowers’ CDS spreads Ivan T. Ivanov, Joao A. C. Santos, and Thu Vo 2014-70 NOTE: Staﬀ working papers in the Finance and Economics Discussion Series (FEDS) are preliminary materials circulated to stimulate discussion and critical comment. /ProcSet [ /PDF /Text ]

"Financial Condition and Product Market Cooperation,", Ivanov, Ivan, João A. C. Santos, and Thu Vo (2014). The views reflected on this website are my own and do not necessarily reflect the views of the Federal Reserve Board or the Federal Reserve System. Claim Dilution in the Municipal Debt Market Ivan Ivanov and Tom Zimmermann 2018-011 Please cite this paper as: Ivanov, Ivan, and Tom Zimmermann (2018).

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