We are indebted to the Asset Magazine, headed by its dynamic editor-in-chief, Mr.. Danny Yu, for organizing this forum on Philippine capital markets. This is an issue that should be high in our agenda for reform. Clearly it is critical for the government to immediately deal with a looming fiscal crisis but that should not distract us from the equally important task of accelerating the developme...

This paper quantifies the impact of changes in U.S. monetary policy on sovereign bond spreads in emerging market countries. Specifically, the paper explores empirically how country risk, as proxied by sovereign bond spreads, is influenced by U.S. monetary policy, country-specific fundamentals, and conditions in global capital markets. While country-specific fundamentals are important in explain...

65 Banks' internal risk management models and their prudential recognition The Basle Market Risk Paper,1 which amended the Basle Capital Accord of 1988, requires internationally operating banks to apply capital charges to their market price risks2 as well as to their counterparty risks as from December 31, 1997. One reason is the sharply growing importance of off-balancesheet business; in Germa...

This experimental study is based on an examination by Theissen (2000), who compared single trading mechanisms. In contrast to his work, trading behaviour, market efficiency and market liquidity are also analyzed on an extended market, consisting of a call and a continuous auction in one trading period. In addition, the experimental design incorporates traders with perfect information of the fun...

This paper develops an affine term structure for the valuation of money market funds. This valuation framework is then used to consider the economic implications of funds that are supported by a capital buffer. The main findings are twofold. First, relatively small capital buffers are capable of absorbing daily fluctuations between a fund’s shadow price and its amortized cost. For example, a fu...

abstract the global economy faces crisis every so often. in recent years, the financial crisis has affected the global economy; all countries, directly or indirectly, are involved. the purpose of this research is to study the impact of the global economic crisis on the capital structure of listed companies in tehran stock exchange. to test this effect, 87 companies listed in tehran stock exchan...

this study analyses the relationship of intellectual capital with financial performance measures of indian textile sector for a period of 10 years ranging from 2002 to 2012. for the study, corporate annual reports, especially the profit and loss accounts and balance sheets of the selected companies for the relevant years have been used from cmie prowess database. value added intellectual coeffi...

â â â â â â â â â â â  â  abstract â  the foreign exchange market (fx market) accounts for 40% of the total volume of the world’s e-commerce by its own. based on statistics, sometimes up to 90 per cent of the traders lose their total capital in this market just within six months to one year and leave this market. the probability of loss in the fx market can be estimated by probability theory....