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The aim of this paper is to examine what has been the role of information provision to the market throughout the crisis. We consider two main sources of information to the market, financial statements and information provided by credit rating agencies. We examine how these sources of information work and the effectiveness of their disclosure process during the crisis. Contrary to the commonly held view, fair value accounting did not have a major impact on the crisis development and severity. However, the structure and lack of accountability of credit rating agencies had a profound impact on their incentives, which may have jeopardized the accuracy of the whole rating process. We claim that the crisis experience has changed the way we think about information as well as market discipline and discuss policy implications and proposals for regulation. JEL Classification: G01, G24, G28, M41, M48
Prepared by Christian Laux, Vienna University of Economics and Business & Center for Financial Studies (CFS) for the “Workshop on Liquidity Premium in Solvency II: Conceptual and Measurement Issues,” DNB Amsterdam, March 18, 2011. The insurance industry and the Committee of European Insurance and Occupational Pension Supervisors (CEIOPS) propose to add a liquidity premium to the risk-free rate when discounting liabilities in times of financial turmoil. The objective is to counterbalance adverse effects on regulatory capital due to a decrease in asset values caused by illiquidity in a crisis. As I argue in this note, although the motive might be sensible, the proposal to add a liquidity premium when discounting liabilities is not the right approach to tackle the problem.
An annotated world catalogue and bibliography of the cucujoid family Propalticidae (Coleoptera) is presented. Each taxon is accompanied by a complete taxonomic history, including a full annotated synonymy with original references cited, and current location and status of primary types. The name Slipinskogenia nom. nov. is proposed to replace Discogenia Kolbe, 1897, junior homonym of Discogenia LeConte, 1866, resulting in 11 new combinations. A key is provided for separation of the two genera included in the family. Complete published and previously unpublished distributional data are given.
Versetzen, Einfügen, Einwachsen – das sind die Umschreibungen der Aufpfropfung als einer Agrartechnik, mit der seit der Antike […] Pflanzen veredelt werden. Veredeln heißt dabei zum einen: Kultivieren, impliziert also eine qualitative Steigerung durch einen technischen Eingriff; zum anderen bedeutet Veredeln aber auch Konservieren: durch ein Verfahren der nicht-sexuellen, künstlichen Fortpflanzung Kopien herstellen und so das Veredelte in Kopie bewahren. Die Reproduktion fungiert mithin als eine Art ›Massenspeicher‹ des bereits Kultivierten. […] Im Folgenden möchte ich […] der Frage nachgehen, inwiefern sich Kultur als Pfropfung und Pfropfung als Kulturmodell begreifen lässt: In welcher Weise und in welchem Zusammenhang wurde und wird die Aufpfropfung als Metapher für kulturelle Prozesse, Praktiken und Produkte in Dienst genommen? Wie setzt sich der Begriff des Pfropfens gegen den momentan fast inflationär gebrauchten Begriff des Hybridisierens ab? Welchen intellektuellen Mehrwert bringt der Rekurs auf den Pfropfungsbegriff für poetologische, philosophische, interkulturelle, aber auch wissenschaftsgeschichtliche Fragestellungen? Anders gewendet: Was trägt das Aufpfropfungsmodell zum Verständnis von Kultur als Kulturprozess bei?
In this paper we challenge the view that corporate bonds are always arm’s length debt. We analyze the effect of bond ratings on the stock price return to acquirers in M&A transactions, which tend to have significant effects on creditor wealth. We find acquirers abnormal returns to be higher if they are unrated, controlling for a wide variety of other effects identified in the literature. Tracing the difference in returns to distinct managerial decisions, we find that, everything else constant, rated firms increase their leverage in takeover transactions by less than their unrated counterparts. Consistent with a significant role for rating agencies, we find monitoring effects to be strongest when acquirer bonds are rated at the borderline between investment grade and junk. Finally, we are able to empirically exclude a large number of alternative explanations for the empirical regularities that we uncover. JEL Classification: G21, G24, G32, G34 Keywords: Acquisitions, Credit Ratings, Mergers and Acquisitions, Arm’s Length Debt, Abnormal Returns
Innovation oder Wiederkehr? : Das Methodenspektrum im Kurzzeitgedächtnis der Literaturwissenschaft
(2011)
In recent years, a pronounced methodological self-reflexiveness has been established as a standard in studying language and literature. Methodological pluralism and a specific methodological adaptation to the objects of study are a characteristic feature of present-day literary and cultural studies. In keeping with this tendency, introductory textbooks on literary studies often provide an overview of the broad discussion and spectrum of methods and their seemingly boundless possible applications and the options for combining them. But this is not the first time that the boundaries of our discipline have undergone dissolution. Beginning with early examples of accounts of methodological variety and methodological reflection (Oscar Benda, Harry Maync, Emil Ermatinger, Julius Petersen), the present article discusses the ways in which an awareness of a surprisingly long tradition of discussions concerning methodological competence affects the present self-conception and identity of philology.
This paper outlines a new method for using qualitative information to analyze the monetary policy strategy of central banks. Quantitative assessment indicators that are extracted from a central bank's public statements via the balance statistic approach are employed to estimate a Taylor-type rule. This procedure allows to directly capture a policymaker's assessments of macroeconomic variables that are relevant for its decision making process. As an application of the proposed method the monetary policy of the Bundesbank is re-investigated with a new dataset. One distinctive feature of the Bundesbank's strategy consisted of targeting growth in monetary aggregates. The analysis using the proposed method provides evidence that the Bundesbank indeed took into consideration monetary aggregates but also real economic activity and inflation developments in its monetary policy strategy since 1975. JEL Classification: E52, E58, N14 Keywords: Monetary Policy Rule, Statement Indicators, Bundesbank, Monetary Targeting