The impact of credit conditions on market liquidity – a case for European stock markets

The recent financial crisis has drawn the attention of researchers and regulators to the importance of liquidity for stock market stability and efficiency. The ability of market-makers and investors to provide liquidity is constrained by the willingness of financial institutions to supply funding capital. This paper sheds light on the liquidity linkages between the Central Bank, Monetary Financial Institutions and market-makers as crucial elements to the well-functioning of markets. Results suggest the existence of causality between credit conditions and stock market liquidity for the Eurozone between 2003 and 2015. Similar evidence is found for the UK during the post-crisis period. Keywords: stock

Comparative analysis of Spanish Banks’ Standalone credit profile

The paper studies the relationship between four differently rated bank’s financial profile and their standalone credit rating issued by Moody’s. The comparative analysis shows an example that despite their pricing power and geographical coverage, larger banks do not necessarily have better credit ratings. Instead, business model and risk appetite seem to be the defining factors of banks’ vulnerability to shocks, such as the Spanish real estate crisis. The risk-return relationship is also identified in the banks’ fundamentals meaning that while expansionary strategy in riskier asset classes enhances margins, it also potentially distorts the credit risk profile.

Exploiting the cointrgration between vix and CDS in a credit market timing model

We investigate the cointegration between VIX and CDS indices, and the possibility of exploiting it in an existing credit market timing investment model. We find cointegration over most of the sample period and the leadership of VIX over the CDS in the price discovery process. We present two methods for including cointegration into the model. Both strategies improve the in-sample and out-of-sample model performances, even though out-of-sample results are weaker. We find that in-sample better performances are explained by a stronger cointegration, concluding that in the presence of cointegration our strategies can be profitable in an investment model that considers transaction costs.

A new credit monitoring framework for agents' networks

The purpose of this work is to develop a practicable approach for Telecom firms to manage the credit risk exposition to their commercial agents’ network. Particularly it will try to approach the problem of credit concession to clients’ from a corporation perspective and explore the particular scenario of agents that are part of the commercial chain of the corporation and therefore are not end-users. The agents’ network that served as a model for the presented study is composed by companies that, at the same time, are both clients and suppliers of the Telecommunication Company. In that sense the credit exposition analysis must took into consideration all financial fluxes, both inbound and outbound. The current strain on the Financial Sector in Portugal, and other peripheral European economies, combined with the high leverage situation of most companies, generates an environment prone to credit default risk. Due to these circumstances managing credit risk exposure is becoming increasingly a critical function for every company Financial Department. The approach designed in the current study combined two traditional risk monitoring tools: credit risk scoring and credit limitation policies. The objective was to design a new credit monitoring framework that is more flexible, uses both external and internal relationship history to assess risk and takes into consideration commercial objectives inside the agents’ network. Although not explored at length, the blueprint of a Credit Governance model was created for implementing the new credit monitoring framework inside the telecom firm. The Telecom Company that served as a model for the present work decided to implement the new Credit Monitoring framework after this was presented to its Executive Commission.

Advis d'Angleterre, envoyé en France par les Communes de Londres, au Card. Mazarin, Luy representant l'Histoire de Gaverston, Favory d'un de leurs Roys, & les malheurs qui luy sont arrivez, sur le mesme sujet d'une guerre qu'il exerce aujourd'huy.

[Mazarinade. 1652]

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Cabinet Card by C. Arthur, Photographer, St. Catharines [n.d.]

An unidentified young woman is featured in this black and white cabinet card by photographer C. Arthur, of St. Catharines, Ontario. The address of Mr. Arthur's studio is printed along the bottom of the photograph. This photograph was among the family memorabilia owned by Iris Sloman Bell of St. Catharines. The Sloman - Bell families include relatives who were former African American slaves who settled in Canada.Charles A. Arthur is listed as a photographer in St. Catharines from 1880 - 1883 and Charles P. Arthur (possibly a son?) was a photographer in the same city in 1898. Source: Phillips, Glen C. The Ontario photographers list (1851-1900). Sarnia: Iron Gate Publishing Co., 1990.

Cabinet Card of African Canadian by Photographer W. J. Rea, of Windsor [n.d.]

An unidentified African Canadian man is featured in this cabinet card by W. J. Rea, photographer, of Windsor, Ontario. The man appears to be in official dress, possibly of a religious or legal nature. This cabinet card bears the stamp of the photographer, W. J. Rea, in black ink along the bottom of the card and on the reverse. While it is undated, it is likely from the 1870s or 1880s. This cabinet card was in the possession of Iris Sloman Bell, of St. Catharines, Ontario. The Sloman - Bell family descendants include African American slaves from the United States who settled in Canada."Cabinet card photographs were first introduced in 1866. They were initially employed for landscapes rather than portraitures. Cabinet cards replaced Carte de visite photographs as the popular mode of photography. Cabinet cards became the standard for photographic portraits in 1870. Cabinet cards experienced their peak in popularity in the 1880's. Cabinet cards were still being produced in the United States until the early 1900's and continued to be produced in Europe even longer. The best way to describe a cabinet card is that it is a thin photograph that is mounted on a card that measures 4 1/4″ by 6 1/2″. Cabinet cards frequently have artistic logos and information on the bottom or the reverse of the card which advertised the photographer or the photography studio's services." Source: http://cabinetcardgallery.wordpress.com/category/cabinet-card-history/

Cabinet Card of Young Woman Photographed by N. C. Shorey, of Toronto [n.d.]

An unidentified African Canadian young woman is the subject of this cabinet card portrait photograph by N. C. Shorey, of Toronto, Ontario. The photo is undated but believed to be taken in the late 1890s. The photographer's stamp, with his name and address, appears in the gold lettering at the bottom of the card. The young woman in the photograph could possibly be a relative of the Sloman - Bell family, who resided in the London and St. Catharines areas. This cabinet card was in the possession of Iris Sloman Bell, of St. Catharines, Ontario. The Sloman - Bell family relatives are descended from former Black slaves from the United States.N. C. Shorey is listed as a photographer in Toronto, Ont. from 1892 - 1900. Source: Phillips, Glen C. The Ontario photographers list (1851-1900). Sarnia: Iron Gate Publishing Co., 1990. "Cabinet card photographs were first introduced in 1866. They were initially employed for landscapes rather than portraitures. Cabinet cards replaced Carte de visite photographs as the popular mode of photography. Cabinet cards became the standard for photographic portraits in 1870. Cabinet cards experienced their peak in popularity in the 1880's. Cabinet cards were still being produced in the United States until the early 1900's and continued to be produced in Europe even longer. The best way to describe a cabinet card is that it is a thin photograph that is mounted on a card that measures 4 1/4″ by 6 1/2″. Cabinet cards frequently have artistic logos and information on the bottom or the reverse of the card which advertised the photographer or the photography studio's services." Source: http://cabinetcardgallery.wordpress.com/category/cabinet-card-history/

Cabinet Card Portrait Photographed by I. H. Lewis, of Toronto [n.d.]

A cabinet card portrait of an unidentified woman by I. H. Lewis, a photographer

Small Cabinet Card of African American Man by John S. Thom, of Lucan, Ontario [n.d.]

A very small cabinet card type photograph of an unidentified man, possibly a relative of the Bell - Sloman family. A handwritten entry on the reverse of the photograph indicates it was taken by John S. Thom, of Lucan. No date is provided, however, John S. Thom is known to have been a photographer in Lucan from 1877-1882. This cabinet card was in the possession of Iris Sloman Bell, of St. Catharines. Relatives of the Sloman - Bell family include former African American slaves who settled in Canada.John S. Thom is listed as a photographer in Lucan, Ontario from 1877-1882. Aside from photography, he also operated a general store and sold notions. It appears he then moved to Sarnia, Ont. and is listed as a photographer there from 1882-1900. He is also recorded as being a Sarnia bicycle dealer. Source: Phillips, Glen C. The Ontario photographers list (1851-1900). Sarnia: Iron Gate Publishing Co., 1990.

Cabinet Card of Young African Canadian by The Dominion Photo Studio, Toronto [n.d.]

This unidentified African Canadian man is photographed at the Dominion Photo Studio, located at 388 Queen St. West in Toronto. The photographer's name is not known. No date is provided, however, the Dominion Studio is listed as operating from 1893-1894. The reverse of the card displays the Dominion Photo Studio stamp in gold lettering (image also attached). The gentleman in this cabinet card is possibly a relative of the Sloman - Bell family, who settled in the London and St. Catharines areas of Ontario. This cabinet card was among the family memorabilia in the possession of Iris Sloman Bell, of St. Catharines. Relatives of the Sloman - Bell family include former African American slaves who came to Canada.The Dominion Portait Co. is listed as operating from 1893-1894 in Toronto. There is an additional listing for the Dominion Portrait Co. (Gourlay and Clark props.) for 1894. Source: Phillips, Glen C. The Ontario photographers list (1851-1900). Sarnia: Iron Gate Publishing Co., 1990. "Cabinet card photographs were first introduced in 1866. They were initially employed for landscapes rather than portraitures. Cabinet cards replaced Carte de visite photographs as the popular mode of photography. Cabinet cards became the standard for photographic portraits in 1870. Cabinet cards experienced their peak in popularity in the 1880's. Cabinet cards were still being produced in the United States until the early 1900's and continued to be produced in Europe even longer. The best way to describe a cabinet card is that it is a thin photograph that is mounted on a card that measures 4 1/4″ by 6 1/2″. Cabinet cards frequently have artistic logos and information on the bottom or the reverse of the card which advertised the photographer or the photography studio's services." Source: http://cabinetcardgallery.wordpress.com/category/cabinet-card-history/