European CMBS pricing: bond, mortgage and real estate characteristics

The recent global economic crisis is often associated with the development and pricing of mortgage-backed securities (i.e. MBSs) and underlying products (i.e. sub-prime mortgages). This work uses a rich database of MBS issues and represents the first attempt to price commercial MBSs (i.e. CMBSs) in the European market. Our results are consistent with research carried out in the US market and we find that bond-, mortgage-, real estate-related and multinational characteristics show different degrees of significance in explaining European CMBS spreads at issuance. Multiple linear regression analysis using a databank of CMBSs issued between 1997 and 2007 indicates a strong relationship with bond-related factors, followed by real estate and mortgage market conditions. We also find that multinational factors are significant, with country of issuance, collateral location and access to more liquid markets all being important in explaining the cost of secured funding for real estate companies. As floater coupon tranches tend to be riskier and exhibit higher spreads, we also estimate a model using this sub-set of data and results hold, hence reinforcing our findings. Finally, we estimate our model for both tranches A and B and find that real estate factors become relatively more important for the riskier investment products.

Moral hazard and nonlinear pricing in a general equilibrium model

The paper analyzes a two period general equilibrium model with individual risk and moral hazard. Each household faces two individual states of nature in the second period. These states solely differ in the household's vector of initial endowments, which is strictly larger in the first state (good state) than in the second state (bad state). In the first period households choose a non-observable action. Higher leveis of action give higher probability of the good state of nature to occur, but lower leveIs of utility. Households have access to an insurance market that allows transfer of income across states of oature. I consider two models of financiaI markets, the price-taking behavior model and the nonlínear pricing modelo In the price-taking behavior model suppliers of insurance have a belief about each household's actíon and take asset prices as given. A variation of standard arguments shows the existence of a rational expectations equilibrium. For a generic set of economies every equilibrium is constraíned sub-optímal: there are commodity prices and a reallocation of financiaI assets satisfying the first period budget constraint such that, at each household's optimal choice given those prices and asset reallocation, markets clear and every household's welfare improves. In the nonlinear pricing model suppliers of insurance behave strategically offering nonlinear pricing contracts to the households. I provide sufficient conditions for the existence of equilibrium and investigate the optimality properties of the modeI. If there is a single commodity then every equilibrium is constrained optimaI. Ir there is more than one commodity, then for a generic set of economies every equilibrium is constrained sub-optimaI.

Fair Access to Energy Resources, Market Transfers and Climate Change in the WTO

This paper addresses the issues of dual pricing and export restrictions in the energy sector, stressing the comparability of their economic and climate change impacts. It assesses whether WTO disciplines relevant and applicable to such practices are well-equipped to ensure fair access to energy resources. It finds that relevant GATT disciplines are overall deficient in the case of dual pricing and export taxes, while the landscape of WTO-plus obligations generally consisting of a network of narrowly tailored commitments. It discusses possible avenues to address such practices under the ASCM to the extent that they distort domestic energy prices and subsidize consumption of cheap fossil fuels

Examination of the pricing of Falcon missiles under Department of the Air Force contracts with Hughes Aircraft Company, Culver City, California ; report to the Congress of the United States

Mode of access: Internet.

The pricing and utilization of legume and grass seeds /

Cover title.

Automobile marketing strategies, pricing, and product planning. Final report.

National Highway Traffic Safety Administration, Office of Research and Development, Washington, D.C.

Papers presented at the congestion pricing symposium.

Mode of access: Internet.

Transit pricing techniques to improve productivity. Proceedings.

Transportation Department, Washington, D.C.

The basing-point system; an economic analysis of a controversial pricing practice.

Bibliographical footnotes.

Technologies that enable congestion pricing : a primer.

"October 2008."

Automobile marketing strategies, pricing, and product planning. Final report.

Transportation Systems Center, Cambridge, Mass.

The bookman's bible : a coded guide to the pricing of antiquarian books /

v.1. Books in English, 1850-1899 -- v.2. Books in English, 1900-1924 -- v.3. Books in English 1925-1949

Examining congestion pricing implementation issues : summary of proceedings, Congestion Pricing Symposium, June 10-12, 1992.

"Publication no. FHWA-PL-93-008"--P. 4 of cover.

Exploring the role of pricing as a congestion management tool : summary of proceeedings : Seminar on the Application of Pricing Principles to Congestion Management.

"FHWA-PL-92-012."