Three Essays in Empirical Asset Pricing

The financial crisis of 2007-2008 led to extraordinary government intervention in firms and markets. The scope and depth of government action rivaled that of the Great Depression. Many traded markets experienced dramatic declines in liquidity leading to the existence of conditions normally assumed to be promptly removed via the actions of profit seeking arbitrageurs. These extreme events motivate the three essays in this work. The first essay seeks and fails to find evidence of investor behavior consistent with the broad 'Too Big To Fail' policies enacted during the crisis by government agents. Only in limited circumstances, where government guarantees such as deposit insurance or U.S. Treasury lending lines already existed, did investors impart a premium to the debt security prices of firms under stress. The second essay introduces the Inflation Indexed Swap Basis (IIS Basis) in examining the large differences between cash and derivative markets based upon future U.S. inflation as measured by the Consumer Price Index (CPI). It reports the consistent positive value of this measure as well as the very large positive values it reached in the fourth quarter of 2008 after Lehman Brothers went bankrupt. It concludes that the IIS Basis continues to exist due to limitations in market liquidity and hedging alternatives. The third essay explores the methodology of performing debt based event studies utilizing credit default swaps (CDS). It provides practical implementation advice to researchers to address limited source data and/or small target firm sample size.

An overall assessment of TARP and financial stability : hearing before the Congressional Oversight Panel, One Hundred Twelfth Congress, first session, March 4, 2011.

Shipping list no.: 2011-0270-P.

Hearing with Secretary Timothy Geithner : hearing before the Congressional Oversight Panel, United States Senate, One Hundred Eleventh Congress, second session : hearing held in Washington, DC, June 22, 2010.

Shipping list no.: 2011-0124-P.

The government as dominant shareholder : how should the taxpayers' ownership rights be exercised? : hearing before the Subcommittee on Domestic Policy of the Committee on Oversight and Government Reform, House of Representatives, One Hundred Eleventh Congress, first session.

Mode of access: Internet.

Asset Management Program Enhancement Plan: Baseline Assessment Phases I and II, 2015

This project resulted in the development of a framework for making asset management decisions on low-volume bridges. The research focused on low-volume bridges located in the agricultural counties of Iowa because recent research has shown that these counties have the greatest percentage of structurally deficient bridges in the nation. Many of the same counties also have the highest crop yields in the state, creating a situation where detours caused by deficient bridges on farm-to-market roads increase the cost to transport the crops. Thus, the research proposed the use of social return on investment (SROI), a tool used by international institutions such as the World Bank, as an asset management metric to gauge to the socioeconomic impact of structurally deficient bridges on the state in an effort to provide quantified justification to fund improvements on low-volume assets such as these rural bridges. The study found that combining SROI with current asset management metrics like average daily traffic (ADT) made it possible to prioritize the bridges in such a way that the limited resources available are allocated in a manner that promotes a more equitable distribution and that directly benefits the user, in this case Iowa farmers. The result is a system that more closely aligns itself with the spirit of MAP-21, in that infrastructure investments are used to facilitate economic growth for Iowa’s agricultural economy.

Annual report /

Title from cover.

Is the supply of long-term debt independent of the term premia? Evidence from Portugal

An important assumption in the statistical analysis of the financial market effects of the central bank’s large scale asset purchase program is that the "long-term debt stock variables were exogenous to term premia". We test this assumption for a small open economy in a currency union over the period 2000M3 to 2015M10, via the determinants of short- term financing relative to long-term financing. Empirical estimations indicate that the maturity composition of debt does not respond to the level of interest rate or to the term structure. These findings suggest a lower adherence to the cost minimization mandate of debt management. However, we find that volatility and relative market size respectively decrease and increase short-term financing relative to long-term financing, while it decreases with an increase in government indebtedness.

Asset disposition by the RTC including the present status of the SAMDA program : hearing before the Subcommittee on Financial Institutions Supervision, Regulation and Insurance, Resolution Trust Corporation Task Force of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred Second Congress, first session, May 20, 1991.

Mode of access: Internet.

A modern public assistance program for Pennsylvania. First general report and recommendations of the Pennsylvania Committee on Public Assistance and Relief.

Herbert F. Goodrich, chairman.

Austrian debt settlement. Hearings ... 70th Cong., 1sst sess. on H.J. Res. 247, to authorize the Secretary of the treasury to cooperate with the other relief creditor governments in making it possible for Austria to float a loan in order to obtain funds for the furtherance of its reconstruction program, and to conclude an agreement for the settlement of the indebtedness of Austria to the United States. April 10, 1928.

Mode of access: Internet.

Sustainable Tourism and Eradication of Poverty (Step): impact assessment of a tourism development program in Brazil

This paper aims to evaluate the social impacts of the Tourism Development Program (Prodetur) in the northeastern town of Porto Seguro, Bahia, Brazil. The method used is based on the difference in difference technique applied to the 1991 and 2000 Census microdata. The results suggest social advances following from poverty relief based on income - where the benefits are distributed, generally, in a relatively equal manner between the native and migrant population. There is a relative deterioration in the sanitary situation, which consists of a very serious problem in the mid- and long-term, whose costs are mostly borne by the native population. Therefore, maintaining the natural capital is the main aspect that distances Porto Seguro’s tourism supply from the concept of sustainability. The article also relies on difference in difference estimators to assess the impacts of local public policies related to the sector.

Gestão documental na logística

Dissertação apresentada ao Instituto Politécnico do Porto para obtenção do Grau de Mestre em Logística Orientada por: Professor Doutor José António Baptista da Costa Coorientada por: Dr. Lourenço Fernando Gomes Pinheiro

Improving and User Interface to E-Procurement Software Used in Asset Accounting and Investigating Effects to Efficiency

This diploma thesis has been done to international organization which takes care from the accounting actions of two major companies. In this organization are used three different purchasing tools which are used when new asset master data is wanted to input to SAP R/3- system. The aim of this thesis is to find out how much changing the user interface of one of these three e-procurement programs will affect to overall efficiency in asset accounting. As an addition will be introduced project framework which can be used in future projects and which help to avoid certain steps in the development process. At the moment data needs to be inputted manually with many useless mouse clicks and data needs to be searched from many various resources which slow down the process. Other organization has better tools at the moment than the myOrders system which is under investigation Research was started by exploring the main improvement areas. After this possible defects were traced. Suggested improvements were thought by exploring literature which has been written from usability design and research. Meanwhile also directional calculations from the benefits of the project were done alongside with the analysis of the possible risks and threats. After this NSN IT approved the changes which they thought was acceptable. The next step was to program them into tool and test them before releasing to production environment. The calculations were made also from implemented improvements and compared them to planned ones From whole project was made a framework which can be utilized also to other similar projects. The complete calculation was not possible because of time schedule of the project. Important observation in the project was that efficiency is not improved not only by changing the GUI but also improving processes without any programming. Feedback from end user should be also listened more in development process. End-user is after all the one who knows the best how the program should look like.