Maturity Mismatching and “Market Failure”
نویسندگان
چکیده
منابع مشابه
The Failure of Market Failure
The concept of market failure was originally presented by economists as a normative explanation of why the need for government expenditures might arise. Gradually, the concept has taken on the form of a full-scale diagnostic tool frequently employed by policy analysts to determine the exact scope and nature of government intervention. For some time, economists have known that the market failure...
متن کاملEarly Refinancing and Maturity Management in the Corporate Bond Market
This paper studies early refinancing activities in the corporate bond market and its implications for debt maturity structure. In additional to interest rate reduction, speculative-grade firms constantly extend maturity through early refinancing. Moreover, they take advantage of accommodating credit market conditions to extend maturity on a large scale, leading to pro-cyclical debt maturity str...
متن کاملwater market in theory and practice: market failure and public policy
the development of market-based task allocation mechanisms is currently being discussed as sustainable, flexible and efficient approaches to water resources management and its redistribution among different users. nevertheless, the market potential for efficient water allocation depends on the specific circumstances of the market and the item being traded i.e., water. experience has demonstrate...
متن کاملConstant Maturity Credit Default Swap Pricing with Market Models
In this work we derive an approximated no-arbitrage market valuation formula for Constant Maturity Credit Default Swaps (CMCDS). We move from the CDS options market model in Brigo (2004), and derive a formula for CMCDS that is the analogous of the formula for constant maturity swaps in the default free swap market under the LIBOR market model. A “convexity adjustment”-like correction is present...
متن کاملMarket Failure and the Structure of Externalities
Policy interest in renewable energy technologies has been gathering momentum for the past several decades, and increased incentives and funding for renewable energy are often described as the panacea for a variety of issues ranging from environmental quality to national security to green job creation. Sizable policies and programs have been implemented worldwide to encourage a transition from f...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Business Ethics
سال: 2015
ISSN: 0167-4544,1573-0697
DOI: 10.1007/s10551-015-2706-1