Abstract This article studies external sovereign bonds as an asset class. We compile a new database of 266,000 monthly prices foreign-currency government traded in London and New York between 1815 (the Battle Waterloo) 2016, covering up to 91 countries. Our main insight is that, equity markets, the returns on have been sufficiently high compensate for risk. Real ex post average more than 6% ann...

Cadherins trade bonds C adherins are transmembrane, calcium-dependent adhesion molecules that assemble into ad-herens junctions to connect neighboring cells. Hong et al. reveal how cadherins regulate junction dynamics by changing their adhesive bonds (1). Adherens junctions must rapidly assemble and disassemble to accommodate continuous cell movements within tissues (2). This creates a fundamen...

Covered bonds1 have emerged as a potentially preferred funding vehicle from the credit crisis, and they were already a major part of many European financial systems. Although some prices are directly available on, for example Bloomberg2, there is no detailed examination of how covered bonds should be priced taking into account the features that make them attractive to investors: i.e. over-colla...

We provide a characterization of upper locally distributive lattices (ULD-lattices) in terms of edge colorings of their cover graphs. In many instances where a set of combinatorial objects carries the order structure of a lattice this characterization yields a slick proof of distributivity or UL-distributivity. This is exemplified by proving a distributive lattice structure on ∆-bonds with inva...

L-bonds represent relationships between formal contexts. We study properties of these intercontextual structures w.r.t. isotone conceptforming operators in fuzzy setting. We also focus on the direct product of two formal fuzzy contexts and show conditions under which a bond can be obtained as an intent of the product. In addition, we show that the previously studied properties of their antitone...

This paper addresses a problem posed by Oxley (Matroid Theory, Cambridge University Press, Cambridge, 1992) for matroids.We shall show that ifG is a 2-connected graph which is not a multiple edge, and which has no K5-minor, then G has two edge-disjoint non-trivial bonds B for which G/B is 2-connected. © 2004 Elsevier Inc. All rights reserved. MSC: 05C38; 05C40; 05C70

When agents are liquidity constrained, two options exist — borrow or sell assets. We compare the welfare properties of these options in two economies: in one, agents can borrow (issue inside bonds) and in the other they can sell government bonds (outside bonds). All transactions are voluntary, implying no taxation or forced redemption of private debt. We show that any allocation in the economy ...