Mortgage-backed securities differ from corporate and government bonds in that their cash flows cannot be estimated with certainty, since homeowners often prepay their mortgages. Prepayments may include sale of the property, refinancing, curtailments, or liquidation of the property due to foreclosure. Standard fixed-income measurements, which allow investors to compare different types of bonds, ...

debt: major default risks for dc banks, shortage of cash for the lowest-income developing countries (LICs), and uncertainty and high cost of credit for middleincome developing countries (MICs), all require attention; recycling: if OPEC surpluses are not placed in Ides to permit extra imports from des (tn-cycling) Ides will cut their purchases of such imports, and will be driven towards costly b...

Does sensible retirement planning call for funding basic needs with less volatile assets and investing more aggressively for aspirational goals? Or, with client goals clearly defined and prioritized, does sensible planning call for a total returns approach? Multiple schools of thought have emerged, but there is not yet any consensus about what constitutes a proper retirement income floor. These...

Quantitative analysis of household use of miombo resources is limited, and detailed accounts of a full range of environmental resources are scanty. The present manuscript aims to (a) quantify the contribution of miombo woodlands to the household economy; (b) assess the role of miombo woodlands as safety nets in the face of household level economic shocks; and (c) identify the socio-economic det...

Most studies have looked at the distribution of well-being or its change over time in terms of income. However, family wealth is also an indicator of well-being, independent of the direct financial income it provides. There are four reasons. First, owner-occupied housing provides services directly to their owner. Second, wealth is a source of consumption, independent of the direct money income ...

Estimates have been published by the Social Security Administration for each year beginning with 1948 on cash benefits to replace the income loss associated with illness or accidents suffered away from work. The benefits paid by plans included in this series were recorded at $0.8 billion in 1948. By 1978, benefits paid reached $11.7 billion. The rate of income replacement achieved by these bene...

This paper presents a new data infrastructure for measuring economic activity. The infrastructure records transactions and account balances, yielding measurements with scope and accuracy that have little precedent in economics. The data are drawn from a diverse population that overrepresents males and younger adults but contains large numbers of underrepresented groups. The data infrastructure ...

This article marks the fifteenth year that the Social Security Administration has reported on the extent of income-loss protection against the risk of short-term illness through public and private cash-sickness plans. Prom 1948 through 1959, this protection showed a steady growth, but since then benefits as a proportion of lost earnings have fluctuated, with little overall increase in the exten...

A model is developed in which an industry of N $ 1 firms is privatised. The ‘participation’ method of privatisation is used, whereby firms are sold for cash, but the state retains a proportionate share of ownership. In each firm the new private owner has the opportunity to make a reorganisational investment, before output is produced. This investment is unobservable by the state, and therefore ...

The practice of income smoothing is a form dysfunctional behavior in earnings management that rife this era rapid business development, where managers intentionally change the company's financial statements with aim flattening value over several periods to make it look stable. considered as solution very unstable profit conditions. This study aims examine effect cash holding, net margin, and le...