This study examines dealer behavior in a sample of 14,749 corporate bonds that vary in credit rating and liquidity. Our unique data set allows us to identify purchases and sales by individual dealers, enabling us to determine how long a dealer holds a bond purchase in inventory and how much of that initial purchase the dealer sold to customers, and the spread on those sales to customers, and ho...

Data mining has been increasing as one of the chief key features of many security initiatives. Often, used as a means for detection of fraud, assessing risk as well. Data mining involves the use of data analysis tools to discover unknown, valid patterns as well as relationships in large data sets. Decades have seen a massive growth in the use of credit cards as a transactional medium. Data mini...

We investigate the economic factors driving the unprecedented rise of corporate liquidities since the 1970s. We document that US firms face higher earnings volatility and manage this increased risk with more liquidities in terms of both cash savings and credit lines. The rise in liquidities is not attributable to the increased sales volatility. The higher earnings volatility along with the fina...

In this paper we hypothesize that greater macroeconomic uncertainty would cause firms to increasingly turn to their suppliers as a source of finance, making greater use of trade credit. We test this hypothesis using a panel of non–financial firms drawn from the annual COMPUSTAT database and show that an increase in macroeconomic uncertainty leads to a narrowing of the cross–sectional distributi...

Article history: Received 11 September 2014 Received in revised form 17 April 2015 Accepted 25 April 2015 Available online 2 May 2015 Westudy the impact of sovereign risk on the credit risk of the non-financial corporate sector in the Eurozone using credit default swap data. We show that an increase in sovereign credit spreads is associated with a statistically and economically significant incr...

We model the effects on banks of the introduction of a market for credit derivatives; in particular, credit-default swaps. A bank can use such swaps to temporarily transfer credit risks of their loans to others, reducing the likelihood that defaulting loans trigger the bank’s financial distress. Because credit derivatives are more flexible at transferring risks than are other, more established ...

As the increasingly fierce competition, more and more manufacturers have started to sell products through online channels apart from traditional retail channel. Meanwhile, increased competition has significantly shortened the product life cycle, which makes sales forecast meaningful. Taking lack of historical record into account, the sales forecast model based on historical sales data based on ...

This study extends our current knowledge in the area of online consumer behaviors by examining how business models could influence consumer’s sales channel preferences. It argues that business models could play an important role in consumer sales channels preference development. When a business offers multiple sales channels (a hybrid model), its customers could compare sales channels either wi...