We apply conditional copula models to investigate the dependence structure between returns of Australian equity markets and Real Estate Investment Trusts (REITS). The dependence between these assets has a significant impact on the diversification potential and risk for a portfolio of multiple assets and is therefore of great interest to portfolio managers and investors. We observe significant c...

We consider a stochastic financial exchange economy with a finite dateevent tree representing time and uncertainty and a nominal financial structure with possibly long-term assets. We exhibit a sufficient condition under which the payoff matrix and the full payoff matrix have the same rank. This generalizes previous results of Angeloni-Cornet and Magill-Quinzii involving only short-term assets....

This paper analyzes the adjustments in the structure of assets and liabilities of the Austrian banking sector taking place after a monetary tightening. Following increases in short-term interest rates, the share of loans to non-banks in interest-earning assets rises, which is at odds with predictions from the bank lending channel of monetary policy transmission. An extension of credit to nonfin...

sset securitization — transforming illiquid assets into tradable securities — is a large and growing market, even rivaling the corporate debt market in size. While the underlying assets can be very different — ranging from song royalties to home mortgages — most asset-backed securities nevertheless share some distinctive features. In “The Economics of Asset Securitization,” Ronel Elul explains ...

For the presence of non-normal distribution characteristics in the financial assets returns, the model of AR(1)-GJR(1,1) is used to characterize the marginal distribution of the style assets in China stock market. The Copula function is introduced to analyze the dependency structure between the six style assets, combined with the marginal distributed residual sequences. And the joint return dis...

Organizational design in the context of new venture development is particularly challenging due to initially severe resource constraints. Deepening our understanding of differential productivity in the startup resource assembly process is therefore important. We address the twin questions of what assets are important to venture performance, and under what conditions are those assets especially ...

Business expansions along with number of new companies being engaged in variety of industries aimed at getting bigger market share, underscored the role of corporate governance within the financial sphere. One of the important issues in corporate governance is acquisition. Due to the significant impact of companies in refining and petrochemical sectors on capital market and whole economy, their...