Suchergebnisse

AbstractIn this study, empirical tests are conducted to determine the impact of a sinking fund on reoffering yields of a sample of new public utility bonds sold between January 1977 and March 1982. The findings of the regression analysis are consistent with the hypotheses that the value of the sinking fund varies with the default risk of the issuer and with market expectations of future interest rate movements, and that the sinking fund improves the liquidity of a bond issue.

The financial system -- An overview of financial markets and institutions -- The federal reserve and its powers -- The fed and interest rates -- Bond prices and interest rate risk -- The structure of interest rates -- Financial markets -- Money markets -- Bond markets -- Mortgage markets -- Equity markets -- Derivatives markets -- International markets -- Commercial bank operations -- International banking -- Regulation of financial institutions -- Financial institutions -- Thrift institutions and finance companies -- Insurance companies and pension funds -- Investment banking -- Investment companies -- Risk management in financial institutions -- Glossary -- Credits and acknowledgments -- Index