Macroeconomic News Effects In Commodity Futures And German Stock And Bond Futures Markets PDF Download
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| Author | : He Huang |
| Publisher | : BoD – Books on Demand |
| Total Pages | : 222 |
| Release | : 2010 |
| Genre | : Business & Economics |
| ISBN | : 3899368924 |
Download Macroeconomic News Effects in Commodity Futures and German Stock and Bond Futures Markets Book in PDF, ePub and Kindle
A well-known concept in modern capital market theory is that only systematic risk factors affect security prices. Macroeconomic announcements are among the most important news for financial markets because the state of the economy is a prime candidate for such a source of non-diversifiable risk. This book investigates the effects of US macroeconomic news on three financial markets that have received less attention in the literature so far. The markets of interest are the commodity futures market, the German stock index futures market, and the German bond futures market. I investigate not only price effects, but also liquidity effects as well as the channels of cross-border information flow. I find that commodity markets as well as international stock and bond markets are likewise affected by the release of US macroeconomic news. The strength of the commodity price response depends on the state of the economy and news about the US economy is more important for German stock markets than domestic economic news. For an investor in any of these markets, this book provides valuable information on how to adjust his trading strategies around the release of macroeconomic news. Moreover, my findings contribute to the understanding of cross-border information flow. First, I find that both domestic and foreign economic news induce significant price and liquidity effects. Second, I find that there are two important channels of information transmission for foreign news: the direct response to the news and the indirect response to the foreign response to the news.
| Author | : Mr.Shaun K. Roache |
| Publisher | : International Monetary Fund |
| Total Pages | : 30 |
| Release | : 2009-07-01 |
| Genre | : Business & Economics |
| ISBN | : 1451872879 |
Download The Effects of Economic News on Commodity Prices Book in PDF, ePub and Kindle
The paper uses an event study methodology to investigate which and how macroeconomic announcements affect commodity prices. Results show that gold is unique among commodities, with prices reacting to specific scheduled announcements in the United States and the Euro area (such as indicators of activity or interest rate decisions) in a manner consistent with gold's traditional role as a safe-haven and store of value. Other commodity prices, where such news is significant, exhibit pro-cyclical sensitivities and these have risen somewhat as commodities have become increasingly financialized. These results are important for those trading in the commodity markets on a frequent basis and long-term market participants that take their decisions based on information on price fundamentals, which are reflected in the release of macroeconomic announcements.
| Author | : Shaun K. Roache |
| Publisher | : International Monetary Fund |
| Total Pages | : 31 |
| Release | : 2009-07-01 |
| Genre | : Business & Economics |
| ISBN | : 1451917163 |
Download The Effects of Economic Newson Commodity Prices Book in PDF, ePub and Kindle
The paper uses an event study methodology to investigate which and how macroeconomic announcements affect commodity prices. Results show that gold is unique among commodities, with prices reacting to specific scheduled announcements in the United States and the Euro area (such as indicators of activity or interest rate decisions) in a manner consistent with gold''s traditional role as a safe-haven and store of value. Other commodity prices, where such news is significant, exhibit pro-cyclical sensitivities and these have risen somewhat as commodities have become increasingly financialized. These results are important for those trading in the commodity markets on a frequent basis and long-term market participants that take their decisions based on information on price fundamentals, which are reflected in the release of macroeconomic announcements.
| Author | : Dhaneshwar Ghura |
| Publisher | : |
| Total Pages | : 76 |
| Release | : 1990 |
| Genre | : Business cycles |
| ISBN | : |
Download How Commodity Prices Respond to Macroeconomic News Book in PDF, ePub and Kindle
How commodity prices react to news about macroeconomic variables depends partly on where the economy is in the business cycle. The immediate impact of such news is often different from the one -day -lagged impact -- and different for different commodity groups.
| Author | : Bianca Ahrens |
| Publisher | : BoD – Books on Demand |
| Total Pages | : 282 |
| Release | : 2010 |
| Genre | : Business & Economics |
| ISBN | : 3899369211 |
Download Capital Market Implications of Earnings Quality Book in PDF, ePub and Kindle
In his speech from 1998 the former chairman of the United States Securities and Exchange Commission (SEC) Arthur Levitt pointed out that trust "is the bedrock of our capital markets" and that this must not be shaken by the erosion of earnings quality. He made clear that it is the challenge of the whole financial community to counteract such a development. This thesis deals with the question whether the importance of earnings for the capital market varies with its quality. The question arises, because in recent years a large number of firm scandals has shaken the trust in the reliability of reported earnings. In order to properly address the research questions, the literature on earnings quality definitions, quality measures as well as implications of earnings quality on capital markets is reviewed and critically discussed. The author investigates whether well known results concerning capital market implications of earnings quality remain stable for all measures considered. She answers the question of how earnings quality affects firm value, cost of equity capital, and the accuracy of analysts' forecasts taking into account the effects of determinants of earnings quality.
| Author | : Leonardo Martinez-Diaz |
| Publisher | : U.S. Commodity Futures Trading Commission |
| Total Pages | : 196 |
| Release | : 2020-09-09 |
| Genre | : Science |
| ISBN | : 057874841X |
Download Managing Climate Risk in the U.S. Financial System Book in PDF, ePub and Kindle
This publication serves as a roadmap for exploring and managing climate risk in the U.S. financial system. It is the first major climate publication by a U.S. financial regulator. The central message is that U.S. financial regulators must recognize that climate change poses serious emerging risks to the U.S. financial system, and they should move urgently and decisively to measure, understand, and address these risks. Achieving this goal calls for strengthening regulators’ capabilities, expertise, and data and tools to better monitor, analyze, and quantify climate risks. It calls for working closely with the private sector to ensure that financial institutions and market participants do the same. And it calls for policy and regulatory choices that are flexible, open-ended, and adaptable to new information about climate change and its risks, based on close and iterative dialogue with the private sector. At the same time, the financial community should not simply be reactive—it should provide solutions. Regulators should recognize that the financial system can itself be a catalyst for investments that accelerate economic resilience and the transition to a net-zero emissions economy. Financial innovations, in the form of new financial products, services, and technologies, can help the U.S. economy better manage climate risk and help channel more capital into technologies essential for the transition. https://doi.org/10.5281/zenodo.5247742
| Author | : Marc Levinson |
| Publisher | : The Economist |
| Total Pages | : 250 |
| Release | : 2018-07-24 |
| Genre | : Business & Economics |
| ISBN | : 1541742516 |
Download Guide to Financial Markets Book in PDF, ePub and Kindle
The revised and updated 7th edition of this highly regarded book brings the reader right up to speed with the latest financial market developments, and provides a clear and incisive guide to a complex world that even those who work in it often find hard to understand. In chapters on the markets that deal with money, foreign exchange, equities, bonds, commodities, financial futures, options and other derivatives, the book examines why these markets exist, how they work, and who trades in them, and gives a run-down of the factors that affect prices and rates. Business history is littered with disasters that occurred because people involved their firms with financial instruments they didn't properly understand. If they had had this book they might have avoided their mistakes. For anyone wishing to understand financial markets, there is no better guide.
| Author | : Ms.Christina Kolerus |
| Publisher | : International Monetary Fund |
| Total Pages | : 26 |
| Release | : 2016-09-27 |
| Genre | : Business & Economics |
| ISBN | : 1475541066 |
Download China's Footprint in Global Commodity Markets Book in PDF, ePub and Kindle
This note assesses empirically the role Chinese activity plays in global commodities markets, showing that the strength of China’s economic activity has a significant bearing on commodity prices, but that the impact differs across commodity markets, with industrial production shocks having a substantial impact on metals and crude oil prices and less so on food prices. The size of the impact on the prices of specific commodities varies with China’s footprint in the market for those commodities; the empirical estimates indicate that, over a one-year horizon, a 1 percent increase in industrial production leads to a 5–7 percent rise in metals and fuel prices. The surprise component in Chinese industrial production announcements has a bearing on commodity prices that is comparable in magnitude to that of industrial production surprises in the United States, and this impact is much larger when global risk aversion is high.
| Author | : Antoine Bouveret |
| Publisher | : International Monetary Fund |
| Total Pages | : 44 |
| Release | : 2015-10-13 |
| Genre | : Business & Economics |
| ISBN | : 1513576224 |
Download Fragilities in the U.S. Treasury Market Book in PDF, ePub and Kindle
Changes in the structure of the U.S. Treasury market over recent years may have increased risks to financial stability. Traditional market makers have changed their liquidity provision by increasingly switching from risk warehousing to risk distribution, and a new breed of market maker has emerged with the rise of electronic trading. The “flash rally” of October 15, 2014 provides a clear example of how those risks can materialize. Based on an in-depth analysis of the event—complementing the authorities’ work—we suggest i) providing incentives for liquidity provision, ii) improving market safeguards, and iii) enhancing the regulation of the Treasury market.
| Author | : Tony Klein |
| Publisher | : World Scientific |
| Total Pages | : 508 |
| Release | : 2022-06-07 |
| Genre | : Business & Economics |
| ISBN | : 1800611927 |
Download Modern Finance And Risk Management: Festschrift In Honour Of Hermann Locarek-junge Book in PDF, ePub and Kindle
Modern Finance and Risk Management is dedicated to our colleague, academic mentor, and adviser Professor Hermann Locarek-Junge. During his academic career, Hermann Locarek-Junge published several important contributions to the field of risk management and portfolio management and served as the chairman and board member of the German Finance Association (DGF) and the Data Science Society (Gesellschaft für Klassifikation).A short foreword by the mentors of Hermann Locarek-Junge and an introduction by the editors mark the beginning of the Festschrift. The first section on Modern Finance includes chapters on asset management, entrepreneurship, and behavioural finance. The second section on Modern Risk Management contains seven contributions covering considerations of risk measurement, risk management, and regulation. Finally, the third section includes topics on commodities and energy finance.This Festschrift comprises 20 original contributions of notable scholars in finance who have worked with Hermann Locarek-Junge over the last four decades. Due to numerous connections to practice and applications, Modern Finance and Risk Management is relevant and attractive not only to academics and researchers but also to practitioners in industry and banking.
