Too clever by half

Article Abstract:

The Russian debt default of summer 1998 led to a widening of spreads between different types of bonds, and this took investors by surprise. Financial firms and investors had increased their holdings of junk bonds, emerging market debt, and other more risky credit. Traders speculated on the relative price of a range of financial instruments, borrowing to leverage gambles. Traders benefited from speculation and could seek another job if they lost their posts. Risk management systems were at fault, and in some cases the people managing them as well.

Securities Dealers, Investment Banking and Securities Dealing, Security brokers and dealers, Economic aspects, Capital market, Capital markets, Financial markets, Hedge funds, 1998 AD

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Floating away: Polish privatisation

Article Abstract:

Fifteen investment funds were established by the Polish government in 1999 to help organize the privatization of about 500 formerly state-owned companies. Poles have been very enthusiastic investors since the privatization certificates were first issued in Jul 1996.

Poland, Investment companies, Privatization, Privatization (Business)

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