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Comment on Benveniste, Erdal and Wilhelm, Jr

Article Abstract:

A number of significant points were raised regarding the legitimacy and accuracy of the study conducted by Benveniste et al regarding initial public offers (IPO). By assuming that stabilized issues are capable of resisting price changes when exposed to sustained selling pressure, the researchers failed to outline a convincing and concrete set of standards in evaluating the stability of IPO issues. The authors also failed to identify the existence of weak market demands in their sample and identify counter-parties to a stock-trade.

Pricing Policy, Capital Management-Stock Sales, Research, Pricing, Going public (Securities), Initial public offerings, Price control, Price regulations, Stock offerings

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The transmission of credit quality information

Article Abstract:

Article discusses the extent to which credit quality information can be transmitted effectively across geographic distance and between different ecomomic organizations. Securitized transactions will be able to replace traditional loans as economic agents become more effective in conveying credit quality assessments to other investors. This aspect has crucial implications for the scale and profitability of the financial services industry.

DEPOSITORY INSTITUTIONS, Financial services industry, Financial services, Forecasts and trends, Panel Discussion, Credit ratings

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Asset pricing, time-varying risk premia and interest rate risk

Article Abstract:

Test result shows that time variation in interest rate risk and market risk premia affect security returns. Using a two-factor linear beta pricing model, expected security returns are also shown to be effected by uncertainty about the future value of the said factors. In addition, conditional interest rate volatility is found to have an impact on security returns, specifically during significant interest rate movements.

Asset & Risk Management, Securities, Interest rates, Stock price indexes, Capital assets

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