Post-financial crisis, the volume of outstanding bonds has grown. At the same time, however, consolidation among banks and broker/dealers has cut the number of market makers, and new regulations have reduced the capital these companies can commit to fixed-income inventories.
Investors and advisers need to broaden and deepen their levels of analysis to get a better handle on liquidity risks. They may be drawn to the apparent certainty of putting funds into a small number of boxes, buckets, or categories, but this may prove to be a false comfort.
Ronald G. Layard-Liesching outlined a startling and complex thesis at the recent 2015 CFA Institute Fixed-Income Management Conference in Boston.
In our job as professional investors for others as well as personal stewards for ourselves and our families, we try to do something today that will have a future beneficial result. This is easier said than done. To accomplish our goals we need to answer two basic questions: What Are We Doing? Which Future?
Nobel laureate Robert Engle discusses the development of the ARCH model, the global financial crisis, systemic risk, and forecasting liquidity with ARCH models.
In the second installment in our series of interviews with experts on China, Fraser Howie explains why he thinks recent actions by the PCOB will fall far short of resolving the country's banking problems.
Recent attempts by the People’s Bank of China to limit shadow banking have sent commercial lending rates soaring and Chinese stocks into bear market territory. In this first installment in a series of interviews featuring China experts, we ask Michael Pettis for his analysis on recent events.
Financial theorists, policymakers, and practitioners created the financial crisis with “bad models, bad policies, bad incentives, and bad behavior,” said James Montier of GMO UK Ltd.
Roger G. Ibbotson argues that a liquidity strategy meets the criteria for a legitimate and sustainable style with clear performance advantages.
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