TAILIEUCHUNG - Diversifying Credit Risk with International Corporate Bonds: Edith X. Liu

Banks and other financial institutions have sold loans among themselves for over 100 years. Even though this market has existed for many years, it grew slowly until the early 1980s when it entered a period of spectacular growth, largely due to expansion in highly leveraged transaction (HLT) loans to finance leveraged buyouts (LBOs) and mergers and acquisitions (M&As). With the decline in LBOs and M&As in the late 1980s after the stock market crash of 1987, the volume of loan sales fell to approximately $10 billion in 1990. However, since then the volume of loan sales has expanded rapidly, especially as M&A | Diversifying Credit Risk with International Corporate Bonds Edith X. Liu March 13 2010 Abstract This paper explores the potential for US investors to diversify credit risk exposure with international corporate bonds. Using a newly compiled dataset of firm-level monthly corporate bond quotes for foreign and domestic issues I show that by adding foreign corporate bonds to a benchmark of US equity and bond portfolios the investor achieves an economically significant reduction in portfolio risk particularly during periods of high volatility in the US markets such as the recent credit crisis. Further in contrast to the observed US holdings in foreign bonds of 6 the model implied portfolio holding in foreign corporate bonds should be 25 or more which implies a potential bond home bias puzzle. Finally I find that the potential diversification gains cannot be replicated by holding bond issues of foreign firm that trade in the US known as Yankee bonds and must be achieved through direct investment in the respective foreign corporate bond markets. The Wharton School University of Pennsylvania. I am especially grateful to the guidance of my dissertation chair Karen K. Lewis. In addition I thank the participants of the Wharton Cornell McGill Federal Reserve Board of Governors Rutgers for their comments. Any errors or omissions are my own. kkliu@ 1 1 Introduction Given the recent turbulence in the credit markets and dramatic increases in US corporate spreads the degree to which investors are subject to either systematic risk or diversifiable risk in this market is of both practical and academic interest. The US corporate bond market serves as a large capital raising market valued at 11 trillion. Unlike equities insurance companies and other financial institutions often use investment grade corporate bonds for regulatory requirements and to payout during bad economic times. The importance of US corporate bonds as an asset class necessitates a better .

• Ngân hàng - Tín dụng
• Green Tea
• Tea for Endometriosis
• Overactive Bladder
• Overactive Bladder Syndrome
• Surgical Options
• Preoperative Factors
• Study of antioxidant properties
• Antioxidant properties
• Black tea and green tea
• Antioxidant levels than black tea
• DPPH scavenging
• Profile of catechins
• Antioxidant activities
• Green tea of Assam
• Journal of Vietnam Agricultural Science and Technology
• Tạp chí Khoa học Công nghệ Nông nghiệp Việt Nam
• Green tea production
• Green tea quality
• Shading level
• Organoleptic tasting quality
• Green tea processing
• Total phenols
• Ascorbic acid
• Antioxidant activity
• Phytochemicals during processing
• Green tea powder
• Physicochemical properties
• Shooting period
• Turkish tea cultivation
• High amino acid content
• Caffeine biosyntheses
• Bioactive profile
• Tea cultivar
• Model Selection Tests
• Stem Cell
• Novel Pathogenesis
• Pathogenesis of Endometriosis
• Khả năng ức chế ăn mòn
• Inhibitive ability
• Adsorption characteristics
• Thai Nguyen green tea
• Dung dịch HCL 1M
• Chè xanh Thái Nguyên
• Studies using extracts of green tea
• A corrosion inhibitor
• Langmuir adsorption isotherm
• The corrosion inhibition
• The values of some kinetic and thermodynamic parameters
• The potential effects of green tea
• Epigallocatechin 3 gallate
• Overcoming imatinib resistance
• Chronic myeloid leukemia bearing
• Cell lines and culture conditions
• Acetobacter xylinum
• Drug delivery
• Drug loading
• Fermented aqueous green tea extract
• Nano cellulose 3D networks
• Green tea extract
• Mitochondrial DNA
• DNA damage
• Induced hepatic mitochondrial DNA
• Albino wistar rats
• BMC Pediatrics
• Camellia sinensis
• World Health Organization
• Antimicrobial action
• Plant drug interactions
• Granulation of cocoa powder incorporated
• Cocoa powder incorporated
• Fluid bed drier
• Polyphenol content
• Rumen protected choline
• Body condition score
• Dry matter intake
• Supplementing rumen protected choline
• Chicken meat sausages
• Rosemary extract
• Refrigeration study
• Refregeration storage
• Rice husk
• Saw dust
• Body weight gain
• Growth performance in hamsters
• Dental caries
• Streptococcus mutans
• MSB agar (Mutans salivarius bacitracin agar)
• Rugosa agar
• Metal chelating ions
• Antibacterial assay
• Phytochemical screening
• Nutritional safety
• Food security
• Green tea leaves
• Polyphenol extraction
• Aqueous ethanol conditions
• BMC Geriatrics
• Sex difference
• Blood pressure
• Health promotion
• Hypertension varied
• Ven village’s green tea
• Market accessibility
• Agricultural products
• Qualitative methodology
• Market information access
• Green and roasted mate
• Green mate
• Phenolic profile
• Roasted mate
• Interferon in Endometriosis