TAILIEUCHUNG - Corporate Capital Structures in the United States

The recent financial crisis exposed a number of weaknesses in the housing finance sector in the United States (.). The resulting problems can be sourced to incentives guiding decisions in the funding and loan management chains, to incentives driving households’ repayment and default decisions under the personal bankruptcy framework, and to incentives for loan servicers and investors to choose foreclosure over loan modification. At the lending node, incentives for conducting satisfactory collateral valuation and a sound assessment of borrower repayment capacity and willingness weakened following the take-off in securitization of non-conforming mortgages during the last decade. By end-2007, residential. | This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title Corporate Capital Structures in the United States Volume Author Editor Benjamin M. Friedman ed. Volume Publisher University of Chicago Press Volume ISBN 0-226-26411-4 Volume URL http books frie85-1 Publication Date 1985 Chapter Title Inflation and the Role of Bonds in Investor Portfolios Chapter Author Zvi Bodie Alex Kane Robert McDonald Chapter URL http chapters c11420 Chapter pages in book p. 167 - 196 4 Inflation and the Role of Bonds in Investor Portfolios Zvi Bodie Alex Kane and Robert McDonald Introduction The inflation of the past decade and a half has dispelled the notion that default-free nominal bonds are a riskless investment. Conventional wisdom used to be that the conservative investor invested principally in bonds and the aggressive or speculative investor invested principally in stocks. Short-term bills were considered to be only a temporary parking place for funds awaiting investment in either bonds or stocks. Today many academics and practitioners in the field of finance have come to the view that for an investor who is concerned about his real rate of return long-term nominal bonds are a risky investment even when held to maturity. The alternative view that a policy of rolling-over short-term bills might be a sound long-term investment strategy for the conservative investor has recently gained credibility. The rationale behind this view is the observation that for the past few decades bills have yielded the least variable real rate of return of all the major investment instruments traded in . financial markets. Stated a bit differently the nominal rate of return on bills has tended to mirror changes in the rate of inflation so that their real rate of return has remained relatively stable as compared to stocks or longer-term fixed-interest bonds. Zvi Bodie is professor of economics and finance at Boston .

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