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Abstract:
In this paper we highlight the salient features of Covered Bonds in relation to MBS, and argue for their introduction to the US market accompanied with the appropriate legislative structure and oversight. The Covered Bond market has the potential of adding significant measure of stability to the banking system while becoming an important source of long-term funding for residential and commercial mortgage loans in the United States.

Abstract:
We investigate the relation between volatility and volume in 22 developed markets and 27 emerging markets. Compared to developed markets, emerging markets show a greater response to large information shocks and exhibit greater sensitivity to unexpected volume. We find a negative relation between expected volume and volatility in several emerging markets, which can be attributed to the relative inefficiency in those markets. Previous research reports that the persistence in volatility is not eliminated when lagged or contemporaneous trading volume is considered. Our findings show that, when volume is decomposed into expected and unexpected components, volatility persistence decreases.

Abstract:
Evidence is provided from changes in deposit insurance premiums in the early 1990s on the validity of the premium absorption hypothesis and thepremium shifting hypothesis. Analysis of abnormal market returns associated with deposit insurance events using a market model event study methodology suggests that reductions in deposit insurance premiums are associated with increases in the market value of banking organizations; conversely, increases in deposit insurance premiums are associated with decreases in market wealth. The largest banks in the sample and banks with low equity capital (and low risk-based capital ratios)appear to be most affected. These results are generally consistent with the premium absorption hypothesis but inconsistent with the premium shifting hypothesis.

Abstract:
This study examines the behavior of the forward market for foreign exchange for the British pound and the Japanese yen during the turbulent Gulf War period of 1990. The bivariate Engle-Granger technique in conjunction with a time-related dummy variable is used. The study supports market efficiency for both exchange rates, only after five weeks around the invasion week are excluded. Finally, an endogeneously determined structural break is found around the invasion week of the War.

Abstract:
This study presents evidence on the influence of the regulatory environment of host and home countries, on firm value, when the firm announces a foreign acquisition. The study analyzes the valuation effects on financial firms, based on the returns to shareholders of 120 bidders from 13 home countries acquiring across 20 host countries. Bidder shareholders lose significantly when entering "open" markets for the first time, but gain significantly when making initial and subsequent entries into "restricted" markets. This implies that markets perceive monopoly rents to outweigh learning costs associated with initial entries but diversification benefits are inadequate in outweighing learning costs. The evidence is consistent with the notion that regulations in both host and home countries should be endogenous to FDI decisions. The influence of the tax environment and exchange rates was also examined but only the former was found to be a significant factor in affecting bidder returns.

Abstract:
This study presents evidence on the influence of the regulatory environment of host and home countries, on firm value, when the firm announces a foreign acquisition. The study analyzes the valuation effects on financial firms, based on the returns to shareholders of 120 bidders from 13 home countries acquiring across 20 host countries. Bidder shareholders lose significantly when entering "open" markets for the first time, but gain significantly when making initial and subsequent entries into "restricted" markets. This implies that markets perceive monopoly rents to outweigh learning costs associated with initial entries but diversification benefits are inadequate in outweighing learning costs. The evidence is consistent with the notion that regulations in both host and home countries should be endogenous to FDI decisions. The influence of the tax environment and exchange rates was also examined, but only the former was found to be a significant factor in affecting bidder returns.