On the Information Content of Ldc Secondary Loan Market Prices:
This note examines the impact of measurable and unmeasurable (not correlated with observed aggregates) information on secondary market LDC loan prices. The Institutional Investor country risk ratings are used to construct a proxy for the non-quantifiable information that moves debt market values. Re...
Gespeichert in:
1. Verfasser: | |
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
1991
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Schriftenreihe: | IMF Working Papers
Working Paper No. 91/20 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | This note examines the impact of measurable and unmeasurable (not correlated with observed aggregates) information on secondary market LDC loan prices. The Institutional Investor country risk ratings are used to construct a proxy for the non-quantifiable information that moves debt market values. Regression results indicate that market participants use both macroeconomic aggregates and unmeasurable information to price LDC loans. This implies that price changes unrelated to observables need not raise concerns regarding price reliability, and, in fact, such price movements may well be conveying important information not quantified elsewhere |
Beschreibung: | 1 Online-Ressource (18 p) |
ISBN: | 145184378X 9781451843781 |
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spelling | Stone, Mark R. Verfasser aut On the Information Content of Ldc Secondary Loan Market Prices Stone, Mark R Washington, D.C International Monetary Fund 1991 1 Online-Ressource (18 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 91/20 This note examines the impact of measurable and unmeasurable (not correlated with observed aggregates) information on secondary market LDC loan prices. The Institutional Investor country risk ratings are used to construct a proxy for the non-quantifiable information that moves debt market values. Regression results indicate that market participants use both macroeconomic aggregates and unmeasurable information to price LDC loans. This implies that price changes unrelated to observables need not raise concerns regarding price reliability, and, in fact, such price movements may well be conveying important information not quantified elsewhere Online-Ausg http://elibrary.imf.org/view/IMF001/05033-9781451843781/05033-9781451843781/05033-9781451843781.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Stone, Mark R. On the Information Content of Ldc Secondary Loan Market Prices |
title | On the Information Content of Ldc Secondary Loan Market Prices |
title_auth | On the Information Content of Ldc Secondary Loan Market Prices |
title_exact_search | On the Information Content of Ldc Secondary Loan Market Prices |
title_exact_search_txtP | On the Information Content of Ldc Secondary Loan Market Prices |
title_full | On the Information Content of Ldc Secondary Loan Market Prices Stone, Mark R |
title_fullStr | On the Information Content of Ldc Secondary Loan Market Prices Stone, Mark R |
title_full_unstemmed | On the Information Content of Ldc Secondary Loan Market Prices Stone, Mark R |
title_short | On the Information Content of Ldc Secondary Loan Market Prices |
title_sort | on the information content of ldc secondary loan market prices |
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