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51104576__Midterm_Flashcards___Cram_com__agency_theory | collateralized debt [agency theory] | secured debt | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | investment bank allocates hot, underpriced IPO stock to executives in exchange for future business [agency theory] | spinning | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | bank owned by gvt., usually in developing and transition countries [agency theory] | state-owned banks | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | debt which is not collateralized (ie credit card debt) [agency theory] | unsecured debt | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | pool resources of partners and use funds to invest in young entrepreneurial ventures [agency theory] | venture capital firm | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | occurs when anincrease in asymmetric information from a disruption in the financial system prevents the financial system from channeling funds efficiently from savers to households and firms with productive investment opportunities [agency theory] | financial crisis | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | the elimination of restriction on financial markets and institutions, or the introduction of new types of loans or other financial products [agency theory] | financial liberalization | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | lending spree, dark side of financial liberalization lenders may no have expertise or incentives to manage risk appropriately in new lines of business [agency theory] | credit boom | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | reducing dependence on debt [agency theory] | deleveraging | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | rise of assets about their fundamental economic values by investor psychology (ex tech stocks late 90s) [agency theory] | asset-price bubble | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | multiple banks unable to pay off depositors and other creditors due to deteriorating balance sheets exacerbated by depositor panic (bank run) [agency theory] | bank panic | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | a substantial unanticipated decline in the price level sets in, leading to further deterioration in firms' net worth because of the increased burden of indebtedness [agency theory] | debt deflation | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | AKA risk premiums, return on securities [agency theory] | credit speads | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | combination of various debt agreements into securities [agency theory] | securitization | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | mortgage to borrower with crap credit [agency theory] | subprime mortgages | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | combining high risk mortgages into standardized debt security [agency theory] | mortgage backed securities | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | development of new, sophisticated financial instruments products [agency theory] | financial engineering | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | derived from cash flows of underlying assets, tailored to particular risk characteristics of different investors [agency theory] | structured credit products | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | paid out cash flows from subprime mortgage backed securities into tranches (higher tranches, higher in pecking order in case of default) [agency theory] | collateralized debt obligations | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | i.r.t. mortgage brokers originated subprime loans with intent to distribute (principle agent problem) [agency theory] | originate-to-distribute | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | insurance against default of MBS [agency theory] | credit default swaps | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | hedge funds, investment banks, other nondepository financial firms [agency theory] | shadow banking system | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | short term borrowing which in effect uses assets like MBSs as collateral [agency theory] | repurchase agreement (repo) | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | differential between value of collateral and value of loan (collateral > loan when collateral is shitty, like an MBS) [agency theory] | haircuts | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | economies in the early stage of market development that have recently opened up to the flow of goods, services and capital from the rest of the world [agency theory] | emerging market economies | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | elimination of restrictions on financial institutions and markets domestically and opening up economies to flows of capital and financial firms from other nations [agency theory] | financial globalization | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | speculators engage in massive sales of currency [agency theory] | speculative attack | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | wealth, expected return, risk, liquidity [agency theory] | asset components | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | emphasizes stocks of assets rather than flows, preferred by economists [agency theory] | asset market approach | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | when expected inflation rises, interest rates will rise [agency theory] | Fisher effect | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | most transactions very large, in excess of 1 million prevent individual investors from directly participating [agency theory] | wholesale markets | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | many different buyers and sellers [agency theory] | deep market | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | securities can be bought and sold quickly with low transaction costs [agency theory] | liquid market | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | treasury announces how many and what kind of T bills are for sale, accepts lowest yields first [agency theory] | competitive bidding | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | statement of how many securities wanted, no price, all accepted [agency theory] | noncompetitive bidding | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | treasury information is all on a central computer, no actual bills issued [agency theory] | book entry | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | maturity date is specified [agency theory] | term security | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | can be withdrawn at any time [agency theory] | demand deposit | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | whoever owns instrument at time of maturity receives cash flow, can be bought and sold [agency theory] | bearer instrument | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | issuer bypasses dealer and sells directly to end investor (saves commission) used for commercial paper [agency theory] | direct placement | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | short term securities (>half 1-4 days) backed by assets backed by CDOs 2004-7 [agency theory] | asset backed commercial paper | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | London Interbank Bid Rate. Rate paid by banks for funds internationally [agency theory] | LIBID | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | London Interbank Overnight Rate. Rate offered for funds for sale internationally [agency theory] | LIBOR | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | Separate trading of registered interest and principal securities, to be stripped makes every payment a zero coupon security [agency theory] | STRIPS | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | municipal bonds backed by full faith and credit of issuer (nothing specific) [agency theory] | general obligation bonds | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | municipal bonds backed by cash flow of a revenue generating project [agency theory] | revenue bonds | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | contract that states the lender's rights and privileges and the borrower's obligations [agency theory] | bond indenture | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | replaced bearer bonds, must be registered with company (reports to IRS) [agency theory] | registered bonds | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | allow issuer to force bond holder to sell bond back (at higher price) [agency theory] | call provision | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | requirement in bond indenture that firm pay off a portion of the bond issue each year [agency theory] | sinking fund | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | ensures that lender with be paid principal and interest in case of default (used by smaller firms) [agency theory] | financial guarantee | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
51104576__Midterm_Flashcards___Cram_com__agency_theory | provides insurance against default in the principle, became deregulated in 2000 [agency theory] | Credit Default Swap | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | agency theory | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] audits | independent accounting firm certifies that the firm is adhering to standard accounting principles and disclosing accurate information about sales, assets and earnings | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] collateral | reduces consequences of adverse selection by reducing lender's losses in event of a default | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] conflicts of interest | type of moral hazard problem that arises when a person or institution that has multiple objectives (interests) and as a result has conflicts between those objectives | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] costly state verification | process to monitor firm's activities is expensive, makes equity contract less desirable | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] creditors | holders of debt | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] economies of scope | (in context of banks) lower the cost of information production for different services by applying one information to different applications (e.g. evaluating loan risk, using info to help do IPO) | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] equity capital | AKA net worth, assets minus liabilities | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] free-rider problem | occurs when people who do not pay for information take advantage of information that others have paid for | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] incentive compatible | aligns incentives of borrower with those of lender | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] IPO | shares of newly issued stock issued to raise equity capital | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] pecking order hypothesis | large firm more likely to issue securities rather than equity | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] principal-agent problem | occurs when managers own small part of equity. Principal (shareholders) have different interests than agent (managers), who may act in their own interest | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] restrictive covenants | provisions of loan documents restricting certain activities by the borrower | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] secured debt | collateralized debt | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] spinning | investment bank allocates hot, underpriced IPO stock to executives in exchange for future business | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] state-owned banks | bank owned by gvt., usually in developing and transition countries | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] unsecured debt | debt which is not collateralized (ie credit card debt) | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] venture capital firm | pool resources of partners and use funds to invest in young entrepreneurial ventures | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] financial crisis | occurs when anincrease in asymmetric information from a disruption in the financial system prevents the financial system from channeling funds efficiently from savers to households and firms with productive investment opportunities | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] financial liberalization | the elimination of restriction on financial markets and institutions, or the introduction of new types of loans or other financial products | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] credit boom | lending spree, dark side of financial liberalization lenders may no have expertise or incentives to manage risk appropriately in new lines of business | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] deleveraging | reducing dependence on debt | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] asset-price bubble | rise of assets about their fundamental economic values by investor psychology (ex tech stocks late 90s) | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] bank panic | multiple banks unable to pay off depositors and other creditors due to deteriorating balance sheets exacerbated by depositor panic (bank run) | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] debt deflation | a substantial unanticipated decline in the price level sets in, leading to further deterioration in firms' net worth because of the increased burden of indebtedness | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] credit speads | AKA risk premiums, return on securities | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] securitization | combination of various debt agreements into securities | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] subprime mortgages | mortgage to borrower with crap credit | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] mortgage backed securities | combining high risk mortgages into standardized debt security | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] financial engineering | development of new, sophisticated financial instruments products | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] structured credit products | derived from cash flows of underlying assets, tailored to particular risk characteristics of different investors | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] collateralized debt obligations | paid out cash flows from subprime mortgage backed securities into tranches (higher tranches, higher in pecking order in case of default) | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] originate-to-distribute | i.r.t. mortgage brokers originated subprime loans with intent to distribute (principle agent problem) | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] credit default swaps | insurance against default of MBS | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] shadow banking system | hedge funds, investment banks, other nondepository financial firms | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] repurchase agreement (repo) | short term borrowing which in effect uses assets like MBSs as collateral | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] haircuts | differential between value of collateral and value of loan (collateral > loan when collateral is shitty, like an MBS) | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] emerging market economies | economies in the early stage of market development that have recently opened up to the flow of goods, services and capital from the rest of the world | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] financial globalization | elimination of restrictions on financial institutions and markets domestically and opening up economies to flows of capital and financial firms from other nations | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] speculative attack | speculators engage in massive sales of currency | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] asset components | wealth, expected return, risk, liquidity | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] asset market approach | emphasizes stocks of assets rather than flows, preferred by economists | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] Fisher effect | when expected inflation rises, interest rates will rise | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] wholesale markets | most transactions very large, in excess of 1 million prevent individual investors from directly participating | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] deep market | many different buyers and sellers | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] liquid market | securities can be bought and sold quickly with low transaction costs | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] competitive bidding | treasury announces how many and what kind of T bills are for sale, accepts lowest yields first | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
1db86f1f__Midterm_Flashcards___Cram_com__blems_affect_economic_behavior | [agency theory] noncompetitive bidding | statement of how many securities wanted, no price, all accepted | [] | FINE 442 Capital Markets - Midterm Flashcards - Cram.com | analysis of how asymmetric information problems affect economic behavior | http://www.cram.com/flashcards/fine-442-capital-markets-midterm-1948188 | 20/1438042989234.2_20150728002309-00212-ip-10-236-191-2_379158892_0.json |
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