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Examining the legal history of the order to pay money initiating a funds transfer, the author tracks basic principles of modern law to those that governed the payment order of Antiquity and the Middle Ages.

While many studies have looked into the determinants of yields on externally issued sovereign bonds of emerging economies, analysis of domestically issued bonds has hitherto been limited, despite their growing relevance. This paper finds that the extent to which fiscal variables affect domestic bond yields in emerging economies depends on the level of global risk aversion. During tranquil times in global markets, fiscal variables do not seem to be a significant determinant of domestic bond yields in emerging economies. However, when market participants are on edge, they pay greater attention to country-specific fiscal fundamentals, revealing greater alertness about default risk.

Legal systems around the world vary widely in terms of how they deal with the transfer of and security interests in receivables. The aim of this book is to help international financiers and lawyers in relevant markets in their practice of international receivables financing. Substantively, this book analyses three types of receivables financing transactions, ie outright transfer, security transfer and security interests. This book covers comprehensive comparison and analysis of the laws on the transfer of and security interests in receivables of fifteen major jurisdictions, encompassing common law jurisdictions, Roman–Germanic jurisdictions and French–Napoleonic jurisdictions, as well as relevant EU Directives. To be more specific, this book compares and analyses the relevant legal systems of the US, Canada, New Zealand, Australia, Korea, Japan, France, Belgium, England, Hong Kong, Singapore, China, Germany, Austria and the Netherlands. Furthermore, in order to analyse those legal systems from the international perspective, this book compares relevant international conventions; it also proposes to establish an international registration system for the transfer of and security interests in receivables.

Motivated by recent policy intervention into payments markets, we develop and estimate a structural model of adoption and use of payment instruments by U.S. consumers. Our structural model differentiates between the adoption and use of payment instruments. We evaluate substitution among payment instruments and welfare implications. Cash is the most significant substitute to debit cards in retail settings, whereas checks are the most significant in bill-pay settings. Furthermore, low income consumers lose proportionally more than high income consumers when debit cards become more expensive, whereas the reverse is true when credit cards do.

Deep insight and candid discussion from one of Wall Street's best investors Common Stocks and Common Sense provides detailed insight into common stock investing, using a case-study approach based on real-world investments. Author Edgar Wachenheim is the 28-year CEO of Greenhaven Associates, boasting an average annual portfolio comparable to Warren Buffet's. In this book, he shares his knowledge and experiences by providing detailed analyses of actual investments made by himself and other investors. The discussion covers the entire investment process, including the softer, human side, with candid insight into the joys and frustrations, intensities and pressures, and risks and uncertainties. The unique emphasis on behavioral economics and real-world cases set this book apart from the herd-but it's Wachenheim himself and his deeply-examined perspective that elevates the book beyond a mere investing guide. Between 1990 and 2014, a typical portfolio managed by Wachenheim enjoyed an average annual return in excess of 18%, achieved using relatively conservative stocks and no financial leverage. As a proponent of evidence and example, his analysis of real cases serve as a valuable education for anyone looking to improve their own investment practices. Understand investment through the lens of a Wall Street leader Dig into the details of real-world common stock investing Learn how to invest creatively and minimize risk Go beyond theory to study strategy on a case-by-case basis Investment principles and strategies are easy to find-entire libraries have been written about theories and methods and what 'should' happen. But this book goes beyond the typical guide to show you how these ideas are applied in the real world-and what actually happened. Investors seeking real insight, real expertise, and a proven track record will find Common Stocks and Common Sense a uniquely useful resource.

Everything on bonds, bond funds, and more!Updated for the new economy Whether you're looking for income, diversification, or protection from stock market volatility, bonds can play an important role in any portfolio.

\"12 A cheque is an instance of a bill of exchange when the bank is the drawee.13 A promissory note is an unconditional, written, signed promise of a party (the maker) to pay a certain amount of money.14 Hence, negotiable instruments could be characterized as an unconditional obligation embedded in the form of a physical document.15 Negotiability is a common central feature of the three types of negotiable instruments. Next, the drawer's contract deals with a scenario when the drawee/acceptor fails to honour the instrument by non-acceptance or non-payment. [...]if the drawee refuses to accept the obligation, the holder's remedy would not be against the drawee, but against the drawer or indorser.18 The indorser's contract, by its nature, resembles the drawer's contract. According to this notice, when the negotiable instrument is dishonoured by non-acceptance or non-payment, the holder must give this notice to the secondary parties as a precondition to the holder's ability to sue them.22 Finally, in the case of foreign instruments, this requires establishing the drawee's/acceptor's instrument's dishonour by a notarial act called \"protest. The very fact of possession provides third parties with an important public indication as to the identity of the property's owner.25 Furthermore, the special status of the holder that receives the instrument for value and in good faith (holder in due course - HDC) clearly follows a related property law doctrine that grants a better status to a person who acquires a property item in good faith and for value.26 Many aspects of the above-outlined central features of negotiable instruments law are highly debatable between common law and civil law jurisdictions.27 Common law systems model their negotiable instruments law on the UK BEA, which has served as a model for several codification projects of negotiable instruments, specifically in such jurisdictions as the United States, Australia, Canada, South Africa and Israel.

This book is a detailed account of the instruments that are used in the corporate bond markets, from conventional \"plain vanilla\" bonds to hybrid instruments and structured products.There is background information on bond pricing and yield, as well as a detailed look at the yield curve.

An accessible guide to the essential elements of debt markets and their analysis Debt Markets and Analysis provides professionals and finance students alike with an exposition on debt that will take them from the basic concepts, strategies, and fundamentals to a more detailed understanding of advanced approaches and models. - Strong visual attributes include consistent elements that function as additional learning aids, such as: Key Points, Definitions, Step-by-Step, Do It Yourself, and Bloomberg functionality - Offers a solid foundation in understanding the complexities and subtleties involved in the evaluation, selection, and management of debt - Provides insights on taking the ideas covered and applying them to real-world investment decisions Engaging and informative, Debt Markets and Analysis provides practical guidance to excelling at this difficult endeavor.

Updated edition of the established classic on investing in bonds In Bonds: The Unbeaten Path to Secure Investment Growth, Second Edition, the fully revised and updated edition of the classic guide to demystifying the bonds market, veteran investor husband and wife team Hildy and Stan Richelson expose the myth of stocks' superior investment returns and propose an all-bond portfolio as a sure-footed strategy that will ensure positive returns. Designed to educate novice and sophisticated investors alike, as well as to serve as a tool for financial advisers, the book explains why and when bonds can be the right choice. Case studies, detailed bond strategies, and a financial planning overview bring home the value of bonds in achieving financial goals. Presenting a broad spectrum of bond-investment options, and describing how to purchase bonds at the best prices, the book shows how to make real money by investing in bonds. The strategies presented here are designed to help the reader determine how to use bonds to take control of their own financial destiny. * New edition includes information on corporate bonds, emerging market bonds, municipal bonds, the new global ratings, and how to protect against municipal defaults * Looks at how bond portfolios protected against market volatility in the 2007-2008 crash and how they can do the same in the future * Includes information on how the bond market has changed * The wealthiest investors and financial advisers use the bond strategies outlined in this book to maximize the return on their portfolios while providing security of principal With more bond options available than ever before, Bonds continues to be a must-have for anyone looking to understand the investment opportunities available to them.