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A repurchase agreement (repo) is a source of cash and collateral. We document that the money market is more segmented when the collateral motive prevails. Two crucial aspects of the central bank framework lead to this disconnect: banks' access to the central bank's deposit facility and assets' eligibility for quantitative easing (QE). We show that repo rates lent by banks with access to the deposit facility and secured by QE eligible assets are more collateral-driven and disconnected from funding-based money market rates. Our results are relevant for different monetary policies and have suggestive implications for the monetary policy pass-through. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

In this study, we suggest policy implications for managing the risk of bankruptcy in housing presale projects in Korea. In conclusion, we find that the competing risk Cox proportional hazard model (PHM) is the best model for explaining the bankruptcy factors of projects and the banks that lend construction funds and policy authorities need to manage presale projects by considering bankruptcy factors (the initial presale rate, regional factor, the credit rating of the developers, the housing common factor). This study differs from previous studies in that it uses the competing risk Cox proportional hazard model and single-index model methodologies for empirical analysis, distinguishes the causes of business failure as default and the default of repurchase agreement options that are similar to actual defaults, and suggests policy implications based on the analysis. [ABSTRACT FROM AUTHOR]

Scholarship on sovereign debt emphasizes the importance of central banks in backstopping markets, but less attention has been devoted to the interactions of debt management offices with private finance. To fill this gap, this article examines the market-based operations of debt management offices alongside those of central banks. Debt management has played a crucial role in constructing and nurturing liquidity conditions in primary and secondary markets for sovereign debt through the contracting of primary dealers as monetary and fiscal policy partners, the embrace of repo markets, and later, through the creation of special liquidity facilities. Co-working in the collateral factory of the modern financial system creates new forms of entanglements that we term the 'collateral triangle', linking together central banking, debt management, and primary dealer operations in a shared convergence on repo finance as integral to public sector governability and private sector business models. Debt management and central banking jointly created and now maintain the infrastructures of this 'collateral triangle', not least because the inherent stability risks of repo markets threaten market-based monetary policy and market-based debt management. Routine de-risking by both actors is a core feature of the collateral system. [ABSTRACT FROM AUTHOR]

The local traditions, including arts and crafts, are considered as the important things by which the tourism industry can be attracted by a particular country. The souvenirs are the best tool to tell friends or family about your concern towards them during traveling. Chinese ceramics are considered classic souvenirs to purchase while traveling because the ceramic products have been utilized by the residents for many years. Chinese people have a very significant and firm attachment to their native products they call them souvenirs. The purchase of souvenirs is an integral part of a country's tourism sector. Therefore, this conceptual paper explores the role of souvenir image, and place identity in boosting the re-purchase intentions of Chinese tourism industry employees for souvenir products. The researcher has reviewed the existing literature to propose a framework to investigate the determinants of the re-purchase intentions for souvenir products. Thus, the study contributed to the existing body of literature on the determinants of repurchase intentions. The proposed research framework has made a significant addition to the literature. [ABSTRACT FROM AUTHOR]

This paper focuses on the regulation effect of money market interest rates from monetary policy tools. By employing Time-Varying Parameter Stochastic Volatility Vector Autoregressive model, we comparatively analyze the effects of the Standing Lending Facility (SLF) and the 7-Day Reverse Repurchase Agreements in the Open Market (RR7D) on the 7-Day Repo Rate of Deposit-taking Financial Institutions (DR007). It is found that SLF can marginally improve DR007 in the short term but can effectively lower it in the medium to long term by acting as the ceiling of the interest rate corridor. RR7D can improve DR007 with a stronger impact, compared to the SLF. The effectiveness of these monetary policy tools remains relatively stable under different socio-economic backgrounds, achieving the intended objectives of the central bank. Finally, the study proposes suggestions, close integration of the interest rate corridor and open market operations in monetary policy regulation, and encourages the use of SLFs to support the high-quality development of the national economy. [ABSTRACT FROM AUTHOR]

Anyone involved in processing corporate events and triparty collateral management needs automation and efficiency. A general transition to ISO 20022, the latest messaging standard available, will support further automation across Europe. Its rigorous structure and richer content — compared with the legacy standard ISO 15022 — enables efficient use of collateral across European financial markets and a harmonised process for asset servicing. The Eurosystem and the financial community have developed a Single Collateral Management Rulebook for Europe (SCoRE) setting out how to use ISO 20022. The adoption of this rulebook starts in November 2024 and use of the ISO 20022 format will then become increasingly common. The main issue is how long the legacy standard and local formats should run alongside ISO 20022. Market actors have not yet agreed on how long the transition should last because of a collective coordination problem. The result is a situation where everyone is worse off. To overcome this, a market-wide migration strategy is needed based on cooperation and incentives to define the point from which only ISO 20022 will be used. The Eurosystem is acting as catalyst for a common migration strategy to ISO 20022 because of the benefits it will bring to society. [ABSTRACT FROM AUTHOR]

Résumé: Les douleurs anorectales fonctionnelles rentrent dans le cadre plus large des douleurs pelvi-périnéales chroniques. Elles sont caractérisées par un examen clinique normal et une imagerie aspécifique. La manométrie anorectale bien que peu prescrite apporte de nombreuses informations sur les mécanismes de ces douleurs. Les principales anomalies trouvées sont représentées par une hypertonie anale de repos, des ondes ultra-lentes ainsi qu'une dyssynergie anorectale. D'autres anomalies sont parfois trouvées mais peu étudiées : troubles de la sensibilité, modification des réflexes, anomalies portant sur le muscle puborectal et/ou troubles de la statique pelvienne. L'intérêt de la manométrie anorectale dans les douleurs anorectales est donc majeur autant sur le plan physiopathologique que sur le plan thérapeutique. Une meilleure diffusion de cet examen ainsi que des études sur de plus larges effectifs participerait à l'amélioration globale des pratiques. Functional anorectal pain belongs to the broader framework of chronic pelvi-perineal pain Such pain is characterized by a normal clinical examination with non-specific imaging. Anorectal manometry is not prescribed as much as it should although it could add numerous and useful data. Main anomalies described are increased anal basal pressure, ultra-slow waves and anorectal dyssynergia. Others anomalies are sometimes described: rectal sensitivity disorders, abnormal reflex, dysfunction of the puborectalis muscle and/or pelvic floor disorders. Anorectal manometry contributions in anorectal pain are thus important both on the physiopathological and therapeutical sides. Only a better diffusion of this exam and studies with more patients will allow good quality studies and improvement in our practice. [ABSTRACT FROM AUTHOR]

We propose an agent-based computational model for a financial system consisting of a network of banks with interconnected balance sheets comprising fixed assets (e.g. loans to agents outside the network), liquid assets (e.g. cash or central bank reserves), general collateral (e.g. government debt), unsecured interbank loans and reverse-repos to other banks as assets, as well as deposits, unsecured interbank loans and repos from other banks as liabilities. Importantly, we allow banks to use reverse-repo assets as collateral for obtaining repo loans from other banks, that is to say, rehypothecation. Banks need to satisfy liquidity, collateral, and solvency constraints. If the first two constraints are violated because of internal or external shocks, solvent banks attempt to restore them by rebalancing their assets, which might lead to the propagation of the shock because of fire-sale effects (if fixed assets are sold) or liquidity hoarding (if secured or unsecured loans are recalled). Insolvent banks, as well as banks that failed to restore the liquidity and collateral constraints after rebalancing, are removed from the network using a resolution algorithm that includes a netting step (i.e. removal of closed cycles of liabilities) and a novation step (i.e. redistribution of repo assets and liabilities to remaining banks). We show analytically that this proposed resolution algorithm has several desirable properties, most importantly the order-independence of the novation step, and we investigate the stability properties of the network through a series of numerical experiments. [ABSTRACT FROM AUTHOR]

Copyright of Environmental & Social Management Journal / Revista de Gestão Social e Ambiental is the property of Environmental & Social Management Journal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Turkish Studies - Economics, Finance, Politics is the property of Electronic Turkish Studies and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article delves into the challenges and risks encountered within the U.S. Treasury market, with a specific emphasis on liquidity concerns and the implications of regulatory measures, notably central clearing mandates. It scrutinizes recent events, such as the liquidity trap triggered by the COVID-19 crisis in March 2020, and analyzes the role of margin calls and collateralization mechanisms in exacerbating market volatility.

This paper models an unexplored source of liquidity risk large broker-dealers face: a withdrawal of collateral providers. By setting different contracting terms on repurchase agreements with cash borrowers and lenders, dealers can source funds for their own activities. Cash borrowers internalize the risk of losing their collateral in case their dealer defaults, prompting them to withdraw it. This incentive creates strategic complementarities among collateral providers, reducing a dealer's liquidity position and compromising their solvency. Collateral runs are triggered by a contraction in dealers' assets making them markedly different than traditional wholesale funding runs. Mitigating these risks involves different policy recommendations. [ABSTRACT FROM AUTHOR]

This paper shows that collateralized short-term debt, although privately optimal for reducing borrowers' risk-taking incentives, can induce fragility (multiple equilibria). Despite sequential-service property being absent in collateralized debt, such as repurchase agreements, a systemic run can arise, featuring large increases in default risks, fire-sale discounts of collateral, cost of credit, and amount of credit rationing. Asset price guarantees, leverage caps, and central clearing promote stability and welfare. Using global games techniques, I show that a systemic run is more likely in bad times, and a large enough asset price guarantee reduces run risks. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Pension funds have often failed to meet expectations in terms of providing 'patient capital'. Explanations for this lapse have ranged over regulatory and ideational factors. We argue that a new 'impatient' phenomenon is emerging that requires further explanation: pension funds are becoming more mindful of their liquidity and collateral management, and engage in pro-cyclical investment behaviour. We show how UK pension funds have adapted their investment strategies, investing significantly in collective funds, including in foreign and in 'alternative assets', and setting aside protection assets as collateral for their derivatives and repo transactions. This behaviour has increased pension funds' exposure to and participation in liquidity spirals, forcing them to dispose of assets during crises and contributing to the overall pro-cyclicality of the contemporary market-based financial system. This was most recently highlighted by the instability of UK government bond markets in September 2022. Drawing from Minsky and the emerging literature on Critical Macro-Finance, we argue that this new pension fund behaviour is in response to structural changes in the financial markets in which they operate. [ABSTRACT FROM AUTHOR]

Awareness among consumers in determining purchase intention (PI) and repurchase intention (RI) for energy drinks plays an important role. However, it has been overlooked in previous studies. In order to bridge this knowledge gap, we investigate the role of awareness of the potential negative effects of energy drinks (PAEEDs) as a moderating variable in the relationship of promotional activities with PI and RI among different young people. The data were collected from 415 students from Yemeni universities and analyzed using structural equations modeling via SmartPLS software. The results revealed that promotional activities affect PI among students with low awareness of the PAEEDs more than students with high awareness. In contrast, promotional activities affect RI among students with high or low awareness of the PAEEDs. This study provides additional evidence about the effects of energy drinks (EDs) promotional activities on PI and RI among young people in light of the awareness of these products and, thus, the urgent need for regulation and restrictions on youth consumption of EDs. Implications for theory and practice are discussed. Plain Language Summary: Purpose: Awareness among consumers in determining purchase intention (PI) and repurchase intention (RI) for energy drinks plays an important role. However, it has been overlooked in previous studies. In order to bridge this knowledge gap, we investigate the role of awareness of the potential negative effects of energy drinks (PAEEDs) as a moderating variable in the relationship of promotional activities with PI and RI among different young people. Methods: The data were collected from 415 students from Yemeni universities and analyzed using structural equations modeling via SmartPLS software. Conclusions: The results revealed that promotional activities affect PI among students with low awareness of the PAEEDs more than students with high awareness. In contrast, promotional activities affect RI among students with high or low awareness of the PAEEDs. Implications and limitations: This study provides additional evidence about the effects of energy drinks (EDs) promotional activities on PI and RI among young people in light of the awareness of these products and, thus, the urgent need for regulation and restrictions on youth consumption of EDs. Implications for theory and practice are discussed. [ABSTRACT FROM AUTHOR]

This comprehensive study delves into the fascinating realm of social presence (SP) and its pivotal role in shaping consumer behavior within the TikTok Shop ecosystem. The investigation meticulously dissects three pivotal facets of SP's influence: SP emanating from the platform itself, SP stemming from the perceptions of other users, and the dynamic SP experienced through interactions on TikTok LIVE. Furthermore, the study meticulously scrutinizes the extent to which various features within the domain of social commerce act as moderators, shaping the influence of each SP factor. To meticulously probe these aspects, the research employs advanced structural equation modeling techniques, illuminating the intricate relationships at play. A substantial dataset of 200 survey responses was thoughtfully collected through an online survey. The compelling findings unveil that not one, but two distinct social presence characteristics wield a significant impact on consumer trust. Notably, even after the meticulous control of social commerce features, one pivotal component of SP emerges as a trust-building catalyst. Consequently, this engenders a heightened likelihood of repeat purchases among consumers navigating the TikTok Shop landscape. This study, by meticulously dissecting the multifaceted interplay of SP and social commerce features, provides valuable insights into enhancing consumer trust and fostering repeat engagement within TikTok Shop, thereby offering actionable guidance for businesses operating in this burgeoning social commerce sphere. [ABSTRACT FROM AUTHOR]

In the current LIBOR transition to overnight–rate benchmarks, it is important to understand theoretically and empirically what distinguishes actual term rates from overnight benchmarks or 'synthetic' term rates based on such benchmarks. The well–known 'multi–curve' phenomenon of tenor basis spreads between term structures associated with different payment frequencies provides key information on this distinction. This information can be extracted using a modelling framework based on the concept of 'roll–over risk', i.e., the risk a borrower faces of not being able to refinance a loan at (or at a known spread to) a market benchmark rate. Separating the roll–over risk priced by tenor basis spreads into a credit–downgrade and a funding–liquidity component, the theoretical modelling and the empirical evidence show that proper term rates based on the new benchmarks remain elusive and that a multi–curve environment will persist even for rates secured by repurchase agreements. [ABSTRACT FROM AUTHOR]

Purpose -- The main objective of this study is to evaluate the behavioral models of TAM (Technology Acceptance Model) and SDL (Service Dominant Logic). Its specific focus is to investigate how ease of use, servitization, and security impact repurchase intention in e-commerce. Additionally, this study aims to examine the mediating role of customer satisfaction. Method -- This study utilized quantitative method which involved an online survey with 125 student participants. The sampling technique involved non-probability and purposive sampling. The validity and reliability of the outer model were assessed through SmartPLS analysis, while the smartPLS inner model was used to test hypotheses. Result -- Our findings indicate that there is a direct impact of ease of use, servitization, and security on repurchase intentions in e-commerce. Additionally, we observed that perceived customer satisfaction serves as a mediator in the behavioral model of e-commerce repurchase intention. Contribution -- This study provides empirical evidence on how ease of use, servitization, and security impact customer repurchase intentions in e-commerce, with customer satisfaction serving as the mediator and TAM and SDL behavioral models as the primary frameworks for analysis. [ABSTRACT FROM AUTHOR]

We document the central role of collateral in the pricing of tri-party repos. Markets are competitive for repos with safe collateral but are severely segmented for repos with risky collateral, such as equities and low-grade corporate bonds. Fund families are the sole contributors to the segmentation, and collateral concentration is the main determinant in the substantial variation in repo pricing, both across and within segments. The segmented structure points to Fidelity as a systemically important player and the markets potential fragility. Facing market segmentation, dealers optimize financing costs by allocating their collateral across fund families. [ABSTRACT FROM AUTHOR]

Though short sellers on average succeed at identifying overvalued equity, firms often signal disagreement with short sellers by repurchasing stock when short interest increases. We investigate whether this disagreement reflects a myopic defense of inflated prices, or positive private information. These repurchases appear motivated by managers' private information, not agency issues, even when managerial benefits to short-termism are enhanced or monitoring is weaker. Managers' informational advantage relates to subsequent news, earnings, and risk, but is attenuated if activists target management or insiders sell. A trading strategy based on our findings earns 7.5% annually. [ABSTRACT FROM AUTHOR]

Copyright of Environmental & Social Management Journal / Revista de Gestão Social e Ambiental is the property of Environmental & Social Management Journal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Romanian Review of Private Law / Revista Română de Drept Privat is the property of Universul Juridic Publishing House and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper describes the part played by repo trading, collateral management and liability driven investment (LDI) strategies (each of which was designed to improve the management of risk) in amplifying the crash in gilt prices following the 23rd September, 2022 UK mini-budget. This was a crisis that ultimately led to the resignations of the British Prime Minister and Chancellor of Exchequer as well as the announcement by the Bank of England of a willingness to spend up to £65bn intervening in the gilt market.1 It argues that neither the government nor the LDI funds were solely responsible for the crash and that the fragilities in the UK financial system had gradually built up over a number of decades. It also looks at the lessons that could potentially be learned by financial institutions using repo trading or collateral management as well as the potential lessons for policy makers in government and regulatory bodies. [ABSTRACT FROM AUTHOR]

We investigate whether the regulatory improvements made in the aftermath of the global financial crisis have been effective in limiting bank downward window dressing by means of repos in the United States. We find that a strict application of the Basel III regulation wipes out incentives to engage in window dressing to bolster the level of leverage Tier 1 ratio at quarter‐end. We also show that the persistency of window dressing is related to the computation of the Federal Deposit Insurance Corporation assessment base, which motivates banks to engage in window dressing to reduce the deposit insurance premium. [ABSTRACT FROM AUTHOR]

Transmart needs the right strategy to increase consumer desire to make repeat purchases at Transmart MX Mall Malang during the post-pandemic recovery period. Repurchase intention can be formed from a positive brand image and customer satisfaction. Consumer perception of price or price image positively influences repurchase intention. This research was built using Consumer Behaviour Theory. This study aimed to test and analyze store price and brand image's influence on repeat purchase intention mediated by consumer satisfaction at Transmart MX Mall Malang. This research uses Transmart MX Mall Malang as the research object. The results of this study indicate that there is an influence between store price image and consumer satisfaction. This study also shows an influence between store price image and repurchase intention. In addition, this study shows an influence between brand image and consumer satisfaction. There is an influence between brand image and repurchase intention. This study's results indicate an influence between store price image and repurchase intention through consumer satisfaction. Finally, this study's results indicate an influence between brand image and repurchase intention through consumer satisfaction. [ABSTRACT FROM AUTHOR]

Copyright of Transformations in Business & Economics is the property of Vilnius University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Gaston Bachelard (1884--1962), a French anthropologist of the imagination, seems to be somewhat forgotten and significantly underresearched in Polish literary studies, even though his major works on poetic imagination -- La Psychanalyse du feu (1938), L'Eau et les rêves (1942), L'Air et les songes (1943), La Terre et les rêveries de la volonté (1947), La Terre et les rêveries du repos (1948), La Poétique de l'espace (1957), La Poétique de la rêverie (1960), and La Flamme d'une chandelle (1961) -- have exerted a major impact on the perception of the literary text. Not only did Bachelard propose a new poetics (the poetics of the elements), but he also redefined the category of the author and introduced the following concepts to the humanities: the Dreaming Cogito (or the Dreamer's Cogito), which describes a creative subjectivity, and dreamy consciousness (Fr. conscience rêveuse), or, in other words, poetic imagination. Bachelard's poetics of the elements is founded upon his notion of symbols-images, which include principal images (Fr. imago princeps), imaginative compounds that organize the Dreamer's Cogito. The article discusses the theoretical concepts that Bachelard explains in his monograph on the Earth element, entitled La Terre et les rêveries de la volonté. Essais sur les imagination de la matière (Corti, Paris 1947). Karwowska focuses on the reinterpretation of the mythical figure of Atlas. It is examined in the context of the imaginary relationship between anthropos and kosmos, which serves as the thematic core of Bachelard's anthropology. Following Bachelard, Karwowska interprets the mythical Atlas as an archetypal image that can be expressed on the level of langage. What serves as its main feature is redundancy which remains open to various interpretative contexts. Bachelard's work on myth in literary studies was most fully developed by myth-criticism. Scholars who research this field, similarly to Bachelard, investigate the human mundus imaginalis. They look for semantic basins (imaginary chreods), formed around a common meaning, the dominant myth. The article attempts to reconstruct the images generated by the Dreamer's Cogito, which are the imagination's response to the human encounter with material nature. It examines the mythical figure of Atlas against the wide spectrum of Bachelard's figures of the imagination (the Antaeus complex, the Pluto-Proserpine complex, the mythical figure of Vulcan, the muscular anthropos, crystal imagination). Bachelard thoroughly investigates how humans use their imagination to colonize nature, studies the mechanisms of imagination that function on the level of the relationship between anthropos and kosmos, and finds universal anthropological antagonistic strategies of fight and domination in the human relationship with matter. [ABSTRACT FROM AUTHOR]

We study secured lending contracts using a proprietary, loan‐level database of bilateral repurchase agreements containing groups of simultaneous loans backed by multiple tranches within a securitization. We show that lower‐quality loans (i.e., loans backed by lower‐rated collateral) have higher margins and spreads. We calibrate a model using collateral asset prices and find that lower‐quality loans are riskier despite the higher margins, yet cheaper for the borrower. This finding is consistent with a combination of lender optimism and reaching for yield. We also show that lower‐quality loans have longer maturity, consistent with models of rollover concerns with asymmetric information. [ABSTRACT FROM AUTHOR]

نظام التقاعد الفردي في تركيا (BES) نظام اختياري تقوم من خلاله محافظ استثمارية مختصة باستثمار جزء من أموال الأشخاص الذين يرغبون في ادخار جزء معين من أموالهم بشكل منتظم ليحصلوا عليه بعد وصولهم سنا معينا منمًى مع منحة من الحكومة، وتقوم شركات المحافظ الاستثمارية باستثمار هذه الأموال في صناديق استثمارية ذات مجالات استثمارية مختلفة، فيختار المدخر الصندوق الذي يناسبه، وابتداء من سنة 2008 بدأت المؤسسات المالية التشاركية في تركيا بتوجيه زبائنها للاستثمار في صناديق الاستثمار التقاعدية التشاركية التابعة لشركات تقليدية، واستمر هذا الحال إلى منتصف عام 2012 حيث ظهرت أول شركة للتقاعد الفردي التشاركي في تركيا قبل أن تتبعها شركة أخرى سنة 2013، وقد تناول هذا البحث نظام التقاعد الفردي التشاركي في تركيا في ثلاثة مباحث، المبحث الأول: تم فيه الحديث عن نظام التقاعد الفردي في تركيا من خلال إعطاء لمحة عن تاريخه وأنواع ومصاريف الاشتراك به، ومن خلال بيان أوجه الاختلاف بينه وبين نظام التقاعد الاجتماعي، ومن ثم التطرق لمزايا وسلبيات هذا النظام، أما المبحث الثاني فهو يتناول نظام التقاعد الفردي التشاركي في تركيا من خلال دراسة شركات هذا النظام والصناديق الاستثمارية التابعة لها، حيث ظهرت أول شركة عام 2012 ثم ظهرت شركة ثانية سنة 2013، وعلى الرغم من مرور أكثر سبع سنوات إلا أنه لم تنشأ شركة ثالثة للتقاعد الفردي التشاركي، وذلك من أصل خمس عشرة شركة للتقاعد الفردي في تركيا، أما الصناديق الاستثمارية التابعة لها فقد بلغ عددها 53 صندوقا من أصل 266 صندوقا استثماريا للتقاعد الفردي في تركيا ككل، أما الدراسة الفقهية لنظام التقاعد الفردي التشاركي في تركيا فهي مدار المبحث الثالث، حيث تم فيه ذكر التكييف الفقهي للعلاقة بين أطراف النظام من شركات ومشتركين ووسطاء والحكومة، حيث تبين أن الوكالة بأجر هي التكييف الفقهي الأمثل للعلاقة بين شركات التقاعد الفردي والمشتركين لديها، كذا الأمر في تكييف العلاقة بين شركة التقاعد الفردي والمؤسسة الوسيطة وفي تكييف العلاقة بين شركة التقاعد الفردي وبين الحكومة، أما العلاقة بين المشتركين أنفسهم فتكيف على أنها شراكة بالربح والخسارة، فيما تعتبر العلاقة بين الحكومة والمشتركين وعد بالهبة من قبل الحكومة للمشتركين، ثم تم التطرق إلى حكم مجالات استثمار أموال شركات التقاعد الفردي التشاركي، حيث تستثمر هذه الأموال إما في أسهم الشركات المستوفية للشروط والضوابط التي وضعتها اللجنة الشرعية لاتحاد البنوك التشاركية التركية (TKBB)، أو في الصكوك الحكومية والخاصة التي تعتبر بديلا شرعيا عن السندات الربوية مع وجود بعض الإشكالات الشرعية في آلية إصدارها وتداولها، أو في الذهب وأدوات سوق النقد المتداولة به التي من أشهرها الصكوك المتداولة بالذهب، أو في الصكوك وأسهم الشركات المتداولة بالعملات الأجنبية، أو في سندات المشاركة بالإيراد التي لا يستثمر فيها فعليا على الرغم من نص النظام الداخلي لبعض صناديق الاستثمار التشاركية على إمكانية الاستثمار فيها، كما تم في هذا المبحث التطرق لبعض المسائل الفقهية المتعلقة بهذا النظام كإجراء اتفاقيات إعادة الشراء وعقود الصرف الآجلة (Forward) وعقود مبادلة العملات (Swap) في السوق غير المنظمة (خارج البورصة) وعلى شكل مواعدة غير ملزمة لكلا الطرفين معا، وكآلية الرقابة واللجان الشرعية في شركات هذا النظام، وكحكم الاستثمار في صناديق تقاعد فردية استثمارية تشاركية تابعة لمؤسسات تقليدية وكحكم الانسحاب المبكر من النظام، وكحكم الحصول على راتب تقاعدي عند استحقاق التقاعد من هذا النظام من خلال الاشتراك بتأمين الدخل السنوي.

In this paper, we examine the Federal Reserve’s newest policy tool, known as the overnight reverse repo (ONRRP) facility, to understand its effects on the repo market. Using exogenous variation in the parameters of the ONRRP, we show that private repo activity is crowded out when money funds invest in the ONRRP. Additionally, we find that the ONRRP increases lenders’ bargaining power, thereby raising borrower funding costs. Lastly, we show that repo borrowers reallocate to repo backed by riskier collateral and borrow more from ONRRP-ineligible asset managers, both of which could increase financial vulnerability due to instability in dealer funding. Received April 27, 2017; editorial decision October 19, 2017 by Editor Stijn Van Nieuwerburgh. [ABSTRACT FROM AUTHOR]

The extant literature suggests that one of the main causes of the recent financial crisis was the excessive use of short-term debt by banks. Using a large sample of banks, we find that increases in repurchase agreements (repos) were recognized by external capital markets to increase bank risk in the pre-crisis period. In the crisis, we find a negative relationship between repos and risk. We attribute this result to evidence suggesting that “good” banks were able to continue funding their repos, whereas “bad” banks had to significantly decrease their repo funding. [ABSTRACT FROM PUBLISHER]

The objective of this study is to examine the variables that contribute to customer repurchase intention in Indonesia. The finding can help the developer and founder of a new platform or application to create a more attractive, safe and secure application to give guarantees for online shoppers. This research uses a quantitative approach in which data can be measured on a numerical scale. In addition, the researchers employed a survey method with a 5-point Likert scale to collect primary data from the study's findings. The population of this study is the millennial generation in Jakarta, aged 25 to 40 years old. The current study used a questionnaire with a fivepoint Likert scale as the data gathering method. First part of the questionnaire is about participants' experience with e-marketplace. It consists of 29 items. The results of this study show that there are perceived benefit does not have a significant impact on customer satisfaction. Perceived risk does not have a significant impact on customer satisfaction. Perceived ease of use does not have a significant impact on customer satisfaction. Similarly, perceived usefulness does not have a significant impact on customer satisfaction. In this study, it is found that customer satisfaction has a significant impact on repurchase intention. This result relevant with customer satisfaction in the e-marketplace plays an important role in repurchasing intention. E-marketplaces should continue to develop their services, facilities, and products in order to ensure that customers who have already purchased their items are satisfied and will continue to do so in the future. E-marketplace should further improve services such as giving more choices and options for goods so that customers can find the desired item more easily. [ABSTRACT FROM AUTHOR]

The fate of British finance following the Brexit referendum revolves around the 'resilience or relocation' debate: will the City of London continue to thrive as the world's leading financial centre or will the bulk of its activity move to rival hubs after departure from EU trading arrangements? Despite extensive commentary, there remains no systematic analysis of this question since the Leave vote. This paper addresses that lacuna by evaluating the empirical evidence concerning jobs, investments, and share of key trading markets. Contrary to widely-held expectations, the evidence suggests that the City has been remarkably resilient. Brexit has had no significant impact on jobs and London has consolidated its position as the chief location for financial FDI, FinTech funding, and attracting new firms. Most unexpectedly, the City has increased its dominance in major infrastructure markets such as over-the-counter clearing of (euro-denominated) derivatives and foreign exchange—although it has lost out in the handling of repurchase agreements and share trading. Based upon this evidence, the paper argues that London's resilience is mainly a function of its status as a crucial 'agglomeration peak' of global finance which shelters its unique ecosystem from the typical pressures of capital flight. [ABSTRACT FROM AUTHOR]

The effective transmission of monetary policy depends on the Federal Reserve's ability to regulate liquidity in the financial system. However, monetary policy is not the only institutional framework that affects liquidity. Bankruptcy law's "safe harbors" for repurchase agreements affect liquidity by creating incentives for money market creditors to adjust their leverage in a procyclical fashion. In the last decade, the bankruptcy treatment of repurchase agreements has been the subject of a heated debate among academics and policymakers. This Article seeks to contribute to the debate on the proper scope of safe harbors by departing from the rigid macroeconomic framework that inspired many of the arguments made in that debate to date in favor of a more flexible one, emphasizing the role of the institutional frameworks in liquidity regulation. Specifically, this Article argues that the effective regulation of liquidity requires the coordination of monetary policy and bankruptcy law. Currently, the two are designed independently based on different policy considerations. Against this backdrop, this Article proposes a design of bankruptcy treatment of repurchase agreements incorporating considerations of monetary policy. The design links monetary policy and legal policy in a coherent framework for macro-financial policymaking revolving around liquidity. [ABSTRACT FROM AUTHOR]

Research aims: This study aims to compare the performance of mean-variance and single-index models in creating the optimal portfolio. Design/Methodology/Approach: This study creates optimal portfolios using the mean-variance and single-index models with daily stock return data of 38 companies listed on the LQ45 index, IDX Composite index and Bank Indonesia's 7-Day (Reverse) Repo Rate from January 1, 2012 to December 31, 2019. The two models are compared using the Sharpe ratio. Research findings: The result shows that the single-index model dominates the Indonesian Stock Exchange (IDX), more so than the mean-variance model. BBCA has the highest proportion for both mean-variance and single-index portfolios. Theoretical contribution/Originality: This study compares two popular portfolio models in the Indonesian stock market. Practitioner/Policy implication: This study helps investors to create optimal portfolios using a model that is more suited to the IDX. Research limitation/Implication: This study creates the optimal portfolio without differentiating risk preferences (i.e., risk averse, risk moderate and risk taker). In addition, this research only uses daily return data and does not compare it with weekly and monthly data. [ABSTRACT FROM AUTHOR]

The article reports that the severe global economic impact of the rapid spread of COVID-19 in early 2020 prompted a quick and broad policy response from fiscal authorities and central banks. This article focuses specifically on the policy actions taken by the Federal Open Market Committee (FOMC) in March 2020 to address pressures in offshore dollar funding markets and U.S. Treasury market dislocation.