A11 | Jotup

Mutual funds and safe government bonds: do returns matter?

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Jeudi, avril 25, 2024

ACT, Safe Haven, Research Papers in Economics, Flight, Policy, B.3, ICAPM, RT, Journal of International Economics, Krishnamurti, Business, CIP, International, Observation, P25, Safety, A23, Benchmarking, B.2, FX, Paper, TSD, Environment, Journal of Financial Economics, Bogdanov, Federal, Website, United, A14, Total, The Economic Journal, Eurozone, Face, G11, Quarterly Journal of Economics, Interest rate parity, History, WD, Investment, Liquidity premium, Politics, OLS, Statistics, G15, Caballero, PDF, Classification, ECB, Foreign exchange market, AC, P99, Federal funds, Froot, Lethargy, Social science, Interest, JEL, Bias, Journal, Research, Journal of Economic Literature, The Journal of Finance, E.3, Literature, Federal Reserve, Parity, European Central Bank, AA, Annual Review, Growth, Bank of England, FRED, S&P, Injection, Risk, Elasticity, Government, G12, Finance, BIS, S1, JL, E.1, Money, Depreciation, Asset, Treasury, Federal Reserve Economic Data, A11, A10, R2, Section 4, UMP, A4, Boj, Section 3, Accounting, SJ, Fed, Mutual fund, Lustig, University of Lausanne, Section 2, P75, Foreign-exchange reserves of India, Assets under management, A19, GBP, FE, American Economic Review, A22, E.5, A3, A21, Flight-to-liquidity, Aggregate demand, G23, WT, USD, Autocorrelation, CAD, UIP, Currency, XR, Quarterly Journal, Appendix H, Capital, P95, A6, Zhu, University, B.1, P50, CHF, Transmission, Swings, Estate (law), EUR, Bank for International Settlements, JPY, E.4, Central bank, Multicollinearity, Bank, Fixed effects model, Reproduction, CAP, The Atlanta Jewish Times, VIX, Data, Om, Lobster

Key Points:

Deposit market concentration and monetary transmission: evidence from the euro area

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Dimanche, février 4, 2024

Neumark, American Economic Journal, Paper, A18, A21, Money, A4, Financial crisis, International, A5, A1, Exercise, Timothy, A14, Monetary policy, IRF, Interest rate, Economy, Quarterly Journal of Economics, NII, A8, Policy, HICP, MMF, Control, Statistics, Series, ECB, DNB, Index (economics), Finance, Section 3, GDP, History, American Economic Review, De Nederlandsche Bank, Rigidity, XB, Habit, Website, Federal funds, Social science, A11, 95.1 FM, IMF, MPS, A9, Credit, University of Amsterdam, Wang, A26, HHI, European Economic Review, Reproduction, Shock, University, Journal of Political Economy, Central bank, A30, Journal of Monetary Economics, Interval (mathematics), A25, G21, Politics, Auerbach, Silvana Tenreyro, XT, Research Papers in Economics, Causality, Deposit, Yb, A27, Time series, Dynamics, Literature, Hey, SSI, Interpolation, O'Driscoll (surname), BSI, A23, United, Domestic, European Central Bank, VAR, A28, Rigid transformation, A6, OIS, Role, PDF, Research, Feedback, The Journal of Finance, A15, A17, NFC, A22, E43, DSGE, Quarterly Journal, E52, MIR, Appendix, A10, Information, Surface finishing

Abstract

Key Points:

Abstract
I study the transmission of monetary policy to deposit rates in the euro area with a
focus on asymmetries and the role of banking sector concentration.
Moreover, the
gap between deposit rates across euro area member states - despite being exposed to the same
key ECB interest rates - has widened.
This begs the question whether deposit rates are more
sluggish in response to both policy rate increases and cuts, and what factors might influence the
transmission of monetary policy to deposit rates.
Whether banks are indeed able to adjust deposit rates asymmetrically to positive and
negative changes in policy rates could thus well depend on how much market power they hold
in the deposit market.
Arguing that market power increases in the degree of market concentration,
I further consider whether more concentrated banking sectors set rates (more) asymmetrically.
The response of deposit rates in banking sectors with an average degree of concentration does
not appear asymmetric.
The degree of market concentration is often pointed at, but recent evidence
for the euro area is scarce.
In this paper, I provide empirical evidence on the asymmetric response of deposit rates to
monetary policy, and relate this to the degree of concentration within a country?s banking sector.
Both papers
provide empirical evidence based on US deposit markets showing that deposit rates respond
more rigidly to upward changes in market rates than downward changes, especially so in more
concentrated markets.
Recent research on euro area deposit markets,
instead, has focused more on the transmission of negative policy rates (see e.g.
Whether banks are able to set deposit rates that materially differ from policy rates is affected
ECB Working Paper Series No 2896

4

by market concentration: market power is assumed to increase in the degree of concentration in
the banking sector.
Concentration thus appears to matter for how quickly ECB monetary policy has
been transmitted to deposit rates across the euro area.
Banks thus have a motive to be
rigid in adjusting deposit rates to a ?positive? monetary policy shock.
While customers are generally (and potentially rationally) inattentive, swift and substantial
nominal deposit rate declines may trigger deposit outflows.
relative deposit rate = deposit rate - short term rate
The inverse of the wedge, the relative deposit rate will allow us to see more clearly how
the deposit rate evolves in comparison to the short-term rate.
This then translates to (more
pronounced) effects on the transmission of policy to the deposit wedge, reinforcing the asymmetry discussed before.
More concentration would mean more rigid deposit rates (and thus an
increase in the deposit wedge) in case of positive surprises, and more flexible deposit rates (and
thus a decrease in the deposit wedge) in case of negative surprises (see also e.g.
I add an identical
altered-linex adjustment cost for deposit rates, to capture the upward rigidity and downward
flexibility of deposit rates as well.
As discussed
previously, the deposit rate is particularly rigid in case of a positive shock, illustrating the dividend smoothing motive and bank market power.
Without the asymmetric adjustment cost,
the response of the deposit rates to positive and negative changes in policy would have been
symmetric.
This appears a reasonable assumption
in general, as market concentration or market shares are slow-moving concepts.
3
Methods and data

I study the dynamic response to an unexpected change in monetary policy on deposit rates
in different countries in the euro area.
deposit rate - short-term rate), which for the sake of
brevity I will refer to as the ?relative deposit rate?.
Positive IRFs for the relative deposit rate imply that
the deposit rate has increased by more than the short-term rate, narrowing the wedge between
the short-term rate and the deposit rate.
0
?2
?2
?4
?6

?4
4

8

12

4

Months

8

12

Months

Figure 9: NFC rate response - linear combination of ?0 and ?1

Relative deposit rate at 1 month

Relative deposit rate at 4 months

0.0

0
?1

p.p.
0
0
?2
?1
?4
4

8

12

4

8

Months

12

Months

Figure 12: NFC rate response - linear combination of ?0 and ?1

Relative deposit rate at 1 month

Relative deposit rate at 4 months
2.0

1.5

p.p.
And, (2) how quickly
households and NFCs learn about changes in monetary policy, via the deposit rate, may vary
across the monetary union.
?0 , ?1 )
Figure A16: NFC overnight deposits, small member states
Relative deposit rate (average)

Relative deposit rate (interaction)

2

10
5

p.p.
?0 , ?1 )
Figure A19: NFC overnight deposits, four lags
Relative deposit rate (average)

Relative deposit rate (interaction)
5

0

p.p.
?0 , ?1 )
Figure A28: NFC overnight deposits, small member states
Relative deposit rate (average)

Relative deposit rate (interaction)

3

5.0

2

2.5

p.p.
?0 , ?1 )
Figure A31: NFC overnight deposits, four lags
Relative deposit rate (average)

Relative deposit rate (interaction)

3
2

p.p.

Cue Biopharma Reports Third Quarter 2023 Financial Results and Recent Business Highlights

Retrieved on:

Jeudi, novembre 9, 2023

BOSTON, Nov. 09, 2023 (GLOBE NEWSWIRE) -- Cue Biopharma, Inc. (Nasdaq: CUE), a clinical-stage biopharmaceutical company developing a novel class of T cell engagers to selectively modulate tumor-specific T cells, provided a business and financial update for the third quarter of 2023.

Key Points:

BOSTON, Nov. 09, 2023 (GLOBE NEWSWIRE) -- Cue Biopharma, Inc. (Nasdaq: CUE), a clinical-stage biopharmaceutical company developing a novel class of T cell engagers to selectively modulate tumor-specific T cells, provided a business and financial update for the third quarter of 2023.
Presented positive data from ongoing Phase 1 trials of CUE-101 and CUE-102 at the Society for Immunotherapy of Cancer’s 38th Anniversary Annual Meeting (SITC 2023) held November 1-5.
Completed enrollment of 20 patients for the ongoing Phase 1b study of CUE-101 in combination with pembrolizumab.
The Company reported collaboration revenue of approximately $3.7 million and $1.1 million for the nine months ended September 30, 2023 and 2022, respectively.

Saris Announces New Rack Products and Innovations for Spring/Summer 2023

Retrieved on:

Mardi, avril 18, 2023

Glide, RV, MHS, Travel, Transport, A11, Freedom, Sea Otter Classic, Engineering, Recreational vehicle, Road

MADISON, Wis., April 18, 2023 /PRNewswire/ -- Saris, manufacturer of world-class bike racks, trainers, storage and infrastructure, announces a number of new product offerings and a few additions to their most popular collections for the spring/summer season. Just in time for warmer temps, Saris products can now accommodate an even broader variety of bikes, vehicles and cyclists. From their future-proof, highly customizable modular hitch platform system (MHS) to the powerful Door County options, Saris is showcasing these products, and more, during the upcoming Sea Otter Classic, April 20-23, in Monterey, CA (booth A11).

Key Points:

Just in time for warmer temps, Saris products can now accommodate an even broader variety of bikes, vehicles and cyclists.
In the coming months Saris plans a number of new product innovations and reimagined fan-favorites, both within their rack and trainer offerings.
All Saris products are designed with the highest quality materials and engineering, ensuring that bikes are transported safely and securely.
To learn more about these products and to find a Saris dealer near you, please visit our website at www.saris.com .

AltPep Strengthens Advisory Board with Three Leading Experts in Alzheimer’s Disease and Neurodegenerative Disorders

Retrieved on:

Jeudi, février 9, 2023

The advisory board now consists of world-renowned experts in discovery, preclinical and clinical research in Alzheimer’s disease and other neurodegenerative disorders.

Key Points:

The advisory board now consists of world-renowned experts in discovery, preclinical and clinical research in Alzheimer’s disease and other neurodegenerative disorders.
“We are honored to have these esteemed and accomplished scientific and clinical leaders join AltPep’s Advisory Board,” said Valerie Daggett, Ph.D., Founder and CEO of AltPep.
“These individuals have each made foundational contributions to the field of neurodegenerative diseases.
The new advisors will join the existing advisory board members: Roger Armen, Ph.D., Sir Alan Ferscht, Ph.D., Michael Levitt, Ph.D., and Jeff Roh, M.D., MBA, M.Sc.

Aware’s Award-Winning Fraud-Prevention Solution Knomi® to be On Hand at 2022 America Digital Conference

Retrieved on:

Mercredi, septembre 7, 2022

It is estimated that up to 20% of accounts are opened fraudulently in Latin America.

Key Points:

It is estimated that up to 20% of accounts are opened fraudulently in Latin America.
Knomi combats destructive scams through facial and speaker recognition with industry-leading liveness detection.
This enables financial services providers with a user-friendly, fraud-resistant mobile solution for financial onboarding and customer account access.
Interested America Digital visitors to booth A11 will also have the opportunity for an exclusive sneak peek of Awares latest innovations coming to market soon.

ILIFE launches A11 smart robot vacuum, highlighting its technological progress

Retrieved on:

Lundi, mars 7, 2022

A11, Vacuum, Eye, Technology, General officer, Instagram, Map, Efficiency, Bird, Time, Suction, Alexa, Amazon, Lidar, Milk, Facebook

Featured with vacuuming and mopping, long runtime, 4000Pa suction power, A11 robot vacuum can fulfill all the needs for home cleaning.

Key Points:

Featured with vacuuming and mopping, long runtime, 4000Pa suction power, A11 robot vacuum can fulfill all the needs for home cleaning.
"ILIFE is constantly challenging new technologies and constantly updating its products to bring customers a better user experience.
Overall, A11 is an advanced technology robot vacuum product for home cleaning, also supports voice control via Alexa to fit the smart home lifestyle.
Founded in 2010, ILIFE Technology is an intelligent cleaning company that focuses on cleaning products, including robot vacuums and cordless vacuum cleaners.

Artificial Intelligence Chip Market size worth $ 109.83 Billion, Globally, by 2028 at 40.17% CAGR: Verified Market Research®

Retrieved on:

Lundi, octobre 11, 2021

JERSEY CITY, N.J., Oct. 11, 2021 /PRNewswire/ -- Verified Market Research recently published a report, " Artificial Intelligence Chip Market " By End-user (Healthcare, Manufacturing, Automotive, Retail), By Technology (Machine Learning, Predictive Analysis, Natural Language Processing), and By Geography.

Key Points:

JERSEY CITY, N.J., Oct. 11, 2021 /PRNewswire/ -- Verified Market Research recently published a report, " Artificial Intelligence Chip Market " By End-user (Healthcare, Manufacturing, Automotive, Retail), By Technology (Machine Learning, Predictive Analysis, Natural Language Processing), and By Geography.
According to Verified Market Research, the Global Artificial Intelligence Chip Market size was valued at USD 7.37 Billion in 2020 and is projected to reach USD 109.83 Billion by 2028, growing at a CAGR of 40.17% from 2021 to 2028.
Despite many headwinds and realignment of interest and priorities that can breed uncertainty, the market did not suffer any fatigue.
Verified Market Research has segmented the Global Artificial Intelligence Chip Market On the basis of End-user, Technology, and Geography.

Artificial Intelligence Chip Market size worth $ 109.83 Billion, Globally, by 2028 at 40.17% CAGR: Verified Market Research®

Retrieved on:

Lundi, octobre 11, 2021

JERSEY CITY, N.J., Oct. 11, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Artificial Intelligence Chip Market" By End-user (Healthcare, Manufacturing, Automotive, Retail), By Technology (Machine Learning, Predictive Analysis, Natural Language Processing), and By Geography. According to Verified Market Research, the Global Artificial Intelligence Chip Market size was valued at USD 7.37 Billion in 2020 and is projected to reach USD 109.83 Billion by 2028, growing at a CAGR of 40.17% from 2021 to 2028.

Key Points:

According to Verified Market Research, the Global Artificial Intelligence Chip Market size was valued at USD 7.37 Billion in 2020 and is projected to reach USD 109.83 Billion by 2028, growing at a CAGR of 40.17% from 2021 to 2028.
The AI investment landscape witnessed another year of solid growth in 2019, with the US taking the lead, reaching a record US$22.7 billion.
Despite many headwinds and realignment of interest and priorities that can breed uncertainty, the market did not suffer any fatigue.
Verified Market Research has segmented the Global Artificial Intelligence Chip Market On the basis of End-user, Technology, and Geography.