Beck | Jotup

Nowcasting consumer price inflation using high-frequency scanner data: evidence from Germany

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Tuesday, April 23, 2024

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Central bank asset purchases and auction cycles revisited: new evidence from the euro area

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Friday, April 19, 2024

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Working Paper Series

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Working Paper Series
Federico Maria Ferrara
Central bank asset purchases
and auction cycles revisited:
new evidence from the euro area

No 2927

Disclaimer: This paper should not be reported as representing the views of the European Central Bank
(ECB).
Abstract
This study provides new evidence on the relationship between unconventional monetary
policy and auction cycles in the euro area.
The findings indicate that Eurosystem?s asset purchase flows mitigate
yield cycles during auction periods and counteract the amplification impact of market volatility.
The dampening effect of central bank asset purchases on auction cycles is more sizeable and
precisely estimated for purchases of securities with medium-term maturities and in jurisdictions
with relatively lower credit ratings.
On the other hand, central banks may influence price dynamics in these markets, most notably
through their asset purchase programmes.
If so, do central bank asset purchases
affect bond yield movements around auction dates?
Auction cycles are present when secondary market yields rise in
anticipation of a debt auction and fall thereafter, generating an inverted V-shaped pattern around auction
dates.
ECB Working Paper Series No 2927
3

1

Introduction

The impact of central bank asset purchases on government bond markets is a focal point of economic and
financial research.
If so,
do central bank asset purchases shape yield sensitivity around auction dates?
The paper provides new evidence on the effects of Eurosystem?s asset purchases on secondary market
yields around public debt auction dates.
The analysis builds on previous research based on aggregate data
on central bank asset purchases and a shorter analysis period (van Spronsen and Beetsma 2022).
Using
granular data on Eurosystem?s asset purchases offers an opportunity to shed light on the mechanisms linking
unconventional monetary policy and auction cycles.
Given this legal constraint, the study
hypothesises that the effect of asset purchases on 10-year auction cycles is mostly indirect, and goes via price
spillovers generated by purchases of securities outside the 10-year maturity space.
Taken together, these results provide new evidence about auction cycles in Europe and contribute to a
larger literature on the flow effects of central bank asset purchases on bond markets.
Section 4 offers descriptive evidence about auction cycles in the euro area.
Auction cycles are defined by the presence of an inverted V-shaped pattern in secondary market yields
around primary auctions.
That is, government bond yields rise in the run-up to the date of the auction and
fall back to their original level after the auction.
Their limited risk-bearing capacities and inventory management operations are
seen as key mechanisms driving auction cycles (Beetsma et al.
ECB Working Paper Series No 2927
7

Second, central bank asset purchases can alleviate the cycle by (partly) absorbing the additional supply
of substitutable instruments in the secondary market (van Spronsen and Beetsma 2022).
This expectation is
supported by several analyses on the price effects of central bank bond purchases (D?Amico and King 2013;
Arrata and Nguyen 2017; De Santis and Holm-Hadulla 2020).
Empirically, previous research has provided evidence of auction cycles taking place across different jurisdictions.
(2016) detect auction cycles for government debt in Italy, but not in Germany, during the European
sovereign debt crisis.
Research on the impact of central bank asset purchases on yield cycles around auctions is still limited.
Their paper provides evidence
that Eurosystem?s asset purchases reduce the presence of auction cycles for euro area government debt.
Nonetheless, several questions remain open about auction cycles and unconventional monetary policy
in the euro area.
Therefore, they
provide only a partial picture of auction cycles and central bank asset purchases in Europe.
The use of granular data on central bank asset purchases is especially important in light of the modalities
of monetary policy implementation of the Eurosystem.
Altogether, these elements motivate further investigation of the relationship between central bank asset
purchases and auction cycles in the euro area.
Taken together, these results confirm that Eurosystem?s asset purchases mitigate yield cycles during auction periods and counteract the amplification impact of market volatility.
The findings confirm that the flow
effects of central bank purchases on yield movements around auction dates are driven by lower-rated countries.
Additional analyses provide evidence for an indirect effect of purchases on auction cycles and highlight
the presence of substantial heterogeneity across jurisdictions and purchase programmes.
Flow Effects of Central Bank Asset Purchases on Sovereign Bond
Prices: Evidence from a Natural Experiment.
Federico Maria Ferrara
European Central Bank, Frankfurt am Main, Germany; email: [email protected]
? European Central Bank, 2024
Postal address 60640 Frankfurt am Main, Germany
Telephone
+49 69 1344 0
Website
www.ecb.europa.eu
All rights reserved.

Saving Measurable Time at Beck's with the FleetDrive 360 Enterprise Solution

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Wednesday, October 25, 2023

Transportation management system, PSP, Documentation, Anthony Elding, CDL, MVR, Enterprise, Farmer, HR, API, Safety, Beck, Mobile phone, Risk management

ATLANTA, Oct. 25, 2023 /PRNewswire-PRWeb/ -- FleetDrive 360, the provider of a comprehensive, cloud-based solution for managing driver qualifications and compliance, today announced that Beck's, an Atlanta, Indiana-based retail seed company, has adopted the Enterprise version of its driver management solution.

Key Points:

With FleetDrive 360 we're saving as many as ten hours weekly not managing files and compliance on paper."
"With FleetDrive 360 we can organize information in a way that works best for us," Pilkington related.
"With the Enterprise version of FleetDrive 360, larger operations have a tailor made solution for compliance in a single platform," said Nic Sallis, COO at FleetDrive 360.
The FleetDrive 360 automated compliance solution can be accessed on any computer or mobile device for a low cost per driver.

Small Pharma Reports Positive Top-line Data from SPL026 (DMT)-SSRI Drug Interaction Study in Patients with Major Depressive Disorder

Retrieved on:

Wednesday, September 27, 2023

This is impressive especially when combined with previously reported Phase IIa SPL026 efficacy data in MDD showing a rapid antidepressant effect and sustained remission to six months.

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This is impressive especially when combined with previously reported Phase IIa SPL026 efficacy data in MDD showing a rapid antidepressant effect and sustained remission to six months.
In the Phase I/IIa SPL026 study, patients were required to be withdrawn from SSRIs, which can be a disruptive experience.
Through the SPL026-SSRI drug interaction study, Small Pharma aimed to address this requirement, which could enable broader patient recruitment on future large-scale studies, and potentially accelerate the clinical development pathway.
Efficacy was assessed using the Montgomery-Asberg Depression Rating scale (MADRS) to measure any change in patients’ depression symptoms from baseline.

Small Pharma Reports Positive Top-line Data from SPL026 (DMT)-SSRI Drug Interaction Study in Patients with Major Depressive Disorder

Retrieved on:

Tuesday, September 26, 2023

DMT, Depression, BDI, Week, Pharmacokinetics, MADRS, Science, MDD, Patient, Beck Depression Inventory, Beck, Phase, SSRI, Safety, Major depressive disorder, Pharmaceutical industry, Vaccine, Selective serotonin reuptake inhibitor

LONDON, Sept. 26, 2023 (GLOBE NEWSWIRE) -- Small Pharma Inc. (TSXV: DMT) (OTCQB: DMTTF) (the “Company” or “Small Pharma”), a biotechnology company focused on short-duration psychedelic-assisted therapies for mental health conditions, today announces positive safety, tolerability and efficacy data from its Phase Ib study exploring the interaction between selective serotonin reuptake inhibitors (“SSRIs”) and SPL026, native N, N-dimethyltryptamine (“DMT”), in patients with Major Depressive Disorder (“MDD”).

Key Points:

In the Phase I/IIa SPL026 study, patients were required to be withdrawn from SSRIs, which can be a disruptive experience.
Through the SPL026-SSRI drug interaction study, Small Pharma aimed to address this requirement, which could enable broader patient recruitment on future large-scale studies, and potentially accelerate the clinical development pathway.
Additionally, removing the requirement to be withdrawn from SSRIs may facilitate patient access to SPL026 earlier in the MDD treatment journey, if approved.
Efficacy was assessed using the Montgomery-Asberg Depression Rating scale (MADRS) to measure any change in patients’ depression symptoms from baseline.

EQS-News: ID Finance Investments, S.L.: ID Finance Spain S.A.U. reports Strong Financial Results for the First Half of 2023, after originating €121.1M of consumer loans

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Thursday, July 13, 2023

Beck, The First Half of My Life, Frankfurt Stock Exchange, ID Finance, Risk management, Best, ID, ISIN, Growth, Financial management, Financial statement, Bank, Security (finance), Renewable energy

reports Strong Financial Results for the First Half of 2023, after originating €121.1M of consumer loans

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reports Strong Financial Results for the First Half of 2023, after originating €121.1M of consumer loans
The issuer is solely responsible for the content of this announcement.
reports Strong Financial Results for the First Half of 2023, after originating €121.1M of consumer loans
13th of July 2023 - IDFinance Spain S.A.U., the leading alternative lending brand in the country, today announced robust financial results for the first half of 2023, demonstrating sustained growth and financial strength.
During the first half of the year, the company originated €121.1M consumer loans, processing on more than 70,000 applications per month.
The financial figures stated in this press release are unaudited and reflect the performance of ID Finance Spain during the first half of 2023.

Kerrigan Advisors Represents Beck & Masten Auto Group in Sale of Houston Area Kia Dealership to Group 1 Automotive

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Wednesday, June 7, 2023

Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented Houston, Texas-based Beck & Masten Auto Group in the sale of Beck & Masten Kia to Houston, Texas-based Group 1 Automotive (NYSE: GPI).

Key Points:

Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented Houston, Texas-based Beck & Masten Auto Group in the sale of Beck & Masten Kia to Houston, Texas-based Group 1 Automotive (NYSE: GPI).
This marks the 187th dealership sale transaction led by Kerrigan Advisors since 2015, and 11th Kia dealership sold.
Beck & Masten Kia is ideally located in Tomball, a northwest Houston suburb adjacent to the fast-growing and affluent Woodlands area.
“The success of Kia in greater Houston shows how the area has grown, along with the value of the franchise,” said James Masten, co-owner of Beck & Masten Auto Group.

Group 1 Automotive Expands Brand Footprint in Houston Metro Market - Acquires Kia Dealership with Expected Annual Revenues of $85 Million

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Thursday, June 1, 2023

Beck, Kia, Ford, Acquisition, NYSE, Group 1 Automotive, Fortune 500, Group 1, Car dealership, Video game

The dealership is located in the Houston metropolitan area and expands the Company's footprint to 15 brands and 18 dealerships in the Houston market.

Key Points:

The dealership is located in the Houston metropolitan area and expands the Company's footprint to 15 brands and 18 dealerships in the Houston market.
The dealership is expected to generate $85 million in annual revenues, bringing year-to-date total acquired revenues for Group 1 to $1.0 billion.
Group 1's President and CEO Daryl Kenningham stated, "We want to welcome our new teammates from Beck & Masten Kia to the Group 1 family.
During the second quarter, the Company disposed of a Ford franchise in New Orleans, Louisiana that generated $60 million in annual revenues.

EQS-News: ID Finance Investments, S.L.: ID Finance Spain posts strong Q1 result of €29M revenue on the back of a solid €50M portfolio performance

Retrieved on:

Saturday, May 27, 2023

ISIN, ID Finance, Beck, Maintenance, Growth, Frankfurt Stock Exchange, Financial statement, ID, Security (finance), Cryptocurrency

25th of May, 2023 - ID Finance Spain, the leading alternative lending brand in the country, has posted a strong financial result (*) in the first quarter of 2023.

Key Points:

25th of May, 2023 - ID Finance Spain, the leading alternative lending brand in the country, has posted a strong financial result (*) in the first quarter of 2023.
The company generated a robust revenue of €29M, after hitting a new portfolio milestone, surpassing the €50M mark, which represents a 5% year-to-year increase.
The team of ID Finance Spain continues to exhibit operational excellence, effectively managing the business across various economic cycles.
The financial figures stated in this press release are unaudited and reflect the performance of ID Finance Spain during the first quarter of 2023.

iHeartMedia Launches Access Day, With 24 Hours of Once-in-a-Lifetime Experiences and Exclusive Deals Available Across the U.S.

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Wednesday, May 24, 2023

On the first-ever Access Day, June 1, 2023, iHeartMedia, the No.

Key Points:

On the first-ever Access Day, June 1, 2023, iHeartMedia, the No.
1 audio company in the United States which reaches nine out of 10 Americans every month, will provide unprecedented access to the hottest music, artists, one-of-a-kind experiences and unmissable deals across the U.S.
The 24-hour broadcast radio takeover event is iHeartMedia’s way of saying thank you to the hundreds of millions of listeners who tune into the company’s 860+ radio stations across the U.S. every month.
Reaching more than a quarter of a billion listeners monthly, Access Day will demonstrate to brands iHeartMedia’s ability to reach all Americans, everywhere.