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Weekend reading

13 Sep

Fed: “What’s behind the increase in part-time work?”

http://www.frbsf.org/economic-research/publications/economic-letter/2013/august/part-time-work-employment-increase-recession/el2013-24.pdf

“Part-time work spiked during the recent recession and has stayed stubbornly high, raising concerns that elevated part-time employment represents a “new normal” in the labor market. However, recent movements and current levels of part-time work are largely within historical norms, despite increases for selected demographic groups, such as prime-age workers with a high-school degree or less. In that respect, the continued high incidence of part-time work likely reflects a slow labor market recovery and does not portend permanent changes in the proportion of part-time jobs.”

Fed: “U.S. leveraged buyouts: The importance of financial visibility”

http://libertystreeteconomics.newyorkfed.org/2013/08/us-leveraged-buyouts-the-importance-of-financial-visibility.html

“LBO activities have had a turbulent history in the United States over the last three decades—from the junk-bond-financed wave of the 1980s to the most recent boom-and-bust episode of 2006-07 caused by the collapse of asset-backed securitization. This post shows that younger public firms experiencing weak financial interest from security analysts and low investor recognition are also more likely to go private. In many cases, founders and managers of these firms with insufficient analyst following had the opportunity to ascertain firsthand the costs and benefits of both private and public ownership, and they decided to go private again.”

Fed: “Information on dealer activity in specific Treasury issues now available”

http://libertystreeteconomics.newyorkfed.org/2013/08/information-on-dealer-activity-in-specific-treasury-issues-now-available.html

“The New York Fed has long collected market information from its primary dealer trading counterparts and released these data in aggregated form to the public. Until recently, such data have only been available for broad categories of securities (for example, Treasury bills as a group) and not for specific securities. In April 2013, the Fed began releasing data on some specific Treasury issues, allowing for a more refined understanding of market conditions and dealer behavior.”

IMF: “Procyclical behavior of institutional investors during the recent financial crisis: Causes, impacts, and challenges”

http://www.imf.org/external/pubs/ft/wp/2013/wp13193.pdf

“This paper (i) provides evidence on the procyclical investment behavior of major institutional investors during the global financial crisis; (ii) identifies the main factors that could account for such behavior; (iii) discussses the implications of procyclical behavior; and (iv) proposes a framework for sound investment practices for long-term investors…. our main conclusion is that behaving in a manner consistent with long-term investing would lead to better long-term, risk-adjusted returns and, importantly, could lessen the potential adverse effects of the procyclical investment behavior of institutional investors on global financial stability.”

Fed: “Why small business lending isn’t what it used to be”

http://www.clevelandfed.org/research/commentary/2013/2013-10.cfm

“Since the Great Recession, bank lending to small businesses has fallen significantly, and policymakers have become concerned that these businesses are not getting the credit they need. Many reasons have been suggested for the decline. Our analysis shows that it has multiple sources, which means that trying to address any single factor may be ineffective or make matters worse. Any intervention should take all of the many causes of the decline in small business lending into consideration.”

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Posted by on September 13, 2013 in Investments

 

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