			Home About us Contact

Yield Levels (yield + level)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	50%

Selected Abstracts

Event study concerning international bond price effects of credit rating actions

INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, Issue 2 2001
Manfred Steiner
Abstract The influence of credit ratings on eurobond prices has been neglected for a long time. It is questionable whether non-US investors relate their investment decisions on US ratings and whether ratings from US agencies are relevant information sources for international capital markets. This paper examines daily excess eurobond returns associated with announcements of watchlistings and rating changes by Standard & Poor's and Moody's. Significant bond price reactions are observed for announcements of downgradings and negative watchlistings while upgradings and positive watchlistings do not cause announcement effects. Distinct from the results on national capital markets the international evidence shows that besides actual yield level and issuer type the issuer nationality is a key factor that determines the intensity of price reactions after downgrades. The price reaction is also significantly stronger for downgrades into speculative grade. This indicates, that the announcement effects can in part be explained by price pressure effects due to regulatory constraints rather than original information content of rating changes. Copyright © 2001 John Wiley & Sons, Ltd. [source]

Economy in water and fertilizer use in trickle fertigated potato,

IRRIGATION AND DRAINAGE, Issue 2 2001
J.K. Chawla
fertigation; économies d'eau; économies de fertilisant; irrigation à regime lent Abstract Fertilizer and water use in trickle fertigated potato using different fertilizer application rates, frequencies of application and wetted soil volumes were compared with a furrow irrigated and conventionally fertilized crop. Results indicate that water and fertilizer savings to the extent of 30 and 70% respectively with comparable yield levels were possible under the trickle fertigated crop as compared to the furrow irrigated crop of potatoes. Highest yield of 36.29 t ha,1 of fresh tubers was obtained under trickle irrigation as compared to 21.5 t ha,1 for the furrow irrigated crop. Copyright © 2001 John Wiley & Sons, Ltd. Usage de fertilisant et d'eau dans la pomme de terre fertiguée à régime lent utilisant différents cours d'applicage de fertilisant, fréquencies d'applicage et volumes de sol imbibé d'eau étaient comparés avec la récolte irriguée à sillon et fertilisé conventionnellement. Les résultants indiquent que des économies d'eau et de fertilisant jusqu'à 30 et 70 pour cent respectivement avec des niveaux de rendement comparables étaient possibles sous la récolte fertiguée à régime lent en comparaison de la récolte irriguée à sillon des pommes de terre. Le plus grand rendement de 36.29 t ha,1 de tubéreuses fraiches était obtenu sous l'irrigation à régime lent en comparaison de 21.5 t ha,1 pour la récolte irriguée à sillon. Copyright © 2001 John Wiley & Sons, Ltd. [source]

Yield and Forage Quality of Different ×Festulolium Cultivars in Winter

JOURNAL OF AGRONOMY AND CROP SCIENCE, Issue 4 2006
W. Opitz v. Boberfeld
Abstract ×Festulolium ssp. are of particular interest as autumn-saved herbage in the winter grazing system, but information concerning their performance in this low-input system is not available. To this end, we examined dry matter (DM) yield and forage quality in winter of four different cultivars of ×Festulolium ssp. (×Festulolium pabulare, Festulolium braunii), either with festucoid or loloid attributes, compared with Festuca arundinacea Schreb. Furthermore, pre-utilization (accumulation since June or July) and date of winter harvest (December or January) were varied examining the influence of different sward management. DM yield, crude protein, metabolizable energy (ME) (in vitro rumen fermentation technique), acid detergent fibre (ADF) and ergosterol concentration were determined. Within all years, the festucoid cultivars (mean 3.4 t ha,1) attained significant higher yields during winter than the loloid cultivars (mean 1.6 t ha,1), but their yields were comparable with F. arundinacea (mean 3.0 t ha,1). Crude protein was decisively influenced by the different yield levels of the cultivars resulting in higher values for the loloid cultivars. Energy concentrations decreased with later winter harvest, whereas ADF as well as ergosterol concentrations frequently increased from December to January. The greatest differences between festucoid and loloid cultivars were generally observed during severe winters. Obviously, the festucoid cultivars were better adapted to a utilization as autumn-saved herbage than the cultivars with rather loloid attributes. However, the hybrids did not surpass F. arundinacea regarding yield and quality. [source]

The use of term structure information in the hedging of mortgage-backed securities

THE JOURNAL OF FUTURES MARKETS, Issue 7 2005
Jason Fink
This article examines the importance of term structure variables in the hedging of mortgage-backed securities (MBS) with Treasury futures. Koutmos, G., Kroner, K., and Pericli, A. (1998) find that the optimal hedge ratio is time varying; we determine the effect of yield levels and slopes on this variation. As these variables are closely tied with mortgage refinancing, intuition suggests them to be relevant determinants of the hedge ratio. It was found that a properly specified model of the time varying hedge ratio that excludes the level and slope of the yield curve from the information set would provide similar out-of-sample hedging results to a model in which term structure information is included. Thus, both the level of interest rates and the slope of the yield curve are unimportant variables in determining the empirically optimal hedge ratio between MBS and Treasury futures contracts. © 2005 Wiley Periodicals, Inc. Jrl Fut Mark 25:661,678, 2005 [source]