Search Results
Journal Article
Are bank loans still special?
Working Paper
The term structure of commercial paper rates
This paper tests the expectations hypothesis in the market for commercial paper. Our main dataset, which is new to the literature, consists of daily indexes constructed from the actual market yields for nearly all commercial paper issued by U.S. corporations between January 1998 and August 2003. We show that the term premia built into commercial paper yields rise dramatically at year-end, causing the expectations hypothesis to be rejected. However, once we control for these predictable year-end effects, we find the reverse--that commercial paper yields largely conform with the expectations ...
Journal Article
Asset-backed commercial paper programs
Journal Article
Commercial paper, commercial banks
Journal Article
The commercial paper market since the mid-seventies
Journal Article
The commercial paper market