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| Industry Update | | |
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- Fed paper highlights investor dynamics
The Federal Reserve posted a research paper online that delves into how investor dynamics affect the U.S. corporate bond market. Researchers said institutional investors tend to exhibit "herd-like" behavior more in the corporate bond market than in stocks. "We find substantial institutional herding in U.S. corporate bonds, much higher than that previously documented in the equity markets," wrote authors Fang Cai, Song Han and Dan Li, who are staff economists at the Federal Reserve Board in Washington, D.C. Reuters
(1/31)      
- Wall Street gets off to record start in terms of CMBS
So far, 2013 has been a good year for issuance of commercial mortgage-backed securities. Wall Street dealers have already issued $8.8 billion of the securities. "The record-setting issuance for [January] demonstrates the robust demand for CMBS and the continued recovery of the broader commercial real estate market," said Harris Trifon, Deutsche Bank's head of CMBS and asset-backed research. The Wall Street Journal/Developments blog
(1/31)
- Analysis: Case highlights MBS regulatory conflict
Floyd Norris writes that the government's prosecution of a broker for failing to disclose information about mortgage-backed securities to his clients stands in stark contrast to their decision to not require any disclosure of trade information about those securities. He writes that the Securities and Exchange Commission has the ability and data to make trades public but would be opposed by many in the industry. The New York Times (tiered subscription model)
(1/31)
- Editorial: A Libor settlement would be better for everyone
Banks accused of manipulating the London Interbank Offered Rate should settle civil lawsuits instead of fighting them in court, Bloomberg's editorial board argues. Settling will be cheaper in the long run and improve their public perception, the board writes. Bloomberg
(1/31)
| New York Focus | | |
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| Career Development | | |
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- Good innovators know that less is more
The best innovators focus on getting rid of stuff, and developing products and processes that deliver memorable and meaningful results with the least effort possible, writes Matthew E. May. "They adopt a 'less is best' approach to innovation, removing just the right things in just the right way in order to achieve the maximum effect through minimum means," he explains. Strategy+Business online (free registration)
(1/28)
| On The Economy | | |
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- Initial unemployment claims edge up in U.S.
First-time jobless claims in the U.S. rose 38,000, to 368,000 in the week that ended Jan. 26, the Labor Department said. Economists anticipated 345,000 initial claims. The four-week rolling average viewed by many economists as giving a more accurate picture of labor market conditions rose only 250. Google/Agence France-Presse
(1/31)
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