Selling Out

This week has been exciting. The general election in the UK is entering its final stages and the country will go to the polls next week.

The Greek sovereign crisis is getting worse. Goldman Sachs is in the dock for a potential case of fraud.
Obama and his government are trying to get push new legislation through.

With all that uncertainty, its no wonder the markets have been very volatile. On Friday the global indexes sold off. Who knows what will happen next week.
The technical indicators are

On Wednesday I decided to sell out of most of my positions. I took profits on every stock and now have a cash balance of nearly £90,000.
Currently I’ve just over £29,000 invested.

I’m still at the top of the leader board with a lead of £4,000.

I’m not going to re invest this week as I think this volatility will continue.

Top of the leader board

Since my last post the markets have become increasingly volatile. The Greek crisis is back, Goldman and financial institutions are back under investigation and the UK economy expanded by 0.2% in the first quarter. The UK elections are on our door step and we may end up with a hung parliament.

This was half the expected rate. All this volatility etc has not affected my portfolio my positions are increasing in value.
Since the beginning of the competition two months ago I’m up 22%.

When profits are there take them and that’s what I’ve done. My cash position is back to 19k. I’ve halved my position at Astrazenaca, Ladbrooks, and SAB Miller.

The reason for selling out of these positions was because I wanted to release cash and take some profits when I had them. It took a while for Ladbrooks to turn profitable. I didn’t make much money but I got out with profits.

I sold SAB on the day of their results which was good as the stock continued to gain. Overall a 10% profit on SAB Miller.



My biggest performer is Royal Bank of Scotland. I first purchased shares at 35p now they are 55p and have broken through technical resistance on the upside. I might add to them, I need to analyse the charts, RSI and MACD first.

Other holdings that are performing well are Kingspan, and the retailers. The change in the weather will have positive affects. People love hitting the shops.

BG is still my laggared. Losing £300 quid on it. I won’t sell till its back in the black, but I will find an alternative commodities or oil and gas company to invest in if I can.

Overall I’m happy to be at the top of the leader board. Staying their will be the challenge.

Timing and the decision to sell

Timing and the decision to sell


It’s been another good two weeks on the fantasy share trading game for the Cass MBA finance society.
The portfolio is now up 10% since I entered the competition. Pretty good and it’s out performing the FTSE 100 index which is my bench mark.
Since I last wrote I invested £10k in Astrazennaca. I did this because they have the biggest exposure to the US market of the UK pharmaceutical stocks.
The recent legislation change in the US should benefit them. But I’m now beginning to think, that upside benefit maybe after the competition has ended.
Unlike Ladbrokes, which had a few weeks of under performance, I knew the calendar was full of near term events to provide a catalyst to the share price, Cheltenham, World Cup and a new CEO.
My investment paid off and they are proving a good investment.
All the other stocks are in profits.

Now timing and the decision to sell:
The global recovery is back on track. US unemployment is stabilising, consumer confidence and retail sales are improving and factory output is increasing.
All good news, but the markets have run away with themselves to some extent. I guess I could be clever now and take some profits, but I think I will wait till the end of the month. I’m still sticking to the sell in May and go away principle.
I will convert a lot of stock into cash in May.
Near term I think I will sell my BG position and increase my position in Kingspan and RBS.
Retailing is also still interesting. An improvement in the weather will see a change in people’s mood and they will go shopping. It’s been too cold for people to take a day trip into the west end to go window shopping, but when the weather breaks I expect the people to go shopping and the stores to break out their new spring / summer wear which has been sitting in the stores waiting for the weather to break.

Timing is everything!

Another good week

It was another good week on the fantasy MBA share trading competition.
My portfolio is now up over 8% since I started the game.

Economic news about the fall in unemployment supported the FTSE and as most of my portfolio is made up of FTSE 100 stocks this was good news for me.
There were also no bad news stories about my stock picks or any competitors.
On Friday good news from Lloyds was a real kicker for RBS.
The Cheltenham festival has been a dream for the bookies and I expect to make some money on Ladbroks.
It has taken some time for this stock to turn around but patience is a virtue.

This week I’m going to look again at the leisure industry and see if I can find value. Problem is some stocks I’ve identified are just too illiquid for this competition.
It’s good to see M&A activity coming back. This is great for short term trading.

Industrials and engineers are worth a second look.
Are stocks like IMI worth a punt, not sure, chart looks positive but they are trading on a high p/e.

Was down in the local Travis Perkins during the week and when I asked the employees who work in the yard were they busy, they said no.
Travis Perkins has done well recently; I think I will short them at 800p as I see resistance on the upside.

A good week for my Cass fantasy stock portfolio

My Cass fantasy stock portfolio did well this week. Since I started the portfolio 22 days ago I’m up 6%. My gut feeling to buy some consumer electronics stock which I wrote about last week paid off. On Sunday/ Monday I bought £7,500 worth of Kesa the European electronics retailer at 117p, it closed the week at 123p. All the other stocks are performing well. WPP is running ahead and at a price of £630p I will to add to my holding.
I’ve added another £15,000 to my holding in Royal Bank of Scotland; this is my largest position with £41,000 invested in it.
The reason I bought into RBS again is that I think its going to break out on the chart. Technical analysis is always good for identifying resistance and support levels. After 40p the next level will be 43p-44p.
The one stock I’m waiting to turn around is Ladbrooks but Cheltenham and World cup betting have not started yet.
This week I’m going to have a quick look at Aga. They have moved back into the black and have had a good start to the year in terms of new orders. The only negative to buying Aga is that it is a small stock and illiquid. My strategy is to invest in larger stocks but if I think I have found value I will invest in it.

MBA Finance Society

The Cass MBA finance society’s fantasy share trading game runs from late February till late July.
As a member of the Cass MBA finance society I was fully committed to entering this competition when it started 2 weeks ago.
The time horizon is short. Just over 5 months and with the markets at 2 year highs future good news has been priced into the valuation of most of the stocks.
So I needed a strategy. I’ve £100,000 to play with. Bullbearings.com is the website we are using to track our progress.

A) What stocks, UK stocks only.
B) Economic data and short term outlook on the UK and global environment
C) What price should I buy or sell at.

I’ve picked a broad range of stocks and invested about £65,000 of the £100,000 and will invest about £95,000 in total, leaving £5,000 for any good punts.
I’m mostly focusing on large cap stocks because of the liquidity they provide.
I’ve invested in:
1) BG group, results were good recently and as the economy improves demand for gas will rise.
2) Debenhams: Very attractive dividend yield, possible expansion. And once the weather picks up I expect people to hit the shops for new summer clothes.
3) Kingspan: Good results, outlook stabilising. Low debt to equity ratio
4) Ladbrooks: Ok results, expensive on P/E but I expect people to gamble into the world cup.
5) WPP: Good results ,with world cup and improving economies global advertising spend will pick up
6) SAB Miller: If people go to the pub they will be buying some of SAB products and if people cannot afford to go to the boozer for the world cup they will buy booze in the supermarket.
7) Royal Bank of Scotland: Largest holding, good results, biggest restructuring play in Europe, I will buy on dips.


The economic outlook: Things are improving but there are dangers of a double dip. It is clear that central banks cannot just exit the quantitative easing initiatives they set up. The US economy is picking up, but has been no big employment gains, this maybe down to the fact it has been very cold etc. We need to see better employment numbers. House prices are still falling in certain locations.
Interest rates are very low and will most likely to continue to do so. An interest rate shock would be a disaster. Cutting the supply of funds now would certainly set the globe up for a double dip.
Inflation is still not threatening even though hundreds of billions have been pumped into the economies.
Italy will be next after Greece for Hedge funds to target. The strength of the euro should begin to slip against sterling and the dollar. The fringe European countries will lag France and Germany in growth keeping the euro under pressure.

Some serious unknown factors that threaten us all:
1) The loan books of the Chinese banks?
2) India, is it growing too fast?
3) Billions in commercial property loans are up for revaluation in the next 2 years. Who will refinance them?
4) Will government bond issues crowd out corporate bond new issues?
5) The US economy, can Obama push through medical reform in a weak economy and will we see a fundamental shift in consumer’s consumption. Will they buy less and save more?


I’ve not set a share price target for any of these stocks, but with the old “sell in May and go away and the World Cup coming up I expect some sectors to have less news flow. I’ve a 10-15% downside limit but on the upside I’m not restricting myself.

One area I may add is in consumer electronics, before the last World Cup Dixons had a spike in TV sales and now with HDTV I’m expecting them to have a similar spike in sales.
The commodities are in vogue now but I will stay out of these until I see a good investment opportunity.

Defend your Core Competencies

Information technology and knowledge management has been evolving over the last 60 years. IBM in the US was one of the first organisations to create value by capturing knowledge and combining this with technology to create new core competencies and competitive advantage.
Good knowledge management is defined as applying knowledge within the organisation for the advancement of the corporation. Researching the processes of creation and adopting them.

Over the last 30-40 years we have seen a transformation in the way IT departments are operated. Originally organisations were vertically and horizontally integrated. The US automobile industry was a perfect example of this. Ford and GM not only made cars but they had farms for raising cattle just to provide leather for the car seats. In the last 20-30 years this has dramatically changed. Outsourcing and lean manufacturing was revolutionising manufacturing. Inspired by the Japanese, The Toyota production system (TPS) a set of principles, philosophies and business process to enable the leanest manufacturing.
Organisations now outsource functions and IT is one of those functions. IT departments are shrinking. Lots of staffs are now employed on a contract basis and move from project to project. In the long term this is damaging for an organisation because key development people for implementation will not be available. IT project failure will increase.


The internet has transformed how organisations operate. Product innovation is allowing organisations to develop new types of devices that can connect to the internet. We have been moving into an era of wireless communication for the last 10-15 years. This is driving the demand for new hardware such as iPhones, iPods, software services such as Google and greater data storage capacity for all our information needs. Cloud computing is the next step. The delivery of new and existing services across the internet to lots of different devices. Home PC’s with integrated data storage capacity will soon be obsolescent. Large storage facilities with millions of servers are being developed to allow users store all their information requirements.

Core competencies

Constructing and cultivating core competencies takes time. Tough strategic decisions have to happen so that innovation can foster.
I believe that core competencies are an accumulation of separate factors. Here are some base considerations that have to develop before analysis of IT and knowledge management techniques.
1) Financial, how the organisation performs in the eyes of its stakeholders. Are we delivering continuous improvement?
2) Customers, how do their clients see them? Are they meeting their needs and expectations?
3) Internal process, what do they do well or can improve on in order to succeed?
4) Senior management, middle management and employees who embrace technology. Everyone is prepared and supports IT practices, whether it’s for improved data gathering or manufacturing processes.

Organisations have to identify the difference between core competencies and supporting functions. Core competencies are fundamental activities of the organisation. Core competencies are the differentiating factors which create competitive advantage for an organisation. Core competencies are unique and difficult to imitate and difficult to transfer. Enabling factors are the supportive functions within an organisation which allows the organisation to compete but not gain a competitive advantage.
The value chain of core competencies is linked together. Core competencies are the processes and application of knowledge within an organisation which the organisation will defend at all cost. Where applicable they will patent, trademark applications and brands. For service based organisations they will hire the most competent employees.

IT strategy can drive business strategy but this can be dangerous. An organisation can fall into a trap of thinking that sustainable advantage can be achieved by continuously investing in new IT. Technology over spend will occur and changes will be implemented within the organisation. Too many change initiatives at once destroys the morale of the employees.
An organisational goal should be to use IT as an internal enabling information processor which improves the speed and efficiency of the decision making process. When IT and knowledge management are regarded this way they have the ability to create competitive advantage for the organisation. In our class discussion we analysed how BMW used IT to improve competiveness of the organisation and reduce the time frame for the development of new cars.


Product Evolution, Continuous Innovation and key organisational skills
In the works of Solomon, Stuart (1997) Antonides et al, Innovation corresponds to the lifestyle norms and values and existing habits and skills of consumers. Clear innovation visibility in the society, i.e. its public use and visibility of its benefit and easy memorising.

Sustainable product development can be through building robustness into process and their effective management. Over the last 20 years outsourcing non core activities has become an industry norm. Organisations have been using outsourcing as a way to reduce operating costs rather than trying to build flexible positive partnerships.
Organisations need to be mindful of how they defend their core competencies. Propriety and key organisational skills need to be managed internally. Design, innovation and creativity should be seen as an integral part of the organisation. The intellect and processes behind product evolution needs to be managed internally.

Product lifecycles are shortening because computing technology permits simulation under different conditions to test the durability of hardware and software.
Identifying the importance of new materials in the design process should be a corporate goal of the organisation. Continuous improvement cannot be achieved without understanding simultaneous engineering. The trends are showing an increasing reliance on IT and knowledge management on all stages of the value chain, from product design to sales and marketing.

Deskilling occurs when an organisation decides to outsource business functions. This can be very dangerous for organisations who fail to understand that the people or technology that performs important operational functions is the intellectual property that differentiates the organisation.


Modularity and open integration

Organisations fail to understand the full consequences of modularity and open innovation. The unintended consequence of modularity and open innovation is that organisational resources become stretched. Organisations have limited resources. Modularity and open innovation creates internal and external competition for these resources. The scale of flexibility between the partners determines the probability of success.
Divergence and discovery are always working against each other. There is a trade off between the cost of losing control of the products technological trajectory and the benefit of aggregate knowledge from other players to promote innovation.
IBM encountered this when they became involved with Bell South in a project called Simon. The objective was to develop a handheld computer with phone capabilities. In this type of fixed partnership each party will continue to invest and reap the rewards only on the element of technology they are responsible for. In the end the device was a failure because it was too heavy.
With flexible positive supplier partnerships the independent suppliers and complementors will not look to engage in different technology paths from the original developer in order to maximise their own payoff. When Sony decided to adopt IBM’s microprocessor for its new generation of video games console some choices affecting Sony’s position on the landscape were affected by IBM.7
These two examples support (Chesborough,2003) when he suggests that openness not only determines the trade off between adoption and appropriability but also influences the development trajectories that follow over time.

Conclusion

Information technology and knowledge management have the capability of giving an organisation competitive advantage. Constructively Information technology can be used to transform organisational practices. During our classes we read how BMW used IT to implement new organisational practices. Conversely in the Rich Con Steel case we read how introducing a new IT system into an unprepared organisation can destroy existing processes. Organisations have difficult strategic decision to take. They can be innovation leaders which will require financial resources, skilled employees and clear objectives. Otherwise they can be intelligent followers and copy the evolving trends.



The unintended consequence of failing to understanding how IT implementation will affect your business is detrimental.
If is introduced in a hap hazard way in which all stakeholders are not supportive it can threaten the existence of the organisation.

Risk and Return, investing in Property

Over the centuries history has recorded many economic bubbles and subsequent bursts. Their causes are to be found in human psychology. Traditionally greed and fear have kept each other balanced. When bubbles develop greed takes over and fear diminishes. The result is an increased appetite for risk and a belief that high returns are sustainable. When the bubble bursts, fear takes over and investment retrenches. Investment decisions become more difficult and greater returns are required when investment occurs. Over time the balance is restored.



Investing

When the investing climate is bullish, private investors and banks behave similarly. To achieve greater returns individuals are disposed to investing in more speculative assets then they would normally. Likewise, some banks will grant loans to high risk projects which appear to have a higher projected investment value.

Housing and land are like any other assets. They offer a long term investment opportunity that is equal to the returns from other investment products but can be very risks at the top of the investment cycle.

Acquiring real tangible assets like land or houses has a positive psychological effect on the investor. For most people, property investment is easier to understand than bonds or equities. A potential property investor requires liquidity and the belief that the investment will continue to appreciate in value. Knowledge of financial instruments or products is not required to enter the property market.
As the property market appreciates new investors are attracted to it. The increased demand pushes up the investment price and anticipated future returns thus increasing speculative pressures.

The quality of any investment is its ability to generate the expected returns. In the US poor quality high risk “sub-prime” mortgages were given to individuals or households who were unable to meet the cost of servicing those mortgages.
Over 50% of US households earn a maximum of $50,000. As property prices increased the lenders continued to provide mortgages to this sub-prime market. Low income households were disproportionately leveraged.

Most sub-prime borrowers were on adjustable rate mortgages which had a few years of low interest rates to attract their business followed by a sharp increase in rates. Simply put, the people taking out these mortgages were borrowing so much money for such a long period that the cash flow yield each mortgage generated became smaller each time the house increased in value. To maintain a flow of income the banks had no choice but to increase interest rates to try and recover some of the capital they lent. House price appreciation does not increase yearly cash flows until the end of the project, i.e. when the house is sold a lump sum of cash is realised.

Interest Rates
Falling interest rates reduce the cost of borrowing which is reflected in the increased value of property assets. If the market is efficient then a rough estimate of the increased value of the asset can be established.
A 1% fall in interest rates means in theory a 10% increase in house prices if the 30 Year mortgage rate is being used as the bench mark interest rate. So a fall in the 30 Year fixed rate mortgage from 8% to 6% should increase values by roughly 20% if all buyers were on a fixed rate mortgage. For interest only mortgages (Adjustable Rate Mortgage) where the interest is being paid and none of the principle, the multiplier is roughly a 16% price increase for a 1% decrease in interest rates.




Housing Supply


As housing became more affordable the return on investing in housing began to outperform other investments and so the demand for housing stock increased.
This increased the attractiveness of entering the property market to speculators and property contractors. As land value appreciates there is a rush to acquire available land so that construction can continue once current projects have finished. This leads to speculative building on low productivity locations and waste land and over building on land where the purchase price was inflated to maximise the return on investment.2
The proper procedure for building contractors would have been to analyse each building project independently and use a suitable discount rate which reflected the risk factors of each project so as to calculate the net present value of each project. One should only invest in projects with positive net present values. When the housing bubble burst the extent of the misallocation of capital became evident.3
Many of the highly speculative projects were abandoned because the cash flows stopped. The projects were not worth finishing and capital invested was written off as sunk costs.

William Seidman, former chair of the FDIC, concluded in 1996: “The banking problems of the 1980s and 1990s came primarily, but not exclusively, from unsound real estate lending” (Seidman 1996: 57)4

The banking industry plays a key role in society. Banks are not creators of money; their function is to provide liquidity for people and industry so that investment decisions can be financed. Banks allow the smooth flowing of working capital around the economy. 5

Banks want to maximise their return on investment. When a certain investment product such as collateral debt obligations or mortgage backed securities begins to produce above average market returns banking administrators increasingly turn a blind eye to their exposure to high risk investments.
The individuals who manage these investments get even more capital support and manipulate and exploit the rules because they are generating greater returns over a very short period.6

Banks by their nature have a fundamental imbalance in the way they operate. They borrow short on the interbank market and lend long term for assets such as property.7
During the credit crisis this short term borrowing between banks dried up. This imbalance created perennial risks as banks had insufficient liquidity to meet their long term exposure. Banks that lend for housing and property speculation are always at risk of becoming illiquid.

Land or property is a slow turning asset and cannot be changed into any other form of asset quickly.8
When a bank funds a loan it has to increase its deposits. The banks assets and liabilities increase equally. During the course of business mortgage banks will accept a claim on assets that have been provided as collateral. As the economy prospers and banks expand their balance sheets, they provide even more mortgages and thus need to increase the amount of capital they hold as insurance against any future liabilities. 9
As real estate continues to appreciate, investors continue to invest cash in real estate rather than other investments such as bonds, equities or bank deposits.10
As property prices increase, investment yields fail to cover the mortgage. Cash flow from these assets diminishes, inflows of cash to service these loans disappears, and the amount of liquid capital the banks have on deposit falls. When investors cannot repay their borrowings banks seize the property assets. They cannot sell the real estate to raise capital to replenish their capital base. 11

Leverage is common for all banks. That’s their business model.12
This is why they are vulnerable to downswings in the economic cycle. During economic expansion speculation gets out of control.
In the downswing the real estate value and potential cash flows are reversed. Cash flows and future sales values are less certain making investment decisions more difficult.
As the economic climate begins to deteriorate banks are left with a portfolio of repossessed property and little income as borrowers cannot maintain their mortgage commitments.
The banks become illiquid and cannot fulfil their role as lenders of working capital for the economy.



Corporate Investment Decisions

In theory, firms should continue to grow their business until the marginal return is equal to marginal cost of funding that expansion.13
Over the last decade firms were accessing short term funds for long term funding requirements. The commercial paper markets were funding industrial organisations and banking operations.
Since the collapse of the credit markets, credit rationing and funding for new projects has been curtailed by the illiquid banking industry.

Loans to organisations are packaged in two formats:-
1) Lines of credit for short term working capital commitments.
2) Term loans for business expansion projects. 14

FDIC data show that commercial and industrial loan volume grew sharply from 2006 to 2007, but fell when the recession started. As banks grew cautious on loans, firms drew down their existing credit lines to meet their working capital requirements. During stable economic conditions soft rationing occurs. Specialised lenders exist and provide competitive financing rates.15
The greater the information the more assessable the risks are. When banks become illiquid, rising lender costs rather than adverse lender evaluation of the borrower are suggested as explanations of why borrowers face excessive costs or have their proposals rejected.
The banks begin shortening the maturity of their business loans and adding stricter covenants and tighter credit standards.16
As the economy gets worse market information becomes less reliable and sources of finance become extinguished.
Soft rationing conditions turn to hard rationing conditions. Corporations will ration capital to current projects rather than explore financing options beyond their customary sources of financing because the cost of financing those loans maybe to close to the marginal benefit of the projects.17
The firm may decide to use retained earnings for future projects or not invest in new projects at all.

Since 2008 a shift has occurred in external financing for organisations. For organisations that are ranked investment grade, firms which have low debt to equity ratios, the bond market has been the new source of external financing.18
Short term bank credit lines have been replaced by long term debt issuance. 2009 was the first time in the US and Europe that the amount of money raised in the bond markets exceeded the bank loan market. Thompson/ Reuters estimate this at $900 billion for corporate bonds vs. $494 raised through bank loans.
This trend will continue for the next few years. As banks continue to rebuild their balance sheets and implement new capital regulations the bond market will become the source of financing for many organisations.
Prudent organisations with low debt to equity levels will source capital for new projects from the bond markets rather than the short term commercial paper market.



Conclusion

The collapse of the banking industry in the US was closely linked to the speculation in real estate. I’ve analysed the trends that resulted in the banks becoming illiquid. Greed and speculation caused the housing bubble. The riskier the project the greater the return required to justify the investment. The banks ignored the long term risks in favour of short term returns. Investors in property increased their personal risk, their risk tolerance19 (emotional reactions to risk) by believing that the property assets they were investing in were “safe as houses “and the banking community over-estimated the risk capacity20 (the financial ability to take on risk) of the investors in property.

From a corporate perspective, rationing of capital for new projects became a board room issue.
The commercial loan/paper market was replaced by the corporate bond market as the provider of external funding for organisations.
Prior to the banking crisis an organisation had funding options to support new projects. All projects that had positive net present values were considered. As funding became more expensive capital rationing occurred and for many organisations in financial difficulty hard rationing occurred. No new projects were undertaken because the firm was unable to fund them.



Notes/References


1) Shiller, R. (2005) Irrational Exuberance (2d ed. ed.) Princeton University Press
2) Gaffney, M. (October 2009) Money, Credit and Crisis, American Journal of Economics and Sociology Vol.68 No.4, pp. 1018
3) Gaffney, M. (October 2009) Money, Credit and Crisis, American Journal of Economics and Sociology Vol.68 No.4, pp.1018
4) Gaffney, M. (October 2009) Money, Credit and Crisis, American Journal of Economics and Sociology Vol.68 No.4, pp. 1000
5) Gaffney, M. (October 2009) Money, Credit and Crisis, American Journal of Economics and Sociology Vol.68 No.4, pp. 986- 988
6) Gaffney, M. (October 2009)Money, Credit and Crisis, American Journal of Economics and Sociology Vol.68 No.4, pp. 985
7) Gaffney, M. (October 2009) Money, Credit and Crisis, American Journal of Economics and Sociology Vol.68 No.4, pp. 987
8) Gaffney, M. (October 2009) Money, Credit and Crisis, American Journal of Economics and Sociology Vol.68 No.4, pp. 1001
9) Gaffney, M. (October 2009) Money, Credit and Crisis, American Journal of Economics and Sociology Vol.68 No.4, pp. 1007
10) Gaffney, M. (October 2009) Money, Credit and Crisis, American Journal of Economics and Sociology Vol.68 No.4, pp. 1004
11) Gaffney, M. (October 2009) Money, Credit and Crisis, American Journal of Economics and Sociology Vol.68 No.4, pp .1009
12) Gaffney, M. (October 2009) Money, Credit and Crisis, American Journal of Economics and Sociology Vol.68 No.4, pp. 1013
13) Mukherjee, T.K. and Hingorani V.L. (Summer 1999) Capital-Rationing Decisions of Fortune 500 Firms: A Survey, Financial Practice and Education, pp. 7
14) Demyanyk, Y., Cherny, K. and Zaman, S. (May 2009) The Credit Environment for Business Loans, Banking and Financial Institutions, pp. 37
15) Mishkin, D. (Summer 1964) The Credit Rationing Artifact in Light of an Expanded Price Rationing Theory, The American Economist , pp. 6
16) Demyanyk, Y., Cherny, K. and Zaman, S. (May 2009) The Credit Environment for Business Loans, Banking and Financial Institutions, pp.38
17) Mishkin, D. (Summer 1964) The Credit Rationing Artifact in Light of an Expanded Price Rationing Theory, The American Economist ,pp. 9
18) Duyn, A.van. (December 2009) Supply Shocks in Store after Switch to Bonds, Financial Times p. 28
19) Smith, K.R. (July 2009) Empirical Wealth Management, The Wall Street Transcript, pp. 4
20) Smith, K.R. (July 2009) Empirical Wealth Management, The Wall Street Transcript, pp. 4