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Full-Text Articles in Business
Auctions For Injecting Bank Capital (Addendum To 'A Troubled Asset Reverse Auction'), Peter Cramton, Lawrence M. Ausubel
Auctions For Injecting Bank Capital (Addendum To 'A Troubled Asset Reverse Auction'), Peter Cramton, Lawrence M. Ausubel
Peter Cramton
Public discussion has turned, in the past few days, toward using some of the $700 billion in rescue funds for the injection of government money into banks in return for ownership stakes. The purpose of this short note, an addendum to “A Troubled Asset Reverse Auction,” is to describe an auction mechanism suitable for injections of capital into banks. The auctions would price the equity purchases through a competitive process.
A Troubled Asset Reverse Auction, Peter Cramton, Lawrence M. Ausubel
A Troubled Asset Reverse Auction, Peter Cramton, Lawrence M. Ausubel
Peter Cramton
The US Treasury has proposed purchasing $700 billion of troubled assets to restore liquidity and solve the current financial crisis, using market mechanisms such as reverse auctions where appropriate. This paper presents a high-level design for a troubled asset reverse auction and discusses the auction design issues. We assume that the key objectives of the auction are to: 1) provide a quick and effective means to purchase troubled assets and increase liquidity; 2) protect the taxpayer by yielding a price for assets related to their value; and 3) offer a transparent rules-based process that minimizes discretion and favoritism. We propose …
Club Ratios: A Four-Year Trend Analysis, Agnes L. Defranco, Raymond S. Schmidgall
Club Ratios: A Four-Year Trend Analysis, Agnes L. Defranco, Raymond S. Schmidgall
Hospitality Review
This article is based on research of the United States club industry conducted over the four-year period of 2003-2006. Twenty ratios were reported, covering the five general classes of financial ratios. The ratio results suggested that 2003 was a banner year for the club industry.