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Under the U.S. Customs and Border Protection (CBP) regulations, imported merchandise may be transported in-bond. This process allows imported merchandise to be entered at one U.S. port of entry without appraisement or payment of duties and transported by a bonded carrier to another U.S. port of entry provided all statutory and regulatory conditions are met. At the destination port, the merchandise is officially entered into the commerce of the United States and duties paid, or, the merchandise is exported. CBP is proposing various changes to the in-bond regulations to enhance CBP's ability to regulate and track in-bond merchandise and to ensure that the in-bond merchandise is properly entered and duties are paid or that the in-bond merchandise is exported. Among other things, the propos...
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The paper estimates conditional pricing models for 11 international government bonds and shows that, while local instruments capture the change in the bonds' risks, global instruments model the variation in the factor risk premia. Altogether the changes in the factor risk premium capture 78.25% of the bonds' predictability, while the dynamics in the betas account for less than 1%. One cannot conclude however that the conditional models are well-specified as parameter instability and relatively large mean squared errors were uncovered. These results extend for the first time some of the evidence from the equity market of Ferson and Harvey (1993), Harvey (1995) and Ghysels (1998) to the bond market.
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Memorial Health System has lost $7.1 million so far this year and is in danger of defaulting on its bond obligations, which could lead to hundreds of layoffs, Dr. Larry McEvoy, CEO of the city-owned hospital, told the City Council on Monday.
McEvoy said that a declining number of patients has led to the hospital running $24 million behind budget through August. He said changes in the health care environment and the ongoing uncertainty over the hospital's future contributed to the losses.
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Actuaries manage risk, and asset price volatility is the most fundamental parameter in models of risk management. This study utilizes recent advances in econometric theory to decompose total asset price volatility into a smooth, continuous component and a discrete (jump) component. We analyze a data set that consists of high-frequency tick-by-tick data for all stocks in the S&P 100 Index, as well as similar futures contract data on three U.S. equity indexes and three U.S. Treasury securities during the period 1999-2005. We find that discrete jumps contribute between 15% and 25% of total asset risk for all equity index futures, and between 45% and 75% of total risk for Treasury bond futures. Jumps occur roughly once every five trading days for equity index futures, and slightly more ...
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Three local municipalities have recently seen an upgrade in their bond ratings, which means the local governments can borrow at cheaper interest rates.
Prince George County learned that Fitch Ratings upgraded the county's $59.3 in general obligation bonds from AA- to AA. The county's improved bond rating upgrade "reflects Prince George County's strong financial management and fiscal discipline as evinced by its ability to maintain positive operating margins in a challenging economic environment, its maintenance of robust reserves above prudent policy levels, and its early redemption of debt," according to Fitch Ratings.
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