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Essential readings

Clearing members as one-stop shops – More connections, more risk

Moving from decentralized financial markets to central clearing has a systemic consequence. Central Clearing Counterparties (CCPs) become central “nodes” in the market participant network. If clearing members are only connected to the CCP via clearing, CCP risk management can focus… Continue Reading →

The January Sentiment Effect

In a recent post, we introduced the January effect: higher equity returns in January. Today, we dig more deeply into the reasons for the (nowadays obsolete) market anomaly. How Do You Feel in January? In their 2018 International Review of… Continue Reading →

Santa Claus Rally Revisited

In our previous post, we discussed the Santa Claus Rally: higher returns between Christmas and the end of the first week of January compared to the rest of the year. Admittedly, 2018 was not the best year for DAX30 investors… Continue Reading →

The Santa Claus Stock Rally – Fact or Fiction?

As we approach the holidays, stock market reports increasingly contain the terms “Santa Claus rally” or “end of year rally”. Both expressions refer to the same effect. Supposedly, stock returns during the last trading days of the year exceed those… Continue Reading →

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