Directors` of Research, subordinate analysts and
... subordinate analysts’ coverage firms and find economically stronger effects for analysts working under connected DORs (Cohen et al., 2010; Bradley, Gokkaya and Liu, 2015b). However, DORs without such connections continue to provide significant benefits to subordinate analysts, suggesting that impro ...
... subordinate analysts’ coverage firms and find economically stronger effects for analysts working under connected DORs (Cohen et al., 2010; Bradley, Gokkaya and Liu, 2015b). However, DORs without such connections continue to provide significant benefits to subordinate analysts, suggesting that impro ...
The required return on equity under a foundation model
... when estimating the return on equity, the AER must have regard to “the prevailing conditions in the market for equity funds”;5 and ii. Such an approach would be inconsistent with the AER’s own DGM evidence, which suggests that the MRP in the prevailing market conditions has increased materially sinc ...
... when estimating the return on equity, the AER must have regard to “the prevailing conditions in the market for equity funds”;5 and ii. Such an approach would be inconsistent with the AER’s own DGM evidence, which suggests that the MRP in the prevailing market conditions has increased materially sinc ...
The Changing Chemistry Between Hedge Funds and Investors
... the hedge fund industry today and in the future? Why do investors continue to invest in hedge funds, despite the negative perceptions and performance issues cited in the media? Where is the upside for hedge funds in this current climate? In a crowded marketplace, how do hedge funds differentiate the ...
... the hedge fund industry today and in the future? Why do investors continue to invest in hedge funds, despite the negative perceptions and performance issues cited in the media? Where is the upside for hedge funds in this current climate? In a crowded marketplace, how do hedge funds differentiate the ...
The Geography of Angel Investment
... distance and angel investment performance, measured by the annualized internal rate of return. In particular, holding all else constant, an increase in distance from the 25th percentile to the 75th percentile increases (or from 9.34km to 124km) the return to angel investment by 6 percentage points. ...
... distance and angel investment performance, measured by the annualized internal rate of return. In particular, holding all else constant, an increase in distance from the 25th percentile to the 75th percentile increases (or from 9.34km to 124km) the return to angel investment by 6 percentage points. ...
as a PDF
... should be conceived as having saved only $80. The remaining $20 is deferred taxes-it represents neither reduced current consumption nor increased future consumption for the household. A similar proportion of interest and dividend earnings on pensions should not be construed as personal saving. NIPA ...
... should be conceived as having saved only $80. The remaining $20 is deferred taxes-it represents neither reduced current consumption nor increased future consumption for the household. A similar proportion of interest and dividend earnings on pensions should not be construed as personal saving. NIPA ...
Call for expression of Interest
... “Medium” or higher score for this indicator will be awarded if, at and following a closing where EIF is expected to participate under the Programme, at least 50% of the Fund’s commitments are envisaged to come from Independent Private Investors, not taking into account EIF, EIB, and NPBs investing t ...
... “Medium” or higher score for this indicator will be awarded if, at and following a closing where EIF is expected to participate under the Programme, at least 50% of the Fund’s commitments are envisaged to come from Independent Private Investors, not taking into account EIF, EIB, and NPBs investing t ...
An Examination of Primary and Secondary Market Returns in Equity
... primary and secondary markets, we find that offer-to-open returns are directly related to partial adjustment and demand uncertainty, but secondary market returns are unrelated to these characteristics. The results also indicate that offer-to-open returns are lower for REITs holding a portfolio of re ...
... primary and secondary markets, we find that offer-to-open returns are directly related to partial adjustment and demand uncertainty, but secondary market returns are unrelated to these characteristics. The results also indicate that offer-to-open returns are lower for REITs holding a portfolio of re ...
Does pension funds` fiduciary duty prohibit the integration of
... hypothetical pension fund portfolios with five different degrees of responsibility in five different corporate environmental responsibility criteria (one aggregated measure and four disaggregated measures). It appears very reliably, as our econometric analysis explains between 89% and 98% of any pe ...
... hypothetical pension fund portfolios with five different degrees of responsibility in five different corporate environmental responsibility criteria (one aggregated measure and four disaggregated measures). It appears very reliably, as our econometric analysis explains between 89% and 98% of any pe ...
Risk and Long-Run IPO Returns - Berkeley-Haas
... Loughran and Ritter (1995) draw their sample of 4,753 IPOs from the period 1970{1990, while the total sample of 4,622 IPOs in Brav, Geczy, and Gompers (2000) is from the 1975{1992 period. Moreover, these other studies do not restrict their samples to Nasdaq IPOs. The Nasdaq-only restriction excludes ...
... Loughran and Ritter (1995) draw their sample of 4,753 IPOs from the period 1970{1990, while the total sample of 4,622 IPOs in Brav, Geczy, and Gompers (2000) is from the 1975{1992 period. Moreover, these other studies do not restrict their samples to Nasdaq IPOs. The Nasdaq-only restriction excludes ...
Hot debt market - Adverse selection costs as a debt issue driver
... Table 8. Firm characteristics of public debt issuers, pre-issue year ............................................................ 47 Table 9. Firm characteristics of public debt issuers, issue year ................................................................... 48 Table 10. Firm characteristics ...
... Table 8. Firm characteristics of public debt issuers, pre-issue year ............................................................ 47 Table 9. Firm characteristics of public debt issuers, issue year ................................................................... 48 Table 10. Firm characteristics ...
株券等の大量保有の状況の開示に関する内閣府令
... acquired the company's Share Certificates, etc. jointly with another Officer or employee of the company (limited to the acquisition under a certain program wherein the Share Certificates, etc. are continuously acquired without depending on the individual's investment decisions, and wherein the amoun ...
... acquired the company's Share Certificates, etc. jointly with another Officer or employee of the company (limited to the acquisition under a certain program wherein the Share Certificates, etc. are continuously acquired without depending on the individual's investment decisions, and wherein the amoun ...
Earnings Release 1Q17
... settlements with the US Department of Justice and the National Credit Union Administration Board regarding our legacy residential mortgage-backed securities business. These decreases were partially offset by a CHF 88 million increase in restructuring expenses. In 1Q17, we incurred CHF 137 million of ...
... settlements with the US Department of Justice and the National Credit Union Administration Board regarding our legacy residential mortgage-backed securities business. These decreases were partially offset by a CHF 88 million increase in restructuring expenses. In 1Q17, we incurred CHF 137 million of ...
Why Firms Smooth Dividends: Empirical Evidence - USI
... When information acquisition is endogenous and firms are held mainly by individual investors, small payouts will be made via dividends and large shocks to earnings are distributed via share repurchases. As a result, dividends will be smoother than the underlying earnings stream. Shefrin and Statman ...
... When information acquisition is endogenous and firms are held mainly by individual investors, small payouts will be made via dividends and large shocks to earnings are distributed via share repurchases. As a result, dividends will be smoother than the underlying earnings stream. Shefrin and Statman ...
NBER WORKING PAPER SERIES THE VARIABILITY OF IPO INITIAL RETURNS Michelle Lowry
... accurate pricing. In a preliminary analysis of a small sample of U.S. IPOs placed using an auction format, we find significant differences in the accuracy of price discovery during the IPO period (i.e., a significantly lower level and volatility of initial returns for auction IPOs) but little diffe ...
... accurate pricing. In a preliminary analysis of a small sample of U.S. IPOs placed using an auction format, we find significant differences in the accuracy of price discovery during the IPO period (i.e., a significantly lower level and volatility of initial returns for auction IPOs) but little diffe ...
Correlations Between Corporate Governance
... confidence in global financial markets support and motivate this study. The focus for this study was on corporate governance mechanisms in areas of control and incentives, as well as corporate financial performance and market value by examining the relationship ...
... confidence in global financial markets support and motivate this study. The focus for this study was on corporate governance mechanisms in areas of control and incentives, as well as corporate financial performance and market value by examining the relationship ...
The Hostile Poison Pill - BYU Law Digital Commons
... robbing them of higher premiums paid by either the first or subsequent acquirers. 19 However, the Delaware20courts have held that in most situations, poison pills are legally valid. Against this backdrop of growing deference to boards of directors in implementing poison pills and refusing to redeem ...
... robbing them of higher premiums paid by either the first or subsequent acquirers. 19 However, the Delaware20courts have held that in most situations, poison pills are legally valid. Against this backdrop of growing deference to boards of directors in implementing poison pills and refusing to redeem ...
Active CDS Trading and Managers` Voluntary Disclosure
... equities of opaque borrowers, such as firms with no management earnings forecasts and few firm-initiated press releases. ...
... equities of opaque borrowers, such as firms with no management earnings forecasts and few firm-initiated press releases. ...
Analysis of stock performance based on
... The objective of this thesis is to examine the validity of enterprise value/earnings before interest and tax (EV/EBIT) and return on invested capital (RoIC) as a screening tool to select stocks. The various ways of improving the selection process is an integral part of investing, and therefore this ...
... The objective of this thesis is to examine the validity of enterprise value/earnings before interest and tax (EV/EBIT) and return on invested capital (RoIC) as a screening tool to select stocks. The various ways of improving the selection process is an integral part of investing, and therefore this ...
Table 1 - Universidad de Montevideo
... than one fifth of the total market capitalization (we describe our data in more detail below). But despite this large economic footprint (and the deadweight efficiency losses they cause, see Connor and Bolotova 2006), there is no empirical work asking whether collusion matters for a firm’s financial ...
... than one fifth of the total market capitalization (we describe our data in more detail below). But despite this large economic footprint (and the deadweight efficiency losses they cause, see Connor and Bolotova 2006), there is no empirical work asking whether collusion matters for a firm’s financial ...
Real Options, Volatility, and Stock Returns∗
... that the positive relation between returns and contemporaneous changes in volatility is driven by the effect of volatility on the value of real options.1 In order to attribute our findings to the cross-sectional variation and time-series evolution of real options, we need to rule out alternative ex ...
... that the positive relation between returns and contemporaneous changes in volatility is driven by the effect of volatility on the value of real options.1 In order to attribute our findings to the cross-sectional variation and time-series evolution of real options, we need to rule out alternative ex ...
Comvita Limited - Takeovers Panel
... bidder and target respectively. Comvita’s response to the Cerebos Offer, known as a target company statement, must contain the information prescribed in the Second Schedule of the Takeovers Code, and is to include or be accompanied by an Independent Adviser’s Report (or summary thereof). ...
... bidder and target respectively. Comvita’s response to the Cerebos Offer, known as a target company statement, must contain the information prescribed in the Second Schedule of the Takeovers Code, and is to include or be accompanied by an Independent Adviser’s Report (or summary thereof). ...
Intel Capital Presentation
... Intel Capital Summary • Focus on Financial & Strategic success • One of a few credible corporate investors • Very experienced, value add complement VC’s • Investment strategies complement successful teams ...
... Intel Capital Summary • Focus on Financial & Strategic success • One of a few credible corporate investors • Very experienced, value add complement VC’s • Investment strategies complement successful teams ...
Failure Rates for New Canadian Firms: New Perspectives on Entry
... This framework draws on two major themes. The first is the costs of experimentation associated with the entry decision. For any potential new firm, the decision to enter is a risky one, as many entrants fail, often shortly after start-up. If the costs of the entry gamble are high—due, for example, ...
... This framework draws on two major themes. The first is the costs of experimentation associated with the entry decision. For any potential new firm, the decision to enter is a risky one, as many entrants fail, often shortly after start-up. If the costs of the entry gamble are high—due, for example, ...
KDE Capital Asset Guide
... professional fees. Capitalized interest of assets constructed or otherwise produced for an enterprise’s own use (including assets constructed or produced for the enterprise by others for which deposits or progress payments have been made). ...
... professional fees. Capitalized interest of assets constructed or otherwise produced for an enterprise’s own use (including assets constructed or produced for the enterprise by others for which deposits or progress payments have been made). ...
XX June 2010 - Providence Resources
... medium term if oil prices improve from current lows and industry costs reduce from pre-crash levels, which may help drive a recovery in valuations. Some of the most active players in the current market are private equity backed E&P firms who are taking a three to five year view on the sector and the ...
... medium term if oil prices improve from current lows and industry costs reduce from pre-crash levels, which may help drive a recovery in valuations. Some of the most active players in the current market are private equity backed E&P firms who are taking a three to five year view on the sector and the ...
Private equity in the 1980s
Private equity in the 1980s relates to one of the major periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel although interrelated tracks.The development of the private equity and venture capital asset classes has occurred through a series of boom and bust cycles since the middle of the 20th century. The 1980s saw the first major boom and bust cycle in private equity. The cycle which is typically marked by the 1982 acquisition of Gibson Greetings and ending just over a decade later was characterized by a dramatic surge in leveraged buyout (LBO) activity financed by junk bonds. The period culminated in the massive buyout of RJR Nabisco before the near collapse of the leveraged buyout industry in the late 1980s and early 1990s marked by the collapse of Drexel Burnham Lambert and the high-yield debt market.