Do Dividend Initiations Signal Firm Prosperity?
... decline in profitability and cash flow generation. Investors, if they were not aware of a firm’s transition towards more stable earnings, would be positively surprised by this additional information and thus bid up the stock price.10 The second reason could be that shareholders expect dividend initi ...
... decline in profitability and cash flow generation. Investors, if they were not aware of a firm’s transition towards more stable earnings, would be positively surprised by this additional information and thus bid up the stock price.10 The second reason could be that shareholders expect dividend initi ...
Practical Methods for Assessing Private Climate Finance Flows
... Copenhagen and Cancun, developed country Parties are committed to “mobilising jointly USD 100 billion per year by 2020 to address the needs of developing countries...from a wide variety of sources, public and private, bilateral and multilateral, including alternative sources” (UNFCCC, 2009; UNFCCC, ...
... Copenhagen and Cancun, developed country Parties are committed to “mobilising jointly USD 100 billion per year by 2020 to address the needs of developing countries...from a wide variety of sources, public and private, bilateral and multilateral, including alternative sources” (UNFCCC, 2009; UNFCCC, ...
The Malta Alternative Investment Funds
... company with variable share capital and is governed by the Companies Act.5, 6 A private company is restricted to the extent to which it can transfer shares and is prohibited from issuing any invitation to the public to subscribe to any of the shares or debentures of the company whilst a public compa ...
... company with variable share capital and is governed by the Companies Act.5, 6 A private company is restricted to the extent to which it can transfer shares and is prohibited from issuing any invitation to the public to subscribe to any of the shares or debentures of the company whilst a public compa ...
Portugal: JESSICA evaluation study
... to undertake a study, which addresses the following questions: ...
... to undertake a study, which addresses the following questions: ...
Word - corporate
... Solar Capital Ltd. (“Solar”, “Solar Capital”, the “Company”, “we” or “our”), a Maryland corporation formed in November 2007, is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investm ...
... Solar Capital Ltd. (“Solar”, “Solar Capital”, the “Company”, “we” or “our”), a Maryland corporation formed in November 2007, is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investm ...
The required return on equity under a foundation model
... (DGM) estimates to inform the MRP. b. Consider the criticism—that is made in the context of adjusting the Sharpe Lintner Capital Asset Pricing Model (SL-CAPM) for low beta bias and use of the Black CAPM—that it is not clear whether the low beta bias reflects risk and, therefore, it is unclear if any ...
... (DGM) estimates to inform the MRP. b. Consider the criticism—that is made in the context of adjusting the Sharpe Lintner Capital Asset Pricing Model (SL-CAPM) for low beta bias and use of the Black CAPM—that it is not clear whether the low beta bias reflects risk and, therefore, it is unclear if any ...
Main Street Capital CORP (Form: 10-K, Received: 02
... structure, from secured loans to equity securities, allows us to offer portfolio companies a comprehensive suite of financing options, or a "one stop" financing solution. Providing customized, "one stop" financing solutions is important to LMM portfolio companies. We generally seek to partner direct ...
... structure, from secured loans to equity securities, allows us to offer portfolio companies a comprehensive suite of financing options, or a "one stop" financing solution. Providing customized, "one stop" financing solutions is important to LMM portfolio companies. We generally seek to partner direct ...
Two Essays on Managerial Behaviors in the Mutual Fund Industry
... equity pension funds from 1985 to 1989. They estimate purchase and sales based on portfolio changes over quarter-end and compare trading in the first three quarters with that in the fourth quarter. Their results show that funds sell more losers in the fourth quarter. Since their method compares the ...
... equity pension funds from 1985 to 1989. They estimate purchase and sales based on portfolio changes over quarter-end and compare trading in the first three quarters with that in the fourth quarter. Their results show that funds sell more losers in the fourth quarter. Since their method compares the ...
An Empirical Analysis of Capital Structure and Abnormal Returns
... encompasses all non-financial firms across the nine sectors that cover all the various classes of risk. Hamada (1972) tests the relationship between a firm’s leverage and its common stock’s systematic risk over a cross-section of all firms. He uses industry as a proxy for business risk, since his sa ...
... encompasses all non-financial firms across the nine sectors that cover all the various classes of risk. Hamada (1972) tests the relationship between a firm’s leverage and its common stock’s systematic risk over a cross-section of all firms. He uses industry as a proxy for business risk, since his sa ...
Annual Information Form
... practices are designed to ensure that the investments of the Portfolios are diversified and relatively liquid, and to ensure that the Portfolios are properly administered. The Portfolios are subject, namely, to section 4.1 of Regulation 81-102, which prohibits certain investments when certain relate ...
... practices are designed to ensure that the investments of the Portfolios are diversified and relatively liquid, and to ensure that the Portfolios are properly administered. The Portfolios are subject, namely, to section 4.1 of Regulation 81-102, which prohibits certain investments when certain relate ...
HSBC Jintrust Large Cap Equity Securities Investment Fund
... With the Fund’s investment philosophy of “relatively high stock position, blue chip company investment and selective research” and a stock selection strategy of “research creates values”, in its investment decision making process, the Fund makes wellproportioned asset allocations in different asset ...
... With the Fund’s investment philosophy of “relatively high stock position, blue chip company investment and selective research” and a stock selection strategy of “research creates values”, in its investment decision making process, the Fund makes wellproportioned asset allocations in different asset ...
What makes a great value investor?
... can include reading annual reports and talking to the company’s management team, customers, competitors and suppliers. Based on the assumption that Kennox is likely to hold a portfolio of 20-30 stocks with an annual turnover of around 15% this means that Kennox is only likely to buy 3-5 stocks per y ...
... can include reading annual reports and talking to the company’s management team, customers, competitors and suppliers. Based on the assumption that Kennox is likely to hold a portfolio of 20-30 stocks with an annual turnover of around 15% this means that Kennox is only likely to buy 3-5 stocks per y ...
How Do Mergers Create Value? A Comparison of Taxes, Market
... merger. Our tests reveal that Value Line forecasts accord well with realized cash flows, and thus provide useful estimates of expected synergies at the time of the merger. In addition, they provide detailed cash flow data since the forecasts include variables such as revenues, operating margin, debt, ...
... merger. Our tests reveal that Value Line forecasts accord well with realized cash flows, and thus provide useful estimates of expected synergies at the time of the merger. In addition, they provide detailed cash flow data since the forecasts include variables such as revenues, operating margin, debt, ...
Publication No. 117-34 (Revised July 2016) Illustrative Financial
... preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We did not audit the financial statements of the Cit ...
... preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We did not audit the financial statements of the Cit ...
CTAs: Shedding light on the black box
... CTA allocation. 6. CTAs can disappoint on a standalone basis (calendar annual or short term in general) but make a lot of sense in a portfolio context. They broadly de-risk traditional assets while re-risking hedge fund portfolios. This may not be the consensus view but we believe it was the source ...
... CTA allocation. 6. CTAs can disappoint on a standalone basis (calendar annual or short term in general) but make a lot of sense in a portfolio context. They broadly de-risk traditional assets while re-risking hedge fund portfolios. This may not be the consensus view but we believe it was the source ...
The performance of hedge funds and mutual funds in
... an investment focus in emerging markets. Most studies only consider either hedge funds or mutual funds; we analyze both investment vehicles active in this growing market.6 Our analysis builds upon the Center for International Securities and Derivatives Markets (CISDM) database, which is one of the l ...
... an investment focus in emerging markets. Most studies only consider either hedge funds or mutual funds; we analyze both investment vehicles active in this growing market.6 Our analysis builds upon the Center for International Securities and Derivatives Markets (CISDM) database, which is one of the l ...
Close Strategic Alpha Prospectus - Close Brothers Asset Management
... Prospectus and accepts responsibility accordingly. It has taken all reasonable care to ensure that, to the best of its knowledge and belief, the information in this document does not contain any untrue or misleading statement or omit any matters required by the COLL Sourcebook to be included in it. ...
... Prospectus and accepts responsibility accordingly. It has taken all reasonable care to ensure that, to the best of its knowledge and belief, the information in this document does not contain any untrue or misleading statement or omit any matters required by the COLL Sourcebook to be included in it. ...
Smart Beta - A referential guide for institutional investors
... Over the past decade, “smart beta,” a new suite of indexation strategies touting advantages over both active investment managers and traditional market-capitalizationweighted indexes, has erupted onto the financial scene and increasingly won the favor of institutional investors. However, the rise of ...
... Over the past decade, “smart beta,” a new suite of indexation strategies touting advantages over both active investment managers and traditional market-capitalizationweighted indexes, has erupted onto the financial scene and increasingly won the favor of institutional investors. However, the rise of ...
Uncertainty in Executive Compensation and Capital Investment: A Panel Study
... reduction in firm value (Stulz (1988)). Since the CEO knows the nature of his compensation contract, future compensation provides an unbiased estimate of the CEO’s expected future earnings. Managers with high earnings uncertainty, due to being tied to firm performance, will seek to hedge through red ...
... reduction in firm value (Stulz (1988)). Since the CEO knows the nature of his compensation contract, future compensation provides an unbiased estimate of the CEO’s expected future earnings. Managers with high earnings uncertainty, due to being tied to firm performance, will seek to hedge through red ...
RFP NO. NM INV-001-FY16 - Public Employees Retirement
... mandate size for such services is between $100-200 million. PERA reserves the right to make a single or multiple source awards to manage the proposed product(s). PERA anticipates that the proposed product(s) under this RFP will be funded with cash. PERA may require the Offeror to transition the port ...
... mandate size for such services is between $100-200 million. PERA reserves the right to make a single or multiple source awards to manage the proposed product(s). PERA anticipates that the proposed product(s) under this RFP will be funded with cash. PERA may require the Offeror to transition the port ...
THE IMPACT OF MINIMUM INVESTMENT BARRIERS ON SHORT END OF PERFORMANCE?
... performance measures, there may be cause for concern for both retail investors and hedge fund regulators. If lower minimum investment levels do not negatively impact fund performance, more individuals may want to consider investing in hedge funds and there may be less concern for industry oversight. ...
... performance measures, there may be cause for concern for both retail investors and hedge fund regulators. If lower minimum investment levels do not negatively impact fund performance, more individuals may want to consider investing in hedge funds and there may be less concern for industry oversight. ...
athens-clarke county, georgia comprehensive annual financial
... Mayor and Commission Page 3 December 30, 2014 The retail sector has shown improvement over the past year with an increase in year over year retail sales of 1.9% as of September 2014. The largest new retail development, Kroger on Highway 29, opened in August 2014 and represents an investment of $23M ...
... Mayor and Commission Page 3 December 30, 2014 The retail sector has shown improvement over the past year with an increase in year over year retail sales of 1.9% as of September 2014. The largest new retail development, Kroger on Highway 29, opened in August 2014 and represents an investment of $23M ...
Evaluation of Active Management of the Norwegian Government
... transactions costs, financing, agency costs, and other real‐world frictions. The most recent expressions of the EMH thus allow a role for arbitrageurs in the market who may profit from their comparative advantages. These advantages may include specialized knowledge, lower trading costs, low man ...
... transactions costs, financing, agency costs, and other real‐world frictions. The most recent expressions of the EMH thus allow a role for arbitrageurs in the market who may profit from their comparative advantages. These advantages may include specialized knowledge, lower trading costs, low man ...
Private equity
In finance, private equity is an asset class consisting of equity securities and debt in operating companies that are not publicly traded on a stock exchange.A private equity investment will generally be made by a private equity firm, a venture capital firm or an angel investor. Each of these categories of investor has its own set of goals, preferences and investment strategies; however, all provide working capital to a target company to nurture expansion, new-product development, or restructuring of the company’s operations, management, or ownership.Bloomberg Businessweek has called private equity a rebranding of leveraged-buyout firms after the 1980s. Common investment strategies in private equity include: leveraged buyouts, venture capital, growth capital, distressed investments and mezzanine capital. In a typical leveraged-buyout transaction, a private-equity firm buys majority control of an existing or mature firm. This is distinct from a venture-capital or growth-capital investment, in which the investors (typically venture-capital firms or angel investors) invest in young, growing or emerging companies, and rarely obtain majority control.Private equity is also often grouped into a broader category called private capital, generally used to describe capital supporting any long-term, illiquid investment strategy.