Who Owns Our PFI Schemes: And Why It Matters
... paper, we show who does actually own the SPVs which run Scotland’s PFI schemes: and we also show why the question of ownership matters.1 There are eighty five PFI projects in Scotland (excluding projects reserved to Westminster), with a typical project life of 30 years. They have a total capital val ...
... paper, we show who does actually own the SPVs which run Scotland’s PFI schemes: and we also show why the question of ownership matters.1 There are eighty five PFI projects in Scotland (excluding projects reserved to Westminster), with a typical project life of 30 years. They have a total capital val ...
equity method of accounting
... Objectives of this lecture • Be aware of how to account for equity investments • Be aware that investments in associates (defined as investees over which the investor has significant influence) must be accounted for by using the equity method of accounting, and know how to apply this method of acco ...
... Objectives of this lecture • Be aware of how to account for equity investments • Be aware that investments in associates (defined as investees over which the investor has significant influence) must be accounted for by using the equity method of accounting, and know how to apply this method of acco ...
NBER WORKING PAPER SERIES THE EQUITY PREMIUM IN RETROSPECT Rajnish Mehra
... “It is unclear what sources Macaulay used to collect individual stock prices but he included all railroads with actively traded stocks.” Ibid ...
... “It is unclear what sources Macaulay used to collect individual stock prices but he included all railroads with actively traded stocks.” Ibid ...
Results of DNB investment surveys into alternative investments by
... 1 http://www.dnb.nl/binaries/Brief%20Resultaten%20DNB%20onderzoeken%20innovatieve%20beleggingen_tcm46-274786.pdf 2 Within the framework of the thematic survey of innovative investments and the survey on investments in private equity and hedge ...
... 1 http://www.dnb.nl/binaries/Brief%20Resultaten%20DNB%20onderzoeken%20innovatieve%20beleggingen_tcm46-274786.pdf 2 Within the framework of the thematic survey of innovative investments and the survey on investments in private equity and hedge ...
Moving from private to public ownership: Selling out to
... public firms. He suggests that the transactions result from synergy considerations, not corporate control issues. Camerlynck and Ooghe (2000) examine a sample of private Belgium firm takeovers from 1992-1994. They also find that private firms involved in sell-outs are, on average, more profitable t ...
... public firms. He suggests that the transactions result from synergy considerations, not corporate control issues. Camerlynck and Ooghe (2000) examine a sample of private Belgium firm takeovers from 1992-1994. They also find that private firms involved in sell-outs are, on average, more profitable t ...
CPB Discussion Paper
... above the risk-free return and as such it can be seen as the price for risk. There has been a lively debate in the theoretical as well as the empirical literature on the measurement, size and sources of variation of the equity premium. In their seminal contribution, Mehra and Prescott (1985) identif ...
... above the risk-free return and as such it can be seen as the price for risk. There has been a lively debate in the theoretical as well as the empirical literature on the measurement, size and sources of variation of the equity premium. In their seminal contribution, Mehra and Prescott (1985) identif ...
Agency Costs and the Performance Implications of International
... Finally, regions 6 through 9 represent discrete changes in N governance. This type of N instability arises when the N ceases to exist as a separate entity for the original parent firms. Representative of region 6 is the case when parent firm i converts a N to an internal unit, solely within its hier ...
... Finally, regions 6 through 9 represent discrete changes in N governance. This type of N instability arises when the N ceases to exist as a separate entity for the original parent firms. Representative of region 6 is the case when parent firm i converts a N to an internal unit, solely within its hier ...
67075084I_en.pdf
... noted that because it limits itself to short-term impacts, this model omits the long-term effects (Buiter, 1977 and 1980). However, there are also those who maintain that public investment can have a complementary effect (crowding-in) with respect to private investment, especially when it is made in ...
... noted that because it limits itself to short-term impacts, this model omits the long-term effects (Buiter, 1977 and 1980). However, there are also those who maintain that public investment can have a complementary effect (crowding-in) with respect to private investment, especially when it is made in ...
Corporate Governance and Investment in the 20th Century Japan: A
... However, since the share held by external shareholders was low and highly dispersed, they could be entrenched from the external intervention. Third type was the firm that already highly separated the management from ownership. This type of firms located in the traditional middle-tech industries suc ...
... However, since the share held by external shareholders was low and highly dispersed, they could be entrenched from the external intervention. Third type was the firm that already highly separated the management from ownership. This type of firms located in the traditional middle-tech industries suc ...
Size Premia in the Canadian Equity Market
... equity returns of public firms are higher for small firms than for large firms. This phenomenon is known as the “small firm effect”.2 Some tests also find that smaller firms consistently generate returns that are above their expected returns predicted by the Capital Asset Pricing Model (“CAPM”)3. Th ...
... equity returns of public firms are higher for small firms than for large firms. This phenomenon is known as the “small firm effect”.2 Some tests also find that smaller firms consistently generate returns that are above their expected returns predicted by the Capital Asset Pricing Model (“CAPM”)3. Th ...
SME Access to External Finance BIS ECONOMICS PAPER NO. 16 JANUARY 2012
... If the UK is to continue to thrive, it is critical that entrepreneurs are able to start, finance and grow a business without any unnecessary impediments – the Government aims to make the UK one of the best places in Europe for this. The Government has already assessed the challenges facing the UK ec ...
... If the UK is to continue to thrive, it is critical that entrepreneurs are able to start, finance and grow a business without any unnecessary impediments – the Government aims to make the UK one of the best places in Europe for this. The Government has already assessed the challenges facing the UK ec ...
The informal investment context - Asociación española de ciencia
... funding available from the 3Fs (Family, Friends and Fools) that gap widens considerably, to between € 100,000 and € 2 million. This bracket is relatively unattractive to venture capital funds, which tend to opt for more conservative investment policies (projects that have survived beyond the initial ...
... funding available from the 3Fs (Family, Friends and Fools) that gap widens considerably, to between € 100,000 and € 2 million. This bracket is relatively unattractive to venture capital funds, which tend to opt for more conservative investment policies (projects that have survived beyond the initial ...
Overview of Investigation
... • FF– Found an equity premium only after 1949 – Capital gains significantly exceeded the dividend growth rate in modern times. – Equity premium may be due to unanticipated capital gains. ...
... • FF– Found an equity premium only after 1949 – Capital gains significantly exceeded the dividend growth rate in modern times. – Equity premium may be due to unanticipated capital gains. ...
IOSR Journal of Humanities and Social Science (JHSS)
... This is because three of the variables examined are statistically significant and the variables are percentage distribution of public investment which is significant at 10%, external reserve which is statistically significant at 1% and gross domestic product that is statistically significant at 10%. ...
... This is because three of the variables examined are statistically significant and the variables are percentage distribution of public investment which is significant at 10%, external reserve which is statistically significant at 1% and gross domestic product that is statistically significant at 10%. ...
Role of Private Investment in Economic development of Pakistan
... This study is expected to contribute to an important aspect of the economy of Pakistan known as Private investment and its determinants during the financial period from 1986-87 to 2007-08, and the factors which determine it. The study will analyze those different determinants including interest rate ...
... This study is expected to contribute to an important aspect of the economy of Pakistan known as Private investment and its determinants during the financial period from 1986-87 to 2007-08, and the factors which determine it. The study will analyze those different determinants including interest rate ...
Conference Program
... pension fund performance evaluation. He was elected Assistant Treasurer in February 1976, overseeing the financial modeling, market research, economics, pension, and math research districts. After an assignment at AT&T, Dick joined Merrill Lynch Capital Markets in 1981, assuming the investment con ...
... pension fund performance evaluation. He was elected Assistant Treasurer in February 1976, overseeing the financial modeling, market research, economics, pension, and math research districts. After an assignment at AT&T, Dick joined Merrill Lynch Capital Markets in 1981, assuming the investment con ...
The new farm owners table
... the agricultural sector and has invested in farmland in Bulgaria through its participation in Ceres. (See Ceres.) ...
... the agricultural sector and has invested in farmland in Bulgaria through its participation in Ceres. (See Ceres.) ...
14-0187 Attachment - Settlement Agreement - Afam Elue
... marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient ...
... marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient ...
INVESTMENT-CASH FLOW SENSITIVITY IN SMALL AND MEDIUM
... the manufacturing sector. Firms that received VC between 1995 and 2007 are analysed, tracing them back to at least three years before the entry of the investor. The results confirm that the existence of financial constraints in firms from the sample is linked with the investment-cash flow sensitivit ...
... the manufacturing sector. Firms that received VC between 1995 and 2007 are analysed, tracing them back to at least three years before the entry of the investor. The results confirm that the existence of financial constraints in firms from the sample is linked with the investment-cash flow sensitivit ...
Diasporas: Exploring their Development Potential
... extends beyond the emerging markets of China and India. payments account for a substantial flow of cross-border Diaspora investment and entrepreneurship are particularly capital: Global total remittance flows in 2006 were estiimportant for nations that might be deemed less attracmated to be US$300 b ...
... extends beyond the emerging markets of China and India. payments account for a substantial flow of cross-border Diaspora investment and entrepreneurship are particularly capital: Global total remittance flows in 2006 were estiimportant for nations that might be deemed less attracmated to be US$300 b ...
SUNTRUST BANKS INC (Form: FWP, Received: 06
... This news release may contain forward-looking statements. Statements regarding our expectations with respect to the Equity Offering and Tender Offer, our expectations with respect to our capital plan, the components and size thereof, and our ability to implement our capital plan are forward-looking ...
... This news release may contain forward-looking statements. Statements regarding our expectations with respect to the Equity Offering and Tender Offer, our expectations with respect to our capital plan, the components and size thereof, and our ability to implement our capital plan are forward-looking ...
Venture Planning, Grade 12, College Preparation (BDV4C)
... • develop an initial promotional strategy to launch their venture • develop a promotional strategy to help them establish and maintain an identity for their venture • evaluate the responses to their strategy in order to determine whether and what changes are necessary Growth Strategies • describe th ...
... • develop an initial promotional strategy to launch their venture • develop a promotional strategy to help them establish and maintain an identity for their venture • evaluate the responses to their strategy in order to determine whether and what changes are necessary Growth Strategies • describe th ...
Overvalued Equity and Financing Decisions
... of equity issuance and total financing to misvaluation.3 Even a manager who is focused on long-term value will issue more equity when it is overvalued, as doing so generates a profit for the firm (Stein 1996). However, to the extent that the manager values a higher stock price per se, there is a fur ...
... of equity issuance and total financing to misvaluation.3 Even a manager who is focused on long-term value will issue more equity when it is overvalued, as doing so generates a profit for the firm (Stein 1996). However, to the extent that the manager values a higher stock price per se, there is a fur ...
History of private equity and venture capital
The history of private equity and venture capital and the development of these asset classes has occurred through a series of boom and bust cycles since the middle of the 20th century. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel, although interrelated tracks.Since the origins of the modern private equity industry in 1946, there have been four major epochs marked by three boom and bust cycles. The early history of private equity—from 1946 through 1981—was characterized by relatively small volumes of private equity investment, rudimentary firm organizations and limited awareness of and familiarity with the private equity industry. The first boom and bust cycle, from 1982 through 1993, was characterized by the dramatic surge in leveraged buyout activity financed by junk bonds and culminating in the massive buyout of RJR Nabisco before the near collapse of the leveraged buyout industry in the late 1980s and early 1990s. The second boom and bust cycle (from 1992 through 2002) emerged from the ashes of the savings and loan crisis, the insider trading scandals, the real estate market collapse and the recession of the early 1990s. This period saw the emergence of more institutionalized private equity firms, ultimately culminating in the massive Dot-com bubble in 1999 and 2000. The third boom and bust cycle (from 2003 through 2007) came in the wake of the collapse of the Dot-com bubble—leveraged buyouts reach unparalleled size and the institutionalization of private equity firms is exemplified by the Blackstone Group's 2007 initial public offering.In its early years through roughly the year 2000, the history of the private equity and venture capital asset classes is best described through a narrative of developments in the United States as private equity in Europe consistently lagged behind the North American industry. With the second private equity boom in the mid-1990s and liberalization of regulation for institutional investors in Europe, the emergence of a mature European private equity market has occurred.