The Valuation of Collateralised Debt Obligations - DORAS
... period setting A model is also developed which reproduces Moody’s CDO rating The Moody’s rating is compared to that which is implied from applying the nsk-neutral model, the differences analysed and the implications for regulatory capital for CDOs explored ...
... period setting A model is also developed which reproduces Moody’s CDO rating The Moody’s rating is compared to that which is implied from applying the nsk-neutral model, the differences analysed and the implications for regulatory capital for CDOs explored ...
Misvaluation and Return Anomalies in Distressed Stocks
... misvalued (where the relative valuation is determined by the comparison of market value and model value). We then look at the strength of anomalies (size, value, and momentum) in these terciles. The results are consistent with our conjecture. The excess returns to the small−big portfolio are 1.29% ( ...
... misvalued (where the relative valuation is determined by the comparison of market value and model value). We then look at the strength of anomalies (size, value, and momentum) in these terciles. The results are consistent with our conjecture. The excess returns to the small−big portfolio are 1.29% ( ...
SIFMA Submits Comments to FINRA on FINRA`s Markup Proposal
... figure, then the disclosure of one, but not the other, cannot be considered a factor in determining whether the charge is fair and reasonable. SIFMA does not believe that there is a sound policy basis for this limitation. Because disclosure is just a factor and not a requirement, the manner in whic ...
... figure, then the disclosure of one, but not the other, cannot be considered a factor in determining whether the charge is fair and reasonable. SIFMA does not believe that there is a sound policy basis for this limitation. Because disclosure is just a factor and not a requirement, the manner in whic ...
Comparative Case Study on Copper
... companies in a sector where local firms would have comparative advantages, is enough to generate tension between foreign investors and the host government. What accentuates this is the fact that the exploitation of NR generates “Ricardian rents” (i.e. there can be a considerable gap between the cost ...
... companies in a sector where local firms would have comparative advantages, is enough to generate tension between foreign investors and the host government. What accentuates this is the fact that the exploitation of NR generates “Ricardian rents” (i.e. there can be a considerable gap between the cost ...
International Spillovers of Large
... (ROW) economy hold both short and long-term U.S. government bonds as well as their domestic bonds, but cannot perfectly substitute among these bonds. We show that the model can generate the type of international spillovers mentioned above after a QE announcement in the U.S. through the portfolio bal ...
... (ROW) economy hold both short and long-term U.S. government bonds as well as their domestic bonds, but cannot perfectly substitute among these bonds. We show that the model can generate the type of international spillovers mentioned above after a QE announcement in the U.S. through the portfolio bal ...
Financial facts - Great West Life
... Participating policyowners’ premiums go into a separate account called the participating account. Great-West Life manages this account, investing its assets in a diversified portfolio of bonds, mortgages and equities, including real estate. This frees policyowners from the details of hands-on manage ...
... Participating policyowners’ premiums go into a separate account called the participating account. Great-West Life manages this account, investing its assets in a diversified portfolio of bonds, mortgages and equities, including real estate. This frees policyowners from the details of hands-on manage ...
detailed assessment report of lbtr, sistema de liquidación bruta en
... stress test programme. In addition, as noted above for CCLV, ComDer does not have access to routine Central Bank credit either; as a result, it must resort to its liquidity providers before first exhausting the collateral provided by the delayed/defaulted participant(s). Collateral in securities – a ...
... stress test programme. In addition, as noted above for CCLV, ComDer does not have access to routine Central Bank credit either; as a result, it must resort to its liquidity providers before first exhausting the collateral provided by the delayed/defaulted participant(s). Collateral in securities – a ...
Choosing Not to Choose - The Australia Institute
... On 1 July 2005, the former Coalition Government’s Choice of Fund policy came into effect. For the first time, millions of Australian workers were given the option of nominating a fund for their compulsory superannuation contributions. At the time, the Government represented Choice of Fund as a major ...
... On 1 July 2005, the former Coalition Government’s Choice of Fund policy came into effect. For the first time, millions of Australian workers were given the option of nominating a fund for their compulsory superannuation contributions. At the time, the Government represented Choice of Fund as a major ...
Fair Value Measurement and Application
... principal market. The fair value also would be measured assuming that general market participants would act in their economic best interest. Fair value would be described as an exit price and would not be adjusted for transaction costs. This proposed Statement would require a government to use valua ...
... principal market. The fair value also would be measured assuming that general market participants would act in their economic best interest. Fair value would be described as an exit price and would not be adjusted for transaction costs. This proposed Statement would require a government to use valua ...
PROVISIONALLY APPROVED by the Board of Directors of OJSC
... to associate into macro-regional companies. Formation of a unified national telecommunication company provides the basis for the full realization of the economic benefits of the business scale. The Company has clearly defined its strategic benchmark for the coming years which is the fundamental tran ...
... to associate into macro-regional companies. Formation of a unified national telecommunication company provides the basis for the full realization of the economic benefits of the business scale. The Company has clearly defined its strategic benchmark for the coming years which is the fundamental tran ...
bankinter, sa - Irish Stock Exchange
... As described in the Terms and Conditions of the Notes (the “Conditions”) unless previously redeemed, the Notes will be redeemed at their principal amount on 6 April 2027. The Notes may be redeemed at the option of the Issuer in whole, but not in part, at their principal amount, together with any acc ...
... As described in the Terms and Conditions of the Notes (the “Conditions”) unless previously redeemed, the Notes will be redeemed at their principal amount on 6 April 2027. The Notes may be redeemed at the option of the Issuer in whole, but not in part, at their principal amount, together with any acc ...
NBER WORKING PAPER SERIES Philippe Aghion
... thereby improving welfare. Another justi…cation for countercyclical …scal policy stems from a more Keynesian view of the cycle: namely, to the extent that a recession corresponds to an increase in the ine¢ ciency of the economy, appropriate …scal or monetary policy that raises aggregate demand can b ...
... thereby improving welfare. Another justi…cation for countercyclical …scal policy stems from a more Keynesian view of the cycle: namely, to the extent that a recession corresponds to an increase in the ine¢ ciency of the economy, appropriate …scal or monetary policy that raises aggregate demand can b ...
Corporate Governance And Earnings
... the most effective corporate governance system, this paper will investigate the rules and regulations that protect shareholders under the common law system. According to UK requirements, the board of directors should include a certain balance of executive and non-executive directors (particularly in ...
... the most effective corporate governance system, this paper will investigate the rules and regulations that protect shareholders under the common law system. According to UK requirements, the board of directors should include a certain balance of executive and non-executive directors (particularly in ...
Economics for Business and ManagementA Student Text
... production is identical. It’s just that prices were higher at first in order to recoup the research and development costs.’ The electronics industry has always relied on a small proportion of early adopters, the people who must have new gadgets as they arrive, in order to defray the high initial cos ...
... production is identical. It’s just that prices were higher at first in order to recoup the research and development costs.’ The electronics industry has always relied on a small proportion of early adopters, the people who must have new gadgets as they arrive, in order to defray the high initial cos ...
Inventory and Analysis of the Accounting Methods of Evaluation
... goods that were purchased recently, the basic objective of this method is the desire of the business in achieving rapprochement between the cost of the flow and flow physical inventory, especially if the disbursement of stores in accordance with this method in this case are similar to the way these ...
... goods that were purchased recently, the basic objective of this method is the desire of the business in achieving rapprochement between the cost of the flow and flow physical inventory, especially if the disbursement of stores in accordance with this method in this case are similar to the way these ...
#32842_30_Mutual Fund Regulation_P1 1..72
... Prior to the adoption of Rule 2a-7, the SEC had expressed the view that the portfolio valuation provisions of the ICA required a money market fund to (i) determine the fair value of short-term debt securities for which market quotations were not readily available by reference generally to current ma ...
... Prior to the adoption of Rule 2a-7, the SEC had expressed the view that the portfolio valuation provisions of the ICA required a money market fund to (i) determine the fair value of short-term debt securities for which market quotations were not readily available by reference generally to current ma ...
The Optimal Level of International Reserves For Emerging Market
... observed surge in reserves in emerging market countries.3 Alfaro and Kanczuk (2009) present a model in which a small open economy can insure itself by defaulting on its external debt rather than holding reserves, and …nd that the optimal level of reserves is zero. The model presented here is one of ...
... observed surge in reserves in emerging market countries.3 Alfaro and Kanczuk (2009) present a model in which a small open economy can insure itself by defaulting on its external debt rather than holding reserves, and …nd that the optimal level of reserves is zero. The model presented here is one of ...
Q3 - Fiera Capital
... Forward-looking statements, by their very nature, involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions and other forward-looking statements will prove to be inaccurate. As a result, the Company does not guarantee that any forward-lo ...
... Forward-looking statements, by their very nature, involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions and other forward-looking statements will prove to be inaccurate. As a result, the Company does not guarantee that any forward-lo ...
State of the Markets
... connection with any Credit Default Swap. Accordingly, this presentation may not contain all information that would be material to the evaluation of the merits and risks of entering into any Credit Default Swap. ...
... connection with any Credit Default Swap. Accordingly, this presentation may not contain all information that would be material to the evaluation of the merits and risks of entering into any Credit Default Swap. ...
From Crisis to Recovery
... onset. The numbers are striking. According to estimates by the World Bank, the total world economy contracted by 2.1% in 2009 – an unprecedented fall in the post-war era. In the OECD area, there was an economic contraction of 4.7% between the first quarter of 2008 and the second quarter of 2009. A p ...
... onset. The numbers are striking. According to estimates by the World Bank, the total world economy contracted by 2.1% in 2009 – an unprecedented fall in the post-war era. In the OECD area, there was an economic contraction of 4.7% between the first quarter of 2008 and the second quarter of 2009. A p ...
The information content of share repurchases
... problem caused by free cash flow. In general, if shareholders can restrict the assets under management control, it is harder for management to over-invest in negative net present value projects, to consume perquisites, or to be slothful (Grossman and Hart 1980, Easterbrook 1984, Jensen 1986, Stulz 1 ...
... problem caused by free cash flow. In general, if shareholders can restrict the assets under management control, it is harder for management to over-invest in negative net present value projects, to consume perquisites, or to be slothful (Grossman and Hart 1980, Easterbrook 1984, Jensen 1986, Stulz 1 ...
Vanguard Ultra-Short-Term Bond Fund Prospectus Investor Shares
... in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality. • Liquidity risk, which is the chance that the Fu ...
... in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality. • Liquidity risk, which is the chance that the Fu ...
Disclosure Brochure - Total Investment Management
... occupying a similar status or performing similar functions), or employees, or any other person who provides investment advice on TIM’s behalf and is subject to TIM’s supervision or control. Financial Planning and Consulting Services TIM may provide its clients with a broad range of comprehensive fin ...
... occupying a similar status or performing similar functions), or employees, or any other person who provides investment advice on TIM’s behalf and is subject to TIM’s supervision or control. Financial Planning and Consulting Services TIM may provide its clients with a broad range of comprehensive fin ...
Uncertainty and consumer durables adjustment
... The data offer information on three categories of durable goods: means of transport (for brevity “cars” or vehicles in what follows); furniture, furnishings, household appliances and sundry articles (“furniture”); precious objects including jewelry, antiques, old and gold coins (“jewelry”). Househol ...
... The data offer information on three categories of durable goods: means of transport (for brevity “cars” or vehicles in what follows); furniture, furnishings, household appliances and sundry articles (“furniture”); precious objects including jewelry, antiques, old and gold coins (“jewelry”). Househol ...
the guide to understanding deflation
... with that buyer’s, then the value of the asset falls, and it falls for everyone who owns it. If a million other people own it, then their net worth goes down even though they did nothing. Two investors made it happen by transacting, and the rest of the investors made it happen by choosing not to dis ...
... with that buyer’s, then the value of the asset falls, and it falls for everyone who owns it. If a million other people own it, then their net worth goes down even though they did nothing. Two investors made it happen by transacting, and the rest of the investors made it happen by choosing not to dis ...