Heterogeneous Risk Preferences in Financial Markets
... that asset price co-movements with the stochastic discount factor are forecastable. When agents exhibit heterogeneous preferences, the stochastic discount factor does not correspond to a specific agent in every period, but to a time varying level of risk aversion. This level is falling through time ...
... that asset price co-movements with the stochastic discount factor are forecastable. When agents exhibit heterogeneous preferences, the stochastic discount factor does not correspond to a specific agent in every period, but to a time varying level of risk aversion. This level is falling through time ...
Inflation and the Price of Real Assets ∗ Monika Piazzesi Martin Schneider
... asset prices — house prices rose while equity prices fell, as shown in Figure 3. Compared to the big swings in the major real asset positions, households’ net position in nominal credit instruments was relatively stable. As documented below, the stability of net positions masks substantial increases ...
... asset prices — house prices rose while equity prices fell, as shown in Figure 3. Compared to the big swings in the major real asset positions, households’ net position in nominal credit instruments was relatively stable. As documented below, the stability of net positions masks substantial increases ...
Are Entrepreneur-Led Companies Better?
... compensation for agents). Moreover, founders and families may gain both perquisites and nonpecuniary rewards from ownership and control to the detriment of stockholder returns. This paper examines the equity return performance of publicly traded U.S. entrepreneurial companies and compares against th ...
... compensation for agents). Moreover, founders and families may gain both perquisites and nonpecuniary rewards from ownership and control to the detriment of stockholder returns. This paper examines the equity return performance of publicly traded U.S. entrepreneurial companies and compares against th ...
The Lender`s View of Debt and Equity: The Case
... hedge against the main sources of risk to their future stream of consumption. A long-term nominal bond has little value as a hedge against the risks faced by households because it is so vulnerable to inflation risk. This paper traces the demand for long-duration, dollar-denominated debt to the natur ...
... hedge against the main sources of risk to their future stream of consumption. A long-term nominal bond has little value as a hedge against the risks faced by households because it is so vulnerable to inflation risk. This paper traces the demand for long-duration, dollar-denominated debt to the natur ...
How Excessive Is Banks` Maturity Transformation?∗
... One of banks’ core functions is maturity transformation: allowing the financing of longterm assets while accommodating investors’ preferences for shorter investment horizons. Such function is played by commercial banks, investment banks and many shadow banking entities which finance a significant pa ...
... One of banks’ core functions is maturity transformation: allowing the financing of longterm assets while accommodating investors’ preferences for shorter investment horizons. Such function is played by commercial banks, investment banks and many shadow banking entities which finance a significant pa ...
Enron Fraud Paper - Matt Pugh's ePortfolio
... Skilling advocated the use of market-to-market accounting. He had devised a way to hide any financial losses or Enron’s operations or businesses. Market-to-market accounting is generally used for securities, but not for business assets. The accounting method allows you to determine what the actual v ...
... Skilling advocated the use of market-to-market accounting. He had devised a way to hide any financial losses or Enron’s operations or businesses. Market-to-market accounting is generally used for securities, but not for business assets. The accounting method allows you to determine what the actual v ...
Community Services
... The addition of this position is in support of the Divisional realignment proposal to improve reporting structure and ensure each area is resource based. The volume of service and customer requests has increased dramatically with the increased population, the growth of parkland, assets and parks ope ...
... The addition of this position is in support of the Divisional realignment proposal to improve reporting structure and ensure each area is resource based. The volume of service and customer requests has increased dramatically with the increased population, the growth of parkland, assets and parks ope ...
Financial Stability Report May 2010 Contents
... of the cobweb described in chapter 1. However, the recovery is uneven and fragile. The banking systems of Europe and the US in particular continue to face balance sheet pressures which will impact credit growth and economic activity. Advanced economies remain heavily reliant on policy stimulus and t ...
... of the cobweb described in chapter 1. However, the recovery is uneven and fragile. The banking systems of Europe and the US in particular continue to face balance sheet pressures which will impact credit growth and economic activity. Advanced economies remain heavily reliant on policy stimulus and t ...
SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C.
... sales were affected by concerns about the safety of Japanese beef, despite the fact that McDonald's Japan does not use Japanese beef. We expect Japan's results in the near term to continue to be negatively affected by these consumer concerns although we are proactively communicating our strong beef ...
... sales were affected by concerns about the safety of Japanese beef, despite the fact that McDonald's Japan does not use Japanese beef. We expect Japan's results in the near term to continue to be negatively affected by these consumer concerns although we are proactively communicating our strong beef ...
Для сайта НКО ЗАО НРД
... NSD’s Securities Income Payment Procedure: STEP 1. NSD makes payments to the following clients no later than day T+1: - nominees and trustees being professional securities market participants; - Russian resident legal entities; - Russian non-resident legal entities, provided that documents confirmin ...
... NSD’s Securities Income Payment Procedure: STEP 1. NSD makes payments to the following clients no later than day T+1: - nominees and trustees being professional securities market participants; - Russian resident legal entities; - Russian non-resident legal entities, provided that documents confirmin ...
2 - Economic Growth and Distribution:On the Nature and Causes of
... turn, a change in the ratio of debt to capital has an impact (nonetheless ambiguous) on capacity utilization and growth only in case those saving propensities are different. Moreover, it is formally derived a version of the minskyan taxonomy of finance regimes or postures (hedge, speculative and pon ...
... turn, a change in the ratio of debt to capital has an impact (nonetheless ambiguous) on capacity utilization and growth only in case those saving propensities are different. Moreover, it is formally derived a version of the minskyan taxonomy of finance regimes or postures (hedge, speculative and pon ...
Investment Style and Process - Qualified Financial Services
... [NYSE: BEN], a global investment organisation operating as Franklin Templeton Investments. AUM includes discretionary and advisory accounts, including pooled investment vehicles, separate accounts and other vehicles, as well as some accounts that may not be eligible for inclusion in composites as de ...
... [NYSE: BEN], a global investment organisation operating as Franklin Templeton Investments. AUM includes discretionary and advisory accounts, including pooled investment vehicles, separate accounts and other vehicles, as well as some accounts that may not be eligible for inclusion in composites as de ...
Use SWIFT solutions to reduce your liquidity risk
... 87% want more traffic data and business insights ...
... 87% want more traffic data and business insights ...
Martin Schmitz Department of Economics and IIIS, Trinity College Dublin
... Over the last decade, emerging European economies were able to run persistent current account deficits, whereas emerging Asian and the oil exporting countries ran current account surpluses. This has invoked different hypotheses as to global current account imbalances: a frequently mentioned explanat ...
... Over the last decade, emerging European economies were able to run persistent current account deficits, whereas emerging Asian and the oil exporting countries ran current account surpluses. This has invoked different hypotheses as to global current account imbalances: a frequently mentioned explanat ...
estimate - New Climate Economy Report
... Industries, land owners and households will invest to improve efficiency. Energy producers will invest in lowcarbon generation. Additionally, governments will invest in infrastructure to protect their nations against the longterm effects of climate change and to knit all of this new investment into ...
... Industries, land owners and households will invest to improve efficiency. Energy producers will invest in lowcarbon generation. Additionally, governments will invest in infrastructure to protect their nations against the longterm effects of climate change and to knit all of this new investment into ...
STANDALONE FUN VALUATION
... How would the partnership / merger expand the overall audience base How would both companies drive reductions in customer acquisition and retention cost ...
... How would the partnership / merger expand the overall audience base How would both companies drive reductions in customer acquisition and retention cost ...
1 Trends and developments in the Spanish
... In regard to investment in financial assets related to economic variables this document may cover. readers should be aware that under no circumstances should they base their investment decisions in the information contained in this document. Those persons or entities offering investment products to ...
... In regard to investment in financial assets related to economic variables this document may cover. readers should be aware that under no circumstances should they base their investment decisions in the information contained in this document. Those persons or entities offering investment products to ...
The Use of Financial Derivatives by Canadian Firms
... The use of derivatives is widespread across all sectors of the economy and increases during periods of greater uncertainty. Non-financial firms that use derivatives are typically larger and more profitable and have lower volatility of earnings than those that do not use derivatives. Overall, the ...
... The use of derivatives is widespread across all sectors of the economy and increases during periods of greater uncertainty. Non-financial firms that use derivatives are typically larger and more profitable and have lower volatility of earnings than those that do not use derivatives. Overall, the ...
Corporate Finance
... o Any decrease in % will be accompanied by decrease in E[CF]! Transactions with derivatives have negative expected value for a company o After fixed costs ...
... o Any decrease in % will be accompanied by decrease in E[CF]! Transactions with derivatives have negative expected value for a company o After fixed costs ...
Disregarded inefficiency may dominate sustainability policies
... optimistic-pessimistic scenarios in practice. Both approaches result in some errors and, therefore, in inefficiencies. Asheim (2010), showing that the value of GI “cannot serve as a reliable indicator of sustainability,” noted also that inefficiency may further loosen the link between GI and sustai ...
... optimistic-pessimistic scenarios in practice. Both approaches result in some errors and, therefore, in inefficiencies. Asheim (2010), showing that the value of GI “cannot serve as a reliable indicator of sustainability,” noted also that inefficiency may further loosen the link between GI and sustai ...
informe resultados financial report
... (US$ 89.9 million). This growth in Consolidated Revenues by 17.4% is explained in part by an increase in Chile’s business (it contribute in 48% of the total growth) and in the other hand by a growth in its subsidiaries, with contribute with the 52% of total growth. In Chile Forus’ sales grew 8.0% to ...
... (US$ 89.9 million). This growth in Consolidated Revenues by 17.4% is explained in part by an increase in Chile’s business (it contribute in 48% of the total growth) and in the other hand by a growth in its subsidiaries, with contribute with the 52% of total growth. In Chile Forus’ sales grew 8.0% to ...
How does unconventional monetary policy affect inequality
... loads (primarily residential-related) than asset holdings. These groups may have benefited from low interest rates (abstracting from further analysis on the ease of access to credit). While inflation has been very low throughout our sample period, the disproportionally large holdings of equities by ...
... loads (primarily residential-related) than asset holdings. These groups may have benefited from low interest rates (abstracting from further analysis on the ease of access to credit). While inflation has been very low throughout our sample period, the disproportionally large holdings of equities by ...
pdf
... distributions and dividend withholding tax, where applicable. Where foreign securities are included in a fund it may be exposed to macroeconomic, settlement, political, tax, reporting or illiquidity risk factors that may be different to similar investments in the South African markets. Fluctuations ...
... distributions and dividend withholding tax, where applicable. Where foreign securities are included in a fund it may be exposed to macroeconomic, settlement, political, tax, reporting or illiquidity risk factors that may be different to similar investments in the South African markets. Fluctuations ...
Quantitative Easing
... transmission process. The latter is particularly important if the stimulus from lowering the policy rate down to the zero lower bound is not enough to relieve the economy from deflationary pressures. In this case, outright purchases are considered a means to push down long-term yields directly rathe ...
... transmission process. The latter is particularly important if the stimulus from lowering the policy rate down to the zero lower bound is not enough to relieve the economy from deflationary pressures. In this case, outright purchases are considered a means to push down long-term yields directly rathe ...
Lessons from Its Recovery from the Bank-Sovereign Loop
... meeting key priorities. In closing, he called on the conference to address the question of how to secure Ireland’s full recovery and sustainable growth. Patrick Honohan, Governor of the Central Bank of Ireland, discussed some lessons learned from the EU-IMF program in his keynote speech. His assessm ...
... meeting key priorities. In closing, he called on the conference to address the question of how to secure Ireland’s full recovery and sustainable growth. Patrick Honohan, Governor of the Central Bank of Ireland, discussed some lessons learned from the EU-IMF program in his keynote speech. His assessm ...