Working in partnership with financial intermediaries
... Leigh has been selected as one of Private Asset Managers’ top 40 under 40 - 2013. In 2012, he was recognised as one of London’s leading lights in Private Client management by Citywire. Leigh is also a graduate of the 2009/10 Kleinwort Benson leadership development programme, run in association with ...
... Leigh has been selected as one of Private Asset Managers’ top 40 under 40 - 2013. In 2012, he was recognised as one of London’s leading lights in Private Client management by Citywire. Leigh is also a graduate of the 2009/10 Kleinwort Benson leadership development programme, run in association with ...
Optimising Risk-adjusted Returns
... The rational choice would be to select those active funds with the highest information ratios, but bear in mind these ratios are probably not constant, since out-performance against the market index is not constant. Therefore, using a strategy of only active management might go sour, and might it be ...
... The rational choice would be to select those active funds with the highest information ratios, but bear in mind these ratios are probably not constant, since out-performance against the market index is not constant. Therefore, using a strategy of only active management might go sour, and might it be ...
NBER WORKING PAPER SERIES INCOMPLETE MARKETS
... These studies have all maintained the convenient assumption of complete markets, abstracting from the possibility that agents’ saving and investment decisions—and hence their reaction to changes in fiscal policy—may crucially depend on the extent of risk sharing within the economy. This paper contri ...
... These studies have all maintained the convenient assumption of complete markets, abstracting from the possibility that agents’ saving and investment decisions—and hence their reaction to changes in fiscal policy—may crucially depend on the extent of risk sharing within the economy. This paper contri ...
The Economic Risks of Globalization
... risk of contagion should undesirable developments occur. Regional crises have become global risks. It is evident that national governments are no longer able to overcome the challenges of globalization single-handedly. However, when it comes to multilateral attempts at providing solutions, the track ...
... risk of contagion should undesirable developments occur. Regional crises have become global risks. It is evident that national governments are no longer able to overcome the challenges of globalization single-handedly. However, when it comes to multilateral attempts at providing solutions, the track ...
the Diversity of Financial Institutions and Accounting Regulation
... precisely, FAS 13, which was published in 1976, defines fair value as "[the] normal selling price, reflecting any volume or trade discounts that may be applicable". As for Europe, the first accounting standard to mention fair value was IAS 32, which was issued in 1995. The definition currently used ...
... precisely, FAS 13, which was published in 1976, defines fair value as "[the] normal selling price, reflecting any volume or trade discounts that may be applicable". As for Europe, the first accounting standard to mention fair value was IAS 32, which was issued in 1995. The definition currently used ...
PDF
... While the recent change in land value has a strong influence on land value’s future direction, the annual return to a land investment must also be considered. One way to assess the relationship between the annual return and land values is to observe the land value/cash rent multiple. This is similar ...
... While the recent change in land value has a strong influence on land value’s future direction, the annual return to a land investment must also be considered. One way to assess the relationship between the annual return and land values is to observe the land value/cash rent multiple. This is similar ...
capital - International Actuarial Association
... between balance sheet capital which just reflects the excess value of assets over liabilities9 and “required capital”. Required capital is the minimum amount of admissible regulatory capital that has to be held to offset and safeguard against significant adverse events, including the potential inad ...
... between balance sheet capital which just reflects the excess value of assets over liabilities9 and “required capital”. Required capital is the minimum amount of admissible regulatory capital that has to be held to offset and safeguard against significant adverse events, including the potential inad ...
Section 2.2
... Explain why total financial assets in the economy must equal total financial liabilities. Every financial asset must be financed with some type of a claim or liability. Since all of an economy’s financial assets are just a collection of the individual financial assets, then they should also sum to t ...
... Explain why total financial assets in the economy must equal total financial liabilities. Every financial asset must be financed with some type of a claim or liability. Since all of an economy’s financial assets are just a collection of the individual financial assets, then they should also sum to t ...
asset value guarantees under equity-based products
... payment otherwise made under the contract. However, significant variations in the net risk premium were noted with respect to the length of the investment period, and, to a lesser extent, variations were also noted with respect to other underlying factors. It would therefore appear that an array of ...
... payment otherwise made under the contract. However, significant variations in the net risk premium were noted with respect to the length of the investment period, and, to a lesser extent, variations were also noted with respect to other underlying factors. It would therefore appear that an array of ...
Forecasting Credit Portfolio Risk
... and Cox [1976], Merton [1977], Geske [1977], Longstaff and Schwartz [1995] or Zhou [2001]. In this model it is assumed that a default event happens if the value of an obligor’s assets falls short of the value of debt. Generally speaking, one of the model’s major shortcomings is the assumption of ava ...
... and Cox [1976], Merton [1977], Geske [1977], Longstaff and Schwartz [1995] or Zhou [2001]. In this model it is assumed that a default event happens if the value of an obligor’s assets falls short of the value of debt. Generally speaking, one of the model’s major shortcomings is the assumption of ava ...
GDB Position paper to BCBS365_9.docx
... A flat and unique leverage ratio of 3% will unintentionally dis-incentivise low risk business and most likely harm risk reducing businesses / activities. As such we see the need to at least calibrate the ratio calculation in further areas which however contradicts the general approach of simple and ...
... A flat and unique leverage ratio of 3% will unintentionally dis-incentivise low risk business and most likely harm risk reducing businesses / activities. As such we see the need to at least calibrate the ratio calculation in further areas which however contradicts the general approach of simple and ...
Basel III Pillar 3 Regulatory Capital Disclosures
... offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 active, full-time equivalent team members, we serve one in three households in the United States and are ranked No. 30 on Fortune’s 2015 rankings of America’s largest corporations. We ...
... offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 active, full-time equivalent team members, we serve one in three households in the United States and are ranked No. 30 on Fortune’s 2015 rankings of America’s largest corporations. We ...
Financial distress and firm performance: Evidence from the Asian
... The Asian Financial Crisis of 1997-1998 led to sharp declines in the currencies and stock market prices of a number of Asian countries/economies; it also caused repercussions to the global economy (International Monetary Fund, 2008). Prior research has studied the relationship between financial leve ...
... The Asian Financial Crisis of 1997-1998 led to sharp declines in the currencies and stock market prices of a number of Asian countries/economies; it also caused repercussions to the global economy (International Monetary Fund, 2008). Prior research has studied the relationship between financial leve ...
Financial fragility and distress propagation in a network of regions
... indirectly. When a firm faces consecutive losses, then the bank will apply higher financing costs to all the firms in its credit portfolio. This, even if the other firms are still financially robust. The main result of the model is that as long as regions are economically separated, agents do not be ...
... indirectly. When a firm faces consecutive losses, then the bank will apply higher financing costs to all the firms in its credit portfolio. This, even if the other firms are still financially robust. The main result of the model is that as long as regions are economically separated, agents do not be ...
The Impact of Risk Controls and Strategy-Specific Risk Diversification on Extreme Risk
... schemes that deviate from cap-weighting addressing issues (i) and (ii) and they have been demonstrated to lead to superior risk-adjusted returns, addressing possibly to some extent issue (iii).1 Traditional index providers usually employ a set of methodology choices for stock selection and weighting ...
... schemes that deviate from cap-weighting addressing issues (i) and (ii) and they have been demonstrated to lead to superior risk-adjusted returns, addressing possibly to some extent issue (iii).1 Traditional index providers usually employ a set of methodology choices for stock selection and weighting ...
Chapter 7 - CSUN.edu
... return on the market is 16 percent. The project being evaluated is riskier than Boe’s average project, in terms of both beta risk and total risk. Which of the following statements is most correct? a. The project should be accepted since its expected return (before risk adjustment) is greater than it ...
... return on the market is 16 percent. The project being evaluated is riskier than Boe’s average project, in terms of both beta risk and total risk. Which of the following statements is most correct? a. The project should be accepted since its expected return (before risk adjustment) is greater than it ...
Chapter 1 1 2
... production. Growth options allow a company to expand if market demand is higher than expected. This includes the opportunity to expand into different geographic markets and the opportunity to introduce complementary or second-generation products. It also includes the option to abandon a project if m ...
... production. Growth options allow a company to expand if market demand is higher than expected. This includes the opportunity to expand into different geographic markets and the opportunity to introduce complementary or second-generation products. It also includes the option to abandon a project if m ...
Expected Commodity Futures Returns
... II. Business Conditions and Expected Futures Returns Hirshleifer (1988, 1990) derives an equilibrium asset pricing theory in an economy with nonmarketable claims and limits on direct market participation which results in both systematic and commodity specific factors impacting futures prices. Extend ...
... II. Business Conditions and Expected Futures Returns Hirshleifer (1988, 1990) derives an equilibrium asset pricing theory in an economy with nonmarketable claims and limits on direct market participation which results in both systematic and commodity specific factors impacting futures prices. Extend ...
Market liquidity and stress - Bank for International Settlements
... The relationship between market and cash liquidity is a multifaceted one. Some of the links are obvious. For instance, selling an asset in a market or unwinding a profitable position is one way of raising cash. Others, however, are less apparent. In particular, it will be argued below that access to ...
... The relationship between market and cash liquidity is a multifaceted one. Some of the links are obvious. For instance, selling an asset in a market or unwinding a profitable position is one way of raising cash. Others, however, are less apparent. In particular, it will be argued below that access to ...