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 ...
Identifying Speculative Bubbles: A Two-Pillar Surveillance
... new buyers—generally speculators, interested in profits from trading in the asset rather than its use or earning capacity. Stiglitz (1990) defines a bubble where the reason that the price is high today is only because investors believe that the selling price will be high tomorrow— when ‘fundamental’ ...
... new buyers—generally speculators, interested in profits from trading in the asset rather than its use or earning capacity. Stiglitz (1990) defines a bubble where the reason that the price is high today is only because investors believe that the selling price will be high tomorrow— when ‘fundamental’ ...
CAPITAL ONE INVESTING, LLC Statement of Financial Condition
... LLC (the Company) as of December 31, 2016. This financial statement is the responsibility of the Company’s management. Our responsibility is to express an opinion on this financial statement based on our audit. We conducted our audit in accordance with the standards of the Public Company Accounting ...
... LLC (the Company) as of December 31, 2016. This financial statement is the responsibility of the Company’s management. Our responsibility is to express an opinion on this financial statement based on our audit. We conducted our audit in accordance with the standards of the Public Company Accounting ...
Intermediary Asset Pricing
... intermediaries’ actions reflect the preferences of their client-investors. With this assumption, the traditional approach treats intermediaries as a “veil,” and instead posits that a representative household is marginal in pricing all assets. We deviate from the traditional approach for two reasons. ...
... intermediaries’ actions reflect the preferences of their client-investors. With this assumption, the traditional approach treats intermediaries as a “veil,” and instead posits that a representative household is marginal in pricing all assets. We deviate from the traditional approach for two reasons. ...
Market structures and systemic risks of exchange
... investors as the value of their liabilities increased; banks were also willing buyers as they offered higher returns to comparably rated plain vanilla assets. Rising investor demand for these products subsequently helped banks to fund the rapid growth in credit demand in 2004–06 through the securiti ...
... investors as the value of their liabilities increased; banks were also willing buyers as they offered higher returns to comparably rated plain vanilla assets. Rising investor demand for these products subsequently helped banks to fund the rapid growth in credit demand in 2004–06 through the securiti ...
New Zealand: Financial Sector Assessment Program
... Infrastructures (FMIs) will get New Zealand broadly on par with international standards. The proposed regime will provide the authorities with the legal basis for the oversight of systemically important FMIs, and with a graduated range of enforcement, crisis management, and regulatory powers. The au ...
... Infrastructures (FMIs) will get New Zealand broadly on par with international standards. The proposed regime will provide the authorities with the legal basis for the oversight of systemically important FMIs, and with a graduated range of enforcement, crisis management, and regulatory powers. The au ...
The Power of a Low Volatility Investing Approach
... those of stocks, including those regarding short selling and margin maintenance requirements. Ordinary brokerage commissions apply. The Fund’s return may not match the return of the Underlying Index. The Funds are subject to certain other risks. Please see the current prospectus for more information ...
... those of stocks, including those regarding short selling and margin maintenance requirements. Ordinary brokerage commissions apply. The Fund’s return may not match the return of the Underlying Index. The Funds are subject to certain other risks. Please see the current prospectus for more information ...
Chapter - Finance
... some basic approaches to financial ratio analysis, some basic interrelationships among ratios, and sources of information that can enhance the analyst’s effectiveness. Two common types of ratio analysis are, comparative and trend analysis. 1. Comparative analysis—The analyst compares the ratios of t ...
... some basic approaches to financial ratio analysis, some basic interrelationships among ratios, and sources of information that can enhance the analyst’s effectiveness. Two common types of ratio analysis are, comparative and trend analysis. 1. Comparative analysis—The analyst compares the ratios of t ...
ImplementIng the natIonal Flood Insurance reForm act about the authors Howard Kunreuther, PhD
... National Flood Insurance Reform Act (NFIRA)—a significant piece of legislation designed to provide more accurate information on the nature of flood risk by improving the quality of publically available flood maps across the nation. It also phases in risk-based premiums for policyholders with second ...
... National Flood Insurance Reform Act (NFIRA)—a significant piece of legislation designed to provide more accurate information on the nature of flood risk by improving the quality of publically available flood maps across the nation. It also phases in risk-based premiums for policyholders with second ...
Financial Crises, Risk Premia, and the Term Structure of Risky Assets
... confirm this prediction in the data. As in the model, the equity of the financial sector divided by GDP has strong forecasting power for both stock and corporate bond returns, predicting around 17% of the variation in annual returns. This provides an explicit link between risk premia and the financi ...
... confirm this prediction in the data. As in the model, the equity of the financial sector divided by GDP has strong forecasting power for both stock and corporate bond returns, predicting around 17% of the variation in annual returns. This provides an explicit link between risk premia and the financi ...
financial regulations and the basel accords.
... to an increase in nontraditional mortgages. These mortgage products were in most cases complex and did not reflect the borrower’s capacity to make repayments. Despite the increasing complexity of mortgage products, there was little in terms of regulatory reform done to address the issue. This was p ...
... to an increase in nontraditional mortgages. These mortgage products were in most cases complex and did not reflect the borrower’s capacity to make repayments. Despite the increasing complexity of mortgage products, there was little in terms of regulatory reform done to address the issue. This was p ...
Portfolio Funding Profile
... • A Funding Profile reflects the number of retirement years that a particular portfolio might be expected to support expenses in retirement as a function of inflation-adjusted withdrawal rates • Consistent with Fidelity’s retirement approach, the number of funding years are indicated at the 50% and ...
... • A Funding Profile reflects the number of retirement years that a particular portfolio might be expected to support expenses in retirement as a function of inflation-adjusted withdrawal rates • Consistent with Fidelity’s retirement approach, the number of funding years are indicated at the 50% and ...
Capital requirements for MiFID investment firms
... system as a whole. Whether or not an investment firm is authorised to hold client money is a particularly important factor. All categories are subject to some level of initial capital requirement, and most categories are subject to some level of own funds requirements, as outlined in Table 1. Existi ...
... system as a whole. Whether or not an investment firm is authorised to hold client money is a particularly important factor. All categories are subject to some level of initial capital requirement, and most categories are subject to some level of own funds requirements, as outlined in Table 1. Existi ...
FREE Sample Here
... 25. Corporate shareholders are best protected from incompetent management decisions by A. the ability to engage in proxy fights. B. management's control of pecuniary rewards. C. the ability to call shareholder meetings. D. the threat of takeover by other firms. E. one-share/one-vote election rules. ...
... 25. Corporate shareholders are best protected from incompetent management decisions by A. the ability to engage in proxy fights. B. management's control of pecuniary rewards. C. the ability to call shareholder meetings. D. the threat of takeover by other firms. E. one-share/one-vote election rules. ...
IOSR Journal of Economics and Finance (IOSR-JEF)
... economic growth. Such studies include Nzotta and Okereke, 2009; Iganniga, 2010; Okafor, 2011; Kehinde and Adejuwon, 2011; Onwumere et al., 2012; Balago, 214; Aye, 2015 and so on. Nzotta and Okereke (2009) is one of the first country-specific studies that are indigenous in and to Nigeria. The study e ...
... economic growth. Such studies include Nzotta and Okereke, 2009; Iganniga, 2010; Okafor, 2011; Kehinde and Adejuwon, 2011; Onwumere et al., 2012; Balago, 214; Aye, 2015 and so on. Nzotta and Okereke (2009) is one of the first country-specific studies that are indigenous in and to Nigeria. The study e ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... constraint is binding at some st and that dt(st) 0. Reducing dt(st) and bt+1(st) by a small amount leaves the value of the firm’s objective unchanged but relaxes the enforcement constraint and allows for an improvement of the objective. We then have the following proposition: pRopoSItIon 1. Suppos ...
... constraint is binding at some st and that dt(st) 0. Reducing dt(st) and bt+1(st) by a small amount leaves the value of the firm’s objective unchanged but relaxes the enforcement constraint and allows for an improvement of the objective. We then have the following proposition: pRopoSItIon 1. Suppos ...
An Experimental Examination of the House Money Effect
... results are consistent with a house money effect in a financial setting. Market prices are higher when traders have more found money. Further, the statistics reported in table II indicate that, compared to the low endowment sessions, average prices in the high endowment sessions are also significant ...
... results are consistent with a house money effect in a financial setting. Market prices are higher when traders have more found money. Further, the statistics reported in table II indicate that, compared to the low endowment sessions, average prices in the high endowment sessions are also significant ...
Chapter 18
... their financial decisions at some point. Nearly half of all women over 65 get 90% of their income from Social Security, compared to 35% of comparable men. 75% of women don’t know how much they need to save for retirement. Women tend to be more conservative in their investments, so they earn less. ...
... their financial decisions at some point. Nearly half of all women over 65 get 90% of their income from Social Security, compared to 35% of comparable men. 75% of women don’t know how much they need to save for retirement. Women tend to be more conservative in their investments, so they earn less. ...
proposal seminar bisnis dan keuangan
... Although financial institutions among Asian countries, especially Indonesia, have been dominated by commercial banks and insurance market share is only 10 percent of the financial market, the insurance industry is an important partner for the banking industry. The industry’s function is guaranteeing ...
... Although financial institutions among Asian countries, especially Indonesia, have been dominated by commercial banks and insurance market share is only 10 percent of the financial market, the insurance industry is an important partner for the banking industry. The industry’s function is guaranteeing ...
Chapter 31 - Developing Financial Policies
... school boards are annually oriented because of the annual budget cycle. School boards might feel that developing a long-range financial plan has no benefit because so many things can change over a long period of time. In addition, some school boards might be reluctant to reveal too much information ...
... school boards are annually oriented because of the annual budget cycle. School boards might feel that developing a long-range financial plan has no benefit because so many things can change over a long period of time. In addition, some school boards might be reluctant to reveal too much information ...