printmgr file - Morgan Stanley
... Debt valuation adjustments (“DVA”) represent the change in the fair value resulting from fluctuations in the Firm’s credit spreads and other credit factors related to liabilities carried at fair value, primarily certain Long-term and Short-term borrowings. Amounts include Provision for (benefit from ...
... Debt valuation adjustments (“DVA”) represent the change in the fair value resulting from fluctuations in the Firm’s credit spreads and other credit factors related to liabilities carried at fair value, primarily certain Long-term and Short-term borrowings. Amounts include Provision for (benefit from ...
DOMINO`S PIZZA ENTERPRISES LIMITED ANNUAL REPORT 2010
... Domino’s has always prided itself on being an innovator and early adopter of new technology and 2009-10 was no different. The launch of our iPhone Application (App) in November 2009 was a way for us to take pizza ordering to a new level and give customers the chance to order anywhere, anytime from t ...
... Domino’s has always prided itself on being an innovator and early adopter of new technology and 2009-10 was no different. The launch of our iPhone Application (App) in November 2009 was a way for us to take pizza ordering to a new level and give customers the chance to order anywhere, anytime from t ...
Asset encumbrance, financial reform and the demand for collateral
... banking systems, jurisdictions and bank business models. Funding costs also influence the decision on whether to issue secured or unsecured debt. Greater reliance on secured funding instruments, therefore, does not necessarily reflect the (in)ability of banks to access unsecured funding markets, but ...
... banking systems, jurisdictions and bank business models. Funding costs also influence the decision on whether to issue secured or unsecured debt. Greater reliance on secured funding instruments, therefore, does not necessarily reflect the (in)ability of banks to access unsecured funding markets, but ...
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... for LT debt are balanced, a county reaches its optimal maturity structure of external debt. International reserves, by reducing the crisis probability and creating bail-out expectations, reduce the cost (interest rate or yield) of LT debt more than that of ST debt. Consequently, reserves induce fore ...
... for LT debt are balanced, a county reaches its optimal maturity structure of external debt. International reserves, by reducing the crisis probability and creating bail-out expectations, reduce the cost (interest rate or yield) of LT debt more than that of ST debt. Consequently, reserves induce fore ...
NBER WORKING PAPER SERIES AND LIMITED RISK-SHARING IN GENERAL EQUILIBRIUM
... the model implies that some other factor must have been at work to explain the decline in observed interest rates over this period. This underscores the importance of including foreign capital ‡ows in our model. Once we allow for a quantitatively plausible in‡ux of foreign capital into the domestic ...
... the model implies that some other factor must have been at work to explain the decline in observed interest rates over this period. This underscores the importance of including foreign capital ‡ows in our model. Once we allow for a quantitatively plausible in‡ux of foreign capital into the domestic ...
INTER PIPELINE LTD. $3,000,000,000 Common Shares Preferred
... targets in the future, and that decline may be significant. Investment in the Securities is subject to certain risks that should be considered carefully by prospective purchasers. See "Risk Factors" in this Prospectus and "Risk Factors" in the AIF (as defined herein) incorporated by reference herein ...
... targets in the future, and that decline may be significant. Investment in the Securities is subject to certain risks that should be considered carefully by prospective purchasers. See "Risk Factors" in this Prospectus and "Risk Factors" in the AIF (as defined herein) incorporated by reference herein ...
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 ...
Catastrophe Insurance Products in Markov Jump Diffusion Models
... precisely, instead of constant average jump rate in the years in the jump diffusion model, under MMPP, the arrival rates of new information are different from the abnormal vibrations of the loss dependent on current situation. The Markov jump diffusion model with two states, the so-called switched ...
... precisely, instead of constant average jump rate in the years in the jump diffusion model, under MMPP, the arrival rates of new information are different from the abnormal vibrations of the loss dependent on current situation. The Markov jump diffusion model with two states, the so-called switched ...
Cross-Sectional Dispersion and Expected Returns
... for aggregate idiosyncratic risk that can be readily computed at any frequency without the need to assume any particular asset pricing model. We propose that, as a proxy for aggregate idiosyncratic risk, cross-sectional dispersion represents a state variable that should be priced in the cross-secti ...
... for aggregate idiosyncratic risk that can be readily computed at any frequency without the need to assume any particular asset pricing model. We propose that, as a proxy for aggregate idiosyncratic risk, cross-sectional dispersion represents a state variable that should be priced in the cross-secti ...
Macroeconomic Effects of Secondary Market
... wealth can lead to a Pareto-superior allocation. Policy that limits the accumulation of financier net worth or hampers financiers’ ability to purchase excess amounts of loan-backed assets may therefore be welfare-enhancing. Notably, this motive for regulation is independent of the financial structur ...
... wealth can lead to a Pareto-superior allocation. Policy that limits the accumulation of financier net worth or hampers financiers’ ability to purchase excess amounts of loan-backed assets may therefore be welfare-enhancing. Notably, this motive for regulation is independent of the financial structur ...
(Ab)Use of Omega?
... strategies and of their impact, either in terms of deviations from the benchmark or in terms of risk/return. Despite some limitations, the Sharpe (1966) ratio is still considered as the reference performance measure. If we derive this ratio within a Markowitz framework, it shares the same drawbacks ...
... strategies and of their impact, either in terms of deviations from the benchmark or in terms of risk/return. Despite some limitations, the Sharpe (1966) ratio is still considered as the reference performance measure. If we derive this ratio within a Markowitz framework, it shares the same drawbacks ...
The role of inflation-linked bonds Increasing, but still modest
... they should be interesting for households, firms and governments as well. They should be particularly interesting for investors who want to hold on to their investments for very long periods, say twenty years or more. But there are also cons. The market for inflation-linked bonds is generally less l ...
... they should be interesting for households, firms and governments as well. They should be particularly interesting for investors who want to hold on to their investments for very long periods, say twenty years or more. But there are also cons. The market for inflation-linked bonds is generally less l ...
Who are the Value and Growth Investors?
... on theoretical explanations of the value premium. We make a first step in this direction by investigating value and growth investing in a highly detailed administrative panel, which contains the disaggregated holdings and socioeconomic characteristics of all Swedish residents between 1999 and 2007. ...
... on theoretical explanations of the value premium. We make a first step in this direction by investigating value and growth investing in a highly detailed administrative panel, which contains the disaggregated holdings and socioeconomic characteristics of all Swedish residents between 1999 and 2007. ...
NBER WORKING PAPER SERIES Michael B. Devereux
... Gourinchas (2007) refers to these as ‘unpredictable’ valuation terms. But other recent discussion of valuation effects in international financial data stress the presence of ‘predictable’ valuation effects at the national level, meaning that there are predictable excess returns on some component of a ...
... Gourinchas (2007) refers to these as ‘unpredictable’ valuation terms. But other recent discussion of valuation effects in international financial data stress the presence of ‘predictable’ valuation effects at the national level, meaning that there are predictable excess returns on some component of a ...
Corporate earnings and the equity premium
... where JL is the percentage jump in marginal utility, JP is the percentage jump in the stock price, and H is the elasticity of the stock price with respect to F : This expression illustrates that the equity premium implied by the model has three distinct components. The first term, gs2C ; corresponds ...
... where JL is the percentage jump in marginal utility, JP is the percentage jump in the stock price, and H is the elasticity of the stock price with respect to F : This expression illustrates that the equity premium implied by the model has three distinct components. The first term, gs2C ; corresponds ...
Investment Guide - REST Industry Super
... Why investment choice matters REST is an award winning industry super fund, with more than $39 billion in funds under management*. With competitive long-term investment returns, we’re committed to improving the retirement outcomes of our members throughout their lives. Your super is one of the large ...
... Why investment choice matters REST is an award winning industry super fund, with more than $39 billion in funds under management*. With competitive long-term investment returns, we’re committed to improving the retirement outcomes of our members throughout their lives. Your super is one of the large ...
Expected Returns on Major Asset Classes
... hypothesis? Can investors reasonably expect to make money from the knowledge of these patterns, even after they have not only been identified but also widely exploited? Although one’s first guess might be that the answers to these questions are no, in this volume, Antti Ilmanen presents powerful and ...
... hypothesis? Can investors reasonably expect to make money from the knowledge of these patterns, even after they have not only been identified but also widely exploited? Although one’s first guess might be that the answers to these questions are no, in this volume, Antti Ilmanen presents powerful and ...
Collateral-Motivated Financial Innovation
... Lustig (2010) find that the prices of Treasury Inflation-Protected Securities (TIPS) are lower than that of their replicating portfolios that consist of inflation swaps and nominal Treasury bonds. These phenomena are consistent with our model: It requires more collateral to take a long position in the ...
... Lustig (2010) find that the prices of Treasury Inflation-Protected Securities (TIPS) are lower than that of their replicating portfolios that consist of inflation swaps and nominal Treasury bonds. These phenomena are consistent with our model: It requires more collateral to take a long position in the ...
STRONG ORDER BOOKINGS INCREASED MARKET RISK
... 2015 compared to the year-end 2014. Cash flow from operating activities was negative and amounted to MSEK -1,582. Provisions for pensions, excluding special employers’ contribution, as of 30 June 2015 amounted to MSEK 1,950, compared to MSEK 2,528 at year-end 2014. This had a positive impact of MSEK ...
... 2015 compared to the year-end 2014. Cash flow from operating activities was negative and amounted to MSEK -1,582. Provisions for pensions, excluding special employers’ contribution, as of 30 June 2015 amounted to MSEK 1,950, compared to MSEK 2,528 at year-end 2014. This had a positive impact of MSEK ...
The Dodd-Frank Act
... LCFIs that are designated as systemically important financial institutions (SIFIs). However, this Article concludes that DoddFrank’s provisions fall far short of the changes that would be needed to prevent future taxpayer-financed bailouts and to remove other public subsidies for TBTF institutions. ...
... LCFIs that are designated as systemically important financial institutions (SIFIs). However, this Article concludes that DoddFrank’s provisions fall far short of the changes that would be needed to prevent future taxpayer-financed bailouts and to remove other public subsidies for TBTF institutions. ...