Banks bailout, time-consistency and distributional effects
... several redistributive channels: the bailout reduces the after tax wage of all agents, lowers the loss of either depositors or bankers or potentially both and a higher share of risky assets increases the total income of bankers. The redistributive impact of a bailout is thus subtle. We compare the ...
... several redistributive channels: the bailout reduces the after tax wage of all agents, lowers the loss of either depositors or bankers or potentially both and a higher share of risky assets increases the total income of bankers. The redistributive impact of a bailout is thus subtle. We compare the ...
Why it pays to be diversified
... portfolios perform better than primary funds for all percentiles of return distribution – and these performance benefits are further accentuated for net multiples given the impact of fees on the performance of primary funds. Figure 3 shows a side-by-side comparison of the return distributions of prim ...
... portfolios perform better than primary funds for all percentiles of return distribution – and these performance benefits are further accentuated for net multiples given the impact of fees on the performance of primary funds. Figure 3 shows a side-by-side comparison of the return distributions of prim ...
Capital Markets 2020 Will it change for good?
... executives which is part of the study, clearly demonstrates that leaders believe it is important to have a better understanding and a more clearly articulated vision of their place in the capital markets industry in 2020 than they do today. We wholeheartedly agree – this is an area of strong interes ...
... executives which is part of the study, clearly demonstrates that leaders believe it is important to have a better understanding and a more clearly articulated vision of their place in the capital markets industry in 2020 than they do today. We wholeheartedly agree – this is an area of strong interes ...
Pricing Flood Insurance - Resources for the Future
... flood zone, building elevation, and type of basement. In 2008, the Government Accountability Office (GAO) raised concerns that some of the data used in this modeling were outdated or inaccurate. FEMA has been updating FIRMs and making other improvements, but certain items, such as probability estima ...
... flood zone, building elevation, and type of basement. In 2008, the Government Accountability Office (GAO) raised concerns that some of the data used in this modeling were outdated or inaccurate. FEMA has been updating FIRMs and making other improvements, but certain items, such as probability estima ...
NBER WORKING PAPER SERIES DECOMPOSING THE EFFECTS OF FINANCIAL LIBERALIZATION: Romain Ranciere
... identifies the timing of a formal regulatory change that allows foreign investors to invest in ...
... identifies the timing of a formal regulatory change that allows foreign investors to invest in ...
Litigation Finance: A Market Solution to a Procedural Problem
... In a system dominated by settlement, scholars, lawyers, and judges who want to promote accuracy in litigation strive to promote accurate settlements. This effort typically relies on judicial intervention in pretrial practice, or on extrajudicial substitutes, to educate parties on the merits of their ...
... In a system dominated by settlement, scholars, lawyers, and judges who want to promote accuracy in litigation strive to promote accurate settlements. This effort typically relies on judicial intervention in pretrial practice, or on extrajudicial substitutes, to educate parties on the merits of their ...
Leaving the EU: Implications for the UK financial services
... Regulation: We have not modelled any changes to FS-specific regulations, as these are unlikely to be lifted or materially amended, for the following reasons: (1) many of the regulations that have been implemented in the UK have gone beyond global and EU requirements where permissible, which suggests ...
... Regulation: We have not modelled any changes to FS-specific regulations, as these are unlikely to be lifted or materially amended, for the following reasons: (1) many of the regulations that have been implemented in the UK have gone beyond global and EU requirements where permissible, which suggests ...
The EFFECTS of THE IAS/IFRS ADOPTION in EUROPE on the
... association between returns and market beta, which is the most widely accepted measure of risk (Fama and French 1992). Lakonishok (1993) has also provided evidence that, if average returns were used to proxy for the cost of equity capital, at least 70 years of data would be required in order to have ...
... association between returns and market beta, which is the most widely accepted measure of risk (Fama and French 1992). Lakonishok (1993) has also provided evidence that, if average returns were used to proxy for the cost of equity capital, at least 70 years of data would be required in order to have ...
Mining, Exploration and Investment
... The period under review, our first post-listing, has been both challenging and exciting. A firm believer in serendipity, I also maintain that one’s strength is revealed through adversity. Having weathered the listing of our company amidst the global economic crisis, there can be little doubt that we ...
... The period under review, our first post-listing, has been both challenging and exciting. A firm believer in serendipity, I also maintain that one’s strength is revealed through adversity. Having weathered the listing of our company amidst the global economic crisis, there can be little doubt that we ...
Medium Term Debt Strategy
... Following the upgrade of Tonga to a moderate risk level, the MoFNP continues to be cautious and to closely monitor GoT’s debt sustainability level in line with the recommended targets. During this initial MTDS period, practical options must be identified for GoT to implement in order to keep its fut ...
... Following the upgrade of Tonga to a moderate risk level, the MoFNP continues to be cautious and to closely monitor GoT’s debt sustainability level in line with the recommended targets. During this initial MTDS period, practical options must be identified for GoT to implement in order to keep its fut ...
Managerial Risk-Taking and CEO Excess Compensation
... objective of encouraging CEO risk taking for the purpose of generating higher returns (Coles et al. 2006; Murphy, 1999; Perry and Zenner, 2000). This growth has substantially increasedthe sensitivity of CEO wealth to stock price (delta) and the sensitivity of CEO wealth to stock volatility (vega).Th ...
... objective of encouraging CEO risk taking for the purpose of generating higher returns (Coles et al. 2006; Murphy, 1999; Perry and Zenner, 2000). This growth has substantially increasedthe sensitivity of CEO wealth to stock price (delta) and the sensitivity of CEO wealth to stock volatility (vega).Th ...
PowerPoint Slides for Final Exam
... appliances, their air conditioning and heating sales would be half their original values • If it were hot, their expected income would be $15,000 from air conditioners and $6,000 from heaters, or $21,000 • If it were cold, their expected income would be $6,000 from air conditioners and $15,000 from ...
... appliances, their air conditioning and heating sales would be half their original values • If it were hot, their expected income would be $15,000 from air conditioners and $6,000 from heaters, or $21,000 • If it were cold, their expected income would be $6,000 from air conditioners and $15,000 from ...
Global Financial Stability Report
... Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions Figure 1.3. Reflation and Market Optimism Figure 1.4. Assessments of U.S. Equity Valuations Figure 1.5. United States: Policies under Discussion and Financial Stability Risks Figure 1.6. United States: Business Confid ...
... Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions Figure 1.3. Reflation and Market Optimism Figure 1.4. Assessments of U.S. Equity Valuations Figure 1.5. United States: Policies under Discussion and Financial Stability Risks Figure 1.6. United States: Business Confid ...
Wealth Distribution with State- dependent Risk Aversion
... Using the same model, we quantify the implication of this relationship between risk aversion and wealth on wealth inequality. The results show that the overall wealth inequality changes very little compared to the case with constant risk aversion. This is because, though the poorest agents save less ...
... Using the same model, we quantify the implication of this relationship between risk aversion and wealth on wealth inequality. The results show that the overall wealth inequality changes very little compared to the case with constant risk aversion. This is because, though the poorest agents save less ...
Strategic Informed Trades, Diversification, and Expected Returns*
... of informed traders is small, they trade less aggressively on their private information so as to limit the information that uninformed traders can learn from price. This lowers the average precision of information and increases the risk borne by uninformed traders, which raises cost of capital. In ...
... of informed traders is small, they trade less aggressively on their private information so as to limit the information that uninformed traders can learn from price. This lowers the average precision of information and increases the risk borne by uninformed traders, which raises cost of capital. In ...
Does a Structural Macroeconomic Model Help Long
... empirical work building on long-term predictions of financial returns has used reducedform models for forecasting financial returns. For instance, all the papers mentioned above rely on a VAR(1) model or a factor model to estimate the dynamics of financial returns. These specifications are appealing ...
... empirical work building on long-term predictions of financial returns has used reducedform models for forecasting financial returns. For instance, all the papers mentioned above rely on a VAR(1) model or a factor model to estimate the dynamics of financial returns. These specifications are appealing ...
![US-CT-APP-FC, [93-1 USTC ¶50,160], Ocean](http://s1.studyres.com/store/data/011384307_1-e9501f1be60d98651ed76a40dbe43c6c-300x300.png)
US-CT-APP-FC, [93-1 USTC ¶50,160], Ocean
... drilling rigs and to invest the profits earned from this undertaking to establish an oil and gas reserve base. Plaintiff achieved these objectives and during the years at issue in this case, 1974 and 1975, operated as a holding company, with subsidiaries conducting its business. Plaintiff’s principa ...
... drilling rigs and to invest the profits earned from this undertaking to establish an oil and gas reserve base. Plaintiff achieved these objectives and during the years at issue in this case, 1974 and 1975, operated as a holding company, with subsidiaries conducting its business. Plaintiff’s principa ...
Dividends and Stock Valuation: A Study From the Nineteenth to the
... studies have employed a wide variety of different approaches. The approaches range from using GARCH models to capture the time varying conditional volatility in betas within a CAPM framework (e.g., Bollerslev, Engle and Wooldridge (1988)) to using conditioning information to scale the estimated beta ...
... studies have employed a wide variety of different approaches. The approaches range from using GARCH models to capture the time varying conditional volatility in betas within a CAPM framework (e.g., Bollerslev, Engle and Wooldridge (1988)) to using conditioning information to scale the estimated beta ...