Can Risk Aversion Explain The Demand for Dividends?
... In short, the data show that models such as signaling and constraint of management are not capturing the entire story of dividend payout. Hubbard and Michaely [9] also rule out other explanations for the differential pricing such as liquidity (it is the seemingly overpriced Class B shares that are l ...
... In short, the data show that models such as signaling and constraint of management are not capturing the entire story of dividend payout. Hubbard and Michaely [9] also rule out other explanations for the differential pricing such as liquidity (it is the seemingly overpriced Class B shares that are l ...
FREE Sample Here
... tickets and hotel rooms. Yet it claims as revenue the full price of the ticket or room. Priceline’s justfication for this is that it does own the tickets, even if only for a nanosecond. This practice means the company could be seen as overstating its revenues. On the other hand, other companies rout ...
... tickets and hotel rooms. Yet it claims as revenue the full price of the ticket or room. Priceline’s justfication for this is that it does own the tickets, even if only for a nanosecond. This practice means the company could be seen as overstating its revenues. On the other hand, other companies rout ...
CF Prudential Managed Defensive Fund
... although the pace is likely to remain slow and short-term problems may well occur along the way. As European equities represent one of the larger components of the portfolio, he awaits greater clarity about the path of the eurozone economy. However, he recognises the trading bloc’s vulnerability, gi ...
... although the pace is likely to remain slow and short-term problems may well occur along the way. As European equities represent one of the larger components of the portfolio, he awaits greater clarity about the path of the eurozone economy. However, he recognises the trading bloc’s vulnerability, gi ...
Mean Semi-absolute Deviation Model for Uncertain Portfolio
... Although variance and absolute deviation are appropriate risk measures in many cases, they make no distinction between gains and losses. In other words, they regard high returns that investors like as equally undesirable as low returns that investors dislike. In order to solve the problem, downside ...
... Although variance and absolute deviation are appropriate risk measures in many cases, they make no distinction between gains and losses. In other words, they regard high returns that investors like as equally undesirable as low returns that investors dislike. In order to solve the problem, downside ...
Vanguard`s framework for constructing globally diversified portfolios
... As a result, the portfolio may wind up concentrated in a certain market sector, or it may have so many holdings that portfolio oversight becomes onerous. Most often, investors are led into such imbalances by common, avoidable mistakes such as chasing performance, market-timing, or reacting to market ...
... As a result, the portfolio may wind up concentrated in a certain market sector, or it may have so many holdings that portfolio oversight becomes onerous. Most often, investors are led into such imbalances by common, avoidable mistakes such as chasing performance, market-timing, or reacting to market ...
Financial Development and International Trade
... Zambrano for their helpful feedback and suggestions. ...
... Zambrano for their helpful feedback and suggestions. ...
The Unintended Consequences of Banning Derivatives in Asset Management Alessandro Beber, Cass Business School Christophe Pérignon, HEC Paris
... Our objective. What would be the consequences of banning derivatives from the asset management industry? In this study, we present a what‐if analysis of the potential consequences for asset managers and their customers of the enforcement of such a ban. Specifically, we describe how an economy wit ...
... Our objective. What would be the consequences of banning derivatives from the asset management industry? In this study, we present a what‐if analysis of the potential consequences for asset managers and their customers of the enforcement of such a ban. Specifically, we describe how an economy wit ...
Official PDF , 59 pages
... robustness of our results through specifications that employ the lagged explanatory variables. To the best of our knowledge, this is the first study to combine various characteristics of the financial sector, a rich data set on growth, and an approach that addresses model uncertainty and endogeneity ...
... robustness of our results through specifications that employ the lagged explanatory variables. To the best of our knowledge, this is the first study to combine various characteristics of the financial sector, a rich data set on growth, and an approach that addresses model uncertainty and endogeneity ...
BIS Working Papers No 118 Should banks be diversified? Evidence
... creditor conflicts, incentives to monitor are affected by the extent of debt in the FI’s capital structure and the downside risk of the firms to whom the FI lends.2 For the sake of illustration, consider the extreme case where the FI’s debt level is extremely high so that all benefits from monitorin ...
... creditor conflicts, incentives to monitor are affected by the extent of debt in the FI’s capital structure and the downside risk of the firms to whom the FI lends.2 For the sake of illustration, consider the extreme case where the FI’s debt level is extremely high so that all benefits from monitorin ...
Perfect Storm - FSI WhitePaper
... Standard approaches to profiling clients rely on categories of analysis. These are formal metrics, and intended for general application such as Investment Goals, Risk Tolerance, Risk Capacity, and so on. The information they gather is important, but fails to reflect lived experiences that color atti ...
... Standard approaches to profiling clients rely on categories of analysis. These are formal metrics, and intended for general application such as Investment Goals, Risk Tolerance, Risk Capacity, and so on. The information they gather is important, but fails to reflect lived experiences that color atti ...
summary prospectus
... ›› Dividend Paying Company Risk: The Fund’s income objective may limit its ability to appreciate during a broad market advance because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks. In addition, stocks held by the Fund may reduce or stop paying ...
... ›› Dividend Paying Company Risk: The Fund’s income objective may limit its ability to appreciate during a broad market advance because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks. In addition, stocks held by the Fund may reduce or stop paying ...
the probability of default under ifrs 9: multi
... management even more. In a sense, it will also create a stronger link between credit risk and accounting, and significantly impact the banks’ economic results. Also for these reasons, IFRS 9 has been greatly debated in the banking industry. The main objective of this paper is to propose a straightfo ...
... management even more. In a sense, it will also create a stronger link between credit risk and accounting, and significantly impact the banks’ economic results. Also for these reasons, IFRS 9 has been greatly debated in the banking industry. The main objective of this paper is to propose a straightfo ...
NBER WORKING PAPER SERIES ENDOGENOUS FINANCIAL OPENNESS: EFFICIENCY AND POLITICAL ECONOMY CONSIDERATIONS
... We close Section 2 with the polar case, corresponding to high degrees of opportunism and political uncertainty. Here, first period policies are determined by a policy maker representing a narrow interest group facing political uncertainty. Specifically, we consider the case where the policy maker co ...
... We close Section 2 with the polar case, corresponding to high degrees of opportunism and political uncertainty. Here, first period policies are determined by a policy maker representing a narrow interest group facing political uncertainty. Specifically, we consider the case where the policy maker co ...
Annual Report
... pension funds was adjusted. As a result, the funding ratios of pension funds, which were already low, fell even further. In conjunction with the ongoing low interest rates, this means that indexation of pension entitlements in the next few years is very unlikely. Geopolitically, there are increased ...
... pension funds was adjusted. As a result, the funding ratios of pension funds, which were already low, fell even further. In conjunction with the ongoing low interest rates, this means that indexation of pension entitlements in the next few years is very unlikely. Geopolitically, there are increased ...
Sample chapter - McGraw Hill Higher Education
... to participate in this game. In fact, a risk-averse investor may be defined as someone who would not participate in a fair game. Similarly, it can be shown that a risk-neutral investor would be indifferent to participation, and a risk-seeking investor would be prepared to pay for the right to partic ...
... to participate in this game. In fact, a risk-averse investor may be defined as someone who would not participate in a fair game. Similarly, it can be shown that a risk-neutral investor would be indifferent to participation, and a risk-seeking investor would be prepared to pay for the right to partic ...
Equity Returns and Business Cycles in Small Open Economies Mohammad R. Jahan-Parvar
... With Epstein and Zin (1991) preferences, the coefficient of risk aversion and the intertemporal elasticity of substitution (IES) are separated. As a result, the equity premium is not only a function of the consumption profile. It is also a function of volatile consumptiondelivering portfolio returns ...
... With Epstein and Zin (1991) preferences, the coefficient of risk aversion and the intertemporal elasticity of substitution (IES) are separated. As a result, the equity premium is not only a function of the consumption profile. It is also a function of volatile consumptiondelivering portfolio returns ...
Excerpted from the Charity Commission guidance document: Charity
... Trustees choosing to adopt a ‘zero level’ reserves policy must say in their annual return that they have adopted such a policy. Some charities will be able to justify holding a certain level of reserves but will be unable to build up reserves to that level, or perhaps to any level at all. Many recen ...
... Trustees choosing to adopt a ‘zero level’ reserves policy must say in their annual return that they have adopted such a policy. Some charities will be able to justify holding a certain level of reserves but will be unable to build up reserves to that level, or perhaps to any level at all. Many recen ...
Financial liberalization, growth, productivity and capital
... European Monetary Union (EMU) contributed in a significant way to the general process of financial globalization. Moreover, given that the members of the EU were and still are characterized by considerable structural divergences as well as by different degree of development of their financial marke ...
... European Monetary Union (EMU) contributed in a significant way to the general process of financial globalization. Moreover, given that the members of the EU were and still are characterized by considerable structural divergences as well as by different degree of development of their financial marke ...
