834KB - Future of Financial Advice
... “The FSR Bill draws a distinction between retail and wholesale clients. Generally, the consumer protection provisions will apply only to retail clients, as it is recognised that wholesale clients do not require the same level of protection, as they are better informed and better able to assess the ...
... “The FSR Bill draws a distinction between retail and wholesale clients. Generally, the consumer protection provisions will apply only to retail clients, as it is recognised that wholesale clients do not require the same level of protection, as they are better informed and better able to assess the ...
Revisiting the low volatility anomaly
... index level volatility reduction, with no explicit return objective. Minimum variance investing is therefore designed to manage overall variability, and is constructed with a limited number of constraints to explicitly target volatility reduction through diversified outcomes that do not overly impac ...
... index level volatility reduction, with no explicit return objective. Minimum variance investing is therefore designed to manage overall variability, and is constructed with a limited number of constraints to explicitly target volatility reduction through diversified outcomes that do not overly impac ...
An Analysis of the Effect of War on the United States Stock Market
... This chapter is a review of the literature on United States’ interstate wars. Apart from establishing a war categorization, this chapter also gives a brief overview of origination, developments, ways of war financing and consequences that some of these wars had on the United States. Also, in order t ...
... This chapter is a review of the literature on United States’ interstate wars. Apart from establishing a war categorization, this chapter also gives a brief overview of origination, developments, ways of war financing and consequences that some of these wars had on the United States. Also, in order t ...
investment
... Institutional Consensus, awareness and Capacity Building (Will also include training provided and advocacy, technical courses, ...
... Institutional Consensus, awareness and Capacity Building (Will also include training provided and advocacy, technical courses, ...
Current Status of Government Financial Reporting: Political Double
... Government Debt and Debt Relief • The Greek PM: Debt relief by year-end is an “indispensable condition” to returning to the markets. (Sept. 2016) • The Greek FM: If Greece’s EU partners kick the can two years down the road on debt relief, then investors will remain far away, it will be bad for the g ...
... Government Debt and Debt Relief • The Greek PM: Debt relief by year-end is an “indispensable condition” to returning to the markets. (Sept. 2016) • The Greek FM: If Greece’s EU partners kick the can two years down the road on debt relief, then investors will remain far away, it will be bad for the g ...
1 Anti-Money Laundering Program and Suspicious Activity
... program that comprises the four elements set forth below. Our website (www.fincen.gov) contains information and updates on money laundering and terrorist financing risks as they apply to the insurance industry. We do not expect that this program can prevent all potential money laundering. What is ex ...
... program that comprises the four elements set forth below. Our website (www.fincen.gov) contains information and updates on money laundering and terrorist financing risks as they apply to the insurance industry. We do not expect that this program can prevent all potential money laundering. What is ex ...
The Impact of Enterprise Risk Management on the Marginal Cost of
... department; financial risks are managed by the finance department; operational risks are managed by their respective profit centers, etc. Recognizing the importance of managing the total risk of the firm and seeking both greater effectiveness and efficiency in risk management, some firms have adopt ...
... department; financial risks are managed by the finance department; operational risks are managed by their respective profit centers, etc. Recognizing the importance of managing the total risk of the firm and seeking both greater effectiveness and efficiency in risk management, some firms have adopt ...
The Big Bank Theory - Bipartisan Policy Center
... the cost-of-funding advantage for large banks based in part on diminished expectations of future government support. Moreover, if there is any remaining funding advantage, this appears likely to be counterbalanced by enhanced prudential requirements placed on large banks. These include higher capita ...
... the cost-of-funding advantage for large banks based in part on diminished expectations of future government support. Moreover, if there is any remaining funding advantage, this appears likely to be counterbalanced by enhanced prudential requirements placed on large banks. These include higher capita ...
Mutual fund flows: an analysis of the main macroeconomic factors
... more redemptions). The authors report that net flow behave symmetrically in terms of performance, meaning that investors react similarly to good and bad performances. For inflow and outflow, the authors found an asymmetrical relationship. For inflow, investors tend to allocate more funds to better m ...
... more redemptions). The authors report that net flow behave symmetrically in terms of performance, meaning that investors react similarly to good and bad performances. For inflow and outflow, the authors found an asymmetrical relationship. For inflow, investors tend to allocate more funds to better m ...
Fiscal Multipliers: Lessons from the Great Recession for Small Open
... vulnerability to sovereign risk, and alternative budget and debt consolidation regimes. In our analysis we will specifically elaborate on how the multiplier depends on the extent to which budget and monetary regimes anchor expectations concerning macroeconomic and financial stability over the medium ...
... vulnerability to sovereign risk, and alternative budget and debt consolidation regimes. In our analysis we will specifically elaborate on how the multiplier depends on the extent to which budget and monetary regimes anchor expectations concerning macroeconomic and financial stability over the medium ...
18-43 18.7 Forward Rate Agreements (FRAs)
... 18.1 Hedging Using Futures Contracts (cont.) • Derivative contracts enable investors and borrowers to protect assets and liabilities against the risk of changes in interest rates, exchange rates and share prices • Hedging involves transferring the risk of unanticipated changes in prices, interest r ...
... 18.1 Hedging Using Futures Contracts (cont.) • Derivative contracts enable investors and borrowers to protect assets and liabilities against the risk of changes in interest rates, exchange rates and share prices • Hedging involves transferring the risk of unanticipated changes in prices, interest r ...
Chapter 27 Risk Management and Financial Engineering
... payment into C$ to cover its own production costs. As another example of economic exposure, if this U.S. manufacturing firm faces stiff competition from a Japanese manufacturer and the value of the yen declines, the Japanese firm may be able to reduce the prices it charges in European markets, thereby ...
... payment into C$ to cover its own production costs. As another example of economic exposure, if this U.S. manufacturing firm faces stiff competition from a Japanese manufacturer and the value of the yen declines, the Japanese firm may be able to reduce the prices it charges in European markets, thereby ...
chapter 26: managing client portfolios
... criterion, the allocation is neither realistic nor, in its detail, appropriate to Fairfax’s situation in the context of an investment policy usefully applicable to her. The primary weaknesses are the following: Allocation of Equity Assets. Exposure to equity assets will be necessary in order to ac ...
... criterion, the allocation is neither realistic nor, in its detail, appropriate to Fairfax’s situation in the context of an investment policy usefully applicable to her. The primary weaknesses are the following: Allocation of Equity Assets. Exposure to equity assets will be necessary in order to ac ...
Actuarial Methods for Valuing Illiquid Assets
... Valuing Illiquid Assets (RFP). The RFP specified at least two components for the research, a literature review and a case study. In July 2010, a proposal was submitted by Doug Andrews, the Principal Investigator (PI) on behalf of the University. In September 2010, the University’s proposal was accep ...
... Valuing Illiquid Assets (RFP). The RFP specified at least two components for the research, a literature review and a case study. In July 2010, a proposal was submitted by Doug Andrews, the Principal Investigator (PI) on behalf of the University. In September 2010, the University’s proposal was accep ...
The Evolution of Quantitative Investment Strategies
... CAPM. While Bill Sharpe’s name is most prominently associated with the development of the CAPM, a few other economists independently derived similar models more or less contemporaneously. The CAPM starts with the premise that all securities are exposed to fluctuations in the overall market. A securi ...
... CAPM. While Bill Sharpe’s name is most prominently associated with the development of the CAPM, a few other economists independently derived similar models more or less contemporaneously. The CAPM starts with the premise that all securities are exposed to fluctuations in the overall market. A securi ...
Margin-based Asset Pricing and Deviations from the Law of One Price
... greater than that of a low-margin security with the same cash flows—e.g., proxied by a CDS. This is because of the high shadow cost of capital of the risktolerant investor. When the risk-tolerant investor’s margin constraint binds, he is willing to accept a lower yield spread on a CDS, since it uses ...
... greater than that of a low-margin security with the same cash flows—e.g., proxied by a CDS. This is because of the high shadow cost of capital of the risktolerant investor. When the risk-tolerant investor’s margin constraint binds, he is willing to accept a lower yield spread on a CDS, since it uses ...
NBER WORKING PAPER SERIES CAPITAL STRUCTURE WITH RISKY FOREIGN INVESTMENT Mihir A. Desai
... politically risky foreign markets are more likely to share ownership with local partners and to serve customers through exports from the United States rather than produce locally. Multinational firms alter both financial and operating decisions to hedge their exposures in politically risky markets. ...
... politically risky foreign markets are more likely to share ownership with local partners and to serve customers through exports from the United States rather than produce locally. Multinational firms alter both financial and operating decisions to hedge their exposures in politically risky markets. ...
NBER WORKING PAPER SERIES RISK AVERSION AND OPTIMAL PORTFOLIO POLICIES IN
... also study a heterogeneous-agent general equilibrium model with portfolio constraints where the heterogeneity arises from differences in beliefs rather than differences in risk aversion (all agents have log utility); they show that some of their results on pricing would extend to an economy where agen ...
... also study a heterogeneous-agent general equilibrium model with portfolio constraints where the heterogeneity arises from differences in beliefs rather than differences in risk aversion (all agents have log utility); they show that some of their results on pricing would extend to an economy where agen ...
Crouhy et al. - IME-USP
... default and migration risks. KMVÕs methodology diers somewhat from CreditMetrics as it relies upon the ``Expected Default Frequency'', or EDF, for each issuer, rather than upon the average historical transition frequencies produced by the rating agencies, for each credit class. Both approaches rely ...
... default and migration risks. KMVÕs methodology diers somewhat from CreditMetrics as it relies upon the ``Expected Default Frequency'', or EDF, for each issuer, rather than upon the average historical transition frequencies produced by the rating agencies, for each credit class. Both approaches rely ...
Value-at-Risk and Expected Stock Returns
... Keywords: Value-at-risk, emerging market, Fama-French factors. JEL classification: C32, G32. 1. Introduction The most important implications of the capital asset pricing model (CAPM) (see Sharpe, 1964; Lintner, 1969; Black, Jensen, & Scholes, 1972) are that (i) the expected return on a risky asset i ...
... Keywords: Value-at-risk, emerging market, Fama-French factors. JEL classification: C32, G32. 1. Introduction The most important implications of the capital asset pricing model (CAPM) (see Sharpe, 1964; Lintner, 1969; Black, Jensen, & Scholes, 1972) are that (i) the expected return on a risky asset i ...