BSL 4: Corporate finance
... investing to beat the market, we should treat them as different markets, or at least different segments of market • Competition for providing market RoE – Entry problem: anyone can make investments with same return (risk-adjusted) as market as a whole – Result: Low “price” (fees) (~0.1% per year on ...
... investing to beat the market, we should treat them as different markets, or at least different segments of market • Competition for providing market RoE – Entry problem: anyone can make investments with same return (risk-adjusted) as market as a whole – Result: Low “price” (fees) (~0.1% per year on ...
research paper series Research Paper 2011/01
... encouraging financial development can provide a boost to the economy. It is suggested that financial integration can stimulate financial development either by mitigating the effects of financial repression or by alleviating the effects of agency costs and risk on interest rates. These theoretical ar ...
... encouraging financial development can provide a boost to the economy. It is suggested that financial integration can stimulate financial development either by mitigating the effects of financial repression or by alleviating the effects of agency costs and risk on interest rates. These theoretical ar ...
May 15, 2017 Basel Committee on Banking Supervision Bank for
... In the Second Consultation, the Committee appears to be moving in a better direction, both in its general approach and specifically with regard to regulated funds. In discussing possible indicators of step-in risk, the BCBS correctly points to an agency relationship (such as that which exists betwee ...
... In the Second Consultation, the Committee appears to be moving in a better direction, both in its general approach and specifically with regard to regulated funds. In discussing possible indicators of step-in risk, the BCBS correctly points to an agency relationship (such as that which exists betwee ...
Document
... The cost of equity (see Capital asset pricing model|CAPM and arbitrage pricing theory|APT) is also typically higher than the cost of debt - which is, additionally, a deductible expense – and so equity financing may result in an increased hurdle rate which may offset any reduction in cash flow risk.S ...
... The cost of equity (see Capital asset pricing model|CAPM and arbitrage pricing theory|APT) is also typically higher than the cost of debt - which is, additionally, a deductible expense – and so equity financing may result in an increased hurdle rate which may offset any reduction in cash flow risk.S ...
(Textbook) Behavior in Organizations, 8ed (A. B. Shani)
... Loan-Backed Securities • Prepayment risk is the risk that the purchaser may receive higher-than-expected repayments of principal early in the life of loan-backed securities. • Prepayment risk is especially valid for the investors in securities that are backed by home mortgage loans, as many home loa ...
... Loan-Backed Securities • Prepayment risk is the risk that the purchaser may receive higher-than-expected repayments of principal early in the life of loan-backed securities. • Prepayment risk is especially valid for the investors in securities that are backed by home mortgage loans, as many home loa ...
Medium Term Debt Management Strategy 2015-2017
... debt restructuring exercise that began in 2011. The Strategy sought to secure the gains that had already been realized as a result of the restructuring and focused on actions that would be necessary for further debt reduction. ...
... debt restructuring exercise that began in 2011. The Strategy sought to secure the gains that had already been realized as a result of the restructuring and focused on actions that would be necessary for further debt reduction. ...
The Process of Portfolio Management
... • Security analysis – Involves estimating the merits of individual investments ...
... • Security analysis – Involves estimating the merits of individual investments ...
Why Capital Markets Matter
... former Chairman of the Financial Services Authority (Regulator of all providers of financial services in the UK) i ...
... former Chairman of the Financial Services Authority (Regulator of all providers of financial services in the UK) i ...
financial liberalization
... macroeconomic volatility and leads to more frequent crises. This article brings together these two opposing views. The data reveals that FL leads to more rapid economic growth in middle-income countries (MICs), but does not have the same effect in low-income countries (LICs). In MICs this process is ...
... macroeconomic volatility and leads to more frequent crises. This article brings together these two opposing views. The data reveals that FL leads to more rapid economic growth in middle-income countries (MICs), but does not have the same effect in low-income countries (LICs). In MICs this process is ...
Risk and risk management of Collateralized Debt Obligations
... the likelihood of only one loan default over the lifetime of the portfolio is very small. Likewise, the likelihood that 99 loans will default is very low. In actuality, the portfolios are heterogeneous in nature, hence the probability that many loans will default simultaneously is quite high (Kim, 2 ...
... the likelihood of only one loan default over the lifetime of the portfolio is very small. Likewise, the likelihood that 99 loans will default is very low. In actuality, the portfolios are heterogeneous in nature, hence the probability that many loans will default simultaneously is quite high (Kim, 2 ...
International Accounting Standard 10
... An example of a non-adjusting event after the reporting period is a decline in market value of investments between the end of the reporting period and the date when the financial statements are authorised for issue. The decline in market value does not normally relate to the condition of the investm ...
... An example of a non-adjusting event after the reporting period is a decline in market value of investments between the end of the reporting period and the date when the financial statements are authorised for issue. The decline in market value does not normally relate to the condition of the investm ...
Towards a framework for calibrating macroprudential leverage limits
... systemic risk in the financial system. System-wide leverage becomes excessive when it makes economies prone to costly financial crises. Evidence shows that costly crises since the late 19th century have more often than not been the result of credit booms gone bust96, and the build-up of leverage and ...
... systemic risk in the financial system. System-wide leverage becomes excessive when it makes economies prone to costly financial crises. Evidence shows that costly crises since the late 19th century have more often than not been the result of credit booms gone bust96, and the build-up of leverage and ...
12699_ Brochure Layout.indd
... and financial managers is often emphasized in the press. It is only through dedicated, high-level education, demanded not only by professional accounting bodies, but also by the business world, that this problem can be alleviated. The School of Accounting Sciences offers a friendly and informal, ye ...
... and financial managers is often emphasized in the press. It is only through dedicated, high-level education, demanded not only by professional accounting bodies, but also by the business world, that this problem can be alleviated. The School of Accounting Sciences offers a friendly and informal, ye ...
Chapter 13
... Researchers have found that funds with high returns in the past have positive alphas under the CAPM. When the same tests were repeated using the FFC factor specification to compute alphas, no evidence was found that mutual funds with high past returns had future ...
... Researchers have found that funds with high returns in the past have positive alphas under the CAPM. When the same tests were repeated using the FFC factor specification to compute alphas, no evidence was found that mutual funds with high past returns had future ...
Causes, Effects and Regulatory Implications of Financial and
... fresh developments and the benefit of greater hindsight, and highlight areas where new consensus has emerged. For instance, the liquidity crunch experienced by many of the worst-hit economies at the height of the crisis has raised profound questions regarding the functions of financial systems in th ...
... fresh developments and the benefit of greater hindsight, and highlight areas where new consensus has emerged. For instance, the liquidity crunch experienced by many of the worst-hit economies at the height of the crisis has raised profound questions regarding the functions of financial systems in th ...
EDHEC and EuroPerformance release the Alpha League Table 2007 for Switzerland
... performance adjusted for the risks that were actually taken) for all of the asset management firm’s active “equity” management. The asset management firm must be registered with the regulatory authorities and must have at least six equity funds analysed, marketed and managed in the country studied. ...
... performance adjusted for the risks that were actually taken) for all of the asset management firm’s active “equity” management. The asset management firm must be registered with the regulatory authorities and must have at least six equity funds analysed, marketed and managed in the country studied. ...