The OECD Principles as a reference point for good
... Argentina’s capital markets law can only address some of these challenges • Consolidating or integrating trading by different exchanges can reduce costs and potential for market abuse. • Regulation of intermediaries can improve their governance and price competitiveness (if requirements are not too ...
... Argentina’s capital markets law can only address some of these challenges • Consolidating or integrating trading by different exchanges can reduce costs and potential for market abuse. • Regulation of intermediaries can improve their governance and price competitiveness (if requirements are not too ...
Looking to gain from small-cap inefficiencies with active management
... But powerful stock picking requires significant active management. Especially when it comes to small-caps (where the needed research may not be available), active management is the key ingredient to capitalising on market inefficiencies. ...
... But powerful stock picking requires significant active management. Especially when it comes to small-caps (where the needed research may not be available), active management is the key ingredient to capitalising on market inefficiencies. ...
Informe de Mercado Oficinas Q1 2016
... Leverage will be typically between 50-60% LTV for Senior Lenders. ...
... Leverage will be typically between 50-60% LTV for Senior Lenders. ...
ECONOMICS-OF-TAWARRUQ-How-its-Mafasid-overwhelm
... Debt instruments can easily change hands. The economic consequences of this fact are independent of the terms on which debts change hands. These terms have their own consequences. The key aspect of this equation is what happens to a debt instrument between the time it is created and the time it is e ...
... Debt instruments can easily change hands. The economic consequences of this fact are independent of the terms on which debts change hands. These terms have their own consequences. The key aspect of this equation is what happens to a debt instrument between the time it is created and the time it is e ...
Navigating 5 years of emerging market corporate debt
... For professional investors and financial advisers - not for use by retail investors Please consider the risks • The value of shares and the income from them can go down as well as up and your clients may get back less than the amount invested. • Investing globally can bring additional returns and ...
... For professional investors and financial advisers - not for use by retail investors Please consider the risks • The value of shares and the income from them can go down as well as up and your clients may get back less than the amount invested. • Investing globally can bring additional returns and ...
Bio: Sharon Pivirotto
... Karen is President of Atéssa Benefits, Inc., a trusted outsource provider of employee benefit plan administration and actuarial consulting services for more than 22 years. Atéssa (pronounced Ah-tay-sah) serves a nationwide client base of well recognized brands, providing services that take the heada ...
... Karen is President of Atéssa Benefits, Inc., a trusted outsource provider of employee benefit plan administration and actuarial consulting services for more than 22 years. Atéssa (pronounced Ah-tay-sah) serves a nationwide client base of well recognized brands, providing services that take the heada ...
TT15 - Possible Benchmarks for Investment Plans
... One of the key decisions for an Investment Policy Statement is your choice of benchmarks. It is critical that you pick a benchmark that appropriately reflects the asset class performance that you desire to track. The symbols to the right are the index ticker symbols. Equity Benchmarks Equity indices ...
... One of the key decisions for an Investment Policy Statement is your choice of benchmarks. It is critical that you pick a benchmark that appropriately reflects the asset class performance that you desire to track. The symbols to the right are the index ticker symbols. Equity Benchmarks Equity indices ...
View - Ferguson Wellman
... time last year, the health of their economy was a huge question mark. As seen in the chart, China’s manufacturing PMI has consistently improved since the middle of 2015, but most of this improvement has come from increased debt. Despite the government’s efforts, growth in China will continue to slow ...
... time last year, the health of their economy was a huge question mark. As seen in the chart, China’s manufacturing PMI has consistently improved since the middle of 2015, but most of this improvement has come from increased debt. Despite the government’s efforts, growth in China will continue to slow ...
The Weekly Letter CIO REPORTS
... The opinions expressed are those of IMG only and are subject to change. While some of the information included draws upon research published by BofA Merrill Lynch Global Research, this information is neither reviewed nor approved by BofA ML Research. This information and any discussion should not be ...
... The opinions expressed are those of IMG only and are subject to change. While some of the information included draws upon research published by BofA Merrill Lynch Global Research, this information is neither reviewed nor approved by BofA ML Research. This information and any discussion should not be ...
Slide 1
... Past performance is not necessarily a guide to future performance. The value of investments and any income from them may fall as well as rise and investors may not get back the amount originally invested. The value of investments may also increase or decrease as a result of changes in exchange rates ...
... Past performance is not necessarily a guide to future performance. The value of investments and any income from them may fall as well as rise and investors may not get back the amount originally invested. The value of investments may also increase or decrease as a result of changes in exchange rates ...
31 December 2008
... Continue to benefit from the strong equity and cash. Belated consolidation is happening in the sector. Number of the brokerage houses will be lower in 2009. Our Maslak Branch and Suadiye Liaison Office up and running in Istanbul despite the consolidation. We target to increase our market sha ...
... Continue to benefit from the strong equity and cash. Belated consolidation is happening in the sector. Number of the brokerage houses will be lower in 2009. Our Maslak Branch and Suadiye Liaison Office up and running in Istanbul despite the consolidation. We target to increase our market sha ...
Financial Literacy Notes
... The goal of financial management is to increase one’s net worth. Investing, through a variety of options, is one way to build wealth and increase financial security. Many factors impact investment and retirement plans, including government regulations and global economic and environmental condition ...
... The goal of financial management is to increase one’s net worth. Investing, through a variety of options, is one way to build wealth and increase financial security. Many factors impact investment and retirement plans, including government regulations and global economic and environmental condition ...
Cost of Capital and Efficient Capital Markets
... Consider the project’s risk relative to the firm overall If the project is more risky than the firm, use a discount rate greater than the WACC If the project is less risky than the firm, use a discount rate less than the WACC You may still accept projects that you shouldn’t and reject projects you s ...
... Consider the project’s risk relative to the firm overall If the project is more risky than the firm, use a discount rate greater than the WACC If the project is less risky than the firm, use a discount rate less than the WACC You may still accept projects that you shouldn’t and reject projects you s ...
Financial_Sector - Rwanda Development Partners
... • Strengthen Banking and MFI sector through adequate capitalisation, improved regulation and Institutional capacity building through Bankers association and Umbrella MFI. • Establish deposit guarantee schemes for banks and MFIs • UBPR to operate like a de facto commercial ...
... • Strengthen Banking and MFI sector through adequate capitalisation, improved regulation and Institutional capacity building through Bankers association and Umbrella MFI. • Establish deposit guarantee schemes for banks and MFIs • UBPR to operate like a de facto commercial ...
Artificial Intelligence (AI) Equity Portfolio Fact Sheet
... performance results are provided for informational purposes only and have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under or over compensated for the impact, if any, ...
... performance results are provided for informational purposes only and have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under or over compensated for the impact, if any, ...
Saracen Growth Fund February Commentary February proved to be
... February proved to be a busy month for Saracen Growth Fund with the addition of three new stocks. We bought DX Group, Morgan Advanced Materials and First Group over the course of the month and the rationale for buying each of the companies is given below. DX plc is a leading independent mail, parcel ...
... February proved to be a busy month for Saracen Growth Fund with the addition of three new stocks. We bought DX Group, Morgan Advanced Materials and First Group over the course of the month and the rationale for buying each of the companies is given below. DX plc is a leading independent mail, parcel ...
Note Guide
... cost of equity and interest payments are tax ______________________ B. Cost of equity is the required return of the ______________. The benefits of equity include no obligation to pay ____________________, a greater potential return to investors because of the increased ________ associated with equi ...
... cost of equity and interest payments are tax ______________________ B. Cost of equity is the required return of the ______________. The benefits of equity include no obligation to pay ____________________, a greater potential return to investors because of the increased ________ associated with equi ...
Chapter 23: Federal Deficits, Surpluses, and the National Debt
... securities to finance deficits that increase the national debt. The burden of the debt involves two controversial issues: (1) Can Uncle Sam go bankrupt? and (2) Are we passing the debt burden to our children? ...
... securities to finance deficits that increase the national debt. The burden of the debt involves two controversial issues: (1) Can Uncle Sam go bankrupt? and (2) Are we passing the debt burden to our children? ...
Changes in the investor base for Emerging Market public debt: What
... debt issuance, taxation regimes and reduction in capital controls. And up to 2013, inflows in EM local currency debt markets were also supported by the view that EM currencies will strengthen given EM’s growth differential with developed markets and their lower level of government debt. There is lim ...
... debt issuance, taxation regimes and reduction in capital controls. And up to 2013, inflows in EM local currency debt markets were also supported by the view that EM currencies will strengthen given EM’s growth differential with developed markets and their lower level of government debt. There is lim ...
Fund Snapshot Guide
... Loan to Value: the ratio of a loan/mortgage’s size to the value of the property at the time of funding. The loan-to-value ratio is a measure of risk used by lenders as it indicates the level of leverage used for a property. Yield to Maturity: the rate of return anticipated on a debt investment (mort ...
... Loan to Value: the ratio of a loan/mortgage’s size to the value of the property at the time of funding. The loan-to-value ratio is a measure of risk used by lenders as it indicates the level of leverage used for a property. Yield to Maturity: the rate of return anticipated on a debt investment (mort ...
Lester Coyle - We look at where the bonds will be in a year
... senior bespoke tranches where the underlying entities were triple B CMBS. We paid a spread of 50 basis points and we unwound those positions in less than a year at 50 points up front. Partly, we were taking a fundamental view on CMBS at a time when similar ...
... senior bespoke tranches where the underlying entities were triple B CMBS. We paid a spread of 50 basis points and we unwound those positions in less than a year at 50 points up front. Partly, we were taking a fundamental view on CMBS at a time when similar ...
Managing Risk Through Diversification Video Transcript
... But, there is one strategy that can potentially build and help to preserve wealth, while at the same time managing risk. And that’s through diversification. Historically, I’ve found that individual stock prices can vary widely over time. But when investors retain a diverse mix of assets in their por ...
... But, there is one strategy that can potentially build and help to preserve wealth, while at the same time managing risk. And that’s through diversification. Historically, I’ve found that individual stock prices can vary widely over time. But when investors retain a diverse mix of assets in their por ...
biographical summary - Credit Management Research Centre
... Professor Wilson’s work combines academic rigour with practical and policy relevance. His work as well as being published in leading academic journals has had considerable impact at the level of government policy and business practices. His work on entrepreneurial and growth finance (Venture Capital ...
... Professor Wilson’s work combines academic rigour with practical and policy relevance. His work as well as being published in leading academic journals has had considerable impact at the level of government policy and business practices. His work on entrepreneurial and growth finance (Venture Capital ...
Ingen bildrubrik
... • Scouting the Private Equity Landscape in Russia • Investment Opportunities in Russian and Eastern European Private Equity ...
... • Scouting the Private Equity Landscape in Russia • Investment Opportunities in Russian and Eastern European Private Equity ...
Financial Innovations and Macroeconomic Volatility
... variables have become more volatile during the last two decades. The second is that equity payouts have become negatively correlated with debt repurchases. The properties of real and financial cycles are further characterized in Table 1. The table reports the standard deviations and cross correlatio ...
... variables have become more volatile during the last two decades. The second is that equity payouts have become negatively correlated with debt repurchases. The properties of real and financial cycles are further characterized in Table 1. The table reports the standard deviations and cross correlatio ...
Leveraged buyout
A leveraged buyout (LBO) is a transaction when a company or single asset (e.g., a real estate property) is purchased with a combination of equity and significant amounts of borrowed money, structured in such a way that the target's cash flows or assets are used as the collateral (or ""leverage"") to secure and repay the borrowed money. Since the debt (be it senior or mezzanine) has a lower cost of capital (until bankruptcy risk reaches a level threatening to the lender[s]) than the equity, the returns on the equity increase as the amount of borrowed money does until the perfect capital structure is reached. As a result, the debt effectively serves as a lever to increase returns-on-investment.The term LBO is usually employed when a financial sponsor acquires a company. However, many corporate transactions are partially funded by bank debt, thus effectively also representing an LBO. LBOs can have many different forms such as management buyout (MBO), management buy-in (MBI), secondary buyout and tertiary buyout, among others, and can occur in growth situations, restructuring situations, and insolvencies. LBOs mostly occur in private companies, but can also be employed with public companies (in a so-called PtP transaction – Public to Private).As financial sponsors increase their returns by employing a very high leverage (i.e., a high ratio of debt to equity), they have an incentive to employ as much debt as possible to finance an acquisition. This has, in many cases, led to situations, in which companies were ""over-leveraged"", meaning that they did not generate sufficient cash flows to service their debt, which in turn led to insolvency or to debt-to-equity swaps in which the equity owners lose control over the business and the debt providers assume the equity.