Regulatory Capital Disclosures
... market risk, as well as an increase in capital requirements for securitization positions, and were designed to implement the new market risk framework of the Basel Committee, as well as to implement the prohibition on the use of external credit ratings, as required by the U.S. Dodd-Frank Wall Street ...
... market risk, as well as an increase in capital requirements for securitization positions, and were designed to implement the new market risk framework of the Basel Committee, as well as to implement the prohibition on the use of external credit ratings, as required by the U.S. Dodd-Frank Wall Street ...
1/20/04 All rights reserved IS EQUITY
... Unfortunately, the empirical evidence bearing on these questions is sparse and conflicting. Although two recent studies indicate that some large public companies repurchase a substantial number of shares in the year in which they grant stock options,10 other studies and much anecdotal evidence sugge ...
... Unfortunately, the empirical evidence bearing on these questions is sparse and conflicting. Although two recent studies indicate that some large public companies repurchase a substantial number of shares in the year in which they grant stock options,10 other studies and much anecdotal evidence sugge ...
Market Power, Toeholds and the Takeover Premium
... determinants of the takeover premium it is important to ensure that information about the determinants is likely to be known prior to announcement. 3 In this context, the impact of target, acquirer and deal characteristics on the takeover premium are important. The existing literature has investigat ...
... determinants of the takeover premium it is important to ensure that information about the determinants is likely to be known prior to announcement. 3 In this context, the impact of target, acquirer and deal characteristics on the takeover premium are important. The existing literature has investigat ...
Profitable Entry into an Unprofitable Market
... I would like to thank Georg Götz, Silke Januszewski Forbes, my colleagues in Giessen, and the participants of the 39 th Annual Conference of European Association for Research in Industrial Economics (EARIE) for their valuable comments on this paper. ...
... I would like to thank Georg Götz, Silke Januszewski Forbes, my colleagues in Giessen, and the participants of the 39 th Annual Conference of European Association for Research in Industrial Economics (EARIE) for their valuable comments on this paper. ...
YEAR END FINANCIAL REPORT
... initiatives and the benefits of weaker producer country currencies. Unit cash costs at De Beers decreased by 19% as a result of cost savings, favourable exchange rate movements and a change in production mix following portfolio changes. Unit co ...
... initiatives and the benefits of weaker producer country currencies. Unit cash costs at De Beers decreased by 19% as a result of cost savings, favourable exchange rate movements and a change in production mix following portfolio changes. Unit co ...
The Industry Life Cycle and Acquisitions and Investment: Does Firm
... the number of firms in an industry often occur at times of transition in an industry’s life cycle when the competitive advantage among firms is changing. However little is known about how the type of firm organization is associated with a firm’s performance in different stages of the industry life cy ...
... the number of firms in an industry often occur at times of transition in an industry’s life cycle when the competitive advantage among firms is changing. However little is known about how the type of firm organization is associated with a firm’s performance in different stages of the industry life cy ...
The Market for Foreign Investment in Microfinance: Opportunities
... the private funds. In addition to raising capital from the IFIs, the private funds attract funding from private socially-motivated investors and NGOs, as well as from bilateral donor agencies and government lottery programs. CGAP estimates the amount of this non-IFI contribution to the private funds ...
... the private funds. In addition to raising capital from the IFIs, the private funds attract funding from private socially-motivated investors and NGOs, as well as from bilateral donor agencies and government lottery programs. CGAP estimates the amount of this non-IFI contribution to the private funds ...
Common Characteristics of New Firms that Initiate Dividends
... clienteles. We measure the cash needs of the firm and its shareholders by the probability that the firm will issue seasoned equity (either primary and/or secondary shares) in the near future and hypothesize that this probability relates positively to the likelihood that the firm will initiate divide ...
... clienteles. We measure the cash needs of the firm and its shareholders by the probability that the firm will issue seasoned equity (either primary and/or secondary shares) in the near future and hypothesize that this probability relates positively to the likelihood that the firm will initiate divide ...
american capital senior floating, ltd. - corporate
... Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registra ...
... Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registra ...
Uncertainty shocks, asset supply and pricing over the business cycle
... of future innovations as well as agents’ perceived ambiguity. A convenient technical feature of our setup is that agents’ endogenous response to changes in uncertainty is reflected in the coefficients of the MS-VAR. Indeed, since ambiguity affects the worst case conditional mean, a linear approximat ...
... of future innovations as well as agents’ perceived ambiguity. A convenient technical feature of our setup is that agents’ endogenous response to changes in uncertainty is reflected in the coefficients of the MS-VAR. Indeed, since ambiguity affects the worst case conditional mean, a linear approximat ...
Underwriting Costs of Seasoned Equity Offerings
... Aspects of the approach chosen to marketing the SEO (other than the distinction between rights offerings and public offerings) have also been shown to contribute to large cross-sectional differences in underwriting costs. Hansen and Pinkerton (1982) Ritter (1987), and Hansen (1989) point out that is ...
... Aspects of the approach chosen to marketing the SEO (other than the distinction between rights offerings and public offerings) have also been shown to contribute to large cross-sectional differences in underwriting costs. Hansen and Pinkerton (1982) Ritter (1987), and Hansen (1989) point out that is ...
Design of Financial Securities: Empirical Evidence from Private-label RMBS Deals
... We provide further evidence in support of private information content of equity tranche by exploiting the passage of Anti-Predatory Lending (APL) laws across several states during our sample period. These laws put stricter requirements on the lenders in terms of their lending practices and disclosur ...
... We provide further evidence in support of private information content of equity tranche by exploiting the passage of Anti-Predatory Lending (APL) laws across several states during our sample period. These laws put stricter requirements on the lenders in terms of their lending practices and disclosur ...
Financial Statement Analysis and Security Valuation
... financial statements. But historical cost does not capture any change in value since acquisition. Market prices give the change in value since acquisition. But (fair) market values can be biased if market values are estimated. Actual market prices can be bubble prices which are not “fair” value. ...
... financial statements. But historical cost does not capture any change in value since acquisition. Market prices give the change in value since acquisition. But (fair) market values can be biased if market values are estimated. Actual market prices can be bubble prices which are not “fair” value. ...
Debt Structure and Financial Flexibility
... a firm substitutes equity for debt in order to lower its leverage ratio, because pure rebalancing would imply no change in total financing and investment. On the contrary, my results show both lower total financing and investment for firms with high leverage. Additionally, the results are unlikely t ...
... a firm substitutes equity for debt in order to lower its leverage ratio, because pure rebalancing would imply no change in total financing and investment. On the contrary, my results show both lower total financing and investment for firms with high leverage. Additionally, the results are unlikely t ...
Convocation Notice of The 92nd Annual General Meeting of
... (1) In view of the spread of the Internet, to make it possible to disclose by the Internet a part of the matters in the reference materials, etc. for general meeting of shareholders in accordance with the provisions of the Ordinance of the Ministry of Justice, the Company will set forth Article 15 ( ...
... (1) In view of the spread of the Internet, to make it possible to disclose by the Internet a part of the matters in the reference materials, etc. for general meeting of shareholders in accordance with the provisions of the Ordinance of the Ministry of Justice, the Company will set forth Article 15 ( ...
Venture Capita Report
... but recent years have seen a shift towards the later stages as a means of mitigating risk. The study found that during 2003 and 2004 more than a third of specialists had been investing predominantly at the growth capital stage, meaning the companies were likely to be cash flow positive rather than e ...
... but recent years have seen a shift towards the later stages as a means of mitigating risk. The study found that during 2003 and 2004 more than a third of specialists had been investing predominantly at the growth capital stage, meaning the companies were likely to be cash flow positive rather than e ...
Multinational Companies, Technology Spillovers and Firm Survival: Evidence from Irish Manufacturing by
... on Irish-owned (indigenous) firms and on foreign-owned firms (i.e., other MNCs) located in the host country, the latter essentially serving as a natural control group. As regards indigenous firms, we would expect a potential technology gap to exist between them and MNCs (due to MNCs' firm-specific a ...
... on Irish-owned (indigenous) firms and on foreign-owned firms (i.e., other MNCs) located in the host country, the latter essentially serving as a natural control group. As regards indigenous firms, we would expect a potential technology gap to exist between them and MNCs (due to MNCs' firm-specific a ...
11: Corporate Finance: Corporate Investing and Financing Decisions
... b: Define and calculate the component cost of: 1) debt 2) preferred stock 3) retained earnings (3 different methods) and 4) newly issued stock or external equity. ...
... b: Define and calculate the component cost of: 1) debt 2) preferred stock 3) retained earnings (3 different methods) and 4) newly issued stock or external equity. ...
Download paper (PDF)
... Next I elaborate on the economic intuition for my results. First, I find that, if the disclosure friction is sufficiently high, firms making more voluntary disclosures have a lower cost of capital. The rationale for this result is the relation between voluntary disclosures and investors’ updated est ...
... Next I elaborate on the economic intuition for my results. First, I find that, if the disclosure friction is sufficiently high, firms making more voluntary disclosures have a lower cost of capital. The rationale for this result is the relation between voluntary disclosures and investors’ updated est ...
Familiarity Breeds Investment
... Financial Economists have noticed that even though the barriers to international investment have fallen dramatically, foreign ownership of shares is still extremely limited and much smaller than one would expect in the absence of barriers to international investment.” An article in the Economist (19 ...
... Financial Economists have noticed that even though the barriers to international investment have fallen dramatically, foreign ownership of shares is still extremely limited and much smaller than one would expect in the absence of barriers to international investment.” An article in the Economist (19 ...
Capital Structure Policy for Government Businesses
... of the NSW Government’s Commercial Policy Framework. Since 1988, the Commercial Policy Framework has applied to Government businesses. The Framework consists of a suite of policies aimed at replicating, as far as possible, the disciplines and incentives that lead private sector businesses toward eff ...
... of the NSW Government’s Commercial Policy Framework. Since 1988, the Commercial Policy Framework has applied to Government businesses. The Framework consists of a suite of policies aimed at replicating, as far as possible, the disciplines and incentives that lead private sector businesses toward eff ...
Solutions to Additional Exercises
... Capital expenditure to gross fixed assets % Small plc Capital expenditure to gross fixed assets ...
... Capital expenditure to gross fixed assets % Small plc Capital expenditure to gross fixed assets ...
New approaches to expanding the supply of affordable housing in
... equity sources. Owner occupation as the dominant tenure form has developed through the commitment of personal savings to fund the purchase deposit and debt finance supplied by banks, building societies, credit unions, the legal profession and a host of small agents. Since the mid-1990s a rapidly gro ...
... equity sources. Owner occupation as the dominant tenure form has developed through the commitment of personal savings to fund the purchase deposit and debt finance supplied by banks, building societies, credit unions, the legal profession and a host of small agents. Since the mid-1990s a rapidly gro ...
The Colors of Investors` Money: The Role of Institutional
... coverage. Domestic institutions underweight these same stocks. Foreign institutions also tend to avoid high dividend-paying stocks. Third, U.S. institutions diverge from non-U.S. foreign institutions in their preference for value over growth stocks, and a tendency to hold stocks in English-speaking ...
... coverage. Domestic institutions underweight these same stocks. Foreign institutions also tend to avoid high dividend-paying stocks. Third, U.S. institutions diverge from non-U.S. foreign institutions in their preference for value over growth stocks, and a tendency to hold stocks in English-speaking ...
Essays on Capital Structure Stability - cerge-ei
... Zender (2008) notice that the capital structure of firms remains almost unchanged during their lives meaning that leverage ratios are significantly stable over time. The authors also stress that the stability of leverage ratios is mainly generated by an unobserved firm-specific effect that is respon ...
... Zender (2008) notice that the capital structure of firms remains almost unchanged during their lives meaning that leverage ratios are significantly stable over time. The authors also stress that the stability of leverage ratios is mainly generated by an unobserved firm-specific effect that is respon ...
Private equity in the 1980s
Private equity in the 1980s relates to one of the major periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel although interrelated tracks.The development of the private equity and venture capital asset classes has occurred through a series of boom and bust cycles since the middle of the 20th century. The 1980s saw the first major boom and bust cycle in private equity. The cycle which is typically marked by the 1982 acquisition of Gibson Greetings and ending just over a decade later was characterized by a dramatic surge in leveraged buyout (LBO) activity financed by junk bonds. The period culminated in the massive buyout of RJR Nabisco before the near collapse of the leveraged buyout industry in the late 1980s and early 1990s marked by the collapse of Drexel Burnham Lambert and the high-yield debt market.