Investments
... A company purchases 9% bonds with a face value of $100,000 on August 1, 2006, at 99 plus accrued interest, which is payable semiannually. ...
... A company purchases 9% bonds with a face value of $100,000 on August 1, 2006, at 99 plus accrued interest, which is payable semiannually. ...
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... are consistent with the hypothesis that only the behavior of a small set of financially sophisticated people are well captured by models that presume full rationality in financial decision making. The above observations lead us to hypothesize that complexity is a crucial impediment to rational reactio ...
... are consistent with the hypothesis that only the behavior of a small set of financially sophisticated people are well captured by models that presume full rationality in financial decision making. The above observations lead us to hypothesize that complexity is a crucial impediment to rational reactio ...
Budgeting for Investment
... between up-front costs and long-term economic benefits, and the presumed resulting bias against capital spending, would be to segregate specified investments into a separate capital budget. Private sector accounting and the budgets of most states already make this distinction. Many advocates of a se ...
... between up-front costs and long-term economic benefits, and the presumed resulting bias against capital spending, would be to segregate specified investments into a separate capital budget. Private sector accounting and the budgets of most states already make this distinction. Many advocates of a se ...
capital structure in the airline industry
... preparing our master thesis. Since we both have specialization in financial economics, this was set as a base when choosing the topic. We have also studied subjects from econometrics and business analysis and performance that we wanted to include in our thesis. Capital structure in an energy intensi ...
... preparing our master thesis. Since we both have specialization in financial economics, this was set as a base when choosing the topic. We have also studied subjects from econometrics and business analysis and performance that we wanted to include in our thesis. Capital structure in an energy intensi ...
The Predictive Ability of the Bond-Stock Earnings Yield Differential
... Exhibits A1–A10 in the appendix show the following for each of the five countries: stock market corrections (declines of more than 10%) and their durations, as well as the results of the strategies in terms of percent of time in the stock market, mean log return, standard deviation, Sharpe ratio, me ...
... Exhibits A1–A10 in the appendix show the following for each of the five countries: stock market corrections (declines of more than 10%) and their durations, as well as the results of the strategies in terms of percent of time in the stock market, mean log return, standard deviation, Sharpe ratio, me ...
Transactions Costs and Capital Structure Choice: Evidence from
... managers have much better information than outsiders about the firm's business prospects; and financially distressed firms may be forced to sell assets at fire-sale prices (or be unable to find buyers at any price, e.g., because their whole industry is distressed). Roe (1983) and Bebchuk (1988) argu ...
... managers have much better information than outsiders about the firm's business prospects; and financially distressed firms may be forced to sell assets at fire-sale prices (or be unable to find buyers at any price, e.g., because their whole industry is distressed). Roe (1983) and Bebchuk (1988) argu ...
The Variability of IPO Initial Returns
... standard errors for cross-sectional models used in corporate finance has become “state-of-the-art,” correctly using WLS or MLE leads to much more reliable inferences for the “mean equation” ...
... standard errors for cross-sectional models used in corporate finance has become “state-of-the-art,” correctly using WLS or MLE leads to much more reliable inferences for the “mean equation” ...
Ch - Special projects
... have the potential to reduce transaction costs for stock buyers, in that a higher price per share means that a given dollar investment will involve the purchase of fewer shares.] So is there value in stock splits or dividends? A cynical view of the process is that managers like to keep the stock pr ...
... have the potential to reduce transaction costs for stock buyers, in that a higher price per share means that a given dollar investment will involve the purchase of fewer shares.] So is there value in stock splits or dividends? A cynical view of the process is that managers like to keep the stock pr ...
The Effects of Capital Structure Change on Security Prices
... With the introduction of investment tax shields or leverage related cost, DeAngelo-Masulis (1979) demonstrate that the existence of a personal tax bias against debt income diminishes but does not eliminate the net corporate tax benefit of debt. 4 Moreover, a unique optimal capital structure will oft ...
... With the introduction of investment tax shields or leverage related cost, DeAngelo-Masulis (1979) demonstrate that the existence of a personal tax bias against debt income diminishes but does not eliminate the net corporate tax benefit of debt. 4 Moreover, a unique optimal capital structure will oft ...
Investment Decisions and Financial Standing of Portuguese Firms
... virtually all Portuguese corporate firms in the Portuguese Economy, both private and state owned firms (the latter having been removed from the sample) since 2006 until 2011 (which is the most recent data available). One of the main benefits of using IES is the ability to focus the analysis at the m ...
... virtually all Portuguese corporate firms in the Portuguese Economy, both private and state owned firms (the latter having been removed from the sample) since 2006 until 2011 (which is the most recent data available). One of the main benefits of using IES is the ability to focus the analysis at the m ...
NBER WORKING PAPER SERIES CREDIT FRICTIONS AND
... bankruptcy costs that increase the real cost of servicing debt at date 2. In this case, the competitive equilibrium yields two mutually-consistent outcomes. On one hand, there is bankruptcy, that is firms become unable to repay their debt. On the other hand, the equilibrium relative price of nontrad ...
... bankruptcy costs that increase the real cost of servicing debt at date 2. In this case, the competitive equilibrium yields two mutually-consistent outcomes. On one hand, there is bankruptcy, that is firms become unable to repay their debt. On the other hand, the equilibrium relative price of nontrad ...
NBER WORKING PAPER SERIES AN EQUILIBRIUM BUSINESS CYCLE FRAMEWORK
... bankruptcy costs that increase the real cost of servicing debt at date 2. In this case, the competitive equilibrium yields two mutually-consistent outcomes. On one hand, there is bankruptcy, that is firms become unable to repay their debt. On the other hand, the equilibrium relative price of nontrad ...
... bankruptcy costs that increase the real cost of servicing debt at date 2. In this case, the competitive equilibrium yields two mutually-consistent outcomes. On one hand, there is bankruptcy, that is firms become unable to repay their debt. On the other hand, the equilibrium relative price of nontrad ...
What Makes the Bonding Stick?
... hypothesis and, more broadly, to assess the value of U.S. legal enforcement institutions for crosslisted firms, we find evidence that calls the legal bonding hypothesis into question. Successful bonding depends crucially on enforcement. Conventional wisdom from Bentham (1789) to Becker (1968) and b ...
... hypothesis and, more broadly, to assess the value of U.S. legal enforcement institutions for crosslisted firms, we find evidence that calls the legal bonding hypothesis into question. Successful bonding depends crucially on enforcement. Conventional wisdom from Bentham (1789) to Becker (1968) and b ...
Disgorge the Cash - Roosevelt Institute
... “‘I don’t think buy-backs are going to slow. There’s so much cash on the sidelines that shareholders want,’ said Robert Leonard, managing director of the special equity transactions group at Citigroup.” “Marianne Lake, chief financial officer [of JPMorgan Chase & Co.], told analysts the company could ...
... “‘I don’t think buy-backs are going to slow. There’s so much cash on the sidelines that shareholders want,’ said Robert Leonard, managing director of the special equity transactions group at Citigroup.” “Marianne Lake, chief financial officer [of JPMorgan Chase & Co.], told analysts the company could ...
The CHAIRMAN. Judge Healy, we will be glad to
... it not for the fact that they constantly sell new securities to new investors. I t is because of this constant sales activity, which is a companion of the redemption feature, that these companies are called open-end companies. The closed-end companies are also management investment companies, but th ...
... it not for the fact that they constantly sell new securities to new investors. I t is because of this constant sales activity, which is a companion of the redemption feature, that these companies are called open-end companies. The closed-end companies are also management investment companies, but th ...
How working capital management affects the profitability of Afriland
... may damage a business profitability (Gebrehiwot & Wolday, 2006). The fact that a company makes profits is not necessarily an indication of effective management of its working capital because a company can be endowed with assets and profitability but short of liquidity if its assets cannot readily be ...
... may damage a business profitability (Gebrehiwot & Wolday, 2006). The fact that a company makes profits is not necessarily an indication of effective management of its working capital because a company can be endowed with assets and profitability but short of liquidity if its assets cannot readily be ...
WITAN INVESTMENT TRUST
... (+1.0%) and Emerging Markets (+0.5%) continued to perform well. European market weakness was most notable in the final days of the month as various central bankers (whether coincidentally or in cooperation) indicated a willingness to adopt a less accommodative policy, causing bond yields to rise fro ...
... (+1.0%) and Emerging Markets (+0.5%) continued to perform well. European market weakness was most notable in the final days of the month as various central bankers (whether coincidentally or in cooperation) indicated a willingness to adopt a less accommodative policy, causing bond yields to rise fro ...
CPB Discussion Paper
... equity premium, as distinct from the unconditional model employed by, for example, Fama and French (2002). Claus and Thomas (2001) use several accounting variables to do this. Earlier, Blanchard (1993) used the unconditional dividend model, but took account of expectations of the interest rate and i ...
... equity premium, as distinct from the unconditional model employed by, for example, Fama and French (2002). Claus and Thomas (2001) use several accounting variables to do this. Earlier, Blanchard (1993) used the unconditional dividend model, but took account of expectations of the interest rate and i ...
responsible investment for institutional investors in hedge funds
... Source: Survey “Global insights on ESG in alternative investing”, March 2015, Mercer and LGT Capital Partners. ...
... Source: Survey “Global insights on ESG in alternative investing”, March 2015, Mercer and LGT Capital Partners. ...
Macroprudential Regulation and Macroeconomic Activity
... authority. This constraint simply states that the bank must be able to finance a certain fraction of it’s new assets with it’s own equity. In other words, this constraint can also be interpreted as a cap on the amount of deposits to accept. Lastly, I also impose that the dividend payments have to be ...
... authority. This constraint simply states that the bank must be able to finance a certain fraction of it’s new assets with it’s own equity. In other words, this constraint can also be interpreted as a cap on the amount of deposits to accept. Lastly, I also impose that the dividend payments have to be ...
What is an investment?
... – a type of investment is in direct conflict with the aims of your charity – a type of investment might hamper the work of your charity (e.g. alienate beneficiaries or donors) – The financial return will be just as good even if other moral/ethical considerations are taken into account * Harries (Bis ...
... – a type of investment is in direct conflict with the aims of your charity – a type of investment might hamper the work of your charity (e.g. alienate beneficiaries or donors) – The financial return will be just as good even if other moral/ethical considerations are taken into account * Harries (Bis ...
MiFID II Implementation
... Implementation – Dept of Finance Consultation Deadline for replies is 21 September (Wednesday) Overlap with Insurance Distribution Directive Exemption for firms “otherwise regulated” Covers IIA firms which do not hold client money and offer more limited services and instruments than a full ...
... Implementation – Dept of Finance Consultation Deadline for replies is 21 September (Wednesday) Overlap with Insurance Distribution Directive Exemption for firms “otherwise regulated” Covers IIA firms which do not hold client money and offer more limited services and instruments than a full ...
Long-term Capital Market Return Assumptions
... Investors and advisors around the world have come to rely on our assumptions to guide their strategic asset allocation and set realistic expectations for risks and returns over a 10- to 15-year time frame. The assumptions encompass more than 50 asset and strategy classes and are available in 10 base ...
... Investors and advisors around the world have come to rely on our assumptions to guide their strategic asset allocation and set realistic expectations for risks and returns over a 10- to 15-year time frame. The assumptions encompass more than 50 asset and strategy classes and are available in 10 base ...
Benefits of Military Spending
... groups. The United States is useful as a police force, and so far has been willing to be used as such, being partial, as a rule, to subsidiaries of corporations with U.S. charters. I will give primary attention to these U.S.-based interests. One should not equate them with the United States, or "our ...
... groups. The United States is useful as a police force, and so far has been willing to be used as such, being partial, as a rule, to subsidiaries of corporations with U.S. charters. I will give primary attention to these U.S.-based interests. One should not equate them with the United States, or "our ...
OECD Principles of Corporate Governance
... Good corporate governance should provide proper incentives for the board and management to pursue objectives that are in the interests of the company and its shareholders and should facilitate effective monitoring. The presence of an effective corporate governance system, within an individual compa ...
... Good corporate governance should provide proper incentives for the board and management to pursue objectives that are in the interests of the company and its shareholders and should facilitate effective monitoring. The presence of an effective corporate governance system, within an individual compa ...
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.