volatility as an asset class
... leverage effect: A decline in the value of a company’s equity results in an increase of the company’s balance sheet leverage, making its equity more risky and hence increasing the volatility of its share price. ...
... leverage effect: A decline in the value of a company’s equity results in an increase of the company’s balance sheet leverage, making its equity more risky and hence increasing the volatility of its share price. ...
Study on German Start-up Eco-System
... This study has been designed to provide an insight into the German start-up eco-system with the specific objective of highlighting innovative incubation and start-up finance models. The study focuses on the institutional embedding of incubation and start-up finance models in Germany, instruments, n ...
... This study has been designed to provide an insight into the German start-up eco-system with the specific objective of highlighting innovative incubation and start-up finance models. The study focuses on the institutional embedding of incubation and start-up finance models in Germany, instruments, n ...
Deactivating Active Share
... underperform after fees. As a result, investors who take larger bets (and have high Active Share) should also match market returns before fees and underperform after fees (Sharpe (1991)). Among the high Active Share investors, there will be winners and losers, but as a group they do not systematical ...
... underperform after fees. As a result, investors who take larger bets (and have high Active Share) should also match market returns before fees and underperform after fees (Sharpe (1991)). Among the high Active Share investors, there will be winners and losers, but as a group they do not systematical ...
Antero Midstream Partners LP
... pre-acquisition amounts attributable to the parent plus cash distribution to be received from unconsolidated affiliate. Antero Midstream uses Distributable Cash Flow as a performance metric to compare the cash generating performance of the Partnership from period to period and to compare the cash ge ...
... pre-acquisition amounts attributable to the parent plus cash distribution to be received from unconsolidated affiliate. Antero Midstream uses Distributable Cash Flow as a performance metric to compare the cash generating performance of the Partnership from period to period and to compare the cash ge ...
Tilburg University Corporate Donations and Shareholder Value
... enhancement view is examined by relating corporate donations to measures of current and future firm value and financial performance. Given that this relation between donations and firm value may be endogenous since doing well may enable a firm to do good (e.g. Seifert, Morris & Bartkus, 2004), we e ...
... enhancement view is examined by relating corporate donations to measures of current and future firm value and financial performance. Given that this relation between donations and firm value may be endogenous since doing well may enable a firm to do good (e.g. Seifert, Morris & Bartkus, 2004), we e ...
Full Text - Digital Access to Scholarship at Harvard
... described earlier are statistically associated with non-impairment. The evidence in this paper is consistent with managers avoiding timely goodwill write-offs under SFAS 142 in circumstances where they have agency-based motives to do so, despite market indications that such write-offs are due. The u ...
... described earlier are statistically associated with non-impairment. The evidence in this paper is consistent with managers avoiding timely goodwill write-offs under SFAS 142 in circumstances where they have agency-based motives to do so, despite market indications that such write-offs are due. The u ...
Credit Suisse Global Investment Returns Yearbook 2013
... It is now over five years since the beginning of the global financial crisis and there is a sense that, following interruptions from the Eurozone crisis and, more recently, the fiscal cliff debate in the USA, the world economy is finally moving towards a meaningful recovery. In this context, the Cre ...
... It is now over five years since the beginning of the global financial crisis and there is a sense that, following interruptions from the Eurozone crisis and, more recently, the fiscal cliff debate in the USA, the world economy is finally moving towards a meaningful recovery. In this context, the Cre ...
OECD - Business Angels Netzwerk Deutschland eV
... Tax incentive programmes have aimed to increase the number of angel investors as well as to address tax asymmetries in profit and losses. Countries such as the United Kingdom, with long standing angel tax incentive programmes cite the impact the programmes have had on increasing angel investment act ...
... Tax incentive programmes have aimed to increase the number of angel investors as well as to address tax asymmetries in profit and losses. Countries such as the United Kingdom, with long standing angel tax incentive programmes cite the impact the programmes have had on increasing angel investment act ...
Does Supply Curve Inelasticity Explain Abnormal Long
... announcement and completes its reaction only when it observes the firm actually repurchasing. In this case, we would also expect abnormal returns in response to announcements of actual repurchases. These reactions may explain the abnormal long-run returns in the year following repurchase program ann ...
... announcement and completes its reaction only when it observes the firm actually repurchasing. In this case, we would also expect abnormal returns in response to announcements of actual repurchases. These reactions may explain the abnormal long-run returns in the year following repurchase program ann ...
Methodology And Assumptions: Liquidity
... • A/B of 1.2x or more over the upcoming 12 months. In particular, any upcoming maturities should be manageable. • Positive A-B, even if forecasted EBITDA declines by 15%. • Sufficient covenant headroom for forecasted EBITDA to decline by 15% without the company breaching coverage tests, and debt is ...
... • A/B of 1.2x or more over the upcoming 12 months. In particular, any upcoming maturities should be manageable. • Positive A-B, even if forecasted EBITDA declines by 15%. • Sufficient covenant headroom for forecasted EBITDA to decline by 15% without the company breaching coverage tests, and debt is ...
Common Agency and the Public Corporation
... consequences for corporate governance. Under the standard agency theory guiding efforts to empower shareholders, increased monitoring by shareholder-principals of manager-agents will reduce agency costs created by management shirking and expropriation of private benefits (through, for example, high ...
... consequences for corporate governance. Under the standard agency theory guiding efforts to empower shareholders, increased monitoring by shareholder-principals of manager-agents will reduce agency costs created by management shirking and expropriation of private benefits (through, for example, high ...
EMPIRICAL INVESTIGATION OF DETERMINANT FACTORS OF
... termination of the securities which formerly admitted to trading on a certain market. In addition, Siddaiah (2011) also stated delisting of securities as permanent removal of securities of a listed company from a stock exchange. The public company whose shares are being delisted will turn to a priva ...
... termination of the securities which formerly admitted to trading on a certain market. In addition, Siddaiah (2011) also stated delisting of securities as permanent removal of securities of a listed company from a stock exchange. The public company whose shares are being delisted will turn to a priva ...
Venture Capitalists on the Seed Stage Arena
... collected in the form of face-to-face interviews, email- questionnaires and a telephone interview. Organizations from Sweden, Denmark and Germany are included in the study. Result: Several factors make seed stage investing unattractive compared to later stages. Important difficulties are higher risk ...
... collected in the form of face-to-face interviews, email- questionnaires and a telephone interview. Organizations from Sweden, Denmark and Germany are included in the study. Result: Several factors make seed stage investing unattractive compared to later stages. Important difficulties are higher risk ...
Towards Efficient Benchmarks for Infrastructure Equity Investments
... and utility regulation can explain cash flows to equity and what risks should be taken into account when valuing individual projects. The literature argues that project-specific risks like construction and operations are well managed through networks of contracts. The role of the financial structure ...
... and utility regulation can explain cash flows to equity and what risks should be taken into account when valuing individual projects. The literature argues that project-specific risks like construction and operations are well managed through networks of contracts. The role of the financial structure ...
Why do foreign firms leave US equity markets?
... which foreign firms would choose to deregister from U.S. markets and for the shareholder wealth consequences of such decisions. With the bonding theory, a cross-listing has a cost for corporate insiders, which is that they face restrictions in consuming private benefits, and a benefit, which is that ...
... which foreign firms would choose to deregister from U.S. markets and for the shareholder wealth consequences of such decisions. With the bonding theory, a cross-listing has a cost for corporate insiders, which is that they face restrictions in consuming private benefits, and a benefit, which is that ...
Wahlen_1e_IM_Ch16 (new window)
... a. If the conditions have been met before issuance, the corporation considers these shares to be outstanding for both basic and diluted earnings per share b. If the conditions have not been met, if dilutive, the corporation includes these shares in diluted earnings per share 3. When a corporation re ...
... a. If the conditions have been met before issuance, the corporation considers these shares to be outstanding for both basic and diluted earnings per share b. If the conditions have not been met, if dilutive, the corporation includes these shares in diluted earnings per share 3. When a corporation re ...
Optimal Asset Location and Allocation with Taxable and Tax
... overall portfolio to be overweighted in bonds. This is because offsetting portfolio adjustments in the taxable account is no longer possible when borrowing is prohibited. In this case, investors may hold a mix of stocks and bonds in their tax-deferred accounts, but only if they hold an all-equity po ...
... overall portfolio to be overweighted in bonds. This is because offsetting portfolio adjustments in the taxable account is no longer possible when borrowing is prohibited. In this case, investors may hold a mix of stocks and bonds in their tax-deferred accounts, but only if they hold an all-equity po ...
Do U.S. Firms Have the Best Corporate Governance? A Cross
... outsiders, have higher value. In contrast, firms are not valued more highly when they have a particular board size or when the functions of chairman of the board and CEO are separated. To the extent that adopting better governance is costly for a firm’s insiders, we expect firms to adopt better gov ...
... outsiders, have higher value. In contrast, firms are not valued more highly when they have a particular board size or when the functions of chairman of the board and CEO are separated. To the extent that adopting better governance is costly for a firm’s insiders, we expect firms to adopt better gov ...
unit 7 financial and operating leverage module - 2
... also use preference capital. The rate of interest on debt is fixed irrespective of the company’s rate of return on assets. The company has a legal binding to pay interest on debt. The rate of preference dividend is also fixed; but preference dividends are paid when the company earns profits. The ord ...
... also use preference capital. The rate of interest on debt is fixed irrespective of the company’s rate of return on assets. The company has a legal binding to pay interest on debt. The rate of preference dividend is also fixed; but preference dividends are paid when the company earns profits. The ord ...
measuring and rewarding performance: theory and evidence
... 1 Murphy and Zábojník (2007) and Frydman (2006) examine the rise in CEO pay and provide general equilibrium models attributing increases to a growth in external hiring. Both studies argue that demand for CEO talent has shifted from firm-specific skills (i.e., knowledge, contacts, and experience va ...
... 1 Murphy and Zábojník (2007) and Frydman (2006) examine the rise in CEO pay and provide general equilibrium models attributing increases to a growth in external hiring. Both studies argue that demand for CEO talent has shifted from firm-specific skills (i.e., knowledge, contacts, and experience va ...
Organizational Capital - The Center for Global Enterprise
... But how can this be done? Regrettably, there are no useful guidelines for managers of how exactly organizational capital is created, preserved and used to enhance the enterprise profitability, growth and achievement of sustained competitive advantage. The organizational capital literature is in a st ...
... But how can this be done? Regrettably, there are no useful guidelines for managers of how exactly organizational capital is created, preserved and used to enhance the enterprise profitability, growth and achievement of sustained competitive advantage. The organizational capital literature is in a st ...
malta 2016 - HFM Global
... country’s attractiveness in terms of high quality human capital, effective value for cost-of-investment, language fluency, reachability of the regulator and an attractive fiscal base. Malta is also highly regarded internationally as being notably compliant with international standards, continuously ...
... country’s attractiveness in terms of high quality human capital, effective value for cost-of-investment, language fluency, reachability of the regulator and an attractive fiscal base. Malta is also highly regarded internationally as being notably compliant with international standards, continuously ...
The Activewear Industry Cluster - Portland Economic Development
... outdoor is a cluster that has a higher level of recognition than most clusters, and contributes additional creative impetus to the regional economy. Portland’s athletic and outdoor cluster fits all the characteristics of an alpha cluster: it contributes to, and feeds off of a series of other creativ ...
... outdoor is a cluster that has a higher level of recognition than most clusters, and contributes additional creative impetus to the regional economy. Portland’s athletic and outdoor cluster fits all the characteristics of an alpha cluster: it contributes to, and feeds off of a series of other creativ ...
View PDF - CiteSeerX
... Financial economists often draw parallels between corporate governance and Charles Darwin’s principle of biological evolution by natural selection. Firms are generally assumed to survive or fail because of the relative superiority or inferiority of their operating, financial, or governance character ...
... Financial economists often draw parallels between corporate governance and Charles Darwin’s principle of biological evolution by natural selection. Firms are generally assumed to survive or fail because of the relative superiority or inferiority of their operating, financial, or governance character ...
collective investment schemes in emerging markets
... The CIS sector is characterized by a lot of risk to the investors which include inter alia conflict of interest, weak regulators, theft, misappropriation of assets, and deliberate abuse of the law by market players. Many investors have suffered significant financial loss while they trusted their adv ...
... The CIS sector is characterized by a lot of risk to the investors which include inter alia conflict of interest, weak regulators, theft, misappropriation of assets, and deliberate abuse of the law by market players. Many investors have suffered significant financial loss while they trusted their adv ...
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.