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McGraw-Hill Global Education Intermediate Holdings
McGraw-Hill Global Education Intermediate Holdings

... does not reflect the impact of earnings or charges resulting from matters that we and the lenders under our senior secured credit facilities may consider not to be indicative of our ongoing operations. ...
2016 Stress Tests of the Bulgarian Insurance Sectorpdf / 1.02 MB
2016 Stress Tests of the Bulgarian Insurance Sectorpdf / 1.02 MB

... insurance market. To assess the resilience of the insurance industry to the most prominent and prevalent risks, FSC launched a Stress Test exercise with reference date the 30th of June 2016. EY has been engaged by the FSC as the independent external consultant responsible for organizing and performi ...
calcul stochastique en finance - CMAP
calcul stochastique en finance - CMAP

... Financial mathematics is a young field of applications of mathematics which experienced a huge growth during the last thirty years. It is by now considered as one of the most challenging fields of applied mathematics by the diversity of the questions which are raised, and the high technical skills t ...
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The effect of foreign ownership on the financial

... This study examined the effect of foreign ownership on the financial and market performance of firms in the South African economy. To review this relationship 18 foreign owned firms listed on the Johannesburg Stock Exchange All Share Index in 2010 were identified and paired with a locally owned firm ...
Notice of Annual Meeting
Notice of Annual Meeting

... Voting by the Internet or Telephone. You may vote using the Internet or telephone by following the instructions in the Notice to access the proxy materials, and then following the instructions provided to allow you to record your vote. After accessing the proxy materials, to vote by telephone, call ...
A Theory of Pyramidal Ownership and Family Business Groups
A Theory of Pyramidal Ownership and Family Business Groups

... In this paper, we distinguish between a business group (a collection of firms controlled by the same family) and the particular ownership structure used to control the group’s member firms (pyramidal or horizontal). Our analysis so far assumes that the family always sets up both the original and the ...
OECD Benchmark Definition of Foreign Direct Investment
OECD Benchmark Definition of Foreign Direct Investment

... right policy framework, FDI can provide financial stability, promote economic development and enhance the well being of societies. Reliable FDI statistics have always been essential for policy makers faced with the challenges of attracting and making the most of international investment. In the earl ...
Stock market liquidity and firm value
Stock market liquidity and firm value

... separated into the following components: price-tooperating earnings ratio; leverage ratio; and operating return on assets ratio.1 More liquid stocks have higher operating returns on their assets and more equity in their capital structure. In contrast, their price-to-operating earnings ratios are sim ...
Brookfield Business Partners LP
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Endogenous Liquidity and Contagion
Endogenous Liquidity and Contagion

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Realization Utility with Reference

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OCC Rule Filing No. SR-OCC-2017-803
OCC Rule Filing No. SR-OCC-2017-803

... The Summary of Terms and Conditions contemplates that the New Facility would also modify the ratings standards for securities that are issued or guaranteed by the Government of Canada. Such securities would be acceptable as permitted collateral provided that they have minimum ratings of AA (S&P) or ...
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... banking system is highly concentrated within the major domestic retail operations, with the four largest banks comprising over 75 per cent of ADI assets. The global financial crisis A strong and resilient banking system is a foundation of sustainable economic growth. Banks are at the centre of the c ...
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Assessing profitability in competition policy analysis

... We are deeply saddened by the passing of Tony Steele in April 2003, who made invaluable contributions to this paper. Professor Anthony Steele was a leading expert in accounting and financial analysis, and will be greatly missed. Furthermore, OXERA wishes to acknowledge the helpful interactions with ...
CPB Discussion Paper
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... leading to different aggregate risks, or differences in institutions leading to differences in leverage, could well explain different values of the equity premium. Moreover, as better time series tend to be available for the more successful stock markets, in particular the United States, this may ha ...
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International Finance Corporation
International Finance Corporation

E TRADE FINANCIAL CORP - Nasdaq`s INTEL Solutions
E TRADE FINANCIAL CORP - Nasdaq`s INTEL Solutions

... Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to suc ...
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annual report 2016 - Asseco Central Europe

... company continues its strategy of expansion not only in the existing but also in new markets. It has expanded its activities in Italy and the region of Central America where the Asseco Central Europe, a. s., 24 February 2017 ...
Pillar 3 Report for 30 September 2016 (PDF 1MB)
Pillar 3 Report for 30 September 2016 (PDF 1MB)

... satisfying itself through appropriate reporting and oversight that appropriate internal control mechanisms are in place and are being implemented in accordance with regulatory requirements. The Board has delegated to the Board Risk & Compliance Committee responsibility to review and recommend the We ...
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... in accordance with accounting principles generally accepted (“GAAP” or “R.O.C. GAAP”) in the Republic of China (“R.O.C.” or “Taiwan”) have not been included below. In addition to preparing financial statements in accordance with IFRSs as issued by the IASB included in this annual report, we also pre ...
WESTPAC BANKING CORP (Form: 6-K, Received
WESTPAC BANKING CORP (Form: 6-K, Received

... Westpac manages the risks that affect our business as they influence our performance, reputation and future success. Effective risk management involves taking an integrated approach to risk and reward, and enables us to both increase financial growth opportunities and mitigate potential loss or dama ...


... sentiment-driven noise trading will largely generate feedback trading activity. For regulators and investors, investment sentiment and market dynamics are directly relevant, so when we study ETF, we need not only focus on ETF return, but pay more attention to investor sentiment. Besides sentiment, l ...
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Investment management

Investment management is the professional asset management of various securities (shares, bonds and other securities) and other assets (e.g., real estate) in order to meet specified investment goals for the benefit of the investors. Investors may be institutions (insurance companies, pension funds, corporations, charities, educational establishments etc.) or private investors (both directly via investment contracts and more commonly via collective investment schemes e.g. mutual funds or exchange-traded funds).The term asset management is often used to refer to the investment management of collective investments, while the more generic fund management may refer to all forms of institutional investment as well as investment management for private investors. Investment managers who specialize in advisory or discretionary management on behalf of (normally wealthy) private investors may often refer to their services as money management or portfolio management often within the context of so-called ""private banking"".The provision of investment management services includes elements of financial statement analysis, asset selection, stock selection, plan implementation and ongoing monitoring of investments. Coming under the remit of financial services many of the world's largest companies are at least in part investment managers and employ millions of staff.Fund manager (or investment advisor in the United States) refers to both a firm that provides investment management services and an individual who directs fund management decisions.According to a Boston Consulting Group study, the assets managed professionally for fees reached an all-time high of US$62.4 trillion in 2012, after remaining flat-lined since 2007. Furthermore, these industry assets under management were expected to reach US$70.2 trillion at the end of 2013 as per a Cerulli Associates estimate.The global investment management industry is highly concentrated in nature, in a universe of about 70,000 funds roughly 99.7% of the US fund flows in 2012 went into just 185 funds. Additionally, a majority of fund managers report that more than 50% of their inflows go to just three funds.
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