Global Fixed Income Portfolio
... The farther into the future a cash flow is received, the lower its present value will be. The higher the discount rate (yield to maturity) is, the lower the value of the bond will be, all other factors being equal. A bond’s price and YTM are inversely related. An increase in YTM decreases the price ...
... The farther into the future a cash flow is received, the lower its present value will be. The higher the discount rate (yield to maturity) is, the lower the value of the bond will be, all other factors being equal. A bond’s price and YTM are inversely related. An increase in YTM decreases the price ...
Does Corporate Governance Predict Firms` Market
... (KCGI, 0~100) for 515 Korean companies based on a 2001 Korea Stock Exchange survey. In OLS, a worst-to-best change in KCGI predicts a 0.47 increase in Tobin’s q (about a 160% increase in share price). This effect is statistically strong (t = 6.12) and robust to choice of market value variable (Tobin ...
... (KCGI, 0~100) for 515 Korean companies based on a 2001 Korea Stock Exchange survey. In OLS, a worst-to-best change in KCGI predicts a 0.47 increase in Tobin’s q (about a 160% increase in share price). This effect is statistically strong (t = 6.12) and robust to choice of market value variable (Tobin ...
Private Placements, Regulatory Restrictions and Firm
... dealing with a large number of public investors. They show that discounts offered in private placements are strongly correlated with information revelation costs. In other words, firms compensate buyers for certifying the issue (Certification Hypothesis). Wu (2004), Baek et al. (2006) and Barclay et ...
... dealing with a large number of public investors. They show that discounts offered in private placements are strongly correlated with information revelation costs. In other words, firms compensate buyers for certifying the issue (Certification Hypothesis). Wu (2004), Baek et al. (2006) and Barclay et ...
Oxera (2011) “Discount rates for low
... for low-carbon generation projects, taking into account both technological and market risks. The primary findings from this study are estimates of the discount rates for a range of lowcarbon generation technologies for 2011, 2020 and 2040. While the capital asset pricing model (CAPM) is the most com ...
... for low-carbon generation projects, taking into account both technological and market risks. The primary findings from this study are estimates of the discount rates for a range of lowcarbon generation technologies for 2011, 2020 and 2040. While the capital asset pricing model (CAPM) is the most com ...
Investment in an Indonesian Life Insurance Company, PT Panin Life
... Panin Life. Subject to obtaining all relevant regulatory approvals, Panin Life will become an affiliate of the Company. This relationship will bring added value for business growth providing excellence to customers and business partners. Panin Life mainly operates in Indonesia, a promising life insu ...
... Panin Life. Subject to obtaining all relevant regulatory approvals, Panin Life will become an affiliate of the Company. This relationship will bring added value for business growth providing excellence to customers and business partners. Panin Life mainly operates in Indonesia, a promising life insu ...
INTERNATIONAL JOURNAL OF RESEARCH SCIENCE
... the choice of a strategy that posits the firm in its industry so that it can defend itself against competitive forces. Another dominant view of firm performance that has been widely accepted and gaining increasing acceptance in strategic management literature is the resource-based view. According to ...
... the choice of a strategy that posits the firm in its industry so that it can defend itself against competitive forces. Another dominant view of firm performance that has been widely accepted and gaining increasing acceptance in strategic management literature is the resource-based view. According to ...
preface - JustAnswer
... share holders indicating that enough cashflows are generated to meet their requirements. Capital Resources: Recap what you find about your company’s capital resources in the MD&A section of the annual report. Look for information about cash reserves and credit availability. For example, your company ...
... share holders indicating that enough cashflows are generated to meet their requirements. Capital Resources: Recap what you find about your company’s capital resources in the MD&A section of the annual report. Look for information about cash reserves and credit availability. For example, your company ...
Fair Value Accounting and Measures of U.S. Corporate Profits for
... purchase equity securities for trading purposes. Under international guidelines for national economic accounts and under U.S. financial accounting rules, the securities are recognized as an asset at market value on the acquisition date. At the end of the accounting period, any change in value is rec ...
... purchase equity securities for trading purposes. Under international guidelines for national economic accounts and under U.S. financial accounting rules, the securities are recognized as an asset at market value on the acquisition date. At the end of the accounting period, any change in value is rec ...
strAtegIc FINANcIAL MANAgeMeNt (sFM)
... Estimating cost is relatively easier as it is made in the current period, but estimating benefits is very difficult as it relates to future period involving risk and uncertainty. For estimating benefits, two alternatives are available – (i) Cash Inflow and (ii) Accounting Profit. The cash flow appro ...
... Estimating cost is relatively easier as it is made in the current period, but estimating benefits is very difficult as it relates to future period involving risk and uncertainty. For estimating benefits, two alternatives are available – (i) Cash Inflow and (ii) Accounting Profit. The cash flow appro ...
2000 Annual Report PDF Version
... our Class A and Class B stock by 6.5%. Over the last 36 years (that is, since present management took over) pershare book value has grown from $19 to $40,442, a gain of 23.6% compounded annually.∗ Overall, we had a decent year, our book-value gain having outpaced the performance of the S&P 500. And, ...
... our Class A and Class B stock by 6.5%. Over the last 36 years (that is, since present management took over) pershare book value has grown from $19 to $40,442, a gain of 23.6% compounded annually.∗ Overall, we had a decent year, our book-value gain having outpaced the performance of the S&P 500. And, ...
Playing the Field: Geomagnetic Storms and the Stock
... shows that geomagnetic storms correlate with sunspots, the annual correlation being 0.4 over the 1932-2000 period. On the contrary, the daily correlation between GMS and sunspots is only 0.1 over the same period.6 Also notice that the number of sunspots is usually higher than the number of storms, c ...
... shows that geomagnetic storms correlate with sunspots, the annual correlation being 0.4 over the 1932-2000 period. On the contrary, the daily correlation between GMS and sunspots is only 0.1 over the same period.6 Also notice that the number of sunspots is usually higher than the number of storms, c ...
NBER WORKING PAPER SERIES THE INDUSTRY LIFE CYCLE, ACQUISITIONS AND
... respond to predicted financial dependence rather than observed financial dependence. We find financially dependent segments tend to fall into two categories: segments that are less productive compared to other segments in their industries and very productive segments in high growth industries.3 We h ...
... respond to predicted financial dependence rather than observed financial dependence. We find financially dependent segments tend to fall into two categories: segments that are less productive compared to other segments in their industries and very productive segments in high growth industries.3 We h ...
Risk Factors A number of risk factors affect Prudential`s operating
... annuities and stable value products written by Jackson expose Prudential to the risk that changes in interest rates, which are not fully reflected in the interest rates credited to customers, will reduce spread. The spread is the difference between the rate of return Jackson is able to earn on the a ...
... annuities and stable value products written by Jackson expose Prudential to the risk that changes in interest rates, which are not fully reflected in the interest rates credited to customers, will reduce spread. The spread is the difference between the rate of return Jackson is able to earn on the a ...
Eron Mortgage Study
... has no legal responsibility to check the qualifications of investment principals, to disclose who is under investigation, to evaluate the risk of investments, or to recover investors’ money. There is a clear and pressing need to make clear to investors in the private capital markets that they are ess ...
... has no legal responsibility to check the qualifications of investment principals, to disclose who is under investigation, to evaluate the risk of investments, or to recover investors’ money. There is a clear and pressing need to make clear to investors in the private capital markets that they are ess ...
Examples
... New investor has the benefit of reduction in VC pro rata investment if more funds needed Limited risk for VC: will only own 4.4% of company Can take company to leading industry position with minimum amount of capital ...
... New investor has the benefit of reduction in VC pro rata investment if more funds needed Limited risk for VC: will only own 4.4% of company Can take company to leading industry position with minimum amount of capital ...
EAST WEST BANCORP INC (Form: 10-Q, Received
... verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties, including, but not limited to, those described in the documents incorporated by reference. When considering these forward-looking statements, you should keep in mind these risks and uncert ...
... verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties, including, but not limited to, those described in the documents incorporated by reference. When considering these forward-looking statements, you should keep in mind these risks and uncert ...
The Credit Spread Puzzle - Myth or Reality?
... Their data set consists of 182 trader quotes in the period 1986-1997. Our data set consists of 534,660 transactions for the period 2002-2012. This allows us to examine in detail the ability of the Merton model to price bonds across maturity, for different ratings, and over a time period that include ...
... Their data set consists of 182 trader quotes in the period 1986-1997. Our data set consists of 534,660 transactions for the period 2002-2012. This allows us to examine in detail the ability of the Merton model to price bonds across maturity, for different ratings, and over a time period that include ...
Amalgamated Telecom Holdings Limited and Subsidiary
... Our financial performance has been robust despite the intense competition faced in the telecommunications sector. ATH Group's products and services remain the prime choice of Fijian consumers in terms of quality, functionality and affordability. The result this year has come about from some hard dec ...
... Our financial performance has been robust despite the intense competition faced in the telecommunications sector. ATH Group's products and services remain the prime choice of Fijian consumers in terms of quality, functionality and affordability. The result this year has come about from some hard dec ...
Are Pension Funds too Important to Fail?
... of failing is that a pension fund has to reduce pension entitlements and rights. There are two types of failure. The first type is a single pension fund failing, this is called an idiosyncratic failure. The second type is multiple pension funds failing simultaneously and this can be considered as a ...
... of failing is that a pension fund has to reduce pension entitlements and rights. There are two types of failure. The first type is a single pension fund failing, this is called an idiosyncratic failure. The second type is multiple pension funds failing simultaneously and this can be considered as a ...
Buyout Activity: The Impact of Aggregate Discount Rates
... greater illiquidity costs, making them undesirable buyout targets. In the panel, we confirm the propensity of a firm to be bought out is sensitive to risk characteristics. Firms with high market beta or high idiosyncratic volatility are less likely targets. Going further, the role of risk characteri ...
... greater illiquidity costs, making them undesirable buyout targets. In the panel, we confirm the propensity of a firm to be bought out is sensitive to risk characteristics. Firms with high market beta or high idiosyncratic volatility are less likely targets. Going further, the role of risk characteri ...
Download paper (PDF)
... investors and general probability distributions (not necessarily the normal distribution). 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 rationa ...
... investors and general probability distributions (not necessarily the normal distribution). 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 rationa ...