A Model of Monetary Policy and Risk Premia
... In textbook models (e.g. Woodford, 2003), monetary policy works by changing the real interest rate. Yet a growing body of empirical evidence shows that monetary policy also has a large impact on the risk premium component of the cost of capital.1 Moreover, many central bank interventions can be usef ...
... In textbook models (e.g. Woodford, 2003), monetary policy works by changing the real interest rate. Yet a growing body of empirical evidence shows that monetary policy also has a large impact on the risk premium component of the cost of capital.1 Moreover, many central bank interventions can be usef ...
Oral Disclosure - CIBC Structured Notes
... Before reaching a decision to purchase the GICs, you should carefully consider a variety of risk factors, including but not limited to (i) you may receive no Variable Interest at maturity; (ii) Variable Interest will be limited by the Participation Rate of [Insert Participation Rate]; (iii) there is ...
... Before reaching a decision to purchase the GICs, you should carefully consider a variety of risk factors, including but not limited to (i) you may receive no Variable Interest at maturity; (ii) Variable Interest will be limited by the Participation Rate of [Insert Participation Rate]; (iii) there is ...
Securing money to help community food enterprises to grow
... working capital to buy stock or undertake marketing; paying bills before trading starts or when seasonal income is low; and capital for investment in assets such as facilities and equipment. This section describes the enterprise funding landscape, and makes recommendations for how some problems can ...
... working capital to buy stock or undertake marketing; paying bills before trading starts or when seasonal income is low; and capital for investment in assets such as facilities and equipment. This section describes the enterprise funding landscape, and makes recommendations for how some problems can ...
Overborrowing, Financial Crises and ‘Macro-prudential’ Policy ∗ Javier Bianchi
... of the market value of assets they can offer as collateral, which take the form of an asset in fixed aggregate supply. Private agents take the price of this asset as given, and hence a “systemic credit externality” arises, because they do not internalize that, when the collateral constraint binds, ...
... of the market value of assets they can offer as collateral, which take the form of an asset in fixed aggregate supply. Private agents take the price of this asset as given, and hence a “systemic credit externality” arises, because they do not internalize that, when the collateral constraint binds, ...
Review of Asset Values, Costs and Cost Allocation of Western
... imposed, the regulatory asset value first established will affect the prices that the business is able to charge and the revenue that the firm is able to earn. This may cause the firm to write-down or write-up the asset value presented in statutory accounts. As a further example, asset values indica ...
... imposed, the regulatory asset value first established will affect the prices that the business is able to charge and the revenue that the firm is able to earn. This may cause the firm to write-down or write-up the asset value presented in statutory accounts. As a further example, asset values indica ...
Executive stock and option valuation in a two state
... gives an option value $8.83. This result is in sharp contrast with the RN model that gives an option value of $16.55 regardless of rmrf value. It also makes the empirical implementation of S1 model difficult in situations where the researcher must estimate the option values for hundreds of executive ...
... gives an option value $8.83. This result is in sharp contrast with the RN model that gives an option value of $16.55 regardless of rmrf value. It also makes the empirical implementation of S1 model difficult in situations where the researcher must estimate the option values for hundreds of executive ...
Real Options, Volatility, and Stock Returns∗
... relation between returns and contemporaneous measures of volatility (and changes in them). We propose three remedies to this potential spurious relation. First, similar to Duffee (1995), we estimate volatilities using natural logarithm of stock returns. Using logarithmic returns eliminates the afore ...
... relation between returns and contemporaneous measures of volatility (and changes in them). We propose three remedies to this potential spurious relation. First, similar to Duffee (1995), we estimate volatilities using natural logarithm of stock returns. Using logarithmic returns eliminates the afore ...
summary note
... might, under the national legislation of Malta, have to bear the costs of translating the Prospectus before legal proceedings are initiated; and Civil liability attaches only to those persons who have tabled the summary including any translation thereof, and who applied for its notification, but onl ...
... might, under the national legislation of Malta, have to bear the costs of translating the Prospectus before legal proceedings are initiated; and Civil liability attaches only to those persons who have tabled the summary including any translation thereof, and who applied for its notification, but onl ...
Not All Benchmarks Are Created Equal
... or opinions expressed herein constitutes an offer to buy or sell any securities, futures, options, or investment products on your behalf. Unless otherwise stated, any pricing information in this document is indicative only, is subject to change and is not an offer to transact. Where relevant, the pr ...
... or opinions expressed herein constitutes an offer to buy or sell any securities, futures, options, or investment products on your behalf. Unless otherwise stated, any pricing information in this document is indicative only, is subject to change and is not an offer to transact. Where relevant, the pr ...
To Our Shareholders Notice of Convocation of the 10th Ordinary
... approved indications of refractory/relapsed low-grade non-Hodgkin’s lymphoma and refractory/relapsed mantle cell lymphoma. For additional indications, Phase II clinical trials were completed for refractory/relapsed intermediate/high-grade non-Hodgkin's lymphoma, frontline low-grade non-Hodgkin’s ly ...
... approved indications of refractory/relapsed low-grade non-Hodgkin’s lymphoma and refractory/relapsed mantle cell lymphoma. For additional indications, Phase II clinical trials were completed for refractory/relapsed intermediate/high-grade non-Hodgkin's lymphoma, frontline low-grade non-Hodgkin’s ly ...
COMARCH S.A. KRAKOW, AL. JANA PAWŁA II 39A FINANCIAL
... Our task was to audit this financial statement and present our opinion regarding whether this financial statement has been prepared according to the accounting principles applied by the company, whether it presents, in all significant aspects, a true and fair view of the company’s equity and financi ...
... Our task was to audit this financial statement and present our opinion regarding whether this financial statement has been prepared according to the accounting principles applied by the company, whether it presents, in all significant aspects, a true and fair view of the company’s equity and financi ...
2011 Annual Report (Opens in a new Window)
... Many economists believe that at some point in were $13.9 million in the commercial portfolio 2012, we will finally be at the bottom. and $5.6 million in loans to local municipaliAs was the case for the past four years, the ties. The commercial portfolio decrease reflected weak economy, especially th ...
... Many economists believe that at some point in were $13.9 million in the commercial portfolio 2012, we will finally be at the bottom. and $5.6 million in loans to local municipaliAs was the case for the past four years, the ties. The commercial portfolio decrease reflected weak economy, especially th ...
A sharper view: Analytics in the global steel industry
... long had tools available to simulate production processes. Companies have used these tools for years to assist with new plant designs and rebuilds. In the past, however, the tools were cumbersome, required highly trained experts to use them, and took weeks to provide answers. The new generation of t ...
... long had tools available to simulate production processes. Companies have used these tools for years to assist with new plant designs and rebuilds. In the past, however, the tools were cumbersome, required highly trained experts to use them, and took weeks to provide answers. The new generation of t ...
In Short Supply: Short‐Sellers and Stock Returns
... One aspect of equity markets that has received increased academic attention in recent years is the informational role played by short sellers. Prior studies have consistently demonstrated that, as a group, short‐sellers are sophisticated investors with superior information processing capabilities ...
... One aspect of equity markets that has received increased academic attention in recent years is the informational role played by short sellers. Prior studies have consistently demonstrated that, as a group, short‐sellers are sophisticated investors with superior information processing capabilities ...
The Strategy-Focused Organization
... — THE COMPLETE SUMMARY In today’s business landscape, it has never been more important to implement solid strategies — the unique and sustainable ways by which organizations create value. Yet, research reveals that companies have an increasingly difficult time executing the strategies they need to r ...
... — THE COMPLETE SUMMARY In today’s business landscape, it has never been more important to implement solid strategies — the unique and sustainable ways by which organizations create value. Yet, research reveals that companies have an increasingly difficult time executing the strategies they need to r ...
Overconfidence and Firm Decision Making: Evidence from
... effects in depth by looking at firms’ day-to-day operations and evaluate how overconfident managers value their individual investments. We also document the source of overconfident managers’ weak performance compared to their non-overconfident counterparts (Eichholtz and Yönder 2014; Malmendier and ...
... effects in depth by looking at firms’ day-to-day operations and evaluate how overconfident managers value their individual investments. We also document the source of overconfident managers’ weak performance compared to their non-overconfident counterparts (Eichholtz and Yönder 2014; Malmendier and ...
An Overview of Investor Sentiment in Stock Market
... Baker and Wurgler’s (2006) sentiment index uses size, profitability, volatility, NYSE turnover, the IPO’s average first-day returns and other measures to predict stock portfolio returns. Baker and Wurgler (2007) examine companies that are particularly sensitive to investment sentiment such as young, ...
... Baker and Wurgler’s (2006) sentiment index uses size, profitability, volatility, NYSE turnover, the IPO’s average first-day returns and other measures to predict stock portfolio returns. Baker and Wurgler (2007) examine companies that are particularly sensitive to investment sentiment such as young, ...
SECO Approach to Partnering with the Private Sector
... tions, NGOs or private foundations that combine their resources and expertise to solve a more complex issue on a larger scale. Such a partnership is more complicated, given the variety of interests involved, but is more likely to provide a more comprehensive solution. Issues related to this approach ...
... tions, NGOs or private foundations that combine their resources and expertise to solve a more complex issue on a larger scale. Such a partnership is more complicated, given the variety of interests involved, but is more likely to provide a more comprehensive solution. Issues related to this approach ...
athens-clarke county, georgia comprehensive annual financial
... Mayor and Commission Page 2 December 30, 2014 institution. The Athens-Clarke County Government provides a full range of urban services for its citizens. These services are overseen by the Manager who is appointed by the Mayor and a 10 member Board of Commissioners. The Mayor and Commissioners hold ...
... Mayor and Commission Page 2 December 30, 2014 institution. The Athens-Clarke County Government provides a full range of urban services for its citizens. These services are overseen by the Manager who is appointed by the Mayor and a 10 member Board of Commissioners. The Mayor and Commissioners hold ...
CHAPTER SIXTEEN
... should they affect the value calculated from forecasting residual earnings. But there was an important proviso: residual earnings must be forecasted to a point in the future where the firm is expected to be in “steady state.” That is, one must forecast to a forecast horizon where long-run growth in ...
... should they affect the value calculated from forecasting residual earnings. But there was an important proviso: residual earnings must be forecasted to a point in the future where the firm is expected to be in “steady state.” That is, one must forecast to a forecast horizon where long-run growth in ...