A S F
... the maximum amount of fish that can be harvested without adversely affecting recruitment or other key biological components of the fish population. While determining allowable biological catch is a scientific question, it must be informed and guided by longterm objectives set by managers for both th ...
... the maximum amount of fish that can be harvested without adversely affecting recruitment or other key biological components of the fish population. While determining allowable biological catch is a scientific question, it must be informed and guided by longterm objectives set by managers for both th ...
Speaking of the Short-term: Disclosure Horizon and Capital Market
... We first use a determinants model of corporate short-termism with the major sources of short-termism identified by prior literature as explanatory variables, controlling for firm economic characteristics that could influence the time horizon of corporate disclosure. We find a positive association be ...
... We first use a determinants model of corporate short-termism with the major sources of short-termism identified by prior literature as explanatory variables, controlling for firm economic characteristics that could influence the time horizon of corporate disclosure. We find a positive association be ...
NBER WORKING PAPER SERIES Stephen G. Cecchetti
... balance sheets of financial intermediaries that did the lending. As the IMF evidence makes clear, any discussion of bubbles must distinguish between equity and property prices. This is true for several reasons. First, the efficient markets hypothesis is more likely to apply to equity than to propert ...
... balance sheets of financial intermediaries that did the lending. As the IMF evidence makes clear, any discussion of bubbles must distinguish between equity and property prices. This is true for several reasons. First, the efficient markets hypothesis is more likely to apply to equity than to propert ...
Auditing the Auditors: Oversight or Overkill?
... costs. Joint-stock companies emerged in the sixteenth century as a way to finance voyages undertaken for foreign trade. Investors’ shares in the companies entitled them to part of the profits. Joint-stock companies were audited regularly by a committee of shareholders or directors, like the audit co ...
... costs. Joint-stock companies emerged in the sixteenth century as a way to finance voyages undertaken for foreign trade. Investors’ shares in the companies entitled them to part of the profits. Joint-stock companies were audited regularly by a committee of shareholders or directors, like the audit co ...
expected returns
... mean that we see no role for bonds. Within an asset liability management (ALM) and risk framework there will always be a place for bonds. We should also point out that the -3.5% is based on the German ten-year benchmark, which has almost the lowest yield out there. According to our projections for t ...
... mean that we see no role for bonds. Within an asset liability management (ALM) and risk framework there will always be a place for bonds. We should also point out that the -3.5% is based on the German ten-year benchmark, which has almost the lowest yield out there. According to our projections for t ...
LOWER PARTIAL MOMENTS AS A MEASURE OF VULNERABILITY
... Stidham 2005, Albrecht and Maurer 2002, Unser 2000), which is also in line with the focus axiom. Further, LPMs have a number of convenient characteristics. First, they are consistent to the ordering of distributions derived from stochastic dominance rules and utility max ...
... Stidham 2005, Albrecht and Maurer 2002, Unser 2000), which is also in line with the focus axiom. Further, LPMs have a number of convenient characteristics. First, they are consistent to the ordering of distributions derived from stochastic dominance rules and utility max ...
Asset pricing in the frequency domain: theory and empirics
... the only thing that determines the price of risk for a shock is how it a§ects consumption today. So Z is perfectly flat across frequencies because cycles of all frequencies receive identical weight in the pricing kernel. Under Epstein—Zin preferences, long-run risks matter, and Z places much more w ...
... the only thing that determines the price of risk for a shock is how it a§ects consumption today. So Z is perfectly flat across frequencies because cycles of all frequencies receive identical weight in the pricing kernel. Under Epstein—Zin preferences, long-run risks matter, and Z places much more w ...
Credit Ratings and The Cross
... individual monthly stock return to obtain the stock’s characteristic-adjusted return. The mean characteristic-adjusted returns are summarized in Panel B of Table 1. Notice that the C1 − C10 portfolio still realizes a payoff which is significant at 0.94% per month, only slightly lower than the 1.16% ra ...
... individual monthly stock return to obtain the stock’s characteristic-adjusted return. The mean characteristic-adjusted returns are summarized in Panel B of Table 1. Notice that the C1 − C10 portfolio still realizes a payoff which is significant at 0.94% per month, only slightly lower than the 1.16% ra ...
COMMENTS ON THE COMPANY`S
... operating performance. LTM has no standard definition and our definition thereof may not be comparable to that of other companies. Management utilizes this additional data to measure our operating performance for the period. Note: EBITDA is the operating result plus net financial (income) expenses a ...
... operating performance. LTM has no standard definition and our definition thereof may not be comparable to that of other companies. Management utilizes this additional data to measure our operating performance for the period. Note: EBITDA is the operating result plus net financial (income) expenses a ...
On the Relation between Capital Flows and the Current
... countries constitute a group with certain peculiarities important in studying current and financial account balances: sophisticated and well-developed financial systems, the absence of capital controls and free trade. Moreover, these countries were particularly involved in the global financial integ ...
... countries constitute a group with certain peculiarities important in studying current and financial account balances: sophisticated and well-developed financial systems, the absence of capital controls and free trade. Moreover, these countries were particularly involved in the global financial integ ...
IMPACT OF TIME VARYING DISTRIBUTIONAL PARAMETERS ON
... changing over time. The findings of this paper are as following: EWMA model provides the least risky efficient portfolios while Markowitz and DCC-GARCH(1,1) models give very similar results. Rolling EWMA efficient portfolio suggests how the portfolio weights should be amended over time. This is the ...
... changing over time. The findings of this paper are as following: EWMA model provides the least risky efficient portfolios while Markowitz and DCC-GARCH(1,1) models give very similar results. Rolling EWMA efficient portfolio suggests how the portfolio weights should be amended over time. This is the ...
Lock-In, Vertical Integration, and Investment: The Case of Eastern
... plants are more likely to be integrated with the corresponding coal mine. More recently, Baker and Hubbard (2003, 2004) investigated how the adoption of different classes of on-board computers (OBCs) between 1987 and 1997 influenced whether shippers use their own trucks for hauls or contract with for ...
... plants are more likely to be integrated with the corresponding coal mine. More recently, Baker and Hubbard (2003, 2004) investigated how the adoption of different classes of on-board computers (OBCs) between 1987 and 1997 influenced whether shippers use their own trucks for hauls or contract with for ...
Important Information About Revenue Sharing Agreements
... collectively referred to as “the Affiliates”.) Further, ESI offers mutual funds for various mutual fund companies, including ESI’s affiliate Sentinel Financial Services Company (“SFSC”). SFSC is a part of Sentinel Investments, which is a group of companies servicing the Sentinel Funds, including a t ...
... collectively referred to as “the Affiliates”.) Further, ESI offers mutual funds for various mutual fund companies, including ESI’s affiliate Sentinel Financial Services Company (“SFSC”). SFSC is a part of Sentinel Investments, which is a group of companies servicing the Sentinel Funds, including a t ...
NBER WORKING PAPER SERIES George M. Constantinides
... each period is taken to represent 20 years. By restricting our attention to an exchange setting, we focus on the purely re-distributive effects. That is, we assume that the technological or other mechanisms that give rise to the yearly aggregate income process of the United States economy are invari ...
... each period is taken to represent 20 years. By restricting our attention to an exchange setting, we focus on the purely re-distributive effects. That is, we assume that the technological or other mechanisms that give rise to the yearly aggregate income process of the United States economy are invari ...
Joint Dynamics of Bond and Stock Returns - Wisconsin-School
... comovement, or a “common factor” in returns on assets with independent cash flows in general equilibrium. Martin (2012) generalized this setup to multiple “trees”. My paper differs from these by endogenizing the size of “trees” and modeling technologies with different amounts of cash-flow risk. The ...
... comovement, or a “common factor” in returns on assets with independent cash flows in general equilibrium. Martin (2012) generalized this setup to multiple “trees”. My paper differs from these by endogenizing the size of “trees” and modeling technologies with different amounts of cash-flow risk. The ...
The Economic Origins of Democracy Reconsidered
... Since the 19th century, scholars have theorized that income inequality affects a country’s prospects for democratization. Recent works stress a government’s capacities to tax capital in the context of inequality as an influence on democratization. Empirical tests of these theories have, however, pr ...
... Since the 19th century, scholars have theorized that income inequality affects a country’s prospects for democratization. Recent works stress a government’s capacities to tax capital in the context of inequality as an influence on democratization. Empirical tests of these theories have, however, pr ...
PDF
... realizations in different states of nature weighted by state-contingent output prices. If the required set of state-contingent assets does not exist, people generally will not have common marginal rates of consumption substitution across all states of nature, and there is no automatic presumption th ...
... realizations in different states of nature weighted by state-contingent output prices. If the required set of state-contingent assets does not exist, people generally will not have common marginal rates of consumption substitution across all states of nature, and there is no automatic presumption th ...
Savings and Loan Crisis of the 1980s.......................................... 32
... without risk, “broke the buck,” meaning that they would pay out less than a dollar for every dollar invested. Large institutions such as pension funds and college endowments withdrew money from money market funds and individual investors followed.29 Many investors who withdrew from stocks and money ...
... without risk, “broke the buck,” meaning that they would pay out less than a dollar for every dollar invested. Large institutions such as pension funds and college endowments withdrew money from money market funds and individual investors followed.29 Many investors who withdrew from stocks and money ...
1861 - Syndicate annual accounts 2016
... Important information about Syndicate Reports and Accounts Access to this document is restricted to persons who have given the certification set forth below. If this document has been forwarded to you and you have not been asked to give the certification, please be aware that you are only permitted ...
... Important information about Syndicate Reports and Accounts Access to this document is restricted to persons who have given the certification set forth below. If this document has been forwarded to you and you have not been asked to give the certification, please be aware that you are only permitted ...
first capital realty inc.
... undertaking selective development activities. In the United States the Company is active through its holdings in Equity One, Inc., a publicly traded real estate investment trust (NYSE:EQY). First Capital Realty is managed by experienced real estate professionals who have a significant interest in cr ...
... undertaking selective development activities. In the United States the Company is active through its holdings in Equity One, Inc., a publicly traded real estate investment trust (NYSE:EQY). First Capital Realty is managed by experienced real estate professionals who have a significant interest in cr ...
Herd Behaviour and Cascading in Capital Markets: a Review and
... regulation, and welfare; and associated empirical evidence. Learning from prices is by now familiar in capital markets research, but we will argue here that more personal learning from quantities (individual actions), from outcomes, and from conversation is also important for markets. We examine her ...
... regulation, and welfare; and associated empirical evidence. Learning from prices is by now familiar in capital markets research, but we will argue here that more personal learning from quantities (individual actions), from outcomes, and from conversation is also important for markets. We examine her ...
