An Overview of Investor Sentiment in Stock Market
... levels and changes are strongly correlated with contemporaneous market returns.” But sentiment cannot predict near-term future stock returns. Baker and Wurgler’s (2006) sentiment index uses size, profitability, volatility, NYSE turnover, the IPO’s average first-day returns and other measures to pred ...
... levels and changes are strongly correlated with contemporaneous market returns.” But sentiment cannot predict near-term future stock returns. Baker and Wurgler’s (2006) sentiment index uses size, profitability, volatility, NYSE turnover, the IPO’s average first-day returns and other measures to pred ...
Hedge Funds, Managerial Skill, and Macroeconomic Variables
... 2002 market down turn, and exceptionally well during the stock market run up from 2003– 2007. An initial investment of $10,000 in this optimal portfolio translates to over $110,000 at the end of our sample period (1997–2008). In contrast, the same initial investment in the S&P 5004, in the top ten p ...
... 2002 market down turn, and exceptionally well during the stock market run up from 2003– 2007. An initial investment of $10,000 in this optimal portfolio translates to over $110,000 at the end of our sample period (1997–2008). In contrast, the same initial investment in the S&P 5004, in the top ten p ...
The Dark Side of Universal Banking: Financial Conglomerates and
... and transfer to investors the risks associated with securitized loans. Securitization enabled LCFIs to extend huge volumes of home mortgages and credit card loans to nonprime borrowers. By 2006, LCFIs turned the U.S. housing market into a system of “Ponzi finance,” in which borrowers kept taking out ...
... and transfer to investors the risks associated with securitized loans. Securitization enabled LCFIs to extend huge volumes of home mortgages and credit card loans to nonprime borrowers. By 2006, LCFIs turned the U.S. housing market into a system of “Ponzi finance,” in which borrowers kept taking out ...
Report by the Committee on Comprehensive Financial Services for
... Mr. Vishnu Prasad, Dr. Santadarshan Sadhu, and Mr. Anand Sahasranaman who not only provided very useful research and technical support but also worked unstintingly to ensure that this report was completed in such a short span of time. Finally, the Committee would like to thank all institutions and m ...
... Mr. Vishnu Prasad, Dr. Santadarshan Sadhu, and Mr. Anand Sahasranaman who not only provided very useful research and technical support but also worked unstintingly to ensure that this report was completed in such a short span of time. Finally, the Committee would like to thank all institutions and m ...
CRA Investment Fund Audited Financial Statements
... generally accepted in the United States of America requires the Companies to report information regarding their exposure to various tax positions taken by the Companies. Management has determined whether any tax positions have met the recognition threshold and has measured the Companies' exposure to ...
... generally accepted in the United States of America requires the Companies to report information regarding their exposure to various tax positions taken by the Companies. Management has determined whether any tax positions have met the recognition threshold and has measured the Companies' exposure to ...
Best Practices for Stable NAV LGIPs
... research indicated that the 2014 amendments would affect investment pools to such an extent that few governments would be able to adopt them. GASB’s research also indicated that pool sponsors of LGIPs have a more complete understanding about cash flow and liquidity needs of pool participants and thu ...
... research indicated that the 2014 amendments would affect investment pools to such an extent that few governments would be able to adopt them. GASB’s research also indicated that pool sponsors of LGIPs have a more complete understanding about cash flow and liquidity needs of pool participants and thu ...
The Treasury Bill Auction and the When-Issued
... Every week the Department of Treasury auctions 13- and 26-week bills. The auction is held every Monday and the deadline for competitive bids is 1:00 pm.9 There are 38 primary dealers, who submit sealed competitive bids that are discount rate-quantity pairs.10,11 Even though primary dealers may submi ...
... Every week the Department of Treasury auctions 13- and 26-week bills. The auction is held every Monday and the deadline for competitive bids is 1:00 pm.9 There are 38 primary dealers, who submit sealed competitive bids that are discount rate-quantity pairs.10,11 Even though primary dealers may submi ...
2010-11-23 Weicher Ltr re Use of Interview Materials_1
... four offices: the Office of General Counsel, the Office of Housing, the Office of Policy Development and Research, and the Office of Fair Housing and Equal Opportunity. The goals were established through formal rulemaking, following the procedures required under the Administrative Procedures Act: a ...
... four offices: the Office of General Counsel, the Office of Housing, the Office of Policy Development and Research, and the Office of Fair Housing and Equal Opportunity. The goals were established through formal rulemaking, following the procedures required under the Administrative Procedures Act: a ...
The Myths and Fallacies about Diversified Portfolios
... all appear to agree that the most diversified portfolio – for a given level of return or risk – is the one that lies on the efficient frontier. Claimants to the Holy Grail of diversification summarily dismiss the extension of this theory to Figure 2 and the conclusion that the most-efficient portfol ...
... all appear to agree that the most diversified portfolio – for a given level of return or risk – is the one that lies on the efficient frontier. Claimants to the Holy Grail of diversification summarily dismiss the extension of this theory to Figure 2 and the conclusion that the most-efficient portfol ...
and Minimum Liquid Assets (“MLA”) Requirements for Merchant Banks
... paragraph 7(b), 7(c), 7(d) and 7(e) of this Notice. “undrawn commitment” means any arrangement of a merchant bank with any person (including other branches of the merchant bank) which would pose liquidity risk to the merchant bank in the event the person or a third party in whose favour the arrangem ...
... paragraph 7(b), 7(c), 7(d) and 7(e) of this Notice. “undrawn commitment” means any arrangement of a merchant bank with any person (including other branches of the merchant bank) which would pose liquidity risk to the merchant bank in the event the person or a third party in whose favour the arrangem ...
The Time-Varying Liquidity Risk of Value and Growth Stocks
... less risky than growth stocks and risk averse investors would prefer value stocks. This finding is important since the value premium is stronger among small firms. We provide supplemental evidence that supports the flight-to-quality hypothesis. Specifically, we analyze trade-based order imbalances a ...
... less risky than growth stocks and risk averse investors would prefer value stocks. This finding is important since the value premium is stronger among small firms. We provide supplemental evidence that supports the flight-to-quality hypothesis. Specifically, we analyze trade-based order imbalances a ...
Profitable Entry into an Unprofitable Market
... I would like to thank Georg Götz, Silke Januszewski Forbes, my colleagues in Giessen, and the participants of the 39 th Annual Conference of European Association for Research in Industrial Economics (EARIE) for their valuable comments on this paper. ...
... I would like to thank Georg Götz, Silke Januszewski Forbes, my colleagues in Giessen, and the participants of the 39 th Annual Conference of European Association for Research in Industrial Economics (EARIE) for their valuable comments on this paper. ...
Norges Bank Working Paper 2012/18
... and repossession can make collateral an expensive separation device. Both the use of collateral to deal with asymmetric information problems and the prevalence of liquidation costs have been empirically documented (see for instance Leeth and Scott (1989), Berger et al. (2011)). Manove et al. (2001) ...
... and repossession can make collateral an expensive separation device. Both the use of collateral to deal with asymmetric information problems and the prevalence of liquidation costs have been empirically documented (see for instance Leeth and Scott (1989), Berger et al. (2011)). Manove et al. (2001) ...
Hedge Funds How They Serve Investors in U.S. and Global Markets
... Managed Futures: Funds or accounts that seek to profit by taking positions in a portfolio of futures contracts. Employ trend-following strategies in futures (exchange-traded contracts to deliver a commodity at a set place, time, and price). Market Neutral: Typically a strategy in which equal amounts ...
... Managed Futures: Funds or accounts that seek to profit by taking positions in a portfolio of futures contracts. Employ trend-following strategies in futures (exchange-traded contracts to deliver a commodity at a set place, time, and price). Market Neutral: Typically a strategy in which equal amounts ...
stress testing by large financial institutions
... exposures in a market. If a few participants have very large exposures relative to the size of the market, then a shock, if unanticipated, would be more likely to trigger a drying up of liquidity. The potential uses of aggregate stress tests by central banks and financial regulators Central banks an ...
... exposures in a market. If a few participants have very large exposures relative to the size of the market, then a shock, if unanticipated, would be more likely to trigger a drying up of liquidity. The potential uses of aggregate stress tests by central banks and financial regulators Central banks an ...
... compared to index funds. Gradually, ETF has also become one of the most important investment products in customer investment portfolios as compiled by Bank wealth management schemes; the lower trading cost makes ETF one of the most popular core assets for investors. Many policy holders will also cho ...
submission on the safety of superannuation
... AMP acknowledges that some smaller funds may view the possible cost of developing more substantial safety systems or processes as excessive relative to their funds under management. This should not be a sufficient reason for allowing such funds to operate outside the licensing requirements as it is ...
... AMP acknowledges that some smaller funds may view the possible cost of developing more substantial safety systems or processes as excessive relative to their funds under management. This should not be a sufficient reason for allowing such funds to operate outside the licensing requirements as it is ...
THE CITY UNIVERSITY OF NEW YORK – INVESTMENT POLICY
... fixed income holdings of the portfolio and b) to support the Portfolio through periods of unexpected high inflation through investment in assets and asset classes which are expected to perform well during inflation. The diversifying assets portfolio may include real estate, inflation-adjusted fixed ...
... fixed income holdings of the portfolio and b) to support the Portfolio through periods of unexpected high inflation through investment in assets and asset classes which are expected to perform well during inflation. The diversifying assets portfolio may include real estate, inflation-adjusted fixed ...
Mitigating Systemic Risk - A Role for Securities Regulators
... complicated institutions‟ risk management and increased the cost of information by increasing interconnections between markets and amplifying problems in particular markets and institutions of any size and function, resulting in transmission of risk through other parts of the financial system. Inade ...
... complicated institutions‟ risk management and increased the cost of information by increasing interconnections between markets and amplifying problems in particular markets and institutions of any size and function, resulting in transmission of risk through other parts of the financial system. Inade ...
SA BlackRock VCP Global Multi Asset Portfolio Summary
... Credit Risk. The risk that an issuer will default on interest or principal payments. The Portfolio could lose money if the issuer of a debt security is unable or perceived to be unable to pay interest or to repay principal when it becomes due. Various factors could affect the issuer’s actual or perc ...
... Credit Risk. The risk that an issuer will default on interest or principal payments. The Portfolio could lose money if the issuer of a debt security is unable or perceived to be unable to pay interest or to repay principal when it becomes due. Various factors could affect the issuer’s actual or perc ...
EU Clearing Obligation for Interest Rate Swaps Set for June 2016
... exposures to a non-QCCP CCP under the EU Capital Requirements Regulation. Under the CRR transitional measures, the enhanced capital requirements would have applied for exposures to non-QCCPs from 15 June 2014. Previously, the European Commission has used its powers to extend that deadline three time ...
... exposures to a non-QCCP CCP under the EU Capital Requirements Regulation. Under the CRR transitional measures, the enhanced capital requirements would have applied for exposures to non-QCCPs from 15 June 2014. Previously, the European Commission has used its powers to extend that deadline three time ...
DEBT CAPITAL MARKETS 2015 REVIEW AND 2016 FORECAST
... as seen with the iTraxx Main which has widened by 20% between January 2015 and September 2015. With EUR 90bn issued on the IG market, Q1 2015 represented the second best start to the year on record after 2009 which saw EUR 115bn issued during the same period. EUR primary volumes benefited from extre ...
... as seen with the iTraxx Main which has widened by 20% between January 2015 and September 2015. With EUR 90bn issued on the IG market, Q1 2015 represented the second best start to the year on record after 2009 which saw EUR 115bn issued during the same period. EUR primary volumes benefited from extre ...
European Banks – Capital
... fair) values due to significant loan forbearance, inadequate loan loss provisioning, and material Level 3 assets. ...
... fair) values due to significant loan forbearance, inadequate loan loss provisioning, and material Level 3 assets. ...
NBER Reporter Program Report
... firms is another area of ongoing interest. Researchers have considered the impact on firm dividend decisions of taxes that are triggered by the repatriation of foreign earnings [8507]. More generally, the researchers have looked at the effects that current tax rules have on firm investment and finan ...
... firms is another area of ongoing interest. Researchers have considered the impact on firm dividend decisions of taxes that are triggered by the repatriation of foreign earnings [8507]. More generally, the researchers have looked at the effects that current tax rules have on firm investment and finan ...
Modeling Dynamics Of Dividend Policy, Capital Structure And
... real estate or moveable asset, either on a temporary or permanent basis. Profits generated by that venture or real estate or asset are shared in accordance with the terms of the Musharakah agreement, while losses are shared in proportion to each partner’s share of capital.” Source: (Draft of Shariah ...
... real estate or moveable asset, either on a temporary or permanent basis. Profits generated by that venture or real estate or asset are shared in accordance with the terms of the Musharakah agreement, while losses are shared in proportion to each partner’s share of capital.” Source: (Draft of Shariah ...