Investor Preferences and Portfolio Selection: Is Diversification an
... Therefore, to model the higher moments in stock returns, we develop the “Asymmetric Generalized t (AGT) distribution,” an asymmetric version of McDonald and Newey’s (1988) generalized t (GT) distribution. Although this is a simple three-parameter distribution, it is very flexible in that it permits ...
... Therefore, to model the higher moments in stock returns, we develop the “Asymmetric Generalized t (AGT) distribution,” an asymmetric version of McDonald and Newey’s (1988) generalized t (GT) distribution. Although this is a simple three-parameter distribution, it is very flexible in that it permits ...
market value margin
... bonds are truly held to maturity, but then: •investment opportunities vanish •if market value of bonds is below amortized cost, any selling of a bond leads to realization of a loss •if assets have to be sold, recently bought bonds or equities have to be used to keep realized losses under control •if ...
... bonds are truly held to maturity, but then: •investment opportunities vanish •if market value of bonds is below amortized cost, any selling of a bond leads to realization of a loss •if assets have to be sold, recently bought bonds or equities have to be used to keep realized losses under control •if ...
6. Derivatives Market
... The emergence and growth of the market for derivative instruments can be traced back to the willingness of riskaverse economic agents to guard themselves against uncertainties arising out of fluctuations in asset prices. Derivatives are meant to facilitate the hedging of price risks of inventory hol ...
... The emergence and growth of the market for derivative instruments can be traced back to the willingness of riskaverse economic agents to guard themselves against uncertainties arising out of fluctuations in asset prices. Derivatives are meant to facilitate the hedging of price risks of inventory hol ...
mutual fund strategy
... Classification of funds by types of underlying investmentsMutual funds are normally classified by their principal investments, as described in the prospectus and investment objective. The four main categories of funds are money market funds, bond or fixed income funds, stock or equity funds, and hyb ...
... Classification of funds by types of underlying investmentsMutual funds are normally classified by their principal investments, as described in the prospectus and investment objective. The four main categories of funds are money market funds, bond or fixed income funds, stock or equity funds, and hyb ...
2 0 0 6 / 0 7 A... O F C L E A R I... A N D S E T T L... F A C I L I T I E S
... transferred from seller to buyer. Securities settlement facilities provide the mechanism for the transfer of securities title and may maintain records of title. Secondly, cash must be transferred from the buyer of the security to the seller. Thirdly, where the buyer and seller hold accounts at diffe ...
... transferred from seller to buyer. Securities settlement facilities provide the mechanism for the transfer of securities title and may maintain records of title. Secondly, cash must be transferred from the buyer of the security to the seller. Thirdly, where the buyer and seller hold accounts at diffe ...
Simulation_of_Correlated_Default_Processes
... Modelling of default risk for individual firms has been studied extensively using models such as the KMV-Merton model. However, there have been relatively few attempts to model default risk at the portfolio level. The dependence structure of defaults by several firms is of particular interest to ban ...
... Modelling of default risk for individual firms has been studied extensively using models such as the KMV-Merton model. However, there have been relatively few attempts to model default risk at the portfolio level. The dependence structure of defaults by several firms is of particular interest to ban ...
Revisiting The Inadvertent Investment Company
... 40% of the value of its total assets. 3 While there are certain statutory exceptions to these two definitions of an investment company—any issuer, for example, that is primarily engaged “in a business or businesses other than that of investing, reinvesting, owning, holding, or trading in securities” ...
... 40% of the value of its total assets. 3 While there are certain statutory exceptions to these two definitions of an investment company—any issuer, for example, that is primarily engaged “in a business or businesses other than that of investing, reinvesting, owning, holding, or trading in securities” ...
A Centralised Investment Process: joined up
... alternatively, their objective may be to achieve a return measured as a multiple of cash deposits, e.g., they may want their money to grow at a rate equivalent to 1½ times cash deposits. This would then help inform the adviser how to construct a portfolio designed to achieve this goal. This part of ...
... alternatively, their objective may be to achieve a return measured as a multiple of cash deposits, e.g., they may want their money to grow at a rate equivalent to 1½ times cash deposits. This would then help inform the adviser how to construct a portfolio designed to achieve this goal. This part of ...
Financial Stability Review Contents
... effect in about a year. The ECB will have ultimate responsibility for supervising all euro area banks, although it will directly supervise only the largest banks in each country, delegating supervision of the others to national supervisors. Under this new supervisory framework, it is expected that t ...
... effect in about a year. The ECB will have ultimate responsibility for supervising all euro area banks, although it will directly supervise only the largest banks in each country, delegating supervision of the others to national supervisors. Under this new supervisory framework, it is expected that t ...
LINCOLN NATIONAL CORP
... forward-looking statements. Risks and uncertainties that may cause actual results to vary materially, some of which are described within the forward-looking statements, include, among others: ...
... forward-looking statements. Risks and uncertainties that may cause actual results to vary materially, some of which are described within the forward-looking statements, include, among others: ...
Unlocking SME finance through market-based debt
... enhancing diversity and widening participation in the financial system. This study reviews the spectrum of alternative non-debt market-based instruments for SME financing, focusing in particular on securitisation (off-balance sheet) and covered bonds, but also addressing issues regarding small-/mid- ...
... enhancing diversity and widening participation in the financial system. This study reviews the spectrum of alternative non-debt market-based instruments for SME financing, focusing in particular on securitisation (off-balance sheet) and covered bonds, but also addressing issues regarding small-/mid- ...
Vanguard Fixed Income Securities Funds Statement of Additional
... such securities or assets by the Fund. Subsequent changes in values, net assets, or other circumstances will not be considered when determining whether the investment complies with the Fund’s investment strategies and policies. The following investment strategies, risks, and policies supplement each ...
... such securities or assets by the Fund. Subsequent changes in values, net assets, or other circumstances will not be considered when determining whether the investment complies with the Fund’s investment strategies and policies. The following investment strategies, risks, and policies supplement each ...
FY15 Preliminary Results 860KB
... EBITDA of US$547.5 million was 3.5% lower than in the previous year, while cash flow from operations was a healthy US$542.9 million, 346.3% higher mainly due to a reduction in accounts receivable. Our year-end cash balance was US$500 million, and net debt was US$300 million. After a comprehensive re ...
... EBITDA of US$547.5 million was 3.5% lower than in the previous year, while cash flow from operations was a healthy US$542.9 million, 346.3% higher mainly due to a reduction in accounts receivable. Our year-end cash balance was US$500 million, and net debt was US$300 million. After a comprehensive re ...
3M CO (Form: 8-K, Received: 05/13/2009 06:01:59)
... used in the manufacture, repair and maintenance of automotive, marine, aircraft and specialty vehicles. The August 2005 acquisition of CUNO, Incorporated (“CUNO”) added a comprehensive line of filtration products for the separation, clarification and purification of fluids and gases. Major industria ...
... used in the manufacture, repair and maintenance of automotive, marine, aircraft and specialty vehicles. The August 2005 acquisition of CUNO, Incorporated (“CUNO”) added a comprehensive line of filtration products for the separation, clarification and purification of fluids and gases. Major industria ...
The Fundamentals of Operational Risk Management
... stock market. The Securities and Exchange Commission fined 30 Wall Street firms more than $910M in this regard. The lawsuit alleged that as many as a million investors lost billions of dollars because of collusion among the firms between 1989 and 1994. This collusion caused an artificial widening of ...
... stock market. The Securities and Exchange Commission fined 30 Wall Street firms more than $910M in this regard. The lawsuit alleged that as many as a million investors lost billions of dollars because of collusion among the firms between 1989 and 1994. This collusion caused an artificial widening of ...
Analyzing Yield, Duration and Convexity of Mortgage Loans under
... penalty, partial prepayment and default insurance.Mortgage yield spreads reflect premiums that compensate investors for exposure to prepayment and default risks. Most mortgage market practitioners and academic researchers are concerned with the impact of prepayment and default risks on mortgage yiel ...
... penalty, partial prepayment and default insurance.Mortgage yield spreads reflect premiums that compensate investors for exposure to prepayment and default risks. Most mortgage market practitioners and academic researchers are concerned with the impact of prepayment and default risks on mortgage yiel ...
Meeting of the Full Council
... arrangements mechanism. The Framework Agreement is therefore designed such that the real exposure for participating local authorities, from a practical perspective, should be under the contribution arrangements rather than the Guarantees, and the exposure of each participating local authority would ...
... arrangements mechanism. The Framework Agreement is therefore designed such that the real exposure for participating local authorities, from a practical perspective, should be under the contribution arrangements rather than the Guarantees, and the exposure of each participating local authority would ...
CHAPTER 11
... macro factors. Sometimes, however, rather than using a market proxy, it is more useful to focus directly on the ultimate sources of risk. This can be useful in risk assessment, for example, when measuring one’s exposures to particular sources of uncertainty. ...
... macro factors. Sometimes, however, rather than using a market proxy, it is more useful to focus directly on the ultimate sources of risk. This can be useful in risk assessment, for example, when measuring one’s exposures to particular sources of uncertainty. ...