Financial review Capital and risk management
... Certain sections in this document contain ‘forward-looking statements’ as that term is defined in the United States Private Securities Litigation Reform Act of 1995, such as statements that include the words ‘expect’, ‘estimate’, ‘project’, ‘anticipate’, ‘commit’, ‘believe’, ‘should’, ‘intend’, ‘pla ...
... Certain sections in this document contain ‘forward-looking statements’ as that term is defined in the United States Private Securities Litigation Reform Act of 1995, such as statements that include the words ‘expect’, ‘estimate’, ‘project’, ‘anticipate’, ‘commit’, ‘believe’, ‘should’, ‘intend’, ‘pla ...
Horizons US 7-10 Year Treasury Bond CAD
... Hedged Index constituent securities are generally deliverable against the U.S. 10-Year Treasury Note futures contract. The U.S. federal government finances its expenditures in excess of tax receipts through the sale of debt obligations. The market for U.S. Treasury securities is one of largest, most ...
... Hedged Index constituent securities are generally deliverable against the U.S. 10-Year Treasury Note futures contract. The U.S. federal government finances its expenditures in excess of tax receipts through the sale of debt obligations. The market for U.S. Treasury securities is one of largest, most ...
words
... Europe, Asia and elsewhere where it is lawful to make such offers. Persons into whose possession this prospectus supplement and the accompanying prospectus come are required by us and the underwriters to inform themselves about, and to observe, any applicable restrictions. This prospectus supplement ...
... Europe, Asia and elsewhere where it is lawful to make such offers. Persons into whose possession this prospectus supplement and the accompanying prospectus come are required by us and the underwriters to inform themselves about, and to observe, any applicable restrictions. This prospectus supplement ...
Lending-of-last-resort is as lending-of-last-resort does
... bailouts using credit default swap information. They find that, following bank bailouts, sovereign risk materialized in the Eurozone starting mid-2011. Acharya and Steffen (2013) find evidence that European banks designed investment strategies from 20072012 based on the purchasing of peripheral bon ...
... bailouts using credit default swap information. They find that, following bank bailouts, sovereign risk materialized in the Eurozone starting mid-2011. Acharya and Steffen (2013) find evidence that European banks designed investment strategies from 20072012 based on the purchasing of peripheral bon ...
Standard Bank Group
... oversight of risks, while resources embedded within the business lines support management in ensuring that their specific risks are effectively managed as close to the source as possible. Central and embedded resources jointly oversee risks at a legal entity level. The second line of defence functio ...
... oversight of risks, while resources embedded within the business lines support management in ensuring that their specific risks are effectively managed as close to the source as possible. Central and embedded resources jointly oversee risks at a legal entity level. The second line of defence functio ...
annual report - Goldman Sachs
... our assets under supervision by $337 billion to a record of nearly $1.4 trillion. That growth would be akin to creating a top 30 U.S. asset manager in just three years, and includes $150 billion of organic active long-term net inflows. During this period, many active investment managers have seen ne ...
... our assets under supervision by $337 billion to a record of nearly $1.4 trillion. That growth would be akin to creating a top 30 U.S. asset manager in just three years, and includes $150 billion of organic active long-term net inflows. During this period, many active investment managers have seen ne ...
Global Financial Systems Chapter 4 Liquidity
... 1. Firms encounter unforeseen costs or reduced revenue 2. They sell assets in the securities markets to obtain operating capital 3. Securities prices fall 4. Firms sell more securities than they would have needed to at higher prices 5. Prices fall farther ... • This is an example of a feedback loop ...
... 1. Firms encounter unforeseen costs or reduced revenue 2. They sell assets in the securities markets to obtain operating capital 3. Securities prices fall 4. Firms sell more securities than they would have needed to at higher prices 5. Prices fall farther ... • This is an example of a feedback loop ...
Household Debt, Adjustable-Rate Mortgages, and the Shock
... rates, and thus lower financial intermediaries’ capital, when the economy is characterized by high debt and high share of ARM contracts. This paper unfolds in two parts. In the first part, I provide a formal theoretical motivation for the empirical analysis undertaken in this paper by laying out a s ...
... rates, and thus lower financial intermediaries’ capital, when the economy is characterized by high debt and high share of ARM contracts. This paper unfolds in two parts. In the first part, I provide a formal theoretical motivation for the empirical analysis undertaken in this paper by laying out a s ...
Household Debt, Adjustable-Rate Mortgages
... rates, and thus lower financial intermediaries’ capital, when the economy is characterized by high debt and high share of ARM contracts. This paper unfolds in two parts. In the first part, I provide a formal theoretical motivation for the empirical analysis undertaken in this paper by laying out a s ...
... rates, and thus lower financial intermediaries’ capital, when the economy is characterized by high debt and high share of ARM contracts. This paper unfolds in two parts. In the first part, I provide a formal theoretical motivation for the empirical analysis undertaken in this paper by laying out a s ...
Citigroup HSBC Santander
... initial purchasers are not, making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this offering memorandum is accurate only as of the date on the front cover of this offering memorandum and may have ...
... initial purchasers are not, making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this offering memorandum is accurate only as of the date on the front cover of this offering memorandum and may have ...
BFC FINANCIAL CORP (Form: 10-K, Received: 04
... Ryan Beck provides a full range of investment banking, brokerage and investment management services. Ryan Beck conducts capital market activities focused on the financial services and municipal sectors. These activities include investment banking, trading, research and institutional sales. Ryan Beck ...
... Ryan Beck provides a full range of investment banking, brokerage and investment management services. Ryan Beck conducts capital market activities focused on the financial services and municipal sectors. These activities include investment banking, trading, research and institutional sales. Ryan Beck ...
APPLE INC (Form: 424B2, Received: 11/04/2014 06:07:42)
... underwriters have not, authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. You should not assume that the information contained or incorporated by reference in this prospectus supplement ...
... underwriters have not, authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. You should not assume that the information contained or incorporated by reference in this prospectus supplement ...
Government Guarantees and Fiscal Risk, April 1, 2005
... Uncertainty surrounding the fiscal implications of government guarantees makes the disclosure of information about guarantees, and about other contingent liabilities of government, a good fiscal transparency practice. While this paper pays considerable attention to accounting and reporting issues ra ...
... Uncertainty surrounding the fiscal implications of government guarantees makes the disclosure of information about guarantees, and about other contingent liabilities of government, a good fiscal transparency practice. While this paper pays considerable attention to accounting and reporting issues ra ...
MICROSOFT CORP (Form: 424B2, Received: 01/31/2017 16:20:44)
... first and foremost objective, to enable people to meet and collaborate more easily, and to effectively express ideas in new ways . We invent new scenarios that in turn create opportunity for our partners and help businesses accelerate their transformation while respecting each person’s privacy choic ...
... first and foremost objective, to enable people to meet and collaborate more easily, and to effectively express ideas in new ways . We invent new scenarios that in turn create opportunity for our partners and help businesses accelerate their transformation while respecting each person’s privacy choic ...
Lending-of-last-resort is as lending-of-last
... aggregated lending information reported by a selected group of large banks. In the presence of market malfunctioning, there is no guarantee that the interbank activity of this group of banks is representative for either the entire euro area or individual euro area countries. We deal with this challe ...
... aggregated lending information reported by a selected group of large banks. In the presence of market malfunctioning, there is no guarantee that the interbank activity of this group of banks is representative for either the entire euro area or individual euro area countries. We deal with this challe ...
1 - Eng_SOMMARIO BILANCIO
... amortization of intangible assets due to the allocation of the differences between PSC's purchase price and net equity (€1,226 thousand gross of taxes); ...
... amortization of intangible assets due to the allocation of the differences between PSC's purchase price and net equity (€1,226 thousand gross of taxes); ...
Credit Default Swaps -new regulations and conversion
... importance in the recent financial crisis. Due to the nature of the market, which is an over-thecounter market, it’s been difficult to monitor the market of CDS contracts, which indeed made the crisis spread rapidly. In April 2009 new regulations of CDS contracts were introduced with the purpose to ...
... importance in the recent financial crisis. Due to the nature of the market, which is an over-thecounter market, it’s been difficult to monitor the market of CDS contracts, which indeed made the crisis spread rapidly. In April 2009 new regulations of CDS contracts were introduced with the purpose to ...
optimal capital structure
... patterns. Our research will also deal with leverage ratios but in an entirely new way. Our problem concerns the practical matter of deciding an appropriate capital structure and the possibility of improvements, which are formulated below. • How do the case companies decide their capital structure? • ...
... patterns. Our research will also deal with leverage ratios but in an entirely new way. Our problem concerns the practical matter of deciding an appropriate capital structure and the possibility of improvements, which are formulated below. • How do the case companies decide their capital structure? • ...
Liquidity and the Law of One Price: The Case of the Futures/Cash
... Americus Trust components, closed-end funds, preferred stocks, and REITs are expunged.10 ...
... Americus Trust components, closed-end funds, preferred stocks, and REITs are expunged.10 ...
Accruals, Financial Distress, and Debt Covenants Troy D. Janes
... Despite the fact that high accruals have been associated with declining future performance, there is evidence that sophisticated users of accounting information do not fully utilize the information in accruals. Sloan (1996) shows that even though high accruals predict declining performance, stock pr ...
... Despite the fact that high accruals have been associated with declining future performance, there is evidence that sophisticated users of accounting information do not fully utilize the information in accruals. Sloan (1996) shows that even though high accruals predict declining performance, stock pr ...
Some Indicators of a Firm`s Risk and Debt Capacity
... These factors are not listed in order of priority or importance. (It is just that FRIC'.TO sounds better than ICT'.FOR). For each firm, and in different economic environments, the relative importance of the various factors will differ. However, the manager should ensure that all the important facto ...
... These factors are not listed in order of priority or importance. (It is just that FRIC'.TO sounds better than ICT'.FOR). For each firm, and in different economic environments, the relative importance of the various factors will differ. However, the manager should ensure that all the important facto ...
Credit Reporting at the Base of the Pyramid: Key Issues
... such as Mexico and South Africa, commercial banks and consumer lending companies have expanded their activities to include microfinance for low-income households. Unfortunately, the growth of microcredit is not always sustainable. Some iconic markets, such as India and Bosnia–Herzegovina, are experi ...
... such as Mexico and South Africa, commercial banks and consumer lending companies have expanded their activities to include microfinance for low-income households. Unfortunately, the growth of microcredit is not always sustainable. Some iconic markets, such as India and Bosnia–Herzegovina, are experi ...
March 31, 2017 Form 10-Q
... property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG Common Stock, par value $2.50 per share (AIG Common Stock), is listed on the New York Stock Exchange (NYSE: AIG) and the Tokyo Stock Exchang ...
... property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG Common Stock, par value $2.50 per share (AIG Common Stock), is listed on the New York Stock Exchange (NYSE: AIG) and the Tokyo Stock Exchang ...
Design of Financial Securities: Empirical Evidence from Private-label RMBS Deals
... = 1.73% was retained during this time period. While this is only a rough approximation, it clearly shows that deal sponsors did retain at least a piece of these securities. A similar computation using information from Merrill Lynch’s annual reports gives an estimate of 2.84%. ...
... = 1.73% was retained during this time period. While this is only a rough approximation, it clearly shows that deal sponsors did retain at least a piece of these securities. A similar computation using information from Merrill Lynch’s annual reports gives an estimate of 2.84%. ...
Debt Structure and Financial Flexibility
... are expropriated less. Leland and Toft (1996) also suggest risk-shifting as an explanation for the observed reliance on short-term debt. They argue that long-maturity debt allows for larger debt capacity and higher tax shields, therefore the propensity for firms to use short term term debt must be ...
... are expropriated less. Leland and Toft (1996) also suggest risk-shifting as an explanation for the observed reliance on short-term debt. They argue that long-maturity debt allows for larger debt capacity and higher tax shields, therefore the propensity for firms to use short term term debt must be ...
Federal takeover of Fannie Mae and Freddie Mac
The federal takeover of Fannie Mae and Freddie Mac refers to the placing into conservatorship of government-sponsored enterprises Fannie Mae and Freddie Mac by the U.S. Treasury in September 2008. It was one of the financial events among many in the ongoing subprime mortgage crisis.On September 6, 2008, the director of the Federal Housing Finance Agency (FHFA), James B. Lockhart III, announced his decision to place two Government-sponsored enterprises (GSEs), Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation), into conservatorship run by the FHFA.At the same press conference, United States Treasury Secretary Henry Paulson, stated that placing the two GSEs into conservatorship was a decision he fully supported, and that he advised ""that conservatorship was the only form in which I would commit taxpayer money to the GSEs."" He further said that ""I attribute the need for today's action primarily to the inherent conflict and flawed business model embedded in the GSE structure, and to the ongoing housing correction.""The same day, the Federal Reserve Bank chairman Ben Bernanke stated in support: ""I strongly endorse both the decision by FHFA Director Lockhart to place Fannie Mae and Freddie Mac into conservatorship and the actions taken by Treasury Secretary Paulson to ensure the financial soundness of those two companies.""The following day, Herbert M. Allison was appointed chief executive of Fannie Mae. He came from TIAA-CREF.