(PPT, 269KB)
... QF02/hbmpf5qp/12/0/best-practice-workingcapital-management-techniques-for-optimizinginventories-receivables-and-payables.pdf BestPractice Working Capital Management: Techniques for Optimizing Inventories, Receivables, and Payables], Patrick Buchmann andhttps://store.theartofservice.com/the-current-a ...
... QF02/hbmpf5qp/12/0/best-practice-workingcapital-management-techniques-for-optimizinginventories-receivables-and-payables.pdf BestPractice Working Capital Management: Techniques for Optimizing Inventories, Receivables, and Payables], Patrick Buchmann andhttps://store.theartofservice.com/the-current-a ...
Similarities and Differences between US and German Regulation of
... intervene before trouble ensued. Financial institutions, such as the American Insurance Group (AIG), Bear Stearns, and the Oppenheimer Champion Income Fund, were in headlines around the world because of their near collapse due to investments in credit default swaps (CDS). 3 These funds were not the ...
... intervene before trouble ensued. Financial institutions, such as the American Insurance Group (AIG), Bear Stearns, and the Oppenheimer Champion Income Fund, were in headlines around the world because of their near collapse due to investments in credit default swaps (CDS). 3 These funds were not the ...
Subprime Lending, Suboptimal Bankruptcy: A Proposal to Amend
... in 1978, policymakers were not concerned with the impact of mortgage lending on bankruptcy policy. Quite the opposite: in the environment of the late 1970s, in which home mortgage credit was highly rationed,9 policymakers were concerned primarily with ensuring that the Code did not further discourag ...
... in 1978, policymakers were not concerned with the impact of mortgage lending on bankruptcy policy. Quite the opposite: in the environment of the late 1970s, in which home mortgage credit was highly rationed,9 policymakers were concerned primarily with ensuring that the Code did not further discourag ...
words - Investor Relations Solutions
... agreements provide for FDIC loss sharing for five years from July 16, 2010 and our reimbursement for recoveries to the FDIC for eight years from July 16, 2010 for all other covered assets. The covered assets that we acquired in connection with our acquisition of the Failed Banks include one-to-four ...
... agreements provide for FDIC loss sharing for five years from July 16, 2010 and our reimbursement for recoveries to the FDIC for eight years from July 16, 2010 for all other covered assets. The covered assets that we acquired in connection with our acquisition of the Failed Banks include one-to-four ...
Are banks still special when there is a secondary market for loans?
... In particular, we use a new dataset on secondary market loan prices to address the following questions: First, is the secondary market trading of loans valuable to equity investors of a borrowing firm, and specifically, is the borrowing firm’s stock price reaction on the first day of trading of its ...
... In particular, we use a new dataset on secondary market loan prices to address the following questions: First, is the secondary market trading of loans valuable to equity investors of a borrowing firm, and specifically, is the borrowing firm’s stock price reaction on the first day of trading of its ...
Our responsible growth strategy is delivering strong, consistent, high
... peaked at 11.6 billion. We issued more than 7 billion common shares during the crisis. We funded acquisitions, strengthened our balance sheet to meet higher capital requirements, and repaid the government’s TARP investment within 13 months. We are working the share count down; at year end, we were a ...
... peaked at 11.6 billion. We issued more than 7 billion common shares during the crisis. We funded acquisitions, strengthened our balance sheet to meet higher capital requirements, and repaid the government’s TARP investment within 13 months. We are working the share count down; at year end, we were a ...
The Valuation of Collateralised Debt Obligations - DORAS
... period setting A model is also developed which reproduces Moody’s CDO rating The Moody’s rating is compared to that which is implied from applying the nsk-neutral model, the differences analysed and the implications for regulatory capital for CDOs explored ...
... period setting A model is also developed which reproduces Moody’s CDO rating The Moody’s rating is compared to that which is implied from applying the nsk-neutral model, the differences analysed and the implications for regulatory capital for CDOs explored ...
FEDEX CORP (Form: 424B3, Received: 01/03/2017 08:57:53)
... Investing in the notes involves risks. In connection with any investment in the notes, you should consider carefully (i) the factors identified under the heading "Risk Factors" in "Management's Discussion and Analysis of Results of Operations and Financial Condition" in our Annual Report on Form 10- ...
... Investing in the notes involves risks. In connection with any investment in the notes, you should consider carefully (i) the factors identified under the heading "Risk Factors" in "Management's Discussion and Analysis of Results of Operations and Financial Condition" in our Annual Report on Form 10- ...
PDF Download
... Premature liquidation hurts firms and investors because the value of assets is higher within the firm than outside (Hart and Moore, 1994). Diamond (1991) stresses that debt maturity is the result of a trade-off between liquidity risk and borrowers’ preference for ST debt due to private information ...
... Premature liquidation hurts firms and investors because the value of assets is higher within the firm than outside (Hart and Moore, 1994). Diamond (1991) stresses that debt maturity is the result of a trade-off between liquidity risk and borrowers’ preference for ST debt due to private information ...
Small Firm Use of Debt: An Examination of the Smallest Small Firms
... informal sources of financing including the firm owner's personal financial resources and support from family and friends. To date, however, there are very few studies on the financing behavior of the smallest of small firms. This paper seeks to remedy that deficiency. III. DESCRIPTIVE RESULTS Data ...
... informal sources of financing including the firm owner's personal financial resources and support from family and friends. To date, however, there are very few studies on the financing behavior of the smallest of small firms. This paper seeks to remedy that deficiency. III. DESCRIPTIVE RESULTS Data ...
2009 Annual Report - Berkshire Hathaway Inc.
... businesses that operate independently within diverse business sectors. Shaw Industries is the world’s largest manufacturer of tufted broadloom carpet. Numerous business activities are conducted through Berkshire’s other manufacturing, services and retailing subsidiaries. Benjamin Moore is a formulat ...
... businesses that operate independently within diverse business sectors. Shaw Industries is the world’s largest manufacturer of tufted broadloom carpet. Numerous business activities are conducted through Berkshire’s other manufacturing, services and retailing subsidiaries. Benjamin Moore is a formulat ...
NBER WORKING PAPER SERIES AND CAPITAL STRUCTURE
... default probabilities (especially their time variation) for investment grade firms. By definition, these firms rarely default, which makes the model-generated spreads sensitive to small measurement errors in the conditional default probabilities.2 This model explicitly connects the conditional defau ...
... default probabilities (especially their time variation) for investment grade firms. By definition, these firms rarely default, which makes the model-generated spreads sensitive to small measurement errors in the conditional default probabilities.2 This model explicitly connects the conditional defau ...
First Quarter 2017 Report to Shareholders
... Both reported net income and adjusted net income were $376 million, an increase of $119 million or 46% from a year ago. Results were driven by strong revenue performance in our Trading Products business, which benefited from higher client activity and more constructive markets, and higher Investment ...
... Both reported net income and adjusted net income were $376 million, an increase of $119 million or 46% from a year ago. Results were driven by strong revenue performance in our Trading Products business, which benefited from higher client activity and more constructive markets, and higher Investment ...
Debt Valuation, Renegotiation, and Optimal Dividend Policy
... of cash flows.1 They prefer to finance the project with debt which has a tax advantage, but which could also result in potentially inefficient liquidation and financial distress. The driving force behind strategic behavior in our model is the presence of proportional and fixed costs of liquidation. We en ...
... of cash flows.1 They prefer to finance the project with debt which has a tax advantage, but which could also result in potentially inefficient liquidation and financial distress. The driving force behind strategic behavior in our model is the presence of proportional and fixed costs of liquidation. We en ...
Lost and Found: Market Access and Public Debt Dynamics
... increase in the debt ratio over the same period. Identifying the conditions that facilitate regaining market access—once this has been lost—is also a very relevant topic, including in resolving public debt crisis, because the IMF can legally lend large amount of resources (the so-called “exceptional ...
... increase in the debt ratio over the same period. Identifying the conditions that facilitate regaining market access—once this has been lost—is also a very relevant topic, including in resolving public debt crisis, because the IMF can legally lend large amount of resources (the so-called “exceptional ...
Unresolved Issues in Modeling Credit Risky Assets
... thus its price, implying that any measure of recovery is affected by the bond’s liquidity. The issue of liquidity is usually ignored in any discussion of recovery. Guha (2002) looks at bond prices just after default. Prices of bonds of the same seniority converge to almost the same price, independen ...
... thus its price, implying that any measure of recovery is affected by the bond’s liquidity. The issue of liquidity is usually ignored in any discussion of recovery. Guha (2002) looks at bond prices just after default. Prices of bonds of the same seniority converge to almost the same price, independen ...
Supervision of Credit Rating Agencies: The Role of Credit Rating
... of interest (Market Abuse Implementing Directive) [2003] OJ L/339/73. 16. See Annex I to Directive 2004/39 (Markets in Financial Instruments Directive (MiFID)) [2004] OJ L145/1. cf. European Commission. Communication from the Commission on Credit Rating Agencies. 2006, 2006/C59/02, available at http ...
... of interest (Market Abuse Implementing Directive) [2003] OJ L/339/73. 16. See Annex I to Directive 2004/39 (Markets in Financial Instruments Directive (MiFID)) [2004] OJ L145/1. cf. European Commission. Communication from the Commission on Credit Rating Agencies. 2006, 2006/C59/02, available at http ...
& PURPOSES FUNCTIONS The Federal Reserve System
... Policy regarding open market operations is established by the FOMC. However, the Board of Governors has sole authority over changes in reserve requirements, and it must approve any change in the discount rate initiated by a Federal Reserve Bank. The Board also plays a major role in the supervision a ...
... Policy regarding open market operations is established by the FOMC. However, the Board of Governors has sole authority over changes in reserve requirements, and it must approve any change in the discount rate initiated by a Federal Reserve Bank. The Board also plays a major role in the supervision a ...
KELLOGG CO (Form: 424B5, Received: 02/26/2016 17:06:57)
... Frosted Mini-Wheats and Fudge Shoppe, as well as animated cartoon characters, such as Tony the Tiger, Snap!Crackle!Pop!, Dig ‘Em, Toucan Sam and Ernie Keebler. Kellogg Company was incorporated in Delaware in 1922. Our principal executive offices are located at One Kellogg Square, P.O. Box 3599, Batt ...
... Frosted Mini-Wheats and Fudge Shoppe, as well as animated cartoon characters, such as Tony the Tiger, Snap!Crackle!Pop!, Dig ‘Em, Toucan Sam and Ernie Keebler. Kellogg Company was incorporated in Delaware in 1922. Our principal executive offices are located at One Kellogg Square, P.O. Box 3599, Batt ...
LBO General Discussion
... 217. Buyouts accounted for only 2% of total M&A globally in the first quarter, down from 7% a year earlier and the lowest since industry tracker Dealogic started tracking the data in 1995. ...
... 217. Buyouts accounted for only 2% of total M&A globally in the first quarter, down from 7% a year earlier and the lowest since industry tracker Dealogic started tracking the data in 1995. ...
Building Sub-national Debt Markets in Developing and
... lending to local governments has virtually disappeared, and Treasury lending to local governments, mostly short-term, has increased rapidly. 13. There are several commonly acknowledged costs of this system. Foremost among them is the local governments’ loss of autonomy and control over their investm ...
... lending to local governments has virtually disappeared, and Treasury lending to local governments, mostly short-term, has increased rapidly. 13. There are several commonly acknowledged costs of this system. Foremost among them is the local governments’ loss of autonomy and control over their investm ...
Building Sub-national Debt Markets
... banks and IFIs to the approval and sovereign guarantee from the Ministry of Finance. As a result, private lending to local governments has virtually disappeared, and Treasury lending to local governments has increased rapidly. The pricing of Treasury credit to local governments does not take into a ...
... banks and IFIs to the approval and sovereign guarantee from the Ministry of Finance. As a result, private lending to local governments has virtually disappeared, and Treasury lending to local governments has increased rapidly. The pricing of Treasury credit to local governments does not take into a ...
The Market for Corporate Control and the Cost of Debt
... We use the di¤erences-in-di¤erences approach to gauge the e¤ect of the BC laws. Specifically, we compare the change in credit spread around the time a BC law was passed (say, year t) for …rms a¤ected by the law to the change in credit spread for …rms una¤ected by the law. Our sample consists of 3,9 ...
... We use the di¤erences-in-di¤erences approach to gauge the e¤ect of the BC laws. Specifically, we compare the change in credit spread around the time a BC law was passed (say, year t) for …rms a¤ected by the law to the change in credit spread for …rms una¤ected by the law. Our sample consists of 3,9 ...
The use of intangible assets as loan collateral
... percent of total assets. Moreover, the average firm in my sample that pledged intangibles as collateral has intangible assets of $237 million (excluding goodwill), thus these borrowers successfully leveraged 18 percent of the value of their intangible assets. Finally, I find that loans secured by i ...
... percent of total assets. Moreover, the average firm in my sample that pledged intangibles as collateral has intangible assets of $237 million (excluding goodwill), thus these borrowers successfully leveraged 18 percent of the value of their intangible assets. Finally, I find that loans secured by i ...
More Mortgages, Lower Growth? - Economics of Credit And Debt
... absorption capacity (Masten et al., 2008) and negative growth coefficients present a puzzle. In contrast, if credit which finances transactions in assets (rather than in goods and services) is included in the analysis, the growth coefficient need not be positive. Credit growth may now inflate asset ...
... absorption capacity (Masten et al., 2008) and negative growth coefficients present a puzzle. In contrast, if credit which finances transactions in assets (rather than in goods and services) is included in the analysis, the growth coefficient need not be positive. Credit growth may now inflate asset ...
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.