Do Credit Derivatives Lower the Value of Creditor Control Rights
... to be looser than bank loan covenants to begin with (because renegotiation is more costly), one might expect the availability of CDS contracts to have less effect on bonds than on loans.5 Examining a large sample of bond offerings, we find that the average number of bond covenants per issue decrease ...
... to be looser than bank loan covenants to begin with (because renegotiation is more costly), one might expect the availability of CDS contracts to have less effect on bonds than on loans.5 Examining a large sample of bond offerings, we find that the average number of bond covenants per issue decrease ...
Friends Life Investment Bond Fund Guide
... interest paid by the borrower can be lower than the rate of inflation and/or the charges for a Money Market fund, meaning that, in real terms, the investment may fall in value. Investments will typically include what are described as ‘near cash’ instruments such as Certificates of Deposit, Floating ...
... interest paid by the borrower can be lower than the rate of inflation and/or the charges for a Money Market fund, meaning that, in real terms, the investment may fall in value. Investments will typically include what are described as ‘near cash’ instruments such as Certificates of Deposit, Floating ...
Europe`s ETF Primary Market
... Fund that tracks a benchmark (index) Represents a stake in the tracked benchmark • e.g. 1 unit (share) of a EuroStoxx 50 ETF represents 50 index shares: 0.0547 unit TOTAL, 0.0503 unit SIEMENS... A listed, open-ended collective investment vehicle Almost all European ETFs are UCITS Fundamental structu ...
... Fund that tracks a benchmark (index) Represents a stake in the tracked benchmark • e.g. 1 unit (share) of a EuroStoxx 50 ETF represents 50 index shares: 0.0547 unit TOTAL, 0.0503 unit SIEMENS... A listed, open-ended collective investment vehicle Almost all European ETFs are UCITS Fundamental structu ...
Does Investor Identity Matter in Equity Issues
... indication of reduced agency problems. Alternatively, an increase in affiliated ownership may increase agency problems by allowing insiders to become more entrenched while the 4 We measure long-term abnormal returns beginning from 3-days prior to the announcement of the equity issue. So, even if the ...
... indication of reduced agency problems. Alternatively, an increase in affiliated ownership may increase agency problems by allowing insiders to become more entrenched while the 4 We measure long-term abnormal returns beginning from 3-days prior to the announcement of the equity issue. So, even if the ...
NBER WORKING PAPER SERIES TRANSPARENCY AND INTERNATIONAL INVESTOR BEHAVIOR R. Gaston Gelos
... confidence that ultimately threatened to undermine global stability.” Consequently, the international financial institutions have actively promoted more transparency among their member countries as well as made strides to become more transparent in their own operations. The strive for more transpare ...
... confidence that ultimately threatened to undermine global stability.” Consequently, the international financial institutions have actively promoted more transparency among their member countries as well as made strides to become more transparent in their own operations. The strive for more transpare ...
Tangerine Investment Funds Simplified Prospectus
... that historical performance may not be indicative of future returns and a fund’s historical volatility may not be indicative of its future volatility. Standard deviation is a statistical measure that provides insights into the likelihood of how much a mutual fund’s returns may differ from its averag ...
... that historical performance may not be indicative of future returns and a fund’s historical volatility may not be indicative of its future volatility. Standard deviation is a statistical measure that provides insights into the likelihood of how much a mutual fund’s returns may differ from its averag ...
Expected Returns on Major Asset Classes
... naturally, time varying because the expected returns for these asset classes are equal to the yield (minus an allowance for defaults in the case of corporate bonds). But they modeled the expected return on equities as being equal to the expected return on cash or bonds plus a constant, where the con ...
... naturally, time varying because the expected returns for these asset classes are equal to the yield (minus an allowance for defaults in the case of corporate bonds). But they modeled the expected return on equities as being equal to the expected return on cash or bonds plus a constant, where the con ...
Credit Rating and Short-Term Debt Financing: Empirical
... Firms need to purchase intermediate goods to produce final products and services and, for purchasing the intermediate goods, they may use their own liquidity or need to finance short-term debts. In short-term debt markets, there are alternative financing instruments with different economic and finan ...
... Firms need to purchase intermediate goods to produce final products and services and, for purchasing the intermediate goods, they may use their own liquidity or need to finance short-term debts. In short-term debt markets, there are alternative financing instruments with different economic and finan ...
Sukuk: The Sharia Fixed Income Alternative Strategy
... • Coupon (profit rate) payment risk: If the issuer does not pay the scheduled profit (coupon) on time, extra amount may be charged and can only be used for charitable purposes. The extra charge may not be used for any other purpose as it is strictly prohibited by Shariah laws. • Default risk: This ...
... • Coupon (profit rate) payment risk: If the issuer does not pay the scheduled profit (coupon) on time, extra amount may be charged and can only be used for charitable purposes. The extra charge may not be used for any other purpose as it is strictly prohibited by Shariah laws. • Default risk: This ...
The Entrepreneurship Path
... • Coming from a technical background, I like to write this first and then write the industry part second, but switch the order for the investors. • Describe the product or service in detail. • Focus on the distinguishing features. • Compare to the existing solutions. – There are always existing solu ...
... • Coming from a technical background, I like to write this first and then write the industry part second, but switch the order for the investors. • Describe the product or service in detail. • Focus on the distinguishing features. • Compare to the existing solutions. – There are always existing solu ...
Chapter 11 Dividend Policy
... 3.2.2 In such a market, a change in dividend policy would not affect its share price or its market capitalisation. They showed that the value of a company was maximised if it invested in all projects with a positive net present value (its optimal investment schedule). 3.2.3 The company could pay any ...
... 3.2.2 In such a market, a change in dividend policy would not affect its share price or its market capitalisation. They showed that the value of a company was maximised if it invested in all projects with a positive net present value (its optimal investment schedule). 3.2.3 The company could pay any ...
Sovereign and corporate credit risk
... and ramp up after September 2008 —a result of the financial crisis and the consequent bank bailout policies adopted by most governments— reaching levels of 100—200 basis points (bps) at the beginning of 2009. After a tightening during the second half of 2009, sovereign spreads steadily increase agai ...
... and ramp up after September 2008 —a result of the financial crisis and the consequent bank bailout policies adopted by most governments— reaching levels of 100—200 basis points (bps) at the beginning of 2009. After a tightening during the second half of 2009, sovereign spreads steadily increase agai ...
CNMV - Ibercaja
... (save as provided above) and any non-contractual obligations arising out of or in connection with the Notes are governed by, and shall be construed in accordance with, English law. The Notes are issued in accordance with the formalities prescribed by Spanish law. ...
... (save as provided above) and any non-contractual obligations arising out of or in connection with the Notes are governed by, and shall be construed in accordance with, English law. The Notes are issued in accordance with the formalities prescribed by Spanish law. ...
Money Market Funds - Fort Pitt Capital Group
... Foreign Security Risk — Securities of foreign issuers, even when dollar denominated and publicly traded in the United States, may involve risks not associated with the securities of domestic issuers. Income Risk — The level of income you receive from the fund will be affected by movements in short-t ...
... Foreign Security Risk — Securities of foreign issuers, even when dollar denominated and publicly traded in the United States, may involve risks not associated with the securities of domestic issuers. Income Risk — The level of income you receive from the fund will be affected by movements in short-t ...
Supporting Credit Union Success
... The fact that there has been significant consolidation in the Canadian credit union system, and the forecast that this consolidation will continue leads some to conclude that it is inevitable that in time there will only be a few, very large, credit unions remaining in English Canada. The inevitabi ...
... The fact that there has been significant consolidation in the Canadian credit union system, and the forecast that this consolidation will continue leads some to conclude that it is inevitable that in time there will only be a few, very large, credit unions remaining in English Canada. The inevitabi ...
MSCI Announces the Results of the 2012 Annual Market
... policy principles that have been in place for a long period. Rather, it is aimed at ensuring that a potential reclassification of the country indices to Developed Markets only happens when all operational issues related to the efficient process of equity and currency trading are resolved and when ...
... policy principles that have been in place for a long period. Rather, it is aimed at ensuring that a potential reclassification of the country indices to Developed Markets only happens when all operational issues related to the efficient process of equity and currency trading are resolved and when ...
The Risk-Free Rate`s Impact on Stock Returns with Representative
... The fund management industry has grown sharply since the 1970s and this development has increased their fraction of the stock market activity dramatically. This has resulted in an increased possibility for diversification and access to new markets for households, but not without introducing other pr ...
... The fund management industry has grown sharply since the 1970s and this development has increased their fraction of the stock market activity dramatically. This has resulted in an increased possibility for diversification and access to new markets for households, but not without introducing other pr ...
Chapter 28 Investment Policy and the Framework of the CFA Institute
... 13. An important benefit of Keogh plans is that A. they are not taxable until funds are withdrawn as benefits. B. they are protected against inflation. C. they are automatically insured by the Federal government. D. they are not taxable until funds are withdrawn as benefits and they are protected ag ...
... 13. An important benefit of Keogh plans is that A. they are not taxable until funds are withdrawn as benefits. B. they are protected against inflation. C. they are automatically insured by the Federal government. D. they are not taxable until funds are withdrawn as benefits and they are protected ag ...
Introduction - Drake University
... Private Placement The entire claim is sold to an individual investor or a small group of investors Brokers and Dealers Brokers – Serve as a matchmaker bringing together the two sides – receive a commission for their efforts (they do not actually buy or sell securities) Dealers – Market Makers – Serv ...
... Private Placement The entire claim is sold to an individual investor or a small group of investors Brokers and Dealers Brokers – Serve as a matchmaker bringing together the two sides – receive a commission for their efforts (they do not actually buy or sell securities) Dealers – Market Makers – Serv ...
Financial Presentation
... principles and methods in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union, as well as the application of existing prudential regulations. These forward-looking statements have also been developed from scenarios based on a number of economic assumpt ...
... principles and methods in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union, as well as the application of existing prudential regulations. These forward-looking statements have also been developed from scenarios based on a number of economic assumpt ...
SIFM A Proposed C onform ance R ule C om m
... statute, such as “illiquid assets,” “principally invested,” “invested,” “contractually committed,” “contractual obligations” and “necessary to fulfill a contractual obligation.” We believe that the proposed definitions of these elements are inconsistent with the purpose of Section 13(c) because they ...
... statute, such as “illiquid assets,” “principally invested,” “invested,” “contractually committed,” “contractual obligations” and “necessary to fulfill a contractual obligation.” We believe that the proposed definitions of these elements are inconsistent with the purpose of Section 13(c) because they ...
- Free Documents
... whereas realized return is the actual return that occurred over some past period. In general, the term risk as used in investments refers to adverse circumstances affecting the investors position. Risk can be defined in several different ways. Risk is defined here as the chance that the actual retur ...
... whereas realized return is the actual return that occurred over some past period. In general, the term risk as used in investments refers to adverse circumstances affecting the investors position. Risk can be defined in several different ways. Risk is defined here as the chance that the actual retur ...