1 - Sidley Austin LLP
... concern that if significant redemptions occur, the more liquid assets will be disposed of first, exposing the remaining shareholders to a fund with even less liquid assets. If such less liquid assets are sold to fund redemptions, the fund may only be able to sell such assets at prices that incorpora ...
... concern that if significant redemptions occur, the more liquid assets will be disposed of first, exposing the remaining shareholders to a fund with even less liquid assets. If such less liquid assets are sold to fund redemptions, the fund may only be able to sell such assets at prices that incorpora ...
IFRS 9 Financial Instruments
... IAS 32/39 Financial Instruments Part 3 Subsequent Recognition Why do we need standards on financial instruments? Financial instruments are a large part of the assets and liabilities of many undertakings, especially financial institutions. They also play a key role in the efficient operation of fina ...
... IAS 32/39 Financial Instruments Part 3 Subsequent Recognition Why do we need standards on financial instruments? Financial instruments are a large part of the assets and liabilities of many undertakings, especially financial institutions. They also play a key role in the efficient operation of fina ...
Size Premia in the Canadian Equity Market
... Systematic risk is also called market risk as it results from general market and economic conditions such as change in interest rates or weakening of the economy and affects many or all investments. Unsystematic risk arises from firm-specific risk and is not rewarded by the CAPM as, in theory, it ca ...
... Systematic risk is also called market risk as it results from general market and economic conditions such as change in interest rates or weakening of the economy and affects many or all investments. Unsystematic risk arises from firm-specific risk and is not rewarded by the CAPM as, in theory, it ca ...
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... recognize the time due of money as in conventional finance, payment obligations are fixed ex ante and cannot be changed after a contract has been consummated. Contractual relationships between financiers and borrowers are not governed by capital-based investment gains but shared business risk (and r ...
... recognize the time due of money as in conventional finance, payment obligations are fixed ex ante and cannot be changed after a contract has been consummated. Contractual relationships between financiers and borrowers are not governed by capital-based investment gains but shared business risk (and r ...
CEE Banking
... total assets. Russia has come a long way since the crisis in 1998, not only in economic terms but also with regard to the development of the banking sector. While banking regulation still has some shortcomings and the sector as a whole is in need for further consolidation, there have been signs of m ...
... total assets. Russia has come a long way since the crisis in 1998, not only in economic terms but also with regard to the development of the banking sector. While banking regulation still has some shortcomings and the sector as a whole is in need for further consolidation, there have been signs of m ...
DHFL Pramerica Dual Advantage Fund Series 1 to 3
... like yield curve analysis, spreads between asset classes, horizon returns, forward implied interest rates, may be deployed to evaluate various investment options. Credit Evaluation Policy:The AMC has structured an internal credit risk management process. The process comprise of detailed analysis of ...
... like yield curve analysis, spreads between asset classes, horizon returns, forward implied interest rates, may be deployed to evaluate various investment options. Credit Evaluation Policy:The AMC has structured an internal credit risk management process. The process comprise of detailed analysis of ...
ALLOCATING FOR IMPACT - Global social impact investment
... This paper presents a series of frameworks to help both investors and policymakers do just that. In Chapter 1, we describe the various features that make impact investment an attractive proposition, for both governments and investors. In Chapter 2, we clarify the various terms used in the market and ...
... This paper presents a series of frameworks to help both investors and policymakers do just that. In Chapter 1, we describe the various features that make impact investment an attractive proposition, for both governments and investors. In Chapter 2, we clarify the various terms used in the market and ...
1 Too Low for Too Long Interest Rates, Bank Risk Taking and Bank
... incentives to screen borrowers decrease. The first difficulty is than the empirical detection of bank screening / monitoring specifically when using the data from financial statement. Second, according to the balance sheet channel of MP, a low level of rates produces a positive impact on the outsta ...
... incentives to screen borrowers decrease. The first difficulty is than the empirical detection of bank screening / monitoring specifically when using the data from financial statement. Second, according to the balance sheet channel of MP, a low level of rates produces a positive impact on the outsta ...
The Employment Cost of Sovereign Default
... government to borrow extensively and cheaply but also makes default optimal after sudden productivity reversals and so increase default frequencies. Second, in addition to using default as insurance mechanism in bad times, the government may default after several periods of growth. Asymmetric defaul ...
... government to borrow extensively and cheaply but also makes default optimal after sudden productivity reversals and so increase default frequencies. Second, in addition to using default as insurance mechanism in bad times, the government may default after several periods of growth. Asymmetric defaul ...
Disclosure Principles for Public Offerings and Listings
... are actively managed (such as securities issued by investment companies), or that contain assets that do not by their terms convert to cash (such as most collateralized debt obligations). In most jurisdictions, securities regulators regulate the ABS covered by these Principles under a different regu ...
... are actively managed (such as securities issued by investment companies), or that contain assets that do not by their terms convert to cash (such as most collateralized debt obligations). In most jurisdictions, securities regulators regulate the ABS covered by these Principles under a different regu ...
FINANCIAL STATEMENTS AND NOTES TABLE OF CONTENTS
... The following table presents certain assets of consolidated variable interest entities (VIEs), which are included in the Consolidated Balance Sheet above. The assets in the table below include only those assets that can be used to settle obligations of consolidated VIEs on the following page, and ar ...
... The following table presents certain assets of consolidated variable interest entities (VIEs), which are included in the Consolidated Balance Sheet above. The assets in the table below include only those assets that can be used to settle obligations of consolidated VIEs on the following page, and ar ...
Subprime Lending, Suboptimal Bankruptcy: A Proposal to Amend
... in financial security caused by subprime mortgage lending and rising foreclosure rates has taken its toll on borrowers, their families, and the communities in which they live. The high cost of subprime credit is making it increasingly difficult for subprime borrowers to make ends meet. Stretched to ...
... in financial security caused by subprime mortgage lending and rising foreclosure rates has taken its toll on borrowers, their families, and the communities in which they live. The high cost of subprime credit is making it increasingly difficult for subprime borrowers to make ends meet. Stretched to ...
Mobilizing Private Capital for Public Good: Priorities for Canada
... The Immigrant Access Fund (IAF) was launched in Alberta in 2005. It provides micro-loans of up to $10,000 to immigrants who face barriers to accessing mainstream credit, for example, because they are unemployed, have no credit history, or lack collateral. These loans can be used to finance licensing ...
... The Immigrant Access Fund (IAF) was launched in Alberta in 2005. It provides micro-loans of up to $10,000 to immigrants who face barriers to accessing mainstream credit, for example, because they are unemployed, have no credit history, or lack collateral. These loans can be used to finance licensing ...
When do Investors Exhibit Stronger Behavioral Biases?
... greater degree of overconfidence among stocks which have greater value ambiguity. Motivated by Zhang (2005) and Jiang, Lee, and Zhang (2005), I employ multiple measures of value ambiguity (idiosyncratic volatility, volume turnover, and firm age), and inspired by Odean (1999), I use k-day post-trade s ...
... greater degree of overconfidence among stocks which have greater value ambiguity. Motivated by Zhang (2005) and Jiang, Lee, and Zhang (2005), I employ multiple measures of value ambiguity (idiosyncratic volatility, volume turnover, and firm age), and inspired by Odean (1999), I use k-day post-trade s ...
The incentive structure of the originate-to
... Traditionally, the fundamental business of banks is holding deposits and making loans. Until a few decades ago, banks used to hold loans until borrowers repaid them, because selling loan portfolios was too costly. This is called ‘originate-to-hold’. Loan sale and securitization have changed the trad ...
... Traditionally, the fundamental business of banks is holding deposits and making loans. Until a few decades ago, banks used to hold loans until borrowers repaid them, because selling loan portfolios was too costly. This is called ‘originate-to-hold’. Loan sale and securitization have changed the trad ...
The Market for Corporate Control and the Cost of Debt
... announcements of leveraged buyouts (see also Asquith and Wizman (1990)). If bondholder are generally concerned with the e¤ect of leverage-increasing takeovers, an open market for corporate control would give rise to a higher cost of debt. In particular, the e¤ect would be stronger for …rms with lowe ...
... announcements of leveraged buyouts (see also Asquith and Wizman (1990)). If bondholder are generally concerned with the e¤ect of leverage-increasing takeovers, an open market for corporate control would give rise to a higher cost of debt. In particular, the e¤ect would be stronger for …rms with lowe ...
Is Noise Trading Cancelled Out by Aggregation?
... same initial wealth. A is optimistic about a stock and B pessimistic. At the initial date, relative to an unbiased investor, A holds more of the stock, and B less. If each investor’s demand is a linear function of his bias, then one would expect that the biases do not affect the total demand from A a ...
... same initial wealth. A is optimistic about a stock and B pessimistic. At the initial date, relative to an unbiased investor, A holds more of the stock, and B less. If each investor’s demand is a linear function of his bias, then one would expect that the biases do not affect the total demand from A a ...
The EFFECTS of THE IAS/IFRS ADOPTION in EUROPE on the
... certain level of risk. Therefore, firm stock prices adjust in order to make the expected return coherent with the risk. Since the cost of equity capital is an expected rate of return, it cannot directly be observed on the market. Three main different criteria can be used to estimate this variable. T ...
... certain level of risk. Therefore, firm stock prices adjust in order to make the expected return coherent with the risk. Since the cost of equity capital is an expected rate of return, it cannot directly be observed on the market. Three main different criteria can be used to estimate this variable. T ...
words - Investor Relations Solutions
... Litigation Reform Act of 1995 and as such may involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results described in such forward-looking statements. These statements a ...
... Litigation Reform Act of 1995 and as such may involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results described in such forward-looking statements. These statements a ...
A Primer on Non-Traded REITs and other Alternative Real Estate
... are: the Vanguard REIT Index (VGSIX), Nuveen Real Estate Securities (FREAX), and Fidelity Real Estate Investment Portfolio (FRESX).11 The VGSIX fund, with over $12.3 billion in total assets, invests at least 98% of its assets in traded REITs and attempts to track the performance of the MSCI US REIT ...
... are: the Vanguard REIT Index (VGSIX), Nuveen Real Estate Securities (FREAX), and Fidelity Real Estate Investment Portfolio (FRESX).11 The VGSIX fund, with over $12.3 billion in total assets, invests at least 98% of its assets in traded REITs and attempts to track the performance of the MSCI US REIT ...
Credit Scores, Reports, and Getting Ahead in
... Consumer credit reports and scores play a growing role in the ability of families to get ahead, now influencing prices for loans and insurance and efforts to get jobs and rent apartments. An analysis of a quarterly sample of 25 million anonymous consumer credit reports and scores for every U.S. coun ...
... Consumer credit reports and scores play a growing role in the ability of families to get ahead, now influencing prices for loans and insurance and efforts to get jobs and rent apartments. An analysis of a quarterly sample of 25 million anonymous consumer credit reports and scores for every U.S. coun ...
PDP-Working Paper
... basis, where mortgage loans are combined into a portfolio and then insured after mortgage origination. Insured mortgages can then be securitized. Banks are the main source of housing finance in Canada. As of March 2013, banks accounted for 74 percent of mortgage lending, credit unions for 13 percent ...
... basis, where mortgage loans are combined into a portfolio and then insured after mortgage origination. Insured mortgages can then be securitized. Banks are the main source of housing finance in Canada. As of March 2013, banks accounted for 74 percent of mortgage lending, credit unions for 13 percent ...
A Model of Competitive Stock Trading Volume Jiang Wang
... heterogeneous investment opportunities and asymmetric information. These two types of heterogeneity give rise to different dynamic relations between volume and returns. Without information asymmetry, investors trade only to rebalance their portfolios when their private investment opportunity changes ...
... heterogeneous investment opportunities and asymmetric information. These two types of heterogeneity give rise to different dynamic relations between volume and returns. Without information asymmetry, investors trade only to rebalance their portfolios when their private investment opportunity changes ...
The Effect of the Quality of Rumors On Market Yields
... returns prior to the event day (due to a “leakage process”), on the event day, and afterwards. What is the different impact of initial rumors that are later proven to be true and those that have turned out to be untrue? These issues are discussed below where we adopt an event study approach to exami ...
... returns prior to the event day (due to a “leakage process”), on the event day, and afterwards. What is the different impact of initial rumors that are later proven to be true and those that have turned out to be untrue? These issues are discussed below where we adopt an event study approach to exami ...