NBER WORKING PAPER SERIES INTERNATIONAL CAPITAL FLOWS RETURNS AND WORLD FINANCIAL INTEGRATION
... Two aspects of our model deserve special note. First, in all three market configurations we consider, international risk-sharing among households is less than perfect. In other words, we only consider international capital flows in equilibria where markets are incomplete. As we move from the fa to p ...
... Two aspects of our model deserve special note. First, in all three market configurations we consider, international risk-sharing among households is less than perfect. In other words, we only consider international capital flows in equilibria where markets are incomplete. As we move from the fa to p ...
Mutual Fund Age, Performance, and the Optimal Track Record
... all Morningstar U.S. equity funds between 1990 and 2015. I find that on a risk-adjusted basis, younger funds generally perform better than older funds. However, this relationship reverses when an age indicator is used, which distinguishes funds younger than three years from all other funds. I find t ...
... all Morningstar U.S. equity funds between 1990 and 2015. I find that on a risk-adjusted basis, younger funds generally perform better than older funds. However, this relationship reverses when an age indicator is used, which distinguishes funds younger than three years from all other funds. I find t ...
Public-Sector Loans to Private-Sector Businesses
... Community Planning and Development (CPD) of the Department of Housing and Urban Development (HUD) directs toward economic development: the Community Development Block Grant (CDBG) Program; the Section 108 Program; and the Economic Development Initiative (EDI). The research describes the CDBG, Sectio ...
... Community Planning and Development (CPD) of the Department of Housing and Urban Development (HUD) directs toward economic development: the Community Development Block Grant (CDBG) Program; the Section 108 Program; and the Economic Development Initiative (EDI). The research describes the CDBG, Sectio ...
Screening techniques, sustainability and risk adjusted returns.
... A2 in Appendix). According to The World Bank, by the end of 2015 there were 43 539 listed companies globally (The World Bank, 2015). If you were to exclude 28 companies of the total 43 539 listed companies, you would have excluded 0,000643 %. This example of course does not tell the whole story sinc ...
... A2 in Appendix). According to The World Bank, by the end of 2015 there were 43 539 listed companies globally (The World Bank, 2015). If you were to exclude 28 companies of the total 43 539 listed companies, you would have excluded 0,000643 %. This example of course does not tell the whole story sinc ...
Towards a framework for calibrating macroprudential leverage limits
... potential financial stability risks stemming from the asset management industry.92 Importantly, the Financial Stability Board (FSB) has recently published its proposed policy recommendations to address structural vulnerabilities from asset management activities.93 Apart from regulatory responses to ...
... potential financial stability risks stemming from the asset management industry.92 Importantly, the Financial Stability Board (FSB) has recently published its proposed policy recommendations to address structural vulnerabilities from asset management activities.93 Apart from regulatory responses to ...
PDF Basics of Fannie Mae Single
... loans and the issuance of MBS. Fannie Mae issues MBS and typically assumes the default risk on the mortgages underlying the security, while guaranteeing to an MBS trust that Fannie Mae will supplement amounts received by the MBS trust as required to permit timely payments of principal and interest o ...
... loans and the issuance of MBS. Fannie Mae issues MBS and typically assumes the default risk on the mortgages underlying the security, while guaranteeing to an MBS trust that Fannie Mae will supplement amounts received by the MBS trust as required to permit timely payments of principal and interest o ...
Examples
... that VC will be paid back most of investment out of IPO proceeds Equipment can be funded with debt Gives investors ability to control growth Successfully structured investment to minimize downside, by only providing limited funds until milestones met VC commitment will be invested over time. If init ...
... that VC will be paid back most of investment out of IPO proceeds Equipment can be funded with debt Gives investors ability to control growth Successfully structured investment to minimize downside, by only providing limited funds until milestones met VC commitment will be invested over time. If init ...
securities regulations
... Trade Credits – buying on credit, appear as “accounts payable” Bank Loan o Short term – a revolving line of credit allows the amount of loan to fluctuate up and down as need requires w/ a limit on the max amount of the loan o Long term loan – given on terms that provide the bank w/ some protecti ...
... Trade Credits – buying on credit, appear as “accounts payable” Bank Loan o Short term – a revolving line of credit allows the amount of loan to fluctuate up and down as need requires w/ a limit on the max amount of the loan o Long term loan – given on terms that provide the bank w/ some protecti ...
Semi-Annual Report
... Stocks are generally perceived to have more financial risk than bonds in that bond holders have a claim on firm operations or assets that is senior to that of equity holders. In addition, stock prices are generally more volatile than bond prices. Investments in debt securities typically decrease in ...
... Stocks are generally perceived to have more financial risk than bonds in that bond holders have a claim on firm operations or assets that is senior to that of equity holders. In addition, stock prices are generally more volatile than bond prices. Investments in debt securities typically decrease in ...
Going mainstream – how absolute return is moving into the
... rank with relative return approaches as mainstream investment choices? In this paper, we want to provide an assessment of the role of absolute return investing in the regulated investment market. We outline the different types of strategies that have emerged, we look at the growth in the regulated m ...
... rank with relative return approaches as mainstream investment choices? In this paper, we want to provide an assessment of the role of absolute return investing in the regulated investment market. We outline the different types of strategies that have emerged, we look at the growth in the regulated m ...
Documento gestión proyecto
... portfolio of clients/brands, markets, cannibalization, opportunity costs, cross selling, etc. On the other hand, it is essential to be able to integrate the new organization with all its expertise, know-how, etc, in the most efficient way (flexibility). That was the target of Roca when they acquired ...
... portfolio of clients/brands, markets, cannibalization, opportunity costs, cross selling, etc. On the other hand, it is essential to be able to integrate the new organization with all its expertise, know-how, etc, in the most efficient way (flexibility). That was the target of Roca when they acquired ...
Chapter 11 Dividend Policy
... 1.2.1 Retained earnings is surplus cash that has not been needed for operating costs, interest payments, tax liabilities, asset replacement or cash dividends. For many businesses, the cash needed to finance investments will be available because the earnings the business has made have been retained w ...
... 1.2.1 Retained earnings is surplus cash that has not been needed for operating costs, interest payments, tax liabilities, asset replacement or cash dividends. For many businesses, the cash needed to finance investments will be available because the earnings the business has made have been retained w ...
Systemic Risk in Hedge Funds
... for investors to acquire full information about the hedge fund (Kambhu, Schuermann, & Stiroh, 2007). This is of course partially due to hedge funds’ unregulated nature. Last, the managers of hedge funds in general are paid based on both scale and absolute performance through dual fee structures. The ...
... for investors to acquire full information about the hedge fund (Kambhu, Schuermann, & Stiroh, 2007). This is of course partially due to hedge funds’ unregulated nature. Last, the managers of hedge funds in general are paid based on both scale and absolute performance through dual fee structures. The ...
chapter 2 estimating discount rates
... Investors who buy assets expect to earn returns over the time horizon that they hold the asset. Their actual returns over this holding period may be very different from the expected returns and it is this difference between actual and expected returns that gives rise to risk. For example, assume tha ...
... Investors who buy assets expect to earn returns over the time horizon that they hold the asset. Their actual returns over this holding period may be very different from the expected returns and it is this difference between actual and expected returns that gives rise to risk. For example, assume tha ...
Financially distressed firms are more likely to issue equity
... The trade-off theory combines the benefits of debt with the costs of debt in one model. The benefits of debt are the tax advantages of having debt. Firms pay taxes on their income, after deducting interest expenses. Having more debt therefore results in a higher deductible amount on taxable income. ...
... The trade-off theory combines the benefits of debt with the costs of debt in one model. The benefits of debt are the tax advantages of having debt. Firms pay taxes on their income, after deducting interest expenses. Having more debt therefore results in a higher deductible amount on taxable income. ...
Global perspectives: 2016 REIT report
... capital; rather, owners took advantage of the SOCIMI structure as a more favorable tax wrapper in which to hold existing assets. In 2014, four SOCIMIs listed on the Continuo (main) market, raising US$3.6b of equity capital.6 This group has seen its market cap grow 72% to US$6.2b7 today. Transaction ...
... capital; rather, owners took advantage of the SOCIMI structure as a more favorable tax wrapper in which to hold existing assets. In 2014, four SOCIMIs listed on the Continuo (main) market, raising US$3.6b of equity capital.6 This group has seen its market cap grow 72% to US$6.2b7 today. Transaction ...
Leverage Cycles and the Anxious Economy
... In the popular story about crises there are usually massive defaults and bankruptcies caused by failures to meet margin calls. But these events are rare, happening once or twice a decade. Our data describe events with 10 to 20 times the frequency, happening roughly twice a year. Moreover, asset trad ...
... In the popular story about crises there are usually massive defaults and bankruptcies caused by failures to meet margin calls. But these events are rare, happening once or twice a decade. Our data describe events with 10 to 20 times the frequency, happening roughly twice a year. Moreover, asset trad ...
Payment, clearing and settlement systems in Brazil
... Payment services are provided mainly through the 33,500 branches of universal and commercial banks. They are also available through some 120,000 “correspondentes bancários”. These are non-financial institutions that act as banks’ agents, providing payment and banking services to people without direc ...
... Payment services are provided mainly through the 33,500 branches of universal and commercial banks. They are also available through some 120,000 “correspondentes bancários”. These are non-financial institutions that act as banks’ agents, providing payment and banking services to people without direc ...
The Development of a European Capital Market
... Improvement of Capital Markets", the results of which are to be published shortly. In addition, the underlying purpose of the Group's work differs from what was aimed at in most of these other studies, which set out to reveal certain deficiencies in the structure or functioning of the capital market ...
... Improvement of Capital Markets", the results of which are to be published shortly. In addition, the underlying purpose of the Group's work differs from what was aimed at in most of these other studies, which set out to reveal certain deficiencies in the structure or functioning of the capital market ...
Passthrough Efficiency in the Fed`s New Monetary Policy Setting
... Our objective is to show how the current setting of U.S.-dollar money markets limits the passthrough effectiveness of the Federal Reserve’s monetary policy. We focus on frictions associated with imperfect competition, regulation, infrastructure, and other forms of institutional segmentation within m ...
... Our objective is to show how the current setting of U.S.-dollar money markets limits the passthrough effectiveness of the Federal Reserve’s monetary policy. We focus on frictions associated with imperfect competition, regulation, infrastructure, and other forms of institutional segmentation within m ...
here - TIAA
... The TIAA-CREF Real Property Fund LP is a new, unregistered investment offering designed specifically to provide the activelymanaged TIAA-CREF Lifecycle Funds with exposure to directly-held real estate investments. The Lifecycle Funds are the only investors in the RPF, and the RPF is not open for sal ...
... The TIAA-CREF Real Property Fund LP is a new, unregistered investment offering designed specifically to provide the activelymanaged TIAA-CREF Lifecycle Funds with exposure to directly-held real estate investments. The Lifecycle Funds are the only investors in the RPF, and the RPF is not open for sal ...
The effect of capital market characteristics on the value
... contracts or the inefficiencies arising from an imbalance of ownership shares. Rather, they focus on search inefficiencies, using an insight from the search literature that entry creates externalities for the matching chances of other market participants. The rest of the paper is organized as follows. ...
... contracts or the inefficiencies arising from an imbalance of ownership shares. Rather, they focus on search inefficiencies, using an insight from the search literature that entry creates externalities for the matching chances of other market participants. The rest of the paper is organized as follows. ...
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 ...
Can VARs describe monetary policy?
... therefore requires some observable exogenous element to policy. The narrative approach pioneered by Friedman and Schwartz (1963), and applied by Romer and Romer (1989), is one way to identify exogenous policy shifts. A more common approach, however, is the Vector Autoregression (VAR) technique devel ...
... therefore requires some observable exogenous element to policy. The narrative approach pioneered by Friedman and Schwartz (1963), and applied by Romer and Romer (1989), is one way to identify exogenous policy shifts. A more common approach, however, is the Vector Autoregression (VAR) technique devel ...