In Short Supply: Short‐Sellers and Stock Returns
... While the importance of short‐sellers as information intermediaries is clear, far less is known about the nature of the real‐time constraints they face, and how these constraints shape future returns. A key impediment to progress on this front is the opaque nature of the equity loan market. Alth ...
... While the importance of short‐sellers as information intermediaries is clear, far less is known about the nature of the real‐time constraints they face, and how these constraints shape future returns. A key impediment to progress on this front is the opaque nature of the equity loan market. Alth ...
The Importance of Emerging Capital Markets
... innovations (such as global offerings and changes to the financial infrastructure) helped to fuel the process. As dramatic as these changes have been, emerging financial markets still reflect a continuum of market conditions. Some markets are maturing and on course toward converging and integrating ...
... innovations (such as global offerings and changes to the financial infrastructure) helped to fuel the process. As dramatic as these changes have been, emerging financial markets still reflect a continuum of market conditions. Some markets are maturing and on course toward converging and integrating ...
Class Materials - Washington Bankers 2013
... based on stress testing and other factors. XYZ management set the SFG at 9.0% Annual results for capital/assets will be a byproduct of total assets and total capital projections earlier in the model. XYZ management finds the set of assumptions entered into this model (if achieved) will allow it to r ...
... based on stress testing and other factors. XYZ management set the SFG at 9.0% Annual results for capital/assets will be a byproduct of total assets and total capital projections earlier in the model. XYZ management finds the set of assumptions entered into this model (if achieved) will allow it to r ...
PDF - Deutsche Bank
... We remain committed to our 10% CET1 ratio target by 2015 but expect some volatility along the way Regulatory framework volatility ...
... We remain committed to our 10% CET1 ratio target by 2015 but expect some volatility along the way Regulatory framework volatility ...
Debt, Equity and Hybrid Decoupling
... side, Christoffersen, Geczy, Musto and Reed (2007), argue that more informed voters may acquire votes from less informed voters. Brav and Mathews (2008) model the efficiency properties of the ability of empty voters, who have private knowledge of their voting position, to trade on that knowledge bet ...
... side, Christoffersen, Geczy, Musto and Reed (2007), argue that more informed voters may acquire votes from less informed voters. Brav and Mathews (2008) model the efficiency properties of the ability of empty voters, who have private knowledge of their voting position, to trade on that knowledge bet ...
Similarities and Differences between US and German Regulation of
... Regulators mainly limit a fund’s exposure to loss from its various operations. Concerning derivatives, excessive leverage, illiquidity (particularly with regard to complex, over-the-counter (OTC) derivatives), and large counterparty risk are of high importance to regulators. 7 In this study, I prese ...
... Regulators mainly limit a fund’s exposure to loss from its various operations. Concerning derivatives, excessive leverage, illiquidity (particularly with regard to complex, over-the-counter (OTC) derivatives), and large counterparty risk are of high importance to regulators. 7 In this study, I prese ...
Corporate Social Responsibility, Noise, and Stock Market Volatility
... CSR is not only targeted at a wide range of internal or external stakeholders, including future generations, but also coevolves with the vagaries of the different salient issues for society and particular interest groups (Carroll, 2008; Frederick, 2006; Hoffman, 1999). Financial Markets Are Ineffici ...
... CSR is not only targeted at a wide range of internal or external stakeholders, including future generations, but also coevolves with the vagaries of the different salient issues for society and particular interest groups (Carroll, 2008; Frederick, 2006; Hoffman, 1999). Financial Markets Are Ineffici ...
Hot Topics - Nebraska Investment Finance Authority
... Truth in Lending; Interim Final Rule Upon release of the interim final rule, the Home Valuation ...
... Truth in Lending; Interim Final Rule Upon release of the interim final rule, the Home Valuation ...
Working Paper 135/13 THE PSYCHOLOGY AND ECONOMICS OF
... owner, and to lower the periodical amount based on the current market value. Expectations were high when the product was launched, but it was hardly sold, which may be due to bad timing ex post (financial crisis), the high and stable retirement income of those retired before 2008 as well as their li ...
... owner, and to lower the periodical amount based on the current market value. Expectations were high when the product was launched, but it was hardly sold, which may be due to bad timing ex post (financial crisis), the high and stable retirement income of those retired before 2008 as well as their li ...
New approaches to expanding the supply of affordable housing in
... equity sources. Owner occupation as the dominant tenure form has developed through the commitment of personal savings to fund the purchase deposit and debt finance supplied by banks, building societies, credit unions, the legal profession and a host of small agents. Since the mid-1990s a rapidly gro ...
... equity sources. Owner occupation as the dominant tenure form has developed through the commitment of personal savings to fund the purchase deposit and debt finance supplied by banks, building societies, credit unions, the legal profession and a host of small agents. Since the mid-1990s a rapidly gro ...
The Impact of Sovereign Ratings on Eurozone SMEs Credit Rationing
... Udell, 1998; Ang, 1991). In practice, quantity (non-price) rationing by lenders can take one of two alternative forms: (i) partially fulfilling loan requests, what is called Type-1 rationing, or (ii) rejecting loan requests altogether, known as Type-2 rationing (Keeton, 1979). In the Stiglitz and We ...
... Udell, 1998; Ang, 1991). In practice, quantity (non-price) rationing by lenders can take one of two alternative forms: (i) partially fulfilling loan requests, what is called Type-1 rationing, or (ii) rejecting loan requests altogether, known as Type-2 rationing (Keeton, 1979). In the Stiglitz and We ...
Blue Quay Investment Grade Credit Fund
... The return of capital and the performance of the Fund is not guaranteed by any person. The information in this Information Memorandum has been prepared without taking into account any Recipient’s investment objectives, financial situation or particular needs. Before acting on the information the Rec ...
... The return of capital and the performance of the Fund is not guaranteed by any person. The information in this Information Memorandum has been prepared without taking into account any Recipient’s investment objectives, financial situation or particular needs. Before acting on the information the Rec ...
HFRX Hedge Fund Indices Methodology
... n=total number of months reported freq is the reporting frequency (12=monthly, 4=quarterly) ISO is the reporting currency SA indicates the fund is open to transparency screening through separate accounts (1=yes, 0=no) ...
... n=total number of months reported freq is the reporting frequency (12=monthly, 4=quarterly) ISO is the reporting currency SA indicates the fund is open to transparency screening through separate accounts (1=yes, 0=no) ...
The Case for Strategic Convertible Allocations
... he has pioneered investment strategies and techniques to help manage risk for major institutional and individual investors. With more than 45 years of investment industry experience, John has established research and investment processes centered around a team-based approach designed to deliver supe ...
... he has pioneered investment strategies and techniques to help manage risk for major institutional and individual investors. With more than 45 years of investment industry experience, John has established research and investment processes centered around a team-based approach designed to deliver supe ...
TRADING VOLUME TREND AS THE INVESTOR`S SENTIMENT
... it is equivalent to saying that investor sentiment reflects the valuation difference between the two groups of investors (Zweig (1973), Lee, Shleifer and Thaler (1991), Baker and Stein (2004), and Brown and Cliff (2005)). Miller (1977) argues that stock prices reflect only the most optimistic opinio ...
... it is equivalent to saying that investor sentiment reflects the valuation difference between the two groups of investors (Zweig (1973), Lee, Shleifer and Thaler (1991), Baker and Stein (2004), and Brown and Cliff (2005)). Miller (1977) argues that stock prices reflect only the most optimistic opinio ...
Morningstar® Investor Return™ Methodology
... (TNA) that cannot be explained by the monthly total return of 6.05%. In February and March, cash continued to come into the fund. In March, the TNA actually went down, but this decrease can be attributed to the poor return as cash continued to flow into the fund. As with an IRR calculation, investor ...
... (TNA) that cannot be explained by the monthly total return of 6.05%. In February and March, cash continued to come into the fund. In March, the TNA actually went down, but this decrease can be attributed to the poor return as cash continued to flow into the fund. As with an IRR calculation, investor ...
Pillar 3 Disclosures Quantitative Disclosures As at 31
... Other retail exposures Foundation IRBA Wholesale exposures Sovereign exposures Bank exposures Corporate exposures (c) Specialised lending exposures (“SL”) IRBA for equity exposures IRBA for securitisation exposures Total IRBA SA Residential mortgage exposures Regulatory retail exposures Corporate ex ...
... Other retail exposures Foundation IRBA Wholesale exposures Sovereign exposures Bank exposures Corporate exposures (c) Specialised lending exposures (“SL”) IRBA for equity exposures IRBA for securitisation exposures Total IRBA SA Residential mortgage exposures Regulatory retail exposures Corporate ex ...
Enhancing affordable rental housing investment via an intermediary
... Australian state and territory governments. AHURI Limited gratefully acknowledges the financial and other support it has received from these governments, without which this work would not have been possible. AHURI comprises a network of university Research Centres across Australia. Research Centre c ...
... Australian state and territory governments. AHURI Limited gratefully acknowledges the financial and other support it has received from these governments, without which this work would not have been possible. AHURI comprises a network of university Research Centres across Australia. Research Centre c ...
2010-11-23 Weicher Ltr re Use of Interview Materials_1
... tracts (tracts in which the median income of residents is at or below 90 percent of the area median income) or high-minority tracts (tracts in which minorities comprise at least 30 percent of residents, and the median income of residents in the tract does not exceed 120 percent of the area median in ...
... tracts (tracts in which the median income of residents is at or below 90 percent of the area median income) or high-minority tracts (tracts in which minorities comprise at least 30 percent of residents, and the median income of residents in the tract does not exceed 120 percent of the area median in ...
The Effect of Debt on the Cost of Equity in a Regulatory Setting
... regulated entity can result in material errors in cost of equity estimation. Ignoring such differences results in a disconnect between the cost of capital information provided by the sample and the allowed return for the regulated entity, because the market value capital structure is as important to ...
... regulated entity can result in material errors in cost of equity estimation. Ignoring such differences results in a disconnect between the cost of capital information provided by the sample and the allowed return for the regulated entity, because the market value capital structure is as important to ...
printmgr file - Morgan Stanley
... quarter ended June 30, 2015 (“prior year quarter”), respectively, and $(174) million and $120 million in the six months ended June 30, 2016 (“current year period”) and the six months ended June 30, 2015 (“prior year period”), respectively. Amounts include Provision for (benefit from) income taxes of ...
... quarter ended June 30, 2015 (“prior year quarter”), respectively, and $(174) million and $120 million in the six months ended June 30, 2016 (“current year period”) and the six months ended June 30, 2015 (“prior year period”), respectively. Amounts include Provision for (benefit from) income taxes of ...
ESG integration in high yield portfolios
... times of financial distress due to the flexibility afforded to them by the employee “goodwill” they have created.13 While the “E,” the “S” and the “G” may differ in terms of their specific impacts on corporate bond spreads, one thing seems clear: issuers that are deficient in any one of these three ...
... times of financial distress due to the flexibility afforded to them by the employee “goodwill” they have created.13 While the “E,” the “S” and the “G” may differ in terms of their specific impacts on corporate bond spreads, one thing seems clear: issuers that are deficient in any one of these three ...
Fees Eat Diversification`s Lunch
... hereafter) Long-term Capital Market Return Assumptions. This is a publiclyavailable set of asset class risk, return, and correlation assumptions. It covers 45 asset classes and has been updated annually; see Shairp et al. (2012). Second, we have access to a biennial fee survey from a major instituti ...
... hereafter) Long-term Capital Market Return Assumptions. This is a publiclyavailable set of asset class risk, return, and correlation assumptions. It covers 45 asset classes and has been updated annually; see Shairp et al. (2012). Second, we have access to a biennial fee survey from a major instituti ...
Infrastructure Investment Policy Blueprint
... Permitting processes. Regulatory and environmental permitting processes should be reviewed and streamlined, and, if possible, a lead agency should be appointed to manage the process and reviews of other agencies. Complex permitting processes that lack coordination and predictability will constrain i ...
... Permitting processes. Regulatory and environmental permitting processes should be reviewed and streamlined, and, if possible, a lead agency should be appointed to manage the process and reviews of other agencies. Complex permitting processes that lack coordination and predictability will constrain i ...