Active Management Performance Cycles
... which to use active managers as opposed to low-cost index funds. The primary argument for using active managers is their ability to provide investors with enhanced returns. However, realization of this benefit assumes that investors can reliably differentiate skilled investment managers from unskill ...
... which to use active managers as opposed to low-cost index funds. The primary argument for using active managers is their ability to provide investors with enhanced returns. However, realization of this benefit assumes that investors can reliably differentiate skilled investment managers from unskill ...
The Term Structure of Money Market Spreads
... credit and liquidity factors with returns, highlighting the importance of time-varying risk premia in explaining LOIS spreads. This paper relates to recent empirical work that has decomposed the increase in spreads such as Taylor and Williams (2008), McAndrews et.al. (2008), and Schwarz (2009). The ...
... credit and liquidity factors with returns, highlighting the importance of time-varying risk premia in explaining LOIS spreads. This paper relates to recent empirical work that has decomposed the increase in spreads such as Taylor and Williams (2008), McAndrews et.al. (2008), and Schwarz (2009). The ...
"Sarbanes-Oxley" For Credit Rating Agencies?
... Unlike the auditing industry, the credit rating industry does not need formal governmental regulation to solve the problems it faces. While conflicts of interest were large contributors to the accounting scandals, the same conflicts do not pose large threats to the credit rating agencies. It is true ...
... Unlike the auditing industry, the credit rating industry does not need formal governmental regulation to solve the problems it faces. While conflicts of interest were large contributors to the accounting scandals, the same conflicts do not pose large threats to the credit rating agencies. It is true ...
ROLE PLAYED BY SACCOS IN FINANCIAL INTERMEDIATION IN
... Collecting and processing information; financial intermediaries are experts at collecting and processing information in order to accurately gauge the risk of various investments and to price them accordingly. This can be seen in the pricing of loans, investment products and other financial products ...
... Collecting and processing information; financial intermediaries are experts at collecting and processing information in order to accurately gauge the risk of various investments and to price them accordingly. This can be seen in the pricing of loans, investment products and other financial products ...
Raiffeisen Bank International AG
... The year 2014 marked the 25th anniversary of the fall of the Iron Curtain – a historic event that laid the foundations for a success story in terms of economic development and political stability on the European continent. Yet, the celebrations were rather moderate, as 2014 turned out to be quite ch ...
... The year 2014 marked the 25th anniversary of the fall of the Iron Curtain – a historic event that laid the foundations for a success story in terms of economic development and political stability on the European continent. Yet, the celebrations were rather moderate, as 2014 turned out to be quite ch ...
How Much Diversification is Enough
... changing risk) matters. But Answers 2 and 4 make no sense within the mean– variance framework because they assume a segmentation of the portfolio into layers depending on where investors are willing to take more or less risk with some of their money. Mean–variance investors have a single attitude to ...
... changing risk) matters. But Answers 2 and 4 make no sense within the mean– variance framework because they assume a segmentation of the portfolio into layers depending on where investors are willing to take more or less risk with some of their money. Mean–variance investors have a single attitude to ...
Investor Preferences and Demand for Active Management
... the coexistence of the demands for both downside protection and upside seeking and can differentiate the demand for investments with payoffs in specific parts of the distribution. Therefore, it is not clear whether investor sentiment can indeed serve as a substitute for tail preferences. Nonetheless ...
... the coexistence of the demands for both downside protection and upside seeking and can differentiate the demand for investments with payoffs in specific parts of the distribution. Therefore, it is not clear whether investor sentiment can indeed serve as a substitute for tail preferences. Nonetheless ...
CURRENCY IMPACT IN BRAZILIAN PE/VC DEALS
... appreciation lower than the minimum. For instance, according to Exhibit 2, the probability that a deal has a BRL appreciation lower than -‐16% (or a BRL devaluation higher than 16%) is 5%. ...
... appreciation lower than the minimum. For instance, according to Exhibit 2, the probability that a deal has a BRL appreciation lower than -‐16% (or a BRL devaluation higher than 16%) is 5%. ...
Return Expectations from Venture Capital Deals in Europe
... markets. The institutional, legal and cultural environments as well as corporate governance systems are thought to notably influence the conduct of business (Groh et al. 2012). The differences start with venture capital funds’ organizational forms. In AngloSaxon countries, VC firms are mainly organi ...
... markets. The institutional, legal and cultural environments as well as corporate governance systems are thought to notably influence the conduct of business (Groh et al. 2012). The differences start with venture capital funds’ organizational forms. In AngloSaxon countries, VC firms are mainly organi ...
ESBies: Safety in the tranches
... The creation of the euro in 1999 was a landmark in the European integration process. Since 2009, however, the euro area has been roiled by financial crisis, with heightened sovereign default risk, a weakened banking sector, and a stagnating macroeconomy. Why did this happen? Among many factors, the ...
... The creation of the euro in 1999 was a landmark in the European integration process. Since 2009, however, the euro area has been roiled by financial crisis, with heightened sovereign default risk, a weakened banking sector, and a stagnating macroeconomy. Why did this happen? Among many factors, the ...
Working Paper No. 510 Institutional investor
... policy. We therefore follow Pesaran and Smith (2012) in allowing only for factors that influence portfolio allocation but at the same time are unaffected by the Bank’s QE purchases. These include gilt issuance by the Debt Management Office (DMO) and foreign financial variables. To the extent the dat ...
... policy. We therefore follow Pesaran and Smith (2012) in allowing only for factors that influence portfolio allocation but at the same time are unaffected by the Bank’s QE purchases. These include gilt issuance by the Debt Management Office (DMO) and foreign financial variables. To the extent the dat ...
Business Relationships, Corporate Governance, and Firm
... 2.1. Relationships and Issuer Performance 2.1.1. Agency Costs and Specific Investments Agency theory predicts that blockholdings, governance affiliations and other relationships affect firm value either positively, by aligning incentives between investors and decision-makers, or negatively through e ...
... 2.1. Relationships and Issuer Performance 2.1.1. Agency Costs and Specific Investments Agency theory predicts that blockholdings, governance affiliations and other relationships affect firm value either positively, by aligning incentives between investors and decision-makers, or negatively through e ...
Systemic Risk and Hedge Funds
... Although today banking panics are virtually non-existent thanks to the FDIC and related central banking policies, systemic risk exposures have taken shape in other forms. In particular, the proliferation of hedge funds in recent years has indelibly altered the risk/reward landscape of financial inve ...
... Although today banking panics are virtually non-existent thanks to the FDIC and related central banking policies, systemic risk exposures have taken shape in other forms. In particular, the proliferation of hedge funds in recent years has indelibly altered the risk/reward landscape of financial inve ...
corporate board gender diversity and stock performance
... Third, we suggest that accountability apprehension will mediate this process, such that visible blockholding institutional fund managers (who hold at least five percent of the stock of a company) and public pension fund managers (who as a group pressed for board diversity) will be less likely to act ...
... Third, we suggest that accountability apprehension will mediate this process, such that visible blockholding institutional fund managers (who hold at least five percent of the stock of a company) and public pension fund managers (who as a group pressed for board diversity) will be less likely to act ...
IM Regulatory Review - Eversheds Sutherland
... with the adviser is the issuer or is an underwriter of the security. The rule includes one exception—an adviser may rely on the rule for trades in which the adviser or a control person is an underwriter of nonconvertible investment-grade debt securities. Rule 206(3)-3T(b) clarifies that the rule do ...
... with the adviser is the issuer or is an underwriter of the security. The rule includes one exception—an adviser may rely on the rule for trades in which the adviser or a control person is an underwriter of nonconvertible investment-grade debt securities. Rule 206(3)-3T(b) clarifies that the rule do ...
Ground rents: an opportunity for institutional investors to
... rents are paying the mid-swap rate (of appropriate term) plus 150–300 bps, depending on the underlying property. Typically, the rents are relatively small. A residential rent, for instance, may be £250 per year. Therefore, many ground rents may need to be aggregated in order to create an institution ...
... rents are paying the mid-swap rate (of appropriate term) plus 150–300 bps, depending on the underlying property. Typically, the rents are relatively small. A residential rent, for instance, may be £250 per year. Therefore, many ground rents may need to be aggregated in order to create an institution ...
Contagion of Sovereign Default Risk: the Role of Two Financial
... not the contagion channel due to the wealth effect. In our model, the key factor generating higher spreads during crisis is liquidity premiums that credit constrained investors demand during a crisis. Arellano and Bai (2012) extends Lizarazo (2010) by introducing a debt renegotiation problem to stud ...
... not the contagion channel due to the wealth effect. In our model, the key factor generating higher spreads during crisis is liquidity premiums that credit constrained investors demand during a crisis. Arellano and Bai (2012) extends Lizarazo (2010) by introducing a debt renegotiation problem to stud ...
NBER WORKING PAPER SERIES TO 2007 Patrick Bajari
... observe which of the two underlying causes actually triggers default in each particular case. Carefully distinguishing between these two causes is important, because unlike prime borrowers, subprime mortgage borrowers tend to have poor credit quality and thus are likely to face liquidity constraints ...
... observe which of the two underlying causes actually triggers default in each particular case. Carefully distinguishing between these two causes is important, because unlike prime borrowers, subprime mortgage borrowers tend to have poor credit quality and thus are likely to face liquidity constraints ...
Collateral-Motivated Financial Innovation
... To understand these issues, first consider a benchmark case without collateral frictions. In this case, if an investor defaults on his promise (e.g., debt or a short position in an Arrow security), his counterparty can seize the collateral the investor has posted for the trade and the defaulting inve ...
... To understand these issues, first consider a benchmark case without collateral frictions. In this case, if an investor defaults on his promise (e.g., debt or a short position in an Arrow security), his counterparty can seize the collateral the investor has posted for the trade and the defaulting inve ...
GUARANTEED SENIOR SECURED NOTES PROGRAMME issued
... operating within the European Economic Area (the “EEA”) and/or offered to the public in an EEA state in circumstances which require the publication of a prospectus under the Prospectus Directive will be €100,000 (or, if the Notes are denominated in a currency other than euro, the equivalent amount i ...
... operating within the European Economic Area (the “EEA”) and/or offered to the public in an EEA state in circumstances which require the publication of a prospectus under the Prospectus Directive will be €100,000 (or, if the Notes are denominated in a currency other than euro, the equivalent amount i ...
Building Sub-national Debt Markets
... 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 account any credit risk and does not involve a credit risk appraisal, as the Treasury reli ...
... 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 account any credit risk and does not involve a credit risk appraisal, as the Treasury reli ...
Summary Prospectus for the Public Offering of Shares of Nova
... amendment to the Articles of Association of the NLB, authorising the NLB's Management Board to increase, during the period of five years after the entry of the said amendment to the Articles of Association in the Court Register, the Bank’s share capital once or several times by no more than EUR 37,1 ...
... amendment to the Articles of Association of the NLB, authorising the NLB's Management Board to increase, during the period of five years after the entry of the said amendment to the Articles of Association in the Court Register, the Bank’s share capital once or several times by no more than EUR 37,1 ...
supplementary regulatory capital disclosure
... To enable banks to meet the new standards, Basel III contains transitional arrangements commencing January 1, 2013, through January 1, 2019. Transitional requirements result in a phase-in of new deductions to common equity over 5 years. Under the transitional rules, all CET1 deductions are multiplie ...
... To enable banks to meet the new standards, Basel III contains transitional arrangements commencing January 1, 2013, through January 1, 2019. Transitional requirements result in a phase-in of new deductions to common equity over 5 years. Under the transitional rules, all CET1 deductions are multiplie ...
SAI - Cortina Asset Management
... The Cortina Small Cap Growth Fund (the “Small Cap Growth Fund”) and the Cortina Small Cap Value Fund (the “Small Cap Value Fund”) are each a series of Cortina Funds, Inc. (“Cortina”), an openend, management investment company, commonly called a mutual fund, that was incorporated under Wisconsin law ...
... The Cortina Small Cap Growth Fund (the “Small Cap Growth Fund”) and the Cortina Small Cap Value Fund (the “Small Cap Value Fund”) are each a series of Cortina Funds, Inc. (“Cortina”), an openend, management investment company, commonly called a mutual fund, that was incorporated under Wisconsin law ...