the evaluation of active manager returns in a non
... higher moments of return distributions. These higher moments (including skewness and kurtosis) capture additional elements of portfolio risk as well as more accurate information content in order to critique the active management ability of professional investors. Indeed, Cotton (2000) argues that sk ...
... higher moments of return distributions. These higher moments (including skewness and kurtosis) capture additional elements of portfolio risk as well as more accurate information content in order to critique the active management ability of professional investors. Indeed, Cotton (2000) argues that sk ...
2010:1 How has the Riksbank managed the financial crisis?
... cost of applying more risk-filled strategies. This is a well-known phenomenon that is generally termed moral hazard. Moral hazard problems can be costly for society both directly in the form of excessive risk-taking in the economy and indirectly by undermining confidence in the financial system if t ...
... cost of applying more risk-filled strategies. This is a well-known phenomenon that is generally termed moral hazard. Moral hazard problems can be costly for society both directly in the form of excessive risk-taking in the economy and indirectly by undermining confidence in the financial system if t ...
Indian Private Equity: Route to Resurgence
... Backed by significant reserves of primarily foreign capital, the private equity industry contributed substantially to the India’s growth story, investing more than $100 billion into more than 3,100 companies between 2001 and 2014. With strong economic growth, the private equity industry in India, on ...
... Backed by significant reserves of primarily foreign capital, the private equity industry contributed substantially to the India’s growth story, investing more than $100 billion into more than 3,100 companies between 2001 and 2014. With strong economic growth, the private equity industry in India, on ...
Using Coke-Cola and Pepsico to demonstrate optimal capital
... theoretical concepts can be applied in practice. The results indicated that Microsoft was not at its optimal capital structure and was therefore not maximizing its value as an all equity firm. The optimal debt ratio based on our analysis should be 37.5%. To expand this work, this paper applies the t ...
... theoretical concepts can be applied in practice. The results indicated that Microsoft was not at its optimal capital structure and was therefore not maximizing its value as an all equity firm. The optimal debt ratio based on our analysis should be 37.5%. To expand this work, this paper applies the t ...
CMBS Subordination, Ratings Inflation, and Regulatory
... or irrationality. Third, consistent with the findings of Driessen and Van Hemert (2011) and unlike the RMBS market, we shall show that there were no major changes in the underlying market for commercial loans over this period. Finally, in the years prior to the crisis there were significant regulat ...
... or irrationality. Third, consistent with the findings of Driessen and Van Hemert (2011) and unlike the RMBS market, we shall show that there were no major changes in the underlying market for commercial loans over this period. Finally, in the years prior to the crisis there were significant regulat ...
Asset Enhancement CPF INVESTMENT GUIDELINES (CPFIG
... Paras 4.1 and 4.2 do not apply to unrated debt securities issued by Singapore-incorporated issuers8 and Singapore statutory boards. FMCs may invest in all such debt securities until such time as is stated otherwise. Nevertheless, the single entity limit for these unrated corporate debt securities is ...
... Paras 4.1 and 4.2 do not apply to unrated debt securities issued by Singapore-incorporated issuers8 and Singapore statutory boards. FMCs may invest in all such debt securities until such time as is stated otherwise. Nevertheless, the single entity limit for these unrated corporate debt securities is ...
Chapter One * Introduction - Mutual Fund Directors Forum
... and the collateral received. Mutual Funds will not usually lend all their Funds as not all may be appropriate portfolios for securities lending. Some beneficial owners may also utilize securities lending as a means to raise cash. The cash collateral received against the lent security may be a cheape ...
... and the collateral received. Mutual Funds will not usually lend all their Funds as not all may be appropriate portfolios for securities lending. Some beneficial owners may also utilize securities lending as a means to raise cash. The cash collateral received against the lent security may be a cheape ...
The Determinants of Stock Market Development
... developing countries. Recognizing the importance of stock market on economic growth, prudential authorities such as World Bank, IMF and ADB undertook stock market development programs for emerging markets in developing countries during 80s and 90s and they found that, emerging stock markets have exp ...
... developing countries. Recognizing the importance of stock market on economic growth, prudential authorities such as World Bank, IMF and ADB undertook stock market development programs for emerging markets in developing countries during 80s and 90s and they found that, emerging stock markets have exp ...
A Primer on Floating-Rate Notes
... may purchase shorter duration floating-rate notes to manage interest rate risk with floaters that include a spread above current short-term rates. In addition, investors such as money market funds and corporations who require a high degree of liquidity in their portfolios may benefit from the fact t ...
... may purchase shorter duration floating-rate notes to manage interest rate risk with floaters that include a spread above current short-term rates. In addition, investors such as money market funds and corporations who require a high degree of liquidity in their portfolios may benefit from the fact t ...
GASB Statement No. 54 and Iowa School Districts
... Stabilization Arrangements • Formally setting aside amounts for use only in certain ...
... Stabilization Arrangements • Formally setting aside amounts for use only in certain ...
Joint Stock Company “The Ural Bank for Reconstruction and
... assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in or ...
... assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in or ...
securities 101: handbook for law enforcement officials
... Shares of stock represent a fraction of ownership in a corporation. If the company does well, the value of your stock should go up over time. If the company does not do well, the value of your investment will decrease. Companies distribute a portion of their profits to shareholders as dividends. A s ...
... Shares of stock represent a fraction of ownership in a corporation. If the company does well, the value of your stock should go up over time. If the company does not do well, the value of your investment will decrease. Companies distribute a portion of their profits to shareholders as dividends. A s ...
Home credit remedies evaluation
... the home credit market investigation. It is the second time we have examined the impact of the CC’s remedies put in place as a result of a market investigation under the Enterprise Act 2002 (the Act). In 2011, we examined the remedies on the store cards market investigation. The paper finds that the ...
... the home credit market investigation. It is the second time we have examined the impact of the CC’s remedies put in place as a result of a market investigation under the Enterprise Act 2002 (the Act). In 2011, we examined the remedies on the store cards market investigation. The paper finds that the ...
Research on the Dilemma of Speculation in Chinese Stock Market
... securities institutions overdraft; news media adding fuel to the flames; misleading mistakenly believe investors to follow suit. In June 2000, a title for the shady Fund-Fund Behavior Research Report Analysis, the article is about the Chinese stock market argument become fuse, Wu Jinglian, Li Yining ...
... securities institutions overdraft; news media adding fuel to the flames; misleading mistakenly believe investors to follow suit. In June 2000, a title for the shady Fund-Fund Behavior Research Report Analysis, the article is about the Chinese stock market argument become fuse, Wu Jinglian, Li Yining ...
Lease
... Conventional mortgage • Offered by a lender who assumes all the risk of loss Federal Housing Administration (FHA) mortgage insurance • Offers lenders mortgage insurance on loans having a high loan-to-value ratio • Intent is to encourage loans to home buyers who have very little money available for a ...
... Conventional mortgage • Offered by a lender who assumes all the risk of loss Federal Housing Administration (FHA) mortgage insurance • Offers lenders mortgage insurance on loans having a high loan-to-value ratio • Intent is to encourage loans to home buyers who have very little money available for a ...
44)
... 1) Which of the following records the payment of the current month's rent bill for a business? A) debit to cash and a credit to rent expense B) debit to rent expense and a credit to cash C) debit to rent expense and a credit to accounts payable D) debit to accounts payable and a credit to cash 2) Re ...
... 1) Which of the following records the payment of the current month's rent bill for a business? A) debit to cash and a credit to rent expense B) debit to rent expense and a credit to cash C) debit to rent expense and a credit to accounts payable D) debit to accounts payable and a credit to cash 2) Re ...
Utility Cost of Capital
... • If too much debt is used then there is only a sliver of equity and the equity profit would swing wildly, therefore equity investors will not want to see the equity ratio get too low • The equity cushion protects the bond investors (Shortfalls in revenue lower profits but interest must still be pai ...
... • If too much debt is used then there is only a sliver of equity and the equity profit would swing wildly, therefore equity investors will not want to see the equity ratio get too low • The equity cushion protects the bond investors (Shortfalls in revenue lower profits but interest must still be pai ...
Submission: Discussion Paper - Handling and use of
... DMA and Market Making. DMA providers usually hedge 100% of their client transactions via prime brokers who link them to the major liquidity providers, namely the major investment banks. In our opinion, the true source of pricing and liquidity for Forex and CFD does emanate from the major investment ...
... DMA and Market Making. DMA providers usually hedge 100% of their client transactions via prime brokers who link them to the major liquidity providers, namely the major investment banks. In our opinion, the true source of pricing and liquidity for Forex and CFD does emanate from the major investment ...
Pawn Financing: One of Viable Financing Channels For SMEs in China
... economical stage. Till 1995, the number of pawnshops is reaching to 3013. However, because of the lack of formal authorities, there were 22 different agencies have authority to vet and approve at that time, pawnbroking in the management of chaos. In 1996, the People’s Bank of China officially took o ...
... economical stage. Till 1995, the number of pawnshops is reaching to 3013. However, because of the lack of formal authorities, there were 22 different agencies have authority to vet and approve at that time, pawnbroking in the management of chaos. In 1996, the People’s Bank of China officially took o ...
Capital Entity Procedures
... the Parish Accounting Guide “Capitalization Procedures in ConnectNow” for information on how to record the purchase of capital assets not associated with a large capital project. The Capital entity also allows Designated and Temporarily Restricted funds to be “released” to the General entity once th ...
... the Parish Accounting Guide “Capitalization Procedures in ConnectNow” for information on how to record the purchase of capital assets not associated with a large capital project. The Capital entity also allows Designated and Temporarily Restricted funds to be “released” to the General entity once th ...
the capital structure management of chinese listed real estate
... when many residents are upgrading into bigger housing. A research report by Shanghai Real Estate Economic Association for the preparation of WTO entry cited that, in comparison with companies in developed countries, China's local real estate companies have the following weaknesses: 1.Lack of experie ...
... when many residents are upgrading into bigger housing. A research report by Shanghai Real Estate Economic Association for the preparation of WTO entry cited that, in comparison with companies in developed countries, China's local real estate companies have the following weaknesses: 1.Lack of experie ...
Statement of Financial Condition
... Cash and cash equivalents are defined as highly liquid investments, with an original maturity of three months or less when purchased. At June 30, 2016, the Company had cash equivalents of $9,656 in demand deposit accounts at cost, which approximates fair value. Financial Instruments Financial instru ...
... Cash and cash equivalents are defined as highly liquid investments, with an original maturity of three months or less when purchased. At June 30, 2016, the Company had cash equivalents of $9,656 in demand deposit accounts at cost, which approximates fair value. Financial Instruments Financial instru ...
Alternative Assets: The Next Frontier for Defined Contribution
... Fee levels. Alternative investments often have higher fee levels than traditional strategies. Though this may not be a problem for DB plans if their returns are considered attractive net of fees, it can be a concern for DC plans as the explicit level of fees is shown in participant disclosures and h ...
... Fee levels. Alternative investments often have higher fee levels than traditional strategies. Though this may not be a problem for DB plans if their returns are considered attractive net of fees, it can be a concern for DC plans as the explicit level of fees is shown in participant disclosures and h ...
Time-Zone Arbitrage in Vanguard International
... with either the 0.5% or .25% expected return thresholds over the time period. Their trading strategy, unlike ours, has capital in the international funds less than 10% of the time. Bhargava and Dubofsky [2001] also consider TZA in Vanguard international index funds, calculate the return from TZA, an ...
... with either the 0.5% or .25% expected return thresholds over the time period. Their trading strategy, unlike ours, has capital in the international funds less than 10% of the time. Bhargava and Dubofsky [2001] also consider TZA in Vanguard international index funds, calculate the return from TZA, an ...