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- TP ICAP
- TP ICAP

Leverage and Disagreement ∗ François Geerolf UCLA
Leverage and Disagreement ∗ François Geerolf UCLA

The Hazard Rates of First and Second Default
The Hazard Rates of First and Second Default

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NIKE INC ( NKE ) 10−K

... No customer accounted for 10% or more of our net sales during fiscal 2010. Orders Worldwide futures and advance orders for NIKE Brand athletic footwear and apparel, scheduled for delivery from June through November 2010, were $8.8 billion compared to $7.8 billion for the same period last year. This ...
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An Overview of Fee Structures in Real Estate Funds and Their

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... in the domestic and overseas markets, coupled with intensified market competition. Capitalizing on our brand strength, the segment continued to consolidate its leadership in the Middle East, Southeast Asia and other regional markets while strengthening its market development in Central and Eastern E ...
Investor Behaviour and Lottery Stocks
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... performance by investing/holding lottery stock at the given weight. Monthly four factor alphas are calculated for all hypothetical accounts. These are then averaged to find the portfolio monthly alphas by lottery preference classification. Any difference across accounts is attributable to the lotter ...
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... The portfolio management industry has undergone dramatic growth in the last few decades, thereby also generating an increasing interest among regulators and academics. The question how to ensure efficient governance of delegated portfolio management has attracted particular attention. Most theoreti ...
cm advisors small cap value fund cm advisors fixed income fund
cm advisors small cap value fund cm advisors fixed income fund

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Market Implied Costs of Bankruptcy

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image thumbnail

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... 26. When prices rise, the purchasing power of the dollar declines by the same percentage. ANS: F it declines by the reciprocal amount. PTS: 1 ...
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550.448 Financial Engineering and Structured Products

...  Bonds that are based on collateral with floating rates are called adjustable rate mortgage backed securities, or ARMs  Bonds that are based on collateral with a fixed period and then a floating period of rates are called hybrid MBS. The most common hybrid MBS are 3/1,5/1,7/1, and 10/1, meaning a ...
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SYSCO CORP (Form: 10-Q, Received: 05/05/2015 06:07:42)
SYSCO CORP (Form: 10-Q, Received: 05/05/2015 06:07:42)

... core principle of ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. A five-step revenue recognition mod ...
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Present value

In economics, present value, also known as present discounted value, is the value of an expected income stream determined as of the date of valuation. The present value is always less than or equal to the future value because money has interest-earning potential, a characteristic referred to as the time value of money, except during times of negative interest rates, when the present value will be greater than the future value. Time value can be described with the simplified phrase, “A dollar today is worth more than a dollar tomorrow”. Here, 'worth more' means that its value is greater. A dollar today is worth more than a dollar tomorrow because the dollar can be invested and earn a day's worth of interest, making the total accumulate to a value more than a dollar by tomorrow. Interest can be compared to rent. Just as rent is paid to a landlord by a tenant, without the ownership of the asset being transferred, interest is paid to a lender by a borrower who gains access to the money for a time before paying it back. By letting the borrower have access to the money, the lender has sacrificed the exchange value of this money, and is compensated for it in the form of interest. The initial amount of the borrowed funds (the present value) is less than the total amount of money paid to the lender.Present value calculations, and similarly future value calculations, are used to value loans, mortgages, annuities, sinking funds, perpetuities, bonds, and more. These calculations are used to make comparisons between cash flows that don’t occur at simultaneous times. The idea is much like algebra, where variable units must be consistent in order to compare or carry out addition and subtraction; time dates must be consistent in order to make comparisons between values or carry out simple calculations. When deciding between projects in which to invest, the choice can be made by comparing respective present values of such projects by means of discounting the expected income streams at the corresponding project interest rate, or rate of return. The project with the highest present value, i.e. that is most valuable today, should be chosen.
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