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Consultation paper - Ministry of Justice
Consultation paper - Ministry of Justice

... Fairness for all lies at the heart of our justice system, and we must have a system that works for the whole of society. It is a longstanding and basic principle in common law that when someone is wrongfully injured, they should be paid damages that compensate them fully for their injuries. The idea ...
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Monte Carlo Simulation in Financial Valuation
Monte Carlo Simulation in Financial Valuation

... which the present value may be considered as the discounting of a future payout using a discount rate , or equivalently the future payout may be considered the result of exponential growth of the present value using as the growth rate. The choice of that makes the present value equal to the market-c ...
Chapter 6 The Risk and Term Structure of Interest Rates
Chapter 6 The Risk and Term Structure of Interest Rates

... (a) An increase in default risk on corporate bonds lowers the demand for these bonds, but increases the demand for default-free bonds. (b) The expected return on corporate bonds decreases as default risk increases. (c) A corporate bond’s return becomes more uncertain as default risk increases. (d) A ...
Are There New Limits? April 9, 2008 Lisa J. Bleier Center
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Do Mergers and Acquisitions Create Shareholder Wealth In The

... company. The study is performed on two databases, the first focuses on acquiring companies only and the second includes acquirer and acquired summed together. The first analysis is used to determine if the acquired company benefited from the transaction while the second looks at the effects on the w ...
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NORTHEAST BANCORP /ME/ (Form: 10

... rates, capital spending, finance sources and revenue sources of Northeast Bancorp ("we," "our," "us," "Northeast" or the "Company"). These statements relate to expectations concerning matters that are not historical facts. Accordingly, statements that are based on management's projections, estimates ...
Bond Duration: A Pedagogic Illustration
Bond Duration: A Pedagogic Illustration

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Columbia VP High Yield Bond 2 (USD)

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american capital agency corp. - corporate

... recognized as an impairment charge in earnings as an unrealized loss and the cost basis of the securities are adjusted. Upon a decision to sell an impaired available-for-sale investment security on which we do not expect the fair value of the investment to fully recover prior to the expected time of ...
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... Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, or Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or Exchange Act. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “wi ...
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The Term Structure of Money Market Spreads
The Term Structure of Money Market Spreads

... such as Taylor and Williams (2008), McAndrews et.al. (2008), and Schwarz (2009). These papers use ordinary least squares (OLS) regressions to attribute the rise in spreads to the same two factors I concentrate on, credit and liquidity. While the coefficient estimates derived from OLS regressions of ...
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... Using leverage can enhance your returns and magnify your losses You may be interested in using margin as a means to enhance your investment returns. Let’s explore an example where you buy $20,000 worth of a stock by putting up $10,000 in cash and borrowing $10,000 on margin. Suppose the stock price ...
Cash-flow Risk, Discount Risk, and the Value Premium
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... dynamics over time. We show that discount risk effects interact with the cross-sectional dispersion in cash-flow risk to induce time series variation in the relative risk of value versus growth stocks over the business cycle as measured by shocks to aggregate consumption. In particular, consistently ...
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Rethinking the Role of Recourse in the Sale of Financial Assets

... the role of recourse in the sale of financial assets. The concept of "true sale" is profoundly significant in today's commercial world. Defining true sale is the holy grail of the securitization market, a market in which hundreds of billions of dollars flow in transactions structured around constant ...
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... Purchases of premises and equipment, net Proceeds from sale of foreclosed assets held for sale Proceeds from sale of foreclosed assets held for sale, covered by FDIC loss share Proceeds from sale of available-for-sale securities Proceeds from maturities of available-for-sale securities Purchases of  ...
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GCD Discount Rate - Global Credit Data

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ICON Leasing Fund Twelve, LLC - corporate

... Islands limited liability company that is controlled by us through our wholly-owned subsidiary, ICON Victorious, LLC (“ICON Victorious”), from Swiber for $42,500,000. The purchase price was comprised of (i) a $19,125,000 equity investment from ICON Victorious, (ii) an $18,375,000 contribution-in-kin ...
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AMC Networks Inc.

... of (i) transfer of control, (ii) variable consideration, (iii) allocation of selling price for multiple elements, (iv) intellectual property licenses, (v) time value of money and (vi) contract costs. The standard also expands the required disclosures related to revenue and cash flows from contracts ...
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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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