Supplementary Material for “Advance Information and Asset Prices” October 24, 2012
... advance information is less precise. As in the main model, when advance information is very precise, there are few rebalancing trades in the nontraded asset, and momentum disappears. When advance information is very noisy, we are back in a model without advance information and with aZ small, momentu ...
... advance information is less precise. As in the main model, when advance information is very precise, there are few rebalancing trades in the nontraded asset, and momentum disappears. When advance information is very noisy, we are back in a model without advance information and with aZ small, momentu ...
Quantitative Easing and Volatility Spillovers across
... financial markets and broader economic conditions. Spillovers through financial market prices are important and readily observable. For example, when the first round of US quantitative easing (QE1) was announced, global stock indices jumped up and equity risk neutral volatilities dropped sharply. 1 ...
... financial markets and broader economic conditions. Spillovers through financial market prices are important and readily observable. For example, when the first round of US quantitative easing (QE1) was announced, global stock indices jumped up and equity risk neutral volatilities dropped sharply. 1 ...
IAS 39 Implementation Guidance Questions and Answers
... principles for recognising, measuring, and disclosing information about financial assets and financial liabilities. When the old IASC Board voted to approve IAS 39 in December 1998, the Board noted that, at about the same time, the United States had adopted new standards on derecognition, derivative ...
... principles for recognising, measuring, and disclosing information about financial assets and financial liabilities. When the old IASC Board voted to approve IAS 39 in December 1998, the Board noted that, at about the same time, the United States had adopted new standards on derecognition, derivative ...
From strength to strength
... At the same time, SES continued to invest in the quality of its unrivalled service delivery to customers, by building two new Satellite Operations Centers (SOCs) in Betzdorf (Luxembourg) and Princeton (New Jersey). Both SOCs will become operational during 2014 to future proof the day-to-day operati ...
... At the same time, SES continued to invest in the quality of its unrivalled service delivery to customers, by building two new Satellite Operations Centers (SOCs) in Betzdorf (Luxembourg) and Princeton (New Jersey). Both SOCs will become operational during 2014 to future proof the day-to-day operati ...
Do Noise Traders Move Markets?
... be net buyers or net sellers of the same stocks; if, instead, noise traders buy and sell randomly, their trades tend to cancel, rather than reinforce, each other. Third, there must be limits to the ability of rational, well-informed investors to correct mispricing through arbitrage. If these conditi ...
... be net buyers or net sellers of the same stocks; if, instead, noise traders buy and sell randomly, their trades tend to cancel, rather than reinforce, each other. Third, there must be limits to the ability of rational, well-informed investors to correct mispricing through arbitrage. If these conditi ...
Detailed explanation of new law - Federal Register of Legislation
... current tax laws, which have continued to rely significantly on legal form, represent an increasingly complex amalgam of both general and specific provisions. ...
... current tax laws, which have continued to rely significantly on legal form, represent an increasingly complex amalgam of both general and specific provisions. ...
ALUMINA LTD (Form: 20-F, Received: 05/27/2011 08
... and mines and (vi) estimates of expected dividends to be received from AWAC. Forward-looking statement include those containing such words as “anticipate”, “estimates”, “should”, “will”, “expects”, “plans” or similar expressions. Such forward-looking statements are not guarantees of future performan ...
... and mines and (vi) estimates of expected dividends to be received from AWAC. Forward-looking statement include those containing such words as “anticipate”, “estimates”, “should”, “will”, “expects”, “plans” or similar expressions. Such forward-looking statements are not guarantees of future performan ...
Credit Default Swaps -new regulations and conversion
... importance in the recent financial crisis. Due to the nature of the market, which is an over-thecounter market, it’s been difficult to monitor the market of CDS contracts, which indeed made the crisis spread rapidly. In April 2009 new regulations of CDS contracts were introduced with the purpose to ...
... importance in the recent financial crisis. Due to the nature of the market, which is an over-thecounter market, it’s been difficult to monitor the market of CDS contracts, which indeed made the crisis spread rapidly. In April 2009 new regulations of CDS contracts were introduced with the purpose to ...
Notification of important changes concerning voting rights under L
... Inc., following a relevant notification on 25 April 2017, holds indirectly as of 24 April 2017 voting rights that correspond to an equal amount of common, registered, voting, dematerialised shares above the 5% threshold of the total voting rights of the Bank. The voting rights are analysed as follow ...
... Inc., following a relevant notification on 25 April 2017, holds indirectly as of 24 April 2017 voting rights that correspond to an equal amount of common, registered, voting, dematerialised shares above the 5% threshold of the total voting rights of the Bank. The voting rights are analysed as follow ...
Annual report
... After two record years in 2004 and 2005, Bekaert again had a good year in 2006. These are some of the highlights. Geographically, there are many changes under way. The BRIC countries – Brazil, Russia, India and China – are playing an increasingly important role in the growth of the world economy. Wi ...
... After two record years in 2004 and 2005, Bekaert again had a good year in 2006. These are some of the highlights. Geographically, there are many changes under way. The BRIC countries – Brazil, Russia, India and China – are playing an increasingly important role in the growth of the world economy. Wi ...
The Impact of the French Securities Transaction Tax on Market
... finds a negative impact on volumes. Pomeranets and Weaver (2012) analyze nine changes in the New York state STT between 1932 and 1981 that affected stocks traded on the New York Stock Exchange. They find that the STT has a negative impact on traded volumes, but no statistically significant impact on ...
... finds a negative impact on volumes. Pomeranets and Weaver (2012) analyze nine changes in the New York state STT between 1932 and 1981 that affected stocks traded on the New York Stock Exchange. They find that the STT has a negative impact on traded volumes, but no statistically significant impact on ...
at the heart of the energy transition
... substantially reduced electricity wholesale prices on some markets. It also highlights the benefits of international cooperation with our colleagues in other countries. The Group also plans to shore up international partnerships between system operators and electricity exchanges by developing new pr ...
... substantially reduced electricity wholesale prices on some markets. It also highlights the benefits of international cooperation with our colleagues in other countries. The Group also plans to shore up international partnerships between system operators and electricity exchanges by developing new pr ...
AnnuAl RepoRt
... For the current year, we are expecting an overall positive business development which however has to be considered differentiated in the individual segments. In the Segment Sports we are currently assuming moderate increasing sales at SPORT1 although there are initial signs that the TV advertising m ...
... For the current year, we are expecting an overall positive business development which however has to be considered differentiated in the individual segments. In the Segment Sports we are currently assuming moderate increasing sales at SPORT1 although there are initial signs that the TV advertising m ...
Sovereign CDS Spreads in Europe—The Role of Global
... the US Federal Reserve’s tapering talk rattled global markets. As suggested by the October 2013 Regional Economic Issues Report by the IMF fundamentals played a key role in explaining country specific differences during this episode as well (e.g. countries with large external financing needs have se ...
... the US Federal Reserve’s tapering talk rattled global markets. As suggested by the October 2013 Regional Economic Issues Report by the IMF fundamentals played a key role in explaining country specific differences during this episode as well (e.g. countries with large external financing needs have se ...
`Fong Kong` Finance
... First World War erupted as the unstable political situation resulted in the drastic devaluation of some countries' currencies. The result was an opportunity to profit because if one could purchase these International Reply Coupons in Italy in lira and redeem them in the USA, one could make a profit ...
... First World War erupted as the unstable political situation resulted in the drastic devaluation of some countries' currencies. The result was an opportunity to profit because if one could purchase these International Reply Coupons in Italy in lira and redeem them in the USA, one could make a profit ...
Hedge Funds and the Technology Bubble
... exercises sole or shared investment discretion. 13(f) securities include U.S. stocks, some equity options and warrants, shares of closed-end investment companies, and some convertible debt securities. These reporting requirements apply regardless of whether an institution is regulated by the SEC or ...
... exercises sole or shared investment discretion. 13(f) securities include U.S. stocks, some equity options and warrants, shares of closed-end investment companies, and some convertible debt securities. These reporting requirements apply regardless of whether an institution is regulated by the SEC or ...
Why do foreign firms leave US equity markets?
... same time, however, not all results are supportive of that hypothesis. Since our results do not contradict the bonding hypothesis, there may well be an issue of the power of our tests due to the limited size of our sample. It may also be that investors partially anticipated the actions of the deregi ...
... same time, however, not all results are supportive of that hypothesis. Since our results do not contradict the bonding hypothesis, there may well be an issue of the power of our tests due to the limited size of our sample. It may also be that investors partially anticipated the actions of the deregi ...
Do Smooth Earnings Lower Investors` Perceptions of Investment Risk?
... perceptions of reporting discretion affect how they judge the implications of smooth earnings for investment risk. We also report similar findings concerning how perceptions of reporting discretion affect investors’ beliefs concerning the effect of smooth earnings on firm value. To the extent that ...
... perceptions of reporting discretion affect how they judge the implications of smooth earnings for investment risk. We also report similar findings concerning how perceptions of reporting discretion affect investors’ beliefs concerning the effect of smooth earnings on firm value. To the extent that ...
DT 20 questions - IndependentAdviceFrom.Me
... If you needed sudden access to a lump sum, how likely is it that you would need to encash this investment? I have other savings and investments which I can use for most needs I may need this investment if I needed access to a significant amount of money I would almost certainly need access to ...
... If you needed sudden access to a lump sum, how likely is it that you would need to encash this investment? I have other savings and investments which I can use for most needs I may need this investment if I needed access to a significant amount of money I would almost certainly need access to ...
Kapsch TrafficCom always one step ahead AnnuAl
... The Kapsch TrafficCom Group can look back on a successful fiscal year 2015/16, and we have achieved a great deal – both short-term with regard to profitability and long-term for our future. We significantly exceeded the goal we set for ourselves for the past year. This demonstrates, that Program 202 ...
... The Kapsch TrafficCom Group can look back on a successful fiscal year 2015/16, and we have achieved a great deal – both short-term with regard to profitability and long-term for our future. We significantly exceeded the goal we set for ourselves for the past year. This demonstrates, that Program 202 ...
Speaker Bio
... Head, Wholesale Banking, CIBC Harry Culham is responsible for CIBC’s Wholesale Banking business, which provides integrated credit and capital markets products, investment banking advisory services and top-ranked research to corporate, government and institutional clients around the world. In this ro ...
... Head, Wholesale Banking, CIBC Harry Culham is responsible for CIBC’s Wholesale Banking business, which provides integrated credit and capital markets products, investment banking advisory services and top-ranked research to corporate, government and institutional clients around the world. In this ro ...
The Choice between Non-Callable and Callable Bonds
... utility bonds combined during our 1995 through 2008 sample period. We also include financial bonds in our sample because we wish to determine if the financing of financial firms are also subject to the same agency theoretic problems as industrial firms. Other work includes the influence of the econo ...
... utility bonds combined during our 1995 through 2008 sample period. We also include financial bonds in our sample because we wish to determine if the financing of financial firms are also subject to the same agency theoretic problems as industrial firms. Other work includes the influence of the econo ...
Quid pro quo? What factors influence IPO allocations to
... benign view is that conflicts of interest help to explain underpricing. Investment banks may reward those buy-side investor clients who generate revenues for the bank through broking and other services with allocations of underpriced IPOs (Reuter (2006), Nimalendran, Ritter and Zhang (2007), Ritter ...
... benign view is that conflicts of interest help to explain underpricing. Investment banks may reward those buy-side investor clients who generate revenues for the bank through broking and other services with allocations of underpriced IPOs (Reuter (2006), Nimalendran, Ritter and Zhang (2007), Ritter ...
dollar cost averaging - the role of cognitive error
... because DCA can be shown to be a sub-optimal strategy regardless of preferences over terminal wealth (this is demonstrated in section V). Second, other explanations rely on additional – and often unverifiable – assumptions about investors or the markets involved. This is particularly problematic giv ...
... because DCA can be shown to be a sub-optimal strategy regardless of preferences over terminal wealth (this is demonstrated in section V). Second, other explanations rely on additional – and often unverifiable – assumptions about investors or the markets involved. This is particularly problematic giv ...
Trading Volume Reaction to the Earnings Reconciliation from IFRS
... addition, the IASB, in an effort to improve the quality of accounting standards, issued a series of new international financial reporting standards, most of which were effective on or after January 1, 2005. Thus, our paper can assess the effects of improved international accounting standards on the ...
... addition, the IASB, in an effort to improve the quality of accounting standards, issued a series of new international financial reporting standards, most of which were effective on or after January 1, 2005. Thus, our paper can assess the effects of improved international accounting standards on the ...