Winning the long-term game — new insights into asset
... Asset owners should spend more time on the initial evaluation of potential managers, including an assessment of the 'cultural fit' between the institution and their own investment beliefs Many participants suggested that a better model may be to measure performance less frequently but in more de ...
... Asset owners should spend more time on the initial evaluation of potential managers, including an assessment of the 'cultural fit' between the institution and their own investment beliefs Many participants suggested that a better model may be to measure performance less frequently but in more de ...
All Equity Portfolio
... Past performance is no guarantee of future results. All investments involve risk, including the potential loss of principal invested. The use of Toews does not eliminate risks associated with investing. Consider the investment objectives, risks, charges, and expenses carefully before investing. The ...
... Past performance is no guarantee of future results. All investments involve risk, including the potential loss of principal invested. The use of Toews does not eliminate risks associated with investing. Consider the investment objectives, risks, charges, and expenses carefully before investing. The ...
Evaluating the Riskiness of Initial Public Offerings: 1980-2000
... percent during the period 1990-98. Ljungqvist (2002) examines the relationship between underwriter compensation and underpricing for U.K IPOs. The study affirms the presence of conflicts of interest in IPO managers that have integrated corporate underwriting and brokerage businesses, finding that un ...
... percent during the period 1990-98. Ljungqvist (2002) examines the relationship between underwriter compensation and underpricing for U.K IPOs. The study affirms the presence of conflicts of interest in IPO managers that have integrated corporate underwriting and brokerage businesses, finding that un ...
Does Asymmetric Information Drive Capital Structure Decisions?
... proxies for both the extent of and change in firm-level adverse selection help explain the capital structure decisions of U.S. firms between 1973 and 2002. We begin by examining the slope coefficient in a regression of change in debt against financing deficit (as in Shyam-Sunder and Myers 1999) for ...
... proxies for both the extent of and change in firm-level adverse selection help explain the capital structure decisions of U.S. firms between 1973 and 2002. We begin by examining the slope coefficient in a regression of change in debt against financing deficit (as in Shyam-Sunder and Myers 1999) for ...
How Do Underwriters Value Initial Public Offerings?
... numbers are believed to be better in capturing the value derived from tangible assets than intangible assets (Lev, 2001). This predicts an increased use of accounting-based valuation methods such as the economic value added method when valuing firms with high asset tangibility. We hypothesize that u ...
... numbers are believed to be better in capturing the value derived from tangible assets than intangible assets (Lev, 2001). This predicts an increased use of accounting-based valuation methods such as the economic value added method when valuing firms with high asset tangibility. We hypothesize that u ...
Realization Utility with Reference
... prices of the asset are salient, and therefore evaluating individual assets is the applicable setting for studying realization utility. As a result, even when the investor holds multiple stock positions simultaneously, narrow framing allows us to study each sequence of purchases and sales separately ...
... prices of the asset are salient, and therefore evaluating individual assets is the applicable setting for studying realization utility. As a result, even when the investor holds multiple stock positions simultaneously, narrow framing allows us to study each sequence of purchases and sales separately ...
Sustainable Withdrawal Rates From Your Retirement Portfolio
... Other studies have taken a more academic approach. Ho, Milevsky, and Robinson (1994) developed an analytical model to determine the optimal allocation between a risky and risk-free asset in order to minimize the probability that withdrawals will prematurely exhaust a retirement fund. Using historica ...
... Other studies have taken a more academic approach. Ho, Milevsky, and Robinson (1994) developed an analytical model to determine the optimal allocation between a risky and risk-free asset in order to minimize the probability that withdrawals will prematurely exhaust a retirement fund. Using historica ...
PL00142-1055_Exact Market Cash Fund PDS
... All investments carry risk. The value of your investment may fall for a number of reasons, which means that you may receive back less than your original investment when you withdraw or you may not receive income over a given timeframe. Before making an investment decision, it’s important to understa ...
... All investments carry risk. The value of your investment may fall for a number of reasons, which means that you may receive back less than your original investment when you withdraw or you may not receive income over a given timeframe. Before making an investment decision, it’s important to understa ...
No Slide Title
... one extreme, the money market refers to fixedincome securities that are short term, highly marketable, and generally of very low risk. In contrast, the fixed income capital market includes long-term securities such as Treasury bonds, as well as bonds issued by federal agencies, state and local munic ...
... one extreme, the money market refers to fixedincome securities that are short term, highly marketable, and generally of very low risk. In contrast, the fixed income capital market includes long-term securities such as Treasury bonds, as well as bonds issued by federal agencies, state and local munic ...
Time-varying risk premia and the cost of capital
... practices that refashion the type of costs that are excluded from earnings or the type of investments that are written off, or changes in compensation practices toward the use of stock options which are not treated as an expense, can all create one-time movements in measured price–earnings ratios th ...
... practices that refashion the type of costs that are excluded from earnings or the type of investments that are written off, or changes in compensation practices toward the use of stock options which are not treated as an expense, can all create one-time movements in measured price–earnings ratios th ...
Order Exposure and Liquidity Coordination
... (i.e., overbidding). Our key results are therefore driven by the interaction of both mechanisms, liquidity competition in the primary exchange and order flow attraction from latent investors. A central finding of our study is that due to mis-coordination (large) hidden orders can significantly harm ...
... (i.e., overbidding). Our key results are therefore driven by the interaction of both mechanisms, liquidity competition in the primary exchange and order flow attraction from latent investors. A central finding of our study is that due to mis-coordination (large) hidden orders can significantly harm ...
Bonds, Stocks, and Sources of Mispricing
... Canonical asset pricing theories assert that risk is correctly priced by rational agents in frictionless markets. However, to the extent that predictable patterns in the cross section of average returns do not reflect compensation for risk exposures, they point to persistent mispricing attributable ...
... Canonical asset pricing theories assert that risk is correctly priced by rational agents in frictionless markets. However, to the extent that predictable patterns in the cross section of average returns do not reflect compensation for risk exposures, they point to persistent mispricing attributable ...
Appendix - American Public Power Association
... Problems with the use of accounting measures to measure the true return earned by investors has long been recognized by economists. For example, Fisher and McGowan state: “Many users of accounting rates of return seem well aware that profits to total assets or stockholders equity may not be consist ...
... Problems with the use of accounting measures to measure the true return earned by investors has long been recognized by economists. For example, Fisher and McGowan state: “Many users of accounting rates of return seem well aware that profits to total assets or stockholders equity may not be consist ...
Private Equity Investment in High Growth Companies: Selection
... VCs focus on technology companies, acquire a minority stake (less than 50%) in early-stage (sometimes pre-revenue) companies and use only equity in their investments. They typically ...
... VCs focus on technology companies, acquire a minority stake (less than 50%) in early-stage (sometimes pre-revenue) companies and use only equity in their investments. They typically ...
A financial derivative is a contract whose return depends on the
... PV principle? Give the assumptions under which a stock can be evaluated using the PV principle. Does the PV principle apply for a corporate bond, a European call option, or a forward/futures contract? Exercise: The nominal interest rate is …xed at rnom = 4% (per year), and interest is compounded sem ...
... PV principle? Give the assumptions under which a stock can be evaluated using the PV principle. Does the PV principle apply for a corporate bond, a European call option, or a forward/futures contract? Exercise: The nominal interest rate is …xed at rnom = 4% (per year), and interest is compounded sem ...
The Timely Case for Quality and Value Stocks
... adjustment. Information we use may be internally derived or may come from outside sources including, but not limited to, Morgan Stanley, Jefferies, Bloomberg and Yahoo Finance. Market indices are included in this report only as context reflecting general market results during the period and should n ...
... adjustment. Information we use may be internally derived or may come from outside sources including, but not limited to, Morgan Stanley, Jefferies, Bloomberg and Yahoo Finance. Market indices are included in this report only as context reflecting general market results during the period and should n ...
RFP Questionnaire - Meketa Investment Group
... Standard of Care: The Manager hereby represents and warrants to, and agrees with, the Client that the Manager is an “investment manager,” a manager of public investments, and a “fiduciary,” under the applicable law of the State of California, including without limitation the County Employees Retirem ...
... Standard of Care: The Manager hereby represents and warrants to, and agrees with, the Client that the Manager is an “investment manager,” a manager of public investments, and a “fiduciary,” under the applicable law of the State of California, including without limitation the County Employees Retirem ...
Seasons Series Trust - Mid Cap Value Portfolio - Annuities
... investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each ...
... investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each ...
Special Edition Bond Series `Autopilot` (Issue 5)
... of 50 European blue-chip stocks from those countries participating in the EMU. The index includes shares such as Banco Santander, Daimler Chrysler, L’Oreal, Nokia, Siemens and Total. ...
... of 50 European blue-chip stocks from those countries participating in the EMU. The index includes shares such as Banco Santander, Daimler Chrysler, L’Oreal, Nokia, Siemens and Total. ...
AllianceImportance.Intro.1
... AlliancesHow far have we come? “Alliances are mere transitional devices and because of this they are destined to fail” Michael Porter ...
... AlliancesHow far have we come? “Alliances are mere transitional devices and because of this they are destined to fail” Michael Porter ...
PRIVATE EQUITY FOR THE COMMON MAN
... price creates the illusion of the “true” or fundamental value of investment. The $10 per share price thus creates a mental anchor for the investor, who mentally sets $10 per share as a lower bound on value that is expected to be realized at the time of fund liquidation (analogous to the full repayme ...
... price creates the illusion of the “true” or fundamental value of investment. The $10 per share price thus creates a mental anchor for the investor, who mentally sets $10 per share as a lower bound on value that is expected to be realized at the time of fund liquidation (analogous to the full repayme ...
BONANZA GOLD CORP. (Form: 10-K, Received: 04
... lose all or part of your investment. N o person should consider investing who cannot afford to lose their entire investment or who is in any significant way dependent upon the funds that they are investing. The risk factors contained herein are not meant to be exhaustive. We are a development stage ...
... lose all or part of your investment. N o person should consider investing who cannot afford to lose their entire investment or who is in any significant way dependent upon the funds that they are investing. The risk factors contained herein are not meant to be exhaustive. We are a development stage ...
Not so Great Expectations: A Model of Growth and Informational Frictions
... between recessions with …nancial origins and slow recoveries by illustrating how …nancial crises during downturns can delay recoveries by distorting …rm expectations, which depresses real investment and feeds back into the incentives for …nancial market participants to trade on their private informa ...
... between recessions with …nancial origins and slow recoveries by illustrating how …nancial crises during downturns can delay recoveries by distorting …rm expectations, which depresses real investment and feeds back into the incentives for …nancial market participants to trade on their private informa ...
Mutual Fund Performance: Luck or Skill?
... debate. Can luck, disguised as stock portfolios “chosen” by darts, outperform the skill of individual investors making their own reasoned portfolio choices? Ensign (2012) reports that in this well–received contest, luck wins out, in which darts beat “the readers, with 28 wins out of 46 contests.” Ho ...
... debate. Can luck, disguised as stock portfolios “chosen” by darts, outperform the skill of individual investors making their own reasoned portfolio choices? Ensign (2012) reports that in this well–received contest, luck wins out, in which darts beat “the readers, with 28 wins out of 46 contests.” Ho ...
Franklin High Yield Fund
... firm's broader fixed income and equity teams. · Our fund managers employ a time-tested investment process with a focus on bottom-up fundamental research with key industry perspectives ...
... firm's broader fixed income and equity teams. · Our fund managers employ a time-tested investment process with a focus on bottom-up fundamental research with key industry perspectives ...
Stock trader
A stock trader or equity trader or share trader is a person or company involved in trading equity securities. Stock traders may be an agent, hedger, arbitrageur, speculator, stockbroker or investor. A stock investor is an individual or company who puts money to use by the purchase of equity securities, offering potential profitable returns, as interest, income, or appreciation in value (capital gains). This buy-and-hold long term strategy is passive in nature, as opposed to speculation, which is typically active in nature. Many stock speculators will trade bonds (and possibly other financial assets) as well. Stock speculation is a risky and complex occupation because the direction of the markets are generally unpredictable and lack transparency, also financial regulators are sometimes unable to adequately detect, prevent and remediate irregularities committed by malicious listed companies or other financial market participants. In addition, the financial markets are usually subjected to speculation.