Financial equilibrium with career concerns
... differs in two respects. First, Trueman assumes that the fund manager’s future compensation depends on his posterior in an exogenously given way. Instead in our model, future compensation depends on the investor’s retention decision, which is endogenous. Second, Trueman considers a partial equilibri ...
... differs in two respects. First, Trueman assumes that the fund manager’s future compensation depends on his posterior in an exogenously given way. Instead in our model, future compensation depends on the investor’s retention decision, which is endogenous. Second, Trueman considers a partial equilibri ...
GENERAL Retirement Plan Enrollment Form *088004*
... that these fees may change in the future and that funds may be added or terminated. I understand that if any of the funds I select in the FRS Investment Plan are terminated in the future, I will be able to move my assets into other investment funds prior to termination. Otherwise, my assets in the t ...
... that these fees may change in the future and that funds may be added or terminated. I understand that if any of the funds I select in the FRS Investment Plan are terminated in the future, I will be able to move my assets into other investment funds prior to termination. Otherwise, my assets in the t ...
Alternative Investments as Modern Financial Innovations
... other physical assets that can form the basis of transactions in the futures market. In the terminology of finance, by contrast, the concept Commodity Trading Advisers (CTA) means professionals, called Licensed Professional Counsellors (LPC), on the futures markets, whose actions apply to foreign ex ...
... other physical assets that can form the basis of transactions in the futures market. In the terminology of finance, by contrast, the concept Commodity Trading Advisers (CTA) means professionals, called Licensed Professional Counsellors (LPC), on the futures markets, whose actions apply to foreign ex ...
Why Hedge Funds? - CFA Institute Publications
... how we interpret broad-scale hedge fund indexes. The term “hedge fund” does not imply a homogeneous asset class but, rather, describes the way in which the fund is organized. Hedge funds include many disparate investment strategies. The first hedge funds were organized in the United States as limite ...
... how we interpret broad-scale hedge fund indexes. The term “hedge fund” does not imply a homogeneous asset class but, rather, describes the way in which the fund is organized. Hedge funds include many disparate investment strategies. The first hedge funds were organized in the United States as limite ...
The Role of ,,Business Angels“ in the Financial Market
... establish good co-operation and mutual trust, because they are the most responsible in this cooperation for further development of the project. ...
... establish good co-operation and mutual trust, because they are the most responsible in this cooperation for further development of the project. ...
Convertible Bonds Primer
... greater claim on the firm’s assets in the event of insolvency. The investor’s income flow is also generally higher and more stable since coupon payments are normally higher than the dividend yield and are a contractual obligation. As well, convertible bonds offer both protection in bear markets thr ...
... greater claim on the firm’s assets in the event of insolvency. The investor’s income flow is also generally higher and more stable since coupon payments are normally higher than the dividend yield and are a contractual obligation. As well, convertible bonds offer both protection in bear markets thr ...
Markit iRxx™ Emerging Market Index
... created every six months enabling market participants to roll into the new series within a two week overlap period prior to physical settlement. The index offers a streamlined structure with no cash flows while an index series is on-the-run. ...
... created every six months enabling market participants to roll into the new series within a two week overlap period prior to physical settlement. The index offers a streamlined structure with no cash flows while an index series is on-the-run. ...
This PDF is a selection from a published volume from... Economic Research
... with the exception of Chinn and Ito (2007a).2 In this investigation encompassing a sample of eighty-nine countries over the 1971 to 2004 period, we found that more financial development leads to higher saving for countries with underdevelopment institutions and closed financial markets, which includ ...
... with the exception of Chinn and Ito (2007a).2 In this investigation encompassing a sample of eighty-nine countries over the 1971 to 2004 period, we found that more financial development leads to higher saving for countries with underdevelopment institutions and closed financial markets, which includ ...
Exchange rate risk and internationally diversified
... the world simultaneously. This, of course, suggests that exchange risk is largely non-diversifiable through acquisitions in other developed countries. Furthermore, Errunza (1977, 1983) has found that, although correlations among the various national markets of developed countries are not very high, ...
... the world simultaneously. This, of course, suggests that exchange risk is largely non-diversifiable through acquisitions in other developed countries. Furthermore, Errunza (1977, 1983) has found that, although correlations among the various national markets of developed countries are not very high, ...
Viewpoint on Executive Compensation
... 1) We expect that overall 2016 CEO TDC will be flat or up in the low single digits for many executives in most industries as profits will likely increase slightly from 2015 levels. a) Our res ...
... 1) We expect that overall 2016 CEO TDC will be flat or up in the low single digits for many executives in most industries as profits will likely increase slightly from 2015 levels. a) Our res ...
Is the Risk-Return Tradeoff Hypothesis valid: Should an
... The EMH was introduced by Fama 1970 in his article Efficient Capital Markets: A Review of Theory and Empirical Work (Eugene Fama, 1970) where he stated that all investors were rational, well-informed and profit-maximizing investors, trading in active markets. Furthermore Fama assumed that all infor ...
... The EMH was introduced by Fama 1970 in his article Efficient Capital Markets: A Review of Theory and Empirical Work (Eugene Fama, 1970) where he stated that all investors were rational, well-informed and profit-maximizing investors, trading in active markets. Furthermore Fama assumed that all infor ...
Fidelity Convertible Securities Investment Trust
... Fidelity’s mutual funds are sold by registered Investment Professionals. Each Fund has a simplified prospectus, which contains important information on the Fund, including its investment objective, purchase options, and applicable charges. Please obtain a copy of the prospectus, read it carefully, a ...
... Fidelity’s mutual funds are sold by registered Investment Professionals. Each Fund has a simplified prospectus, which contains important information on the Fund, including its investment objective, purchase options, and applicable charges. Please obtain a copy of the prospectus, read it carefully, a ...
Housing and Portfolio Choice: A Life Cycle Simulation Model
... Third, housing investments are special in at least two ways, their illiquidity and their role as collateral for credit. While housing is an investment good with uncertain capital value not unlike other assets it cannot be traded in small shares and at low cost. Transaction costs in the housing marke ...
... Third, housing investments are special in at least two ways, their illiquidity and their role as collateral for credit. While housing is an investment good with uncertain capital value not unlike other assets it cannot be traded in small shares and at low cost. Transaction costs in the housing marke ...
Can mutual funds successfully adopt factor investing strategies?
... evidence is important The previous section showed that the incorporation of academic knowledge does not always add value. For both the momentum and short-term reversal anomalies, there are also several studies that challenge the hypothesis that strategies based on these anomalies earn positive exces ...
... evidence is important The previous section showed that the incorporation of academic knowledge does not always add value. For both the momentum and short-term reversal anomalies, there are also several studies that challenge the hypothesis that strategies based on these anomalies earn positive exces ...
- Columbia Business School
... This research shows that mutual fund flows that respond to the market timing of mutual funds, which I refer to as “market timing-sensitive (MT-sensitive) flows,” predict the future market. For each month, I extract the difference in investors’ aggregate response to the mutual funds based on their mo ...
... This research shows that mutual fund flows that respond to the market timing of mutual funds, which I refer to as “market timing-sensitive (MT-sensitive) flows,” predict the future market. For each month, I extract the difference in investors’ aggregate response to the mutual funds based on their mo ...
2. The Bonds and Bills Market - The University of Texas at Dallas
... venue for financial institutions. Using total market capitalization standardized by GDP as a measure of importance, according to World Bank Database on Financial Development and Structure, Turkey ranked 9th out of 30 major world bond markets, with its bond market being 2.3 times as large as its equi ...
... venue for financial institutions. Using total market capitalization standardized by GDP as a measure of importance, according to World Bank Database on Financial Development and Structure, Turkey ranked 9th out of 30 major world bond markets, with its bond market being 2.3 times as large as its equi ...
Download paper (PDF)
... I investigate the relationship between liquidity and market efficiency using data from short-horizon binary outcome securities listed on the TradeSports exchange. I find that liquidity does not reduce—and sometimes increases—deviations of prices from financial and sporting event outcomes. One explan ...
... I investigate the relationship between liquidity and market efficiency using data from short-horizon binary outcome securities listed on the TradeSports exchange. I find that liquidity does not reduce—and sometimes increases—deviations of prices from financial and sporting event outcomes. One explan ...
The Case for the Continuous Commodity Index Fund
... Investors should carefully consider the investment objectives, risks, charges and expenses of the Funds before investing. To obtain a prospectus containing this and other important information, call 866.909.WISE (9473) or visit wisdomtree.com. Investors should read the prospectus carefully before in ...
... Investors should carefully consider the investment objectives, risks, charges and expenses of the Funds before investing. To obtain a prospectus containing this and other important information, call 866.909.WISE (9473) or visit wisdomtree.com. Investors should read the prospectus carefully before in ...
Paper on Speculative evidience
... depends in a non-trivial way on sunspots. Sunspot models are complete rational-expectations; general-equilibrium models offer an explanation of excess volatility. ...
... depends in a non-trivial way on sunspots. Sunspot models are complete rational-expectations; general-equilibrium models offer an explanation of excess volatility. ...
esma_priips_euronext_reply_form_jan_29
... The KID does not correct for trading on regulated markets: According to the Joint Consultation Paper standard derivatives are qualitatively assigned to the highest risk category. The KID rules only seem to take into account the structure of the product and ignore the trading environment. We believe ...
... The KID does not correct for trading on regulated markets: According to the Joint Consultation Paper standard derivatives are qualitatively assigned to the highest risk category. The KID rules only seem to take into account the structure of the product and ignore the trading environment. We believe ...
Accounting Quality and Catastrophic Market Events.
... associated with a reduction by 10% of the average drop (this is approximately equivalent to 450 billions dollars). I also find that the effect of accounting quality is stronger during the worst crashes. To further ensure that accounting quality is not simply a proxy for a greater sensitivity to mark ...
... associated with a reduction by 10% of the average drop (this is approximately equivalent to 450 billions dollars). I also find that the effect of accounting quality is stronger during the worst crashes. To further ensure that accounting quality is not simply a proxy for a greater sensitivity to mark ...
Prospect Theory and market quality - University of Michigan`s Ross
... of the equity premium, excess stock return volatility, momentum and the disposition effect, the value premium, or stock return predictability and its implications for portfolio selection.2 The past two decades have also been characterized by an increasing interest in the study of the process of pric ...
... of the equity premium, excess stock return volatility, momentum and the disposition effect, the value premium, or stock return predictability and its implications for portfolio selection.2 The past two decades have also been characterized by an increasing interest in the study of the process of pric ...
Essays in Financial Economics Sergey Iskoz
... Chapter 2 is joint work with professor Jiang Wang. In this essay, we develop a methodology to identify money managers who have private information about future asset returns. The methodology does not rely on a specific risk model, such as the Sharpe ratio, CAPM, or APT. Instead, it relies on the obs ...
... Chapter 2 is joint work with professor Jiang Wang. In this essay, we develop a methodology to identify money managers who have private information about future asset returns. The methodology does not rely on a specific risk model, such as the Sharpe ratio, CAPM, or APT. Instead, it relies on the obs ...
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.