Annual Report 2004 ¦ Zurich Financial Services
... We strengthened our balance sheet and positioned Zurich for sustained profitable growth. Net income grew by 29 percent to USD 2.6 billion. This generated a return on equity of 13.3 percent, an increase of 1.2 percentage points compared with 2003. Our result was based on strong underlying improvement ...
... We strengthened our balance sheet and positioned Zurich for sustained profitable growth. Net income grew by 29 percent to USD 2.6 billion. This generated a return on equity of 13.3 percent, an increase of 1.2 percentage points compared with 2003. Our result was based on strong underlying improvement ...
as a PDF - Illinois Law Review
... AL., supra note 15, at 154–55 (summarizing U.S. regulations that make use of credit ratings); see also Bankruptcy Reform Act of 2001, S. 220, 107th Cong. § 912 (2001) (proposing a “true sale” safe harbor for securitization transactions in which at least one class of securities is rated investment gr ...
... AL., supra note 15, at 154–55 (summarizing U.S. regulations that make use of credit ratings); see also Bankruptcy Reform Act of 2001, S. 220, 107th Cong. § 912 (2001) (proposing a “true sale” safe harbor for securitization transactions in which at least one class of securities is rated investment gr ...
Takeovers, Freezeouts, and Risk Arbitrage
... capitalization companies pro…led by the Investor Responsibility Research Center in 1995, had adopted supermajority merger requirements (ranging from 2/3 to 80 percent of the shares). The other important parameter for our model is the minimum fraction of shares the bidder needs to obtain in the tende ...
... capitalization companies pro…led by the Investor Responsibility Research Center in 1995, had adopted supermajority merger requirements (ranging from 2/3 to 80 percent of the shares). The other important parameter for our model is the minimum fraction of shares the bidder needs to obtain in the tende ...
Word - corporate
... ability to complete the sale or disposition of any or all of the assets or businesses that are classified as held for sale. The list above is not exhaustive. Because forward-looking statements involve risks and uncertainties, the actual results and performance of KCG may materially differ from the r ...
... ability to complete the sale or disposition of any or all of the assets or businesses that are classified as held for sale. The list above is not exhaustive. Because forward-looking statements involve risks and uncertainties, the actual results and performance of KCG may materially differ from the r ...
Read full article - Harvard International Law Journal
... the free movement of transnational capital.”18 The system is constitutional because it focuses on providing investors with vaguely worded substantive rights, like the right to “prompt, adequate, and effective compensation” in the event of expropriation.19 Such rights are normatively higher than dome ...
... the free movement of transnational capital.”18 The system is constitutional because it focuses on providing investors with vaguely worded substantive rights, like the right to “prompt, adequate, and effective compensation” in the event of expropriation.19 Such rights are normatively higher than dome ...
SIFMA Submits Comments to FINRA on FINRA`s Markup Proposal
... anticipation of potential customer interest on an at-risk basis. Customer transactions involving those securities may be executed shortly after a dealer acquires a position, in the same face amount, in a manner that may resemble a riskless principal transaction if evaluated solely by reference to cl ...
... anticipation of potential customer interest on an at-risk basis. Customer transactions involving those securities may be executed shortly after a dealer acquires a position, in the same face amount, in a manner that may resemble a riskless principal transaction if evaluated solely by reference to cl ...
Developing Annuities Markets The Experience of Chile
... This study of the Chilean annuities market consists of seven chapters, two technical annexes, and one statistical annex. It is part of a broader project on annuities coordinated by the Operations Policy Department (OPD) of the World Bank and designed to identify best regulatory practices and institu ...
... This study of the Chilean annuities market consists of seven chapters, two technical annexes, and one statistical annex. It is part of a broader project on annuities coordinated by the Operations Policy Department (OPD) of the World Bank and designed to identify best regulatory practices and institu ...
FORM 20-F Annual Report 2016
... be adversely affected. In that event, the trading prices of our shares could decline, and you may lose all or part of your investment. In addition to the risks listed below, risks not currently known to us or that we now deem immaterial may also harm us and affect your investment. Our business may b ...
... be adversely affected. In that event, the trading prices of our shares could decline, and you may lose all or part of your investment. In addition to the risks listed below, risks not currently known to us or that we now deem immaterial may also harm us and affect your investment. Our business may b ...
Documento de Trabajo Nº 73 BACK TO THE STATE
... In the past few years, Argentine pension policy has gone through a new structural reform process. The limitations of the privately-managed system of individual accounts to guarantee universal and adequate benefits led to growing criticism among both policy analysts and the population at large. The a ...
... In the past few years, Argentine pension policy has gone through a new structural reform process. The limitations of the privately-managed system of individual accounts to guarantee universal and adequate benefits led to growing criticism among both policy analysts and the population at large. The a ...
Returning Cash to the Owners: Dividend Policy
... Underlying Assumptions: • (a) There are no tax differences between dividends and capital gains. • (b) If companies pay too much in cash, they can issue new stock, with no flotation costs or signaling consequences, to replace this cash. • (c) If companies pay too little in dividends, they do not use ...
... Underlying Assumptions: • (a) There are no tax differences between dividends and capital gains. • (b) If companies pay too much in cash, they can issue new stock, with no flotation costs or signaling consequences, to replace this cash. • (c) If companies pay too little in dividends, they do not use ...
PLG Prospectus
... of no par value and 353 000 000 issued ordinary Shares of no par value with stated capital of R146.9 million (before write off of share issue expenses). There will be no convertible or redeemable shares issued. In the opinion of the Directors, an overall minimum subscription of R140 000 000 is requi ...
... of no par value and 353 000 000 issued ordinary Shares of no par value with stated capital of R146.9 million (before write off of share issue expenses). There will be no convertible or redeemable shares issued. In the opinion of the Directors, an overall minimum subscription of R140 000 000 is requi ...
RPM by the Numbers
... and market share gains achieved at the depth of Europe’s recession, along with expense cuts made during the downturn. Our performance in Europe was demonstratively better than the continent’s underlying economic conditions, which is a real testament to our European colleagues, in terms of both their ...
... and market share gains achieved at the depth of Europe’s recession, along with expense cuts made during the downturn. Our performance in Europe was demonstratively better than the continent’s underlying economic conditions, which is a real testament to our European colleagues, in terms of both their ...
Annual Report - Central Bank of Ireland
... area of supervision of financial institutions. In particular, the Bank’s role was expanded under the Insurance Act, 2000, to include the supervision of insurance intermediaries. The Bank’s supervisory responsibilities now extend across a broad range of almost 3,000 financial institutions, of which 8 ...
... area of supervision of financial institutions. In particular, the Bank’s role was expanded under the Insurance Act, 2000, to include the supervision of insurance intermediaries. The Bank’s supervisory responsibilities now extend across a broad range of almost 3,000 financial institutions, of which 8 ...
abuse of structured financial products
... COLT, two types of basket options, and sold them to one or more hedge funds, including Renaissance Technologies LLC and George Weiss Associates, that used them to avoid federal taxes and leverage limits on buying securities with borrowed funds. While that type of option product was identified as abu ...
... COLT, two types of basket options, and sold them to one or more hedge funds, including Renaissance Technologies LLC and George Weiss Associates, that used them to avoid federal taxes and leverage limits on buying securities with borrowed funds. While that type of option product was identified as abu ...
Complete Financial Statements (IFRS) - 1Q2017
... We have reviewed the accompanying consolidated interim balance sheet of Itaú Unibanco Holding S.A. and its subsidiaries ("Company") as at March 31, 2017, and the related consolidated statements of income, comprehensive income, changes in stockholders' equity and cash flows for the three-month period ...
... We have reviewed the accompanying consolidated interim balance sheet of Itaú Unibanco Holding S.A. and its subsidiaries ("Company") as at March 31, 2017, and the related consolidated statements of income, comprehensive income, changes in stockholders' equity and cash flows for the three-month period ...
PDF
... the organization. It shows up in the form of smart strategic decisionmaking, focused execution and consistent performance and results. We aim to further our momentum in 2016, as we anticipate continued top-line growth while maintaining solid operating margins and significant financial flexibility to ...
... the organization. It shows up in the form of smart strategic decisionmaking, focused execution and consistent performance and results. We aim to further our momentum in 2016, as we anticipate continued top-line growth while maintaining solid operating margins and significant financial flexibility to ...
Asset Write-down - Rutgers University
... campaign. In this study, we examine 47 firms that voluntarily disclosed asset write-down information in either 10-K or ARS one year prior to the mandatory adoption of SFAS. No. 121. We document the following empirical evidence: firstly, EARLY firms (those who adopted SFAS121 in 1995, one year prior ...
... campaign. In this study, we examine 47 firms that voluntarily disclosed asset write-down information in either 10-K or ARS one year prior to the mandatory adoption of SFAS. No. 121. We document the following empirical evidence: firstly, EARLY firms (those who adopted SFAS121 in 1995, one year prior ...
Investment Opportunities, Free-Cash-Flow, and the Market Values of
... because cash is trapped abroad due to the repatriation tax, firms are more likely to use the cash to undertake value-destroying acquisitions. However, as explained above, there are other mediating variables as well that affect the value of foreign cash – free-cash-flow problems and growth opportuni ...
... because cash is trapped abroad due to the repatriation tax, firms are more likely to use the cash to undertake value-destroying acquisitions. However, as explained above, there are other mediating variables as well that affect the value of foreign cash – free-cash-flow problems and growth opportuni ...
Inflation and Real Estate Investments
... This paper analyzes the inflation sensitivity of real estate investments, comparing them to other inflation-sensitive assets. The most transparent source of real estate investment returns comes from publicly traded stocks of real estate investment trusts (REITs). The authors examine the available re ...
... This paper analyzes the inflation sensitivity of real estate investments, comparing them to other inflation-sensitive assets. The most transparent source of real estate investment returns comes from publicly traded stocks of real estate investment trusts (REITs). The authors examine the available re ...
0001193125-15-370428 - Investor Relations
... or “the Company” refer to Enstar Group Limited and its direct and indirect subsidiaries. On September 14, 2015, Torus Insurance Holdings Limited, previously referred to as “Torus,” changed its name to StarStone Insurance Holdings Limited (“StarStone”). The preparation of these financial statements r ...
... or “the Company” refer to Enstar Group Limited and its direct and indirect subsidiaries. On September 14, 2015, Torus Insurance Holdings Limited, previously referred to as “Torus,” changed its name to StarStone Insurance Holdings Limited (“StarStone”). The preparation of these financial statements r ...
Chapter 6 - NYU Stern School of Business
... operational risk from the perspective of the individual business activities that make up the bank’s or firm’s “output.” That is, individual processes and procedures are mapped to a combination of risk factors and loss events that are used to generate probabilities of future scenarios’ occurrence.4 H ...
... operational risk from the perspective of the individual business activities that make up the bank’s or firm’s “output.” That is, individual processes and procedures are mapped to a combination of risk factors and loss events that are used to generate probabilities of future scenarios’ occurrence.4 H ...
Exam: 20 MC, 1 essay question. Economic backdrop:
... D. The limited liability company: An LLC is an unincorporated business form that provides limited liability for its owners and may be taxed as a partnership. Hybrid: no double taxation (as in a corp.) and no control issues (as in a partnership). To create an LLC, a certificate must be filed w/ the s ...
... D. The limited liability company: An LLC is an unincorporated business form that provides limited liability for its owners and may be taxed as a partnership. Hybrid: no double taxation (as in a corp.) and no control issues (as in a partnership). To create an LLC, a certificate must be filed w/ the s ...
Stronger Risk Controls, Lower Risk: Evidence from US Bank Holding
... ABSTRACT In this paper, we investigate whether U.S. bank holding companies (BHCs) with strong and independent risk management functions have lower enterprise-wide risk. We hand-collect information on the organizational structure of the risk management function at the 74 largest publicly-listed BHCs, ...
... ABSTRACT In this paper, we investigate whether U.S. bank holding companies (BHCs) with strong and independent risk management functions have lower enterprise-wide risk. We hand-collect information on the organizational structure of the risk management function at the 74 largest publicly-listed BHCs, ...
Investment fund
An investment fund is a way of investing money alongside other investors in order to benefit from the inherent advantages of working as part of a group. These advantages include an ability to: hire professional investment managers, which may potentially be able to offer better returns and more adequate risk management; benefit from economies of scale, i.e., lower transaction costs; increase the asset diversification to reduce some unsystemic risk.Terminology varies with country but investment funds are often referred to as investment pools, collective investment vehicles, collective investment schemes, managed funds, or simply funds. An investment fund may be held by the public, such as a mutual fund, exchange-traded fund, or closed-end fund, or it may be sold only in a private placement, such as a hedge fund or private equity fund. The term also includes specialized vehicles such as collective and common trust funds, which are unique bank-managed funds structured primarily to commingle assets from qualifying pension plans or trusts.Investment funds are promoted with a wide range of investment aims either targeting specific geographic regions (e.g., emerging markets or Europe) or specified industry sectors (e.g., technology). Depending on the country there is normally a bias towards the domestic market due to familiarity, and the lack of currency risk. Funds are often selected on the basis of these specified investment aims, their past investment performance, and other factors such as fees.