... residual. If intangible capital is an important factor of production, the marginal product of physical capital will depend on the quantity of intangible capital. Hence, within the framework of this paper, Cochrane’s test for physical capital is contaminated because it ignores intangible capital. An ...
Why Does the Law of One Price Fail?
... many individual investors are not doing so themselves. Third, our results suggest that the current prominent disclosure of historical returns information may inhibit optimal portfolio choice. Finally, policymakers should consider not only what information is disclosed, but also how it is disclosed. ...
... many individual investors are not doing so themselves. Third, our results suggest that the current prominent disclosure of historical returns information may inhibit optimal portfolio choice. Finally, policymakers should consider not only what information is disclosed, but also how it is disclosed. ...
Document
... quantity demanded (for bonds) and the price of a bond, when all other factors are held constant. Demand for a 1 year discount bond can be show where for a given price, the investment yield can be calculated as follows (see investment yield formula, Lecture 2), ...
... quantity demanded (for bonds) and the price of a bond, when all other factors are held constant. Demand for a 1 year discount bond can be show where for a given price, the investment yield can be calculated as follows (see investment yield formula, Lecture 2), ...
How does bank bench mark IT- IMPORTANT
... Even if the above does not happen, banks will have to shed assets to shrink their balance sheets, reduce the scale of operations and economic growth will suffer. Liquidity is a bigger concern than capital owing to the sheer size of the debt banks will need to meet liquidity regulatory obligations. ...
... Even if the above does not happen, banks will have to shed assets to shrink their balance sheets, reduce the scale of operations and economic growth will suffer. Liquidity is a bigger concern than capital owing to the sheer size of the debt banks will need to meet liquidity regulatory obligations. ...
LIQUIDITY MANAGEMENT TOP TEN: FINE TUNING CASH
... a result, they’ll demand a higher yield for owning a less liquid security. 3. Credit Ratings: Investors often associate credit risk with liquidity. Securities with credit ratings of triple-A, double-A, or single-A are generally very liquid, as a large number of investors like to purchase them. Bonds ...
... a result, they’ll demand a higher yield for owning a less liquid security. 3. Credit Ratings: Investors often associate credit risk with liquidity. Securities with credit ratings of triple-A, double-A, or single-A are generally very liquid, as a large number of investors like to purchase them. Bonds ...
The macroeconomic impact of UK withdrawal from the EU
... prospects have not yet been considered in the debate over whether to withdraw. In recent years, there has been growing awareness that the level of output and the prospects for economic growth in imperfectly competitive open economies like the UK might be related to the knowledge, both codified and t ...
... prospects have not yet been considered in the debate over whether to withdraw. In recent years, there has been growing awareness that the level of output and the prospects for economic growth in imperfectly competitive open economies like the UK might be related to the knowledge, both codified and t ...
A structural review of capital market operators
... • Best case example, Commercial Banks in 2004 where asked to increase capital from N2bn to N25bn to become universal banks – this was severely frowned upon by the market as it was a 12.5x increase in capital • An issuing House/Financial Adviser, Underwriter, Asset Management License from SEC was unt ...
... • Best case example, Commercial Banks in 2004 where asked to increase capital from N2bn to N25bn to become universal banks – this was severely frowned upon by the market as it was a 12.5x increase in capital • An issuing House/Financial Adviser, Underwriter, Asset Management License from SEC was unt ...
what should a financial market dealer licence
... • Best case example, Commercial Banks in 2004 where asked to increase capital from N2bn to N25bn to become universal banks – this was severely frowned upon by the market as it was a 12.5x increase in capital • An issuing House/Financial Adviser, Underwriter, Asset Management License from SEC was unt ...
... • Best case example, Commercial Banks in 2004 where asked to increase capital from N2bn to N25bn to become universal banks – this was severely frowned upon by the market as it was a 12.5x increase in capital • An issuing House/Financial Adviser, Underwriter, Asset Management License from SEC was unt ...
How a Banker Looks at Financial Leverage
... during the bad times. The low end of the business cycle can provide very attractive purchase investment opportunities -- if you have the borrowing capacity to take advantage of them. But windows of opportunity often are relatively short and there may be little time for raising more equity capital, g ...
... during the bad times. The low end of the business cycle can provide very attractive purchase investment opportunities -- if you have the borrowing capacity to take advantage of them. But windows of opportunity often are relatively short and there may be little time for raising more equity capital, g ...
Asset Allocation
... patterns of return and risk There is now a consensus in empirical finance that expected asset returns, and also variances and covariances, are, to some extent, predictable. Pioneering work on the predictability of asset class returns in the U.S. market was carried out by Keim and Stambaugh (1986), C ...
... patterns of return and risk There is now a consensus in empirical finance that expected asset returns, and also variances and covariances, are, to some extent, predictable. Pioneering work on the predictability of asset class returns in the U.S. market was carried out by Keim and Stambaugh (1986), C ...
Progress of the Plan for Removal of Capital Controls
... Investment Programme has been invested in bonds, around 40.0% in equities, 12.2% in real estate and around 0.6% in UCITS. Treasury securities option One of the objectives of the Treasury securities option was to ensure refinancing of Treasury debt and extend its repayment profile. When the Treasury ...
... Investment Programme has been invested in bonds, around 40.0% in equities, 12.2% in real estate and around 0.6% in UCITS. Treasury securities option One of the objectives of the Treasury securities option was to ensure refinancing of Treasury debt and extend its repayment profile. When the Treasury ...
DHFL Pramerica Dual Advantage Fund Series 1 to 3
... Credit Evaluation Policy:The AMC has structured an internal credit risk management process. The process comprise of detailed analysis of both quantitative and qualitative factors, including financial statement analysis, business outlook, future expansion/ capex plans, capital market data, management ...
... Credit Evaluation Policy:The AMC has structured an internal credit risk management process. The process comprise of detailed analysis of both quantitative and qualitative factors, including financial statement analysis, business outlook, future expansion/ capex plans, capital market data, management ...
Capital Asset Pricing Model
... Testing the CAPM 1. Test H0: α*=0 for excess-return Market Model (t-test for one asset or F-test for a joint test for a set of assets) 2. Check if market portfolio is efficient and equal to tangency portfolio for assets in market portfolio 3. Check predictions for expected returns based on Beta and ...
... Testing the CAPM 1. Test H0: α*=0 for excess-return Market Model (t-test for one asset or F-test for a joint test for a set of assets) 2. Check if market portfolio is efficient and equal to tangency portfolio for assets in market portfolio 3. Check predictions for expected returns based on Beta and ...
The Untangling of Client Assets at Lehman: A Year`s Progress
... frozen in bankruptcy proceedings in Germany. exchange-traded futures and options contracts. PWC estimates that LBIE was holding more than $2 billion in segregated client money when it went into administration. On Dec. 15, a U.K. justice issued a ruling that clarified several key issues affecting cla ...
... frozen in bankruptcy proceedings in Germany. exchange-traded futures and options contracts. PWC estimates that LBIE was holding more than $2 billion in segregated client money when it went into administration. On Dec. 15, a U.K. justice issued a ruling that clarified several key issues affecting cla ...
Forms of Complex Dynamics in Transforming Economies
... with technological stagnation and rising capital-output ratios. Our model (Rosser and Rosser, 1994) of these fluctuations modifies a model of Puu (1997) of the nonlinear multiplieraccelerator model, originally due to Hicks (1950) and Goodwin (1951), but reinterpreted as a long wave capital self-orde ...
... with technological stagnation and rising capital-output ratios. Our model (Rosser and Rosser, 1994) of these fluctuations modifies a model of Puu (1997) of the nonlinear multiplieraccelerator model, originally due to Hicks (1950) and Goodwin (1951), but reinterpreted as a long wave capital self-orde ...
3.6 Ratio Analysis
... Business who operate mainly in cash will have a very low ratio. A high ratio could mean poor control over ...
... Business who operate mainly in cash will have a very low ratio. A high ratio could mean poor control over ...
Public Capital: Measurement Issues and Policy Implications Matilde
... OECD Manual (2009) makes a similar recommendation than Jorgenson and Landfeld (2004) but only when full information on rates of return for the market and the household sector is available. When this information is not available it recommends to use the household rate of return measured by the social ...
... OECD Manual (2009) makes a similar recommendation than Jorgenson and Landfeld (2004) but only when full information on rates of return for the market and the household sector is available. When this information is not available it recommends to use the household rate of return measured by the social ...
Balance of Payments - December 2013
... Non-residents Reserve Assets (net) Net Errors and Omissions ...
... Non-residents Reserve Assets (net) Net Errors and Omissions ...
A better perspective - Allianz Global Investors
... economics now make sense. Another approach to increasing the supply of water would be to prevent freshwater lost through leakage. The Department of Water Resources estimates that on average 10% of water is lost through leakage with some cities losing more than 30%. The aging infrastructure will only ...
... economics now make sense. Another approach to increasing the supply of water would be to prevent freshwater lost through leakage. The Department of Water Resources estimates that on average 10% of water is lost through leakage with some cities losing more than 30%. The aging infrastructure will only ...
Earnings adjustments for corrective contributions
... been, a reasonable interest rate may be used. For this purpose, the interest rate used by the Department of Labor’s Voluntary Fiduciary Correction Program Online Calculator (“VFCP Online Calculator”) is deemed to be a reasonable interest rate. Guidelines for calculating earnings adjustments In gener ...
... been, a reasonable interest rate may be used. For this purpose, the interest rate used by the Department of Labor’s Voluntary Fiduciary Correction Program Online Calculator (“VFCP Online Calculator”) is deemed to be a reasonable interest rate. Guidelines for calculating earnings adjustments In gener ...
APP: Annual General Mandate 2017
... Authorize Board of Directors to choose the suitable date (in quarter 2 or 3.2017) ...
... Authorize Board of Directors to choose the suitable date (in quarter 2 or 3.2017) ...
The balance of payments for non-specialists
... summary of all transactions between residents and non-residents (see below) over a given period, generally one month, one quarter or one year. The expression “balance of payments” may be slightly confusing because it does not only concern payments: it also relates to transactions which have no finan ...
... summary of all transactions between residents and non-residents (see below) over a given period, generally one month, one quarter or one year. The expression “balance of payments” may be slightly confusing because it does not only concern payments: it also relates to transactions which have no finan ...
Financial Market: May 2015
... interest rate by 25bps to 1.5% in a bid to bolster economic growth as the economy shows sign of falter from weak domestic demand and exports and strength from public investment and tourism industry seems insufficient to kick growth. The second shock wave happened to the market when the BoT official ...
... interest rate by 25bps to 1.5% in a bid to bolster economic growth as the economy shows sign of falter from weak domestic demand and exports and strength from public investment and tourism industry seems insufficient to kick growth. The second shock wave happened to the market when the BoT official ...
The changing policy framework
... Latin America’s fiscal adjustment: Contribution of consumption and investment Changes between 1980-84 and 19992001 (percent of GDP) ...
... Latin America’s fiscal adjustment: Contribution of consumption and investment Changes between 1980-84 and 19992001 (percent of GDP) ...
Extended Stay America (ESA) – A Case Study
... ESA Strategy - found a new niche Taken out of ESA’s first filed financial statements after it’s IPO, management stated the following: ...
... ESA Strategy - found a new niche Taken out of ESA’s first filed financial statements after it’s IPO, management stated the following: ...
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.