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... In every banking organization there are people who are dedicated to risk management activities, such as ri sk review, internal audit etc. It must not be construed that risk management is something to be performed by a few individuals or a department. Business lines are equally responsible for the ri ...
... In every banking organization there are people who are dedicated to risk management activities, such as ri sk review, internal audit etc. It must not be construed that risk management is something to be performed by a few individuals or a department. Business lines are equally responsible for the ri ...
... pricing and investment behavior. They focus on the evidence from research of a relationship between investor sentiment and trading behavior. Although there is a significantly negative correlation between autocorrelation and volatility, which they recognize, according to the statistical data measurin ...
essays on market frictions in the real estate market
... The real estate market is generally considered a less complete asset market than other financial asset markets in that real estate assets carry higher holding costs than other financial assets do. Thus, the real estate market is a good laboratory in which to explore the topic of market frictions. If ...
... The real estate market is generally considered a less complete asset market than other financial asset markets in that real estate assets carry higher holding costs than other financial assets do. Thus, the real estate market is a good laboratory in which to explore the topic of market frictions. If ...
COMARCH S.A. KRAKOW, AL. JANA PAWŁA II 39A FINANCIAL
... The audit of the financial statement was carried out according to a contract dated 31st of July, 2013, concluded between Comarch S.A. and Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. with its registered office in Warsaw at al. Jana Pawła II 19. Deloitte Polska Spółka z ograniczoną ...
... The audit of the financial statement was carried out according to a contract dated 31st of July, 2013, concluded between Comarch S.A. and Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. with its registered office in Warsaw at al. Jana Pawła II 19. Deloitte Polska Spółka z ograniczoną ...
Common Agency and the Public Corporation
... shareholder empowerment. First, the theory provides a more complete explanation of the motivations for and outcomes of shareholder activism, including the activities of governmental owners, large institutional investors, and “social” investors. Second, the theory helps to delineate more clearly the ...
... shareholder empowerment. First, the theory provides a more complete explanation of the motivations for and outcomes of shareholder activism, including the activities of governmental owners, large institutional investors, and “social” investors. Second, the theory helps to delineate more clearly the ...
interest rates - EESC European Economic and Social Committee
... .. ECB debts are not debts against the ECB itself but rather against the European economy. .. So, risks accepted by central banks use to be “monetary” risks, affecting the value of the currency. ...
... .. ECB debts are not debts against the ECB itself but rather against the European economy. .. So, risks accepted by central banks use to be “monetary” risks, affecting the value of the currency. ...
predictions, projections, and precautions: conveying cautionary
... the stock market is often tantamount to gambling.2 Gambling is commonly defined as any activity in which a person stakes money in a game that involves some element of chance and risk in the hope of a reward that exceeds the initial investment.3 The core of any such activity is to look beyond the pre ...
... the stock market is often tantamount to gambling.2 Gambling is commonly defined as any activity in which a person stakes money in a game that involves some element of chance and risk in the hope of a reward that exceeds the initial investment.3 The core of any such activity is to look beyond the pre ...
Backtesting Value-at-Risk based on Tail Losses Woon K. Wong
... In practice, risk management process is about communicating effectively various aspects of risks and reducing complex risk factors into simple, understandable terms on which decisions can be based. For instance, a trader from a government bond desk may use term such as “duration” to describe his ris ...
... In practice, risk management process is about communicating effectively various aspects of risks and reducing complex risk factors into simple, understandable terms on which decisions can be based. For instance, a trader from a government bond desk may use term such as “duration” to describe his ris ...
The remainder of the paper is as follows
... (Lewellen, 1971) or recapture wealth from bondholders (Kim and McConnell, 1977), theories have thus far not provided reasons for why a firm might increase leverage to the extent that such actions would outweigh the decline in risk arising from diversification. By contrast, recent work by Leland (200 ...
... (Lewellen, 1971) or recapture wealth from bondholders (Kim and McConnell, 1977), theories have thus far not provided reasons for why a firm might increase leverage to the extent that such actions would outweigh the decline in risk arising from diversification. By contrast, recent work by Leland (200 ...
guidance on the route charges system
... In addition, the CRCO shall ascertain the compliance with the Principles by nonMember States who have concluded bilateral agreements with EUROCONTROL relating to the collection of air navigation charges. Prior to the implementation of such an agreement, the CRCO needs to be satisfied, and report to ...
... In addition, the CRCO shall ascertain the compliance with the Principles by nonMember States who have concluded bilateral agreements with EUROCONTROL relating to the collection of air navigation charges. Prior to the implementation of such an agreement, the CRCO needs to be satisfied, and report to ...
GENERAL ELECTRIC CO (Form: 10-K405, Received: 03
... Douglas' DC-10 and MD-11 series. The GE90 engine, which was certified by the Federal Aviation Administration in February 1995, is used to power Boeing's new 777 series twin-engine aircraft. The Company also produces jet engines for executive aircraft and regional commuter aircraft, and aircraft engi ...
... Douglas' DC-10 and MD-11 series. The GE90 engine, which was certified by the Federal Aviation Administration in February 1995, is used to power Boeing's new 777 series twin-engine aircraft. The Company also produces jet engines for executive aircraft and regional commuter aircraft, and aircraft engi ...
Values Based Management_Text_4
... workload expressed in the form of goods or monetary units6. However, without a doubt, the base for value's existence is the rarity of goods and their demand7. The above definitions are characterized by relatively high degree of generality, even though they become certain foundation for further refle ...
... workload expressed in the form of goods or monetary units6. However, without a doubt, the base for value's existence is the rarity of goods and their demand7. The above definitions are characterized by relatively high degree of generality, even though they become certain foundation for further refle ...
Asset Pricing When Traders Sell Extreme Winners and Losers
... The disposition effect, first described by Shefrin and Statman (1985), refers to investors’ tendency to sell securities whose prices have increased since purchase rather than those that have fallen in value. This trading behavior is well documented by evidence from both individual investors and ins ...
... The disposition effect, first described by Shefrin and Statman (1985), refers to investors’ tendency to sell securities whose prices have increased since purchase rather than those that have fallen in value. This trading behavior is well documented by evidence from both individual investors and ins ...
derivatives - Bombay Chartered Accountants` Society
... Transaction Cost Valuation at the year end Time of accrual of premium for writer Pradip Kapasi & Co. Chartered Accountants ...
... Transaction Cost Valuation at the year end Time of accrual of premium for writer Pradip Kapasi & Co. Chartered Accountants ...
THU VI?N PHÁP LU?T
... information related to the offering or the listing of securities of an issuing organization. 17. Listing of securities means the putting of qualified securities in trading at the Stock Exchange or the Securities Trading Center 18. Securities trading market means a place or mode of information exchan ...
... information related to the offering or the listing of securities of an issuing organization. 17. Listing of securities means the putting of qualified securities in trading at the Stock Exchange or the Securities Trading Center 18. Securities trading market means a place or mode of information exchan ...
Market Implied Costs of Bankruptcy
... In contrast to other approaches that rely on the prices of debt securi es or credit default swaps our approach relies on the use of market prices of equity and equity deriva ves. This approach has several advantages. First, many debt securi es are not traded at all. Second, even if they are traded, ...
... In contrast to other approaches that rely on the prices of debt securi es or credit default swaps our approach relies on the use of market prices of equity and equity deriva ves. This approach has several advantages. First, many debt securi es are not traded at all. Second, even if they are traded, ...
The sTrengTh To persisT. The TenaciTy To prevail.
... payable to Directors in such proportion and manner as the Directors may determine.” 6. “THAT Messrs Ernst & Young, who are eligible and have given their consent for reappointment be and are hereby reappointed the Company’s Auditors for the period until the conclusion of the next Annual General Meet ...
... payable to Directors in such proportion and manner as the Directors may determine.” 6. “THAT Messrs Ernst & Young, who are eligible and have given their consent for reappointment be and are hereby reappointed the Company’s Auditors for the period until the conclusion of the next Annual General Meet ...
Standard Bank Group
... In accordance with IFRS, all entities, regardless of the nature of their underlying activities, are either consolidated or equity accounted based on the extent of control or influence that the group exerts over those entities. Basel differentiates entities based on the underlying activity of the ent ...
... In accordance with IFRS, all entities, regardless of the nature of their underlying activities, are either consolidated or equity accounted based on the extent of control or influence that the group exerts over those entities. Basel differentiates entities based on the underlying activity of the ent ...
small, smid, or mid?
... We argue that smid cap investing can provide all of the benefits of small and mid cap investing, as well as a few not provided by either investment, including: • A broader opportunity set. • Marginally lower index concentration. • One additional lever (size) to tactically alter the portfolio. • The ...
... We argue that smid cap investing can provide all of the benefits of small and mid cap investing, as well as a few not provided by either investment, including: • A broader opportunity set. • Marginally lower index concentration. • One additional lever (size) to tactically alter the portfolio. • The ...
Global takaful contributions grew by 31% in 2009, to US$7b
... • The Takaful models chosen have affected operating costs, leading many Takaful operators to choose the “most profitable model”. • balancing between business needs and shariah®ulatory requirements will continue to feature the Takaful industry for decades to come. ...
... • The Takaful models chosen have affected operating costs, leading many Takaful operators to choose the “most profitable model”. • balancing between business needs and shariah®ulatory requirements will continue to feature the Takaful industry for decades to come. ...
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... Islamic bonds should be addressed by the relevant parties, which include government, Islamic scholars or supervisory boards, issuers and investors. Fortunately, there are already a number of attempts to solve problems related to the regulatory system, financial environment and supply of scholars and ...
... Islamic bonds should be addressed by the relevant parties, which include government, Islamic scholars or supervisory boards, issuers and investors. Fortunately, there are already a number of attempts to solve problems related to the regulatory system, financial environment and supply of scholars and ...
Valuation: Part I Discounted Cash Flow Valuation
... The key error to avoid is mismatching cashflows and discount rates, since discounting cashflows to equity at the weighted average cost of capital will lead to an upwardly biased estimate of the value of equity, while discounting cashflows to the firm at the cost of equity will yield a downward biase ...
... The key error to avoid is mismatching cashflows and discount rates, since discounting cashflows to equity at the weighted average cost of capital will lead to an upwardly biased estimate of the value of equity, while discounting cashflows to the firm at the cost of equity will yield a downward biase ...
Transforming NGO MFIs: Critical Ownership Issues to Consider
... in whole or in part, a for-profit entity or from having that ownership be its primary activity. If an NGO is prohibited from owning shares in a for-profit company, then it may be able to structure the transformation transaction so that the NGO receives cash instead of shares. If the NGO dissolves, t ...
... in whole or in part, a for-profit entity or from having that ownership be its primary activity. If an NGO is prohibited from owning shares in a for-profit company, then it may be able to structure the transformation transaction so that the NGO receives cash instead of shares. If the NGO dissolves, t ...
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.