Is the Growth-value Anomaly Related to the Asset Growth Anomaly?
... Lipson, Mortal, Schill (2011) examine the rational investment explanation of the growthvalue effect using total asset growth of Cooper, Gulen, and Schill (2008) as a composite investment measure. They show that the growth-value anomaly remains significant after controlling for total asset growth in ...
... Lipson, Mortal, Schill (2011) examine the rational investment explanation of the growthvalue effect using total asset growth of Cooper, Gulen, and Schill (2008) as a composite investment measure. They show that the growth-value anomaly remains significant after controlling for total asset growth in ...
Annual Report 2014 - Cheung Kong Infrastructure Holdings Limited
... generated an exceptional one-off gain of approximately HK$19 billion to CKI. Excluding this one-off gain, profit attributable to shareholders would have increased by 5%. The Board of Directors of CKI (the “Board”) has recommended a final dividend of HK$1.475 per share. Together with the interim divi ...
... generated an exceptional one-off gain of approximately HK$19 billion to CKI. Excluding this one-off gain, profit attributable to shareholders would have increased by 5%. The Board of Directors of CKI (the “Board”) has recommended a final dividend of HK$1.475 per share. Together with the interim divi ...
IOSR Journal Of Humanities And Social Science (IOSR-JHSS)
... firm of being unable to covet fixed operating cost. It also arises from the nature of a firm’s business which relates to factors affecting the product market. Financial risk is the risk of being unable to cover required obligations such as interest and preference dividends. It also arises from possi ...
... firm of being unable to covet fixed operating cost. It also arises from the nature of a firm’s business which relates to factors affecting the product market. Financial risk is the risk of being unable to cover required obligations such as interest and preference dividends. It also arises from possi ...
Word - The Open University
... a number of markets rather than just a single market. (Similarly, a large organisation should have relationships, and borrowing facilities, with a number of banks rather than just one or two.) For example, larger organisations will fund in the United Kingdom, Euro and US markets, and probably in dif ...
... a number of markets rather than just a single market. (Similarly, a large organisation should have relationships, and borrowing facilities, with a number of banks rather than just one or two.) For example, larger organisations will fund in the United Kingdom, Euro and US markets, and probably in dif ...
Overview of IFRS
... lessee in return for a payment or series of payments the right to use an asset for an agreed period of time. 2. A finance lease is a lease that transfers substantially all the risks and rewards incident to ownership of an asset. 3. An operating lease is a lease other than a finance lease. 4. A non-c ...
... lessee in return for a payment or series of payments the right to use an asset for an agreed period of time. 2. A finance lease is a lease that transfers substantially all the risks and rewards incident to ownership of an asset. 3. An operating lease is a lease other than a finance lease. 4. A non-c ...
2016 Consolidated and separate financial statements
... Group Audit and Compliance Committee report The Group Audit and Compliance Committee (GACC) is pleased to submit this report in respect of the current reporting period to the shareholders of the Group. This report includes the requirements of section 94(7)(f) of the Companies Act, No. 71 of 2008 (a ...
... Group Audit and Compliance Committee report The Group Audit and Compliance Committee (GACC) is pleased to submit this report in respect of the current reporting period to the shareholders of the Group. This report includes the requirements of section 94(7)(f) of the Companies Act, No. 71 of 2008 (a ...
share issuance and equity returns in the istanbul stock exchange
... specified time. In rights issues, new cash enters the firm in contrast to a stock split. The Capital Markets Board of Turkey (CMBOT) regulates the registration and issue of shares in Turkish markets through Communiqué Serial I No: 40 dated 03/04/2010 and amendments done under Communiqué Serial I No: ...
... specified time. In rights issues, new cash enters the firm in contrast to a stock split. The Capital Markets Board of Turkey (CMBOT) regulates the registration and issue of shares in Turkish markets through Communiqué Serial I No: 40 dated 03/04/2010 and amendments done under Communiqué Serial I No: ...
GambaTriantis2013HEC.. - University of Warwick
... (2012) show that in the absence of frictions, lenders will sell their debt back to the firm only at par value. Even with frictions, debt will be repurchased at a premium to market value, though the size of the premium depends on the nature of the frictions. Mao and Tserlukevich (2012) also detail in ...
... (2012) show that in the absence of frictions, lenders will sell their debt back to the firm only at par value. Even with frictions, debt will be repurchased at a premium to market value, though the size of the premium depends on the nature of the frictions. Mao and Tserlukevich (2012) also detail in ...
Is Sustainability Reflected in Commercial Property Prices?
... Fundamental to establishing any link is the need to understand what is meant by the term ‘sustainable property’. If no common understanding can be demonstrated, then links become, at best, tenuous, but, realistically, unproven. Within the literature reviewed b ...
... Fundamental to establishing any link is the need to understand what is meant by the term ‘sustainable property’. If no common understanding can be demonstrated, then links become, at best, tenuous, but, realistically, unproven. Within the literature reviewed b ...
Value Accounts Investment Funds 2016
... The purpose of this publication is to highlight disclosure requirements and provide sample disclosures. The disclosures should be adapted to particular situations as required. Alternative disclosures, wording and forms of presentation may be used as long as they include the specific disclosures pres ...
... The purpose of this publication is to highlight disclosure requirements and provide sample disclosures. The disclosures should be adapted to particular situations as required. Alternative disclosures, wording and forms of presentation may be used as long as they include the specific disclosures pres ...
INFORMATION STATEMENT of BNP Paribas, a French incorporated
... regulator, the Financial Stability Board, the French deposit guarantee fund and, potentially, the European Central Bank) to prevent and/or resolve banks’ financial difficulties, such as the power to require banks to adopt structural changes, issue new securities, cancel existing equity or subordinat ...
... regulator, the Financial Stability Board, the French deposit guarantee fund and, potentially, the European Central Bank) to prevent and/or resolve banks’ financial difficulties, such as the power to require banks to adopt structural changes, issue new securities, cancel existing equity or subordinat ...
Primary Market Design: Direct Mechanisms And Markets
... trading starts once traders observe information that has been obtained from a few informed investors polled under the mechanism. This indeed seems to be what happens in European when-issued markets for IPO shares. According to information from one of the largest brokers in these markets, when-issue ...
... trading starts once traders observe information that has been obtained from a few informed investors polled under the mechanism. This indeed seems to be what happens in European when-issued markets for IPO shares. According to information from one of the largest brokers in these markets, when-issue ...
Download paper (PDF)
... different concept from the firm’s valuation discount, and thus likely an inaccurate measure of it, biasing the measured coefficient towards zero. In this paper, we adopt a new approach to overcome the above endogeneity issues and cleanly identify the trigger effect from market prices to takeover activit ...
... different concept from the firm’s valuation discount, and thus likely an inaccurate measure of it, biasing the measured coefficient towards zero. In this paper, we adopt a new approach to overcome the above endogeneity issues and cleanly identify the trigger effect from market prices to takeover activit ...
Pension plan funding, risk sharing and technology choice
... how this relationship interacts with the …nancial leverage of the corporate sector? Economies such as the United Kingdom and the United States have large funded occupational pension schemes, including both de…ned bene…t and de…ned contribution plans, which are part of workers’overall compensation pa ...
... how this relationship interacts with the …nancial leverage of the corporate sector? Economies such as the United Kingdom and the United States have large funded occupational pension schemes, including both de…ned bene…t and de…ned contribution plans, which are part of workers’overall compensation pa ...
RBC Funds (Lux) - RBC Global Asset Management
... Any change to the Articles of Incorporation must be approved by shareholders at a general meeting of the shareholders of the Fund. Annual reports, including audited financial statements of the Fund shall be published within four (4) months following the end of the fiscal year of the Fund, and unaudi ...
... Any change to the Articles of Incorporation must be approved by shareholders at a general meeting of the shareholders of the Fund. Annual reports, including audited financial statements of the Fund shall be published within four (4) months following the end of the fiscal year of the Fund, and unaudi ...
The Hartwick Rule: Myths and Facts
... extracted from a non-renewable resource in such a way that resource depletion does not harm future generations. Hence substitutability between natural and man-made capital may, in spite of the exhaustibility of natural resources, allow for equitable consumption for all generations, and Hartwick (197 ...
... extracted from a non-renewable resource in such a way that resource depletion does not harm future generations. Hence substitutability between natural and man-made capital may, in spite of the exhaustibility of natural resources, allow for equitable consumption for all generations, and Hartwick (197 ...
Financial Institutions Instruments and Markets, 5th Edition
... B. provide information about prices of financial assets. C. provide a channel for funds to flow between the providers and users of funds. D. all of the given choices. 31. The most important function of a financial market is to: A. provide information about shares. B. provide a market for shares. C. ...
... B. provide information about prices of financial assets. C. provide a channel for funds to flow between the providers and users of funds. D. all of the given choices. 31. The most important function of a financial market is to: A. provide information about shares. B. provide a market for shares. C. ...
MAKING CUSTOMERS PAY: MEASURING AND MANAGING
... financial services industry in the management of credit relationships that mortgage, loan and credit card customers have with banks, where the measurement and management of the risk as well as return of the overall portfolio is taken very seriously. The overall risk and return profile of the custome ...
... financial services industry in the management of credit relationships that mortgage, loan and credit card customers have with banks, where the measurement and management of the risk as well as return of the overall portfolio is taken very seriously. The overall risk and return profile of the custome ...
2016-2017 Canada Lands Company Limited Quarterly Financial
... The corporation’s inventories comprise properties held for future development of $156.5 (March 31, 2016 - $155.1), properties under development of $223.3 (March 31, 2016 - $162.7) and properties held for sale of $3.3 (March 31, 2016 - $6.9). Inventory is recorded at the lower of cost and net realiza ...
... The corporation’s inventories comprise properties held for future development of $156.5 (March 31, 2016 - $155.1), properties under development of $223.3 (March 31, 2016 - $162.7) and properties held for sale of $3.3 (March 31, 2016 - $6.9). Inventory is recorded at the lower of cost and net realiza ...
How to account for interdependence of risk in …nancial markets?
... The current economic recession has drawn the attention of many to the fragility of the …nancial system. The most common measure of risk used by …nancial institutions, the Value-at-Risk (VaR), has been seriously put under attack both by regulators as well as …nancial analysts. For a given portfolio, ...
... The current economic recession has drawn the attention of many to the fragility of the …nancial system. The most common measure of risk used by …nancial institutions, the Value-at-Risk (VaR), has been seriously put under attack both by regulators as well as …nancial analysts. For a given portfolio, ...
The International Monetary Fund and Current Account
... gives rise to a spread of more than 2 percent between buying and selling rates for spot exchange transactions between the member's currency and any other member's currency would be considered a multiple currency practice and would require the prior approval of the Fund." ...
... gives rise to a spread of more than 2 percent between buying and selling rates for spot exchange transactions between the member's currency and any other member's currency would be considered a multiple currency practice and would require the prior approval of the Fund." ...
EPZA Strategic Plan 2014-19 - Export Processing Zones Authority
... environment, diversify investment opportunities and also increase net foreign exchange earnings and investment levels; all leading towards improved financial performance, improved customer attraction and retention and finally increased business growth and citizen value. During implementation of the ...
... environment, diversify investment opportunities and also increase net foreign exchange earnings and investment levels; all leading towards improved financial performance, improved customer attraction and retention and finally increased business growth and citizen value. During implementation of the ...
Aggregation of risks and Allocation of capital
... A risk measure needs to be selected that corresponds to how the risk in question is defined. There exist a wide range of risk measures. Each one has its own unique characteristics, so the risk measure an insurer adopts will ultimately depend on the purpose for which it will be used. Different uses i ...
... A risk measure needs to be selected that corresponds to how the risk in question is defined. There exist a wide range of risk measures. Each one has its own unique characteristics, so the risk measure an insurer adopts will ultimately depend on the purpose for which it will be used. Different uses i ...
Short Selling IPOs
... The literature provides two theories as to the expected effect of short sale constraints on the pricing of IPOs. First, Miller (1977) suggests that investor overoptimism combined with the inability to short sell the security leads to higher initial returns than would otherwise occur. More recently, ...
... The literature provides two theories as to the expected effect of short sale constraints on the pricing of IPOs. First, Miller (1977) suggests that investor overoptimism combined with the inability to short sell the security leads to higher initial returns than would otherwise occur. More recently, ...
Global perspectives: 2016 REIT report
... capital; rather, owners took advantage of the SOCIMI structure as a more favorable tax wrapper in which to hold existing assets. In 2014, four SOCIMIs listed on the Continuo (main) market, raising US$3.6b of equity capital.6 This group has seen its market cap grow 72% to US$6.2b7 today. Transaction ...
... capital; rather, owners took advantage of the SOCIMI structure as a more favorable tax wrapper in which to hold existing assets. In 2014, four SOCIMIs listed on the Continuo (main) market, raising US$3.6b of equity capital.6 This group has seen its market cap grow 72% to US$6.2b7 today. Transaction ...
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.