Share reform and the performance of China`s listed companies
... the course of one year, which makes it difficult to accurately and unbiasedly compare the outcomes in one company with that of another. Secondly, an event study would require that changes in firm performance be measured by share price returns and it is questionable to what extent share price movemen ...
... the course of one year, which makes it difficult to accurately and unbiasedly compare the outcomes in one company with that of another. Secondly, an event study would require that changes in firm performance be measured by share price returns and it is questionable to what extent share price movemen ...
Market-Consistent Valuation of Long-Term
... calculations support the value- and risk-based management of insurance groups. They may be also used in the internal model approach of Solvency II. The paper extends the valuation literature with an analysis of German private health insurance, which oers interesting contract features for companies ...
... calculations support the value- and risk-based management of insurance groups. They may be also used in the internal model approach of Solvency II. The paper extends the valuation literature with an analysis of German private health insurance, which oers interesting contract features for companies ...
Model Uncertainty, Limited Market Participation, and Asset Prices
... model. Section 2 describes investors’ portfolio choices and their participation decisions. Section 3 analyzes how the limited market participation relates to equity premium, while Section 4 extends the model to allow for two stocks and investigates the relation between limited participation and the ...
... model. Section 2 describes investors’ portfolio choices and their participation decisions. Section 3 analyzes how the limited market participation relates to equity premium, while Section 4 extends the model to allow for two stocks and investigates the relation between limited participation and the ...
Trading and Returns under Periodic Market Closures
... investors hold on to their closing positions from the previous trading period despite their desire to trade as new information arrives. Consequently, investors optimally adjust their trading strategies during the trading period (in anticipation of and following market closures), which gives rise to ...
... investors hold on to their closing positions from the previous trading period despite their desire to trade as new information arrives. Consequently, investors optimally adjust their trading strategies during the trading period (in anticipation of and following market closures), which gives rise to ...
Contract Intensive Money - Munich Personal RePEc Archive
... Markets are commonplace in all types of societies, including the poorest, and they exist even in remarkably unfavorable conditions. Herodotus, for example, describes Phoenician merchants who traded even with distant tribes with whom they shared no government or language. A long-standing literature o ...
... Markets are commonplace in all types of societies, including the poorest, and they exist even in remarkably unfavorable conditions. Herodotus, for example, describes Phoenician merchants who traded even with distant tribes with whom they shared no government or language. A long-standing literature o ...
Decomposition of technical reserves of pension funds in price
... start of the year until year-end position. The starting point is how much money is actuarially needed for new unconditional pension claims, i.e. current service (row 1.2). This can be different than the actual received contributions as these contain also an extra sum for maintaining the regulatory o ...
... start of the year until year-end position. The starting point is how much money is actuarially needed for new unconditional pension claims, i.e. current service (row 1.2). This can be different than the actual received contributions as these contain also an extra sum for maintaining the regulatory o ...
Bank CEO Incentives and the Credit Crisis
... sensitivity of CEO pay to stock volatility led to worse stock returns during the credit crisis. We also do not find evidence that bank returns were lower if CEOs had higher cash bonuses. A plausible explanation for these findings is that CEOs focused on the interests of their shareholders in the bu ...
... sensitivity of CEO pay to stock volatility led to worse stock returns during the credit crisis. We also do not find evidence that bank returns were lower if CEOs had higher cash bonuses. A plausible explanation for these findings is that CEOs focused on the interests of their shareholders in the bu ...
Foreign Aid, Public Investment and Capital Market Liberalization
... this paper is to contribute to the enrichment of the theoretical literature in this topic and to suggest new factors and policies which must be taken into account in the aid-growth analysis. According to the existing growth literature on aid effectiveness, the most important channels through which ...
... this paper is to contribute to the enrichment of the theoretical literature in this topic and to suggest new factors and policies which must be taken into account in the aid-growth analysis. According to the existing growth literature on aid effectiveness, the most important channels through which ...
Establishing resolution arrangements for investment banks
... managed wind-down of an investment firm. These include the development of resolution plans for firms, a set of special administration objectives and new responsibilities to be placed upon the board. These resolution proposals underpin specific initiatives designed to achieve better outcomes for key ...
... managed wind-down of an investment firm. These include the development of resolution plans for firms, a set of special administration objectives and new responsibilities to be placed upon the board. These resolution proposals underpin specific initiatives designed to achieve better outcomes for key ...
Spiceland, Chapter 3
... Reports the cash effects of transactions that enter into the determination of net income. The direct method and indirect method are two different approaches to report cash flows from operations. Each has its advantages and disadvantages, but each reconciles to the same number for total cash flows fr ...
... Reports the cash effects of transactions that enter into the determination of net income. The direct method and indirect method are two different approaches to report cash flows from operations. Each has its advantages and disadvantages, but each reconciles to the same number for total cash flows fr ...
NBER WORKING PAPER SERIES AGGREGATE IMPLICATIONS OF CREDIT MARKET IMPERFECTIONS Kiminori Matsuyama
... constraint arises due to the inability of the borrowers to pledge the entire project revenue to generate the higher rate for the lenders, not because of any arbitrary restriction on the menus of the financial claims that they can issue. The main issues addressed here are general enough that they are ...
... constraint arises due to the inability of the borrowers to pledge the entire project revenue to generate the higher rate for the lenders, not because of any arbitrary restriction on the menus of the financial claims that they can issue. The main issues addressed here are general enough that they are ...
Explanatory Notes Governance N.V.
... shares and rights attached to preferred shares. Dividends, allocation of annual net profits and other financial rights There is no interruption in the entitlement to dividends after the Merger. The Company is a holding company without any significant operations of its own and much of its income depe ...
... shares and rights attached to preferred shares. Dividends, allocation of annual net profits and other financial rights There is no interruption in the entitlement to dividends after the Merger. The Company is a holding company without any significant operations of its own and much of its income depe ...
building today, for tomorrow - EZRA HOLDINGS LIMITED
... to maximise distributions while maintaining sufficient financial flexibility to fund acquisitions and asset enhancement initiatives. The Manager’s capital management objectives are to: • maintain a strong balance sheet by adopting an appropriate and prudent capital structure; • secure diversified ...
... to maximise distributions while maintaining sufficient financial flexibility to fund acquisitions and asset enhancement initiatives. The Manager’s capital management objectives are to: • maintain a strong balance sheet by adopting an appropriate and prudent capital structure; • secure diversified ...
Life Technologies Corporation
... This supplement to the Prospectus was prepared pursuant to Article 34 of the Belgian Law of June 16, 2006 on the public offerings of securities and the admission to trading of securities on a regulated market and approved by the Belgian Financial Services and Markets Authority on July 26, 2011. This ...
... This supplement to the Prospectus was prepared pursuant to Article 34 of the Belgian Law of June 16, 2006 on the public offerings of securities and the admission to trading of securities on a regulated market and approved by the Belgian Financial Services and Markets Authority on July 26, 2011. This ...
call-for-input on the crowdfunding rules
... In March 2014, we said we would conduct a full post-implementation review of the regime and market in 2016, in particular in relation to investor protection. This paper is a call for evidence as part of that post-implementation review. In it, we summarise some of the changes we have seen in the mark ...
... In March 2014, we said we would conduct a full post-implementation review of the regime and market in 2016, in particular in relation to investor protection. This paper is a call for evidence as part of that post-implementation review. In it, we summarise some of the changes we have seen in the mark ...
Preview
... In this paper, I argue that Veblen’s theory of the business enterprise within the modern credit economy – in which financial motives increasingly come to dominate industrial ones – can be applied to the experience of the American pharmaceutical industry. Using the stages of capitalism analysis deve ...
... In this paper, I argue that Veblen’s theory of the business enterprise within the modern credit economy – in which financial motives increasingly come to dominate industrial ones – can be applied to the experience of the American pharmaceutical industry. Using the stages of capitalism analysis deve ...
Changes and Losses to Index Fund Investors
... reasons. First, these indices are constructed in significantly different ways, which allows us to contrast the impact of changes on index fund investors. Second, the S&P 500 and the Russell 2000 are the most popular indices of U.S. equities with the highest amount of passively indexed assets relativ ...
... reasons. First, these indices are constructed in significantly different ways, which allows us to contrast the impact of changes on index fund investors. Second, the S&P 500 and the Russell 2000 are the most popular indices of U.S. equities with the highest amount of passively indexed assets relativ ...
Revisiting The Inadvertent Investment Company
... While the topic of financial regulation has recently experienced a resurgence in interest, one area that historically has received little attention and continues to exist in relative obscurity is the application of the Investment Company Act of 1940 (the “Company Act”) to commodity pools, as opposed ...
... While the topic of financial regulation has recently experienced a resurgence in interest, one area that historically has received little attention and continues to exist in relative obscurity is the application of the Investment Company Act of 1940 (the “Company Act”) to commodity pools, as opposed ...
Foreign investor protections in the Trans-Pacific
... more prominent than others. In a study of 196 ISDS claims by foreign investors, 34 cases were found to have involved conflicts over natural resources including oil and gas, gold, lumber, fisheries, and water.2 A total of 40 cases arose from government decisions on health or environmental protection. ...
... more prominent than others. In a study of 196 ISDS claims by foreign investors, 34 cases were found to have involved conflicts over natural resources including oil and gas, gold, lumber, fisheries, and water.2 A total of 40 cases arose from government decisions on health or environmental protection. ...
Stock Prices in the Presence of Liquidity Crises
... In this section we present an empirical regularity which serves to motivate the analysis in the following sections. As a proxy for creditor protection we use the creditor rights index (CRI) compiled by Djankov et al. (2007). This is a panel that covers 129 countries for 1978-2007. The creditor right ...
... In this section we present an empirical regularity which serves to motivate the analysis in the following sections. As a proxy for creditor protection we use the creditor rights index (CRI) compiled by Djankov et al. (2007). This is a panel that covers 129 countries for 1978-2007. The creditor right ...
A Partial Internal Model for Credit and Market Risk Under Solvency II
... since the final cost depends strongly on stochastic events, a random loss (e.g. a catastrophe) ...
... since the final cost depends strongly on stochastic events, a random loss (e.g. a catastrophe) ...
Insurance market report 2015
... There were virtually no changes in the structure of investments. The largest part (56 percent) was held as fixed-interest securities, consisting primarily of government and corporate bonds in Swiss francs and euros. The low and in some cases negative interest rates were conducive to portfolio restru ...
... There were virtually no changes in the structure of investments. The largest part (56 percent) was held as fixed-interest securities, consisting primarily of government and corporate bonds in Swiss francs and euros. The low and in some cases negative interest rates were conducive to portfolio restru ...
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.