Deconstructing Equity: Public Ownership, Agency Costs, and
... without acknowledgment, that the agency cost framework's bedrock premise-that diversified shareholders are the cheapest risk bearers-is immutable. 5 In this Essay, we confront the possibility that the continued development of increasingly complete capital markets, in which working capital can be sep ...
... without acknowledgment, that the agency cost framework's bedrock premise-that diversified shareholders are the cheapest risk bearers-is immutable. 5 In this Essay, we confront the possibility that the continued development of increasingly complete capital markets, in which working capital can be sep ...
On over Diversification in Operation Strategies
... corporations can customize the individualized demand efficiently, they could accumulate competitive advantages and hereby enter a new industrial field through diversification [3]. Thirdly, operation risks can be decentralized by diversification. The losses in some business units can be offset by the ...
... corporations can customize the individualized demand efficiently, they could accumulate competitive advantages and hereby enter a new industrial field through diversification [3]. Thirdly, operation risks can be decentralized by diversification. The losses in some business units can be offset by the ...
Full text - Toulouse School of Economics
... sheet, as is now the case for banks. However, banking and insurance activities are different by nature, in terms of liquidity, maturity transformation and guarantees. A crucial question for life insurers and collective defined-contribution pension funds is to determine whether the new prudential reg ...
... sheet, as is now the case for banks. However, banking and insurance activities are different by nature, in terms of liquidity, maturity transformation and guarantees. A crucial question for life insurers and collective defined-contribution pension funds is to determine whether the new prudential reg ...
REITs and Real Estate
... The most important difference between REITs and direct real estate is in the mechanisms through which both are priced and traded. As stocks, REITs are priced and traded daily via the public stock markets. Investors can conduct detailed analyses of REIT corporate and financial filings with the SEC wh ...
... The most important difference between REITs and direct real estate is in the mechanisms through which both are priced and traded. As stocks, REITs are priced and traded daily via the public stock markets. Investors can conduct detailed analyses of REIT corporate and financial filings with the SEC wh ...
Week 6 Slides
... contract which moves in opposite direction Identify options with price or interest rate which moves as close as possible with the price or interest rate exposure but again imperfect correlation results in basis risk Options only hedge against adverse outcome so they are similar to insurance and ...
... contract which moves in opposite direction Identify options with price or interest rate which moves as close as possible with the price or interest rate exposure but again imperfect correlation results in basis risk Options only hedge against adverse outcome so they are similar to insurance and ...
SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
... statement on Form S-11 filed under the Securities Act of 1933. The Company commenced active operations on June 5, 1998, when it received and accepted subscriptions for 125,000 shares. As of September 30, 1999, the Company had sold 10,846,930 shares for total capital contributions of $108,469,304. Af ...
... statement on Form S-11 filed under the Securities Act of 1933. The Company commenced active operations on June 5, 1998, when it received and accepted subscriptions for 125,000 shares. As of September 30, 1999, the Company had sold 10,846,930 shares for total capital contributions of $108,469,304. Af ...
Bear Stearns
... issuance. Further, we expect that Bear Stearns and other firms within the industry will receive the benefits of an upturn in capital markets in their specialist and wealth management units as more high-net worth investors return to professional brokerage from self-managed accounts. Bear Stearns rece ...
... issuance. Further, we expect that Bear Stearns and other firms within the industry will receive the benefits of an upturn in capital markets in their specialist and wealth management units as more high-net worth investors return to professional brokerage from self-managed accounts. Bear Stearns rece ...
Equilibrium Commodity Prices with Irreversible Investment and Non-Linear Technologies ∗
... oil futures curve exhibit more volatility. In particular, oil future curves are mostly downward-sloping (i.e., in backwardation), which, given the non-negligible storage costs1 indicates the presence of a sizable ‘convenience yield.’ Further, casual empiricism suggests that the oil futures curves ar ...
... oil futures curve exhibit more volatility. In particular, oil future curves are mostly downward-sloping (i.e., in backwardation), which, given the non-negligible storage costs1 indicates the presence of a sizable ‘convenience yield.’ Further, casual empiricism suggests that the oil futures curves ar ...
Task force on Climate-Related Disclosures
... information consistent with the Task Force’s recommendations), how useful will that information be to your organization in making decisions (e.g., investment, lending, and insurance underwriting decisions)? Please select ONE only Very useful 5 Quite useful 4 Neither/nor 3 Not very useful 2 Not usefu ...
... information consistent with the Task Force’s recommendations), how useful will that information be to your organization in making decisions (e.g., investment, lending, and insurance underwriting decisions)? Please select ONE only Very useful 5 Quite useful 4 Neither/nor 3 Not very useful 2 Not usefu ...
Proxy Advisory Business: Apotheosis or Apogee?
... Many companies also have one or more shareholder proposals on their ballots. The advent of universal Say on Pay votes will add thousands to the number of annual votes, particularly if, as seems likely, the prevailing frequency of Say on Pay votes is annual, not biennial or triennial. Moreover, while ...
... Many companies also have one or more shareholder proposals on their ballots. The advent of universal Say on Pay votes will add thousands to the number of annual votes, particularly if, as seems likely, the prevailing frequency of Say on Pay votes is annual, not biennial or triennial. Moreover, while ...
Tilburg University The Life Cycle of the Firm with
... The firm invests until the marginal benefit, which is the marginal increase in value of the firm’s equity q K (t1 ) , equals the marginal cost of the investment (see Appendix D.1). A part ...
... The firm invests until the marginal benefit, which is the marginal increase in value of the firm’s equity q K (t1 ) , equals the marginal cost of the investment (see Appendix D.1). A part ...
ISPE01-Paper-Feld 221503 en
... spectively. These indicators measure regulation on individual and collective dismissals, fixedterm contracts, and temporary work. LAZEAR’s (1990) data are on a yearly basis from 1956 to 1984, but they cover only two aspects of individual dismissals in regular labor contracts, the legal notice period ...
... spectively. These indicators measure regulation on individual and collective dismissals, fixedterm contracts, and temporary work. LAZEAR’s (1990) data are on a yearly basis from 1956 to 1984, but they cover only two aspects of individual dismissals in regular labor contracts, the legal notice period ...
THE FINANCIAL SERVICES COMMISSION
... satisfy a debt adjudged due, or come to a compromise or similar arrangement with any of its creditors? If yes, please supply details Has the Applicant/Beneficial Owner been engaged in any civil proceedings or arbitration at any time in the previous 7 years in which a debt was adjudged due from, or j ...
... satisfy a debt adjudged due, or come to a compromise or similar arrangement with any of its creditors? If yes, please supply details Has the Applicant/Beneficial Owner been engaged in any civil proceedings or arbitration at any time in the previous 7 years in which a debt was adjudged due from, or j ...
RADIUS GOLD INC. (Form: 20-F/A, Received: 11/04
... The Company’s financial position and its ability to finance obtain future financings may be adversely affected by fluctuations in securities markets; Additional equity financings may dilute the ownership interests of existing shareholders; If the Company is unable to retain key members of management ...
... The Company’s financial position and its ability to finance obtain future financings may be adversely affected by fluctuations in securities markets; Additional equity financings may dilute the ownership interests of existing shareholders; If the Company is unable to retain key members of management ...
a scandal or a scapegoat? - University of Nottingham
... hedgers buy futures until they get to Ft+k ≤ exp(Pt+k). At this point there is the maximum hedging volume as long hedgers expect the price to fall. This situation results in a net short hedging imbalance of ba as there are too many short hedgers in the market. This ...
... hedgers buy futures until they get to Ft+k ≤ exp(Pt+k). At this point there is the maximum hedging volume as long hedgers expect the price to fall. This situation results in a net short hedging imbalance of ba as there are too many short hedgers in the market. This ...
Table of Contents - Maryland Public Service Commission
... I will recommend a rate of return on rate base for Baltimore Gas and Electric Company (BGE), and comment ...
... I will recommend a rate of return on rate base for Baltimore Gas and Electric Company (BGE), and comment ...
Insurance Liabilities - International Actuarial Association
... of liability coverages, though normally the guaranteed coverage periods for most of these products tend to be relatively short. The dependency of general insurance benefits on the claim settlement process, and such factors as repair costs, court decisions, inflation, etc., increases the modeling com ...
... of liability coverages, though normally the guaranteed coverage periods for most of these products tend to be relatively short. The dependency of general insurance benefits on the claim settlement process, and such factors as repair costs, court decisions, inflation, etc., increases the modeling com ...
The cost of capital of levered equity is equal to the cost of capital of
... with leverage, VL, by discounting its free cash flow using the weighted average cost of capital. The value of the interest tax shield can then be found by comparing the value of the levered firm, VL, to the unlevered value, VU, of the free cash flow discounted at the firm’s unlevered cost of capit ...
... with leverage, VL, by discounting its free cash flow using the weighted average cost of capital. The value of the interest tax shield can then be found by comparing the value of the levered firm, VL, to the unlevered value, VU, of the free cash flow discounted at the firm’s unlevered cost of capit ...
Back to the Future – A Round-Trip with Discounted Cash Flows
... Back to the Future – A Round-Trip with Discounted Cash Flows To match risk and return, it is right that risk free cash flows are discounted by a risk free rate. To discount at WACC would lead to undervaluation as it includes risk that is not in play. Similarly, to not discount at all would lead to ...
... Back to the Future – A Round-Trip with Discounted Cash Flows To match risk and return, it is right that risk free cash flows are discounted by a risk free rate. To discount at WACC would lead to undervaluation as it includes risk that is not in play. Similarly, to not discount at all would lead to ...
(See report).
... Asset flows during 2010 were mainly directed out of cash into bond funds – within corporate and emerging market bonds, in particular. For 2011, the game has changed. The upside has become more limited for corporate and emerging market bonds, as coupons will not rise in the event of higher inflation ...
... Asset flows during 2010 were mainly directed out of cash into bond funds – within corporate and emerging market bonds, in particular. For 2011, the game has changed. The upside has become more limited for corporate and emerging market bonds, as coupons will not rise in the event of higher inflation ...
Home bias and international risk sharing
... • Average amount of income risk sharing by country i is 1 - K0 - K1gi1 • k was allowed to change over time where EHB is equity home bias for country i in time t and EHBt is the average across countries at time t • 1 – k measures amount of risk sharing obtained in period t by country i with equity ho ...
... • Average amount of income risk sharing by country i is 1 - K0 - K1gi1 • k was allowed to change over time where EHB is equity home bias for country i in time t and EHBt is the average across countries at time t • 1 – k measures amount of risk sharing obtained in period t by country i with equity ho ...
Limitations of a Mutual Fund
... AMC’s Board of Directors must have at least 50% of Directors who are independent directors. The AMC has to be approved by SEBI. The AMC functions under the supervision of it’s Board of Directors, and also under the direction of the Trustees and SEBI. It is the AMC, which in the name of the Trust, fl ...
... AMC’s Board of Directors must have at least 50% of Directors who are independent directors. The AMC has to be approved by SEBI. The AMC functions under the supervision of it’s Board of Directors, and also under the direction of the Trustees and SEBI. It is the AMC, which in the name of the Trust, fl ...
PDF
... effect is to provide mutual insurance against purely idiosyncratic national consumption fluctuations. In practice, consumption insurance is provided by trade in a wide array of contingent and noncontingent securities: a crossborder exchange of common stock, for example, will alter the statistical di ...
... effect is to provide mutual insurance against purely idiosyncratic national consumption fluctuations. In practice, consumption insurance is provided by trade in a wide array of contingent and noncontingent securities: a crossborder exchange of common stock, for example, will alter the statistical di ...
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.