How to Read a Value Line Fund Advisor Report
... lower multiples, because a failure to meet earnings expectations can sometimes result in sharp declines in the stock price. Stocks with lower multiples are generally known as value stocks and tend to be shares of more-stable companies in mature or slow-growing industries or companies that have falle ...
... lower multiples, because a failure to meet earnings expectations can sometimes result in sharp declines in the stock price. Stocks with lower multiples are generally known as value stocks and tend to be shares of more-stable companies in mature or slow-growing industries or companies that have falle ...
Fundamental indexation: an active value strategy in disguise
... that pricing errors are random (in particular, unrelated to valuation ratios), the theoretical case for a systematic outperformance of fundamental indexation breaks down. We can illustrate the strong value tilt of fundamental indices by regressing the returns of the RAFI 1000 index (the Research Aff ...
... that pricing errors are random (in particular, unrelated to valuation ratios), the theoretical case for a systematic outperformance of fundamental indexation breaks down. We can illustrate the strong value tilt of fundamental indices by regressing the returns of the RAFI 1000 index (the Research Aff ...
Market Consistent Embedded Value Report 2015
... lower credit spreads in Europe, as well as an overall positive evolution of equity markets; ‒ Significant expected over-returns during the period, especially in Germany Life and the US, where spreads on the corporate bond portfolio were realized; ‒ The contribution of the value of new business, comp ...
... lower credit spreads in Europe, as well as an overall positive evolution of equity markets; ‒ Significant expected over-returns during the period, especially in Germany Life and the US, where spreads on the corporate bond portfolio were realized; ‒ The contribution of the value of new business, comp ...
Diversified thinking
... typical optimisation approaches are particularly sensitive to the expected return assumptions, which is exactly the information that is least reliable. In practical applications, small differences in expected returns, e.g. just a few basis points higher or lower, often result in large swings in the ...
... typical optimisation approaches are particularly sensitive to the expected return assumptions, which is exactly the information that is least reliable. In practical applications, small differences in expected returns, e.g. just a few basis points higher or lower, often result in large swings in the ...
Systematic Mortality Risk
... resulted in unexpectedly high hedging costs and exacerbated the difficulty in managing the risks underlying the guarantees. 3 Guarantees were inherently difficult to price and manage because of their long term nature. Along with the equity risk, guarantees offering lifetime income were exposed to s ...
... resulted in unexpectedly high hedging costs and exacerbated the difficulty in managing the risks underlying the guarantees. 3 Guarantees were inherently difficult to price and manage because of their long term nature. Along with the equity risk, guarantees offering lifetime income were exposed to s ...
duration gap in the context of a bank`s strategic
... While rates have remained relatively low and stable recently, institutions must still be prepared for rising interest rates. Duration matching represents a powerful tool in minimizing the risk of changing interest rates. It is an important tool utilized by the decision-makers in risk management issu ...
... While rates have remained relatively low and stable recently, institutions must still be prepared for rising interest rates. Duration matching represents a powerful tool in minimizing the risk of changing interest rates. It is an important tool utilized by the decision-makers in risk management issu ...
- Free Documents
... tradeoff between expected return and risk that must be dealt with each time an investment decision is made. Expected return is the anticipated return for some future time period, whereas realized return is the actual return that occurred over some past period. In general, the term risk as used in in ...
... tradeoff between expected return and risk that must be dealt with each time an investment decision is made. Expected return is the anticipated return for some future time period, whereas realized return is the actual return that occurred over some past period. In general, the term risk as used in in ...
Crouhy et al. - IME-USP
... of migrating from one credit rating to another. In fact, the ultimate framework to analyze credit risk calls for the full integration of market risk and credit risk. So far no existing practical approach has yet reached this stage of sophistication. During the last two years a number of initiatives ...
... of migrating from one credit rating to another. In fact, the ultimate framework to analyze credit risk calls for the full integration of market risk and credit risk. So far no existing practical approach has yet reached this stage of sophistication. During the last two years a number of initiatives ...
OPTIMAL CAPITAL STRUCTURE
... the same as its required return (or that the debt’s value equals its nominal value). We also calculate the required return to incremental equity cash flow implied in Harvard’s note and we find that the required return first falls, then increases, and then falls again. The required incremental return ...
... the same as its required return (or that the debt’s value equals its nominal value). We also calculate the required return to incremental equity cash flow implied in Harvard’s note and we find that the required return first falls, then increases, and then falls again. The required incremental return ...
Zero Coupon Debentures Due 2028 $800,000,000 Freddie Mac
... return of their principal, including return of the accreted value to the optional redemption date, their market value could be adversely affected by changes in prevailing interest rates and the optional redemption feature. This effect on the market value could be magnified substantially in a rising ...
... return of their principal, including return of the accreted value to the optional redemption date, their market value could be adversely affected by changes in prevailing interest rates and the optional redemption feature. This effect on the market value could be magnified substantially in a rising ...
enhanced disclosure for hedge funds
... diligence process, liquidity of the underlying funds is considered before selection. During normal market conditions, it has been determined that OnePath can reasonably expect to liquidate 80% of the Funds’ assets within 10 days. Therefore, the Funds meet the liquidity requirements under RG240 and a ...
... diligence process, liquidity of the underlying funds is considered before selection. During normal market conditions, it has been determined that OnePath can reasonably expect to liquidate 80% of the Funds’ assets within 10 days. Therefore, the Funds meet the liquidity requirements under RG240 and a ...
Corporate Payout Policy and Market Capitalization
... transfer taxes, brokerage fees and transaction costs in all markets. There are also differences in tax rates on capital gains and dividends. And all the stakeholders (e.g. managers, firm’s shareholders and potential investors) of market don’t have free and equal access to the information. Generally ...
... transfer taxes, brokerage fees and transaction costs in all markets. There are also differences in tax rates on capital gains and dividends. And all the stakeholders (e.g. managers, firm’s shareholders and potential investors) of market don’t have free and equal access to the information. Generally ...
Risk premia in general equilibrium
... fail, however, when it comes to the effects of uncertainty. This paper contributes to the literature on the determinants of the risk premium, that is the rewards that investors demand for bearing particular risks (Campbell 2000). There has been a long discussion since Rietz (1988) proposed the ‘rare ...
... fail, however, when it comes to the effects of uncertainty. This paper contributes to the literature on the determinants of the risk premium, that is the rewards that investors demand for bearing particular risks (Campbell 2000). There has been a long discussion since Rietz (1988) proposed the ‘rare ...
Financial Markets
... The course has been developed to include the following innovative content: Key concepts of financial markets, which are explained from an applied perspective, including with examples and problems from current financial markets practices from EU integration and development perspective; Analytical ...
... The course has been developed to include the following innovative content: Key concepts of financial markets, which are explained from an applied perspective, including with examples and problems from current financial markets practices from EU integration and development perspective; Analytical ...
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... stock at a price of $20 per share. The options were exercisable within a 2-year period beginning January 1, 2008, if the grantee is still employed by the company at the time of the exercise. On the grant date, Nichols’ stock was trading at $25 per share, and a fair value option-pricing model determi ...
... stock at a price of $20 per share. The options were exercisable within a 2-year period beginning January 1, 2008, if the grantee is still employed by the company at the time of the exercise. On the grant date, Nichols’ stock was trading at $25 per share, and a fair value option-pricing model determi ...
The Only Spending Rule Article You Will Ever Need
... principle an annually recalculated virtual annuity (ARVA)—“virtual” because the investor does not have to buy an actual annuity to reap many of the benefits of annuity thinking, even if she continues to hold a portfolio of risky assets. Specifically, the first year’s payout of a levelpayment real (i ...
... principle an annually recalculated virtual annuity (ARVA)—“virtual” because the investor does not have to buy an actual annuity to reap many of the benefits of annuity thinking, even if she continues to hold a portfolio of risky assets. Specifically, the first year’s payout of a levelpayment real (i ...
