February 26, 2013 VIA ELECTRONIC MAIL Mr. Gary Barnett
... the FOF Manager is looking for Underlying Funds that the FOF Manager expects will produce higher returns than other underlying funds or investment managers pursuing the same or substantially similar investment strategies. The FOF Manager considers an investment in an Underlying Fund from a variety o ...
... the FOF Manager is looking for Underlying Funds that the FOF Manager expects will produce higher returns than other underlying funds or investment managers pursuing the same or substantially similar investment strategies. The FOF Manager considers an investment in an Underlying Fund from a variety o ...
Dynamic Correlation or Tail Dependence Hedging for Portfolio
... that allows for extreme co-movements. However, they find statistically insignificant and economically negligible intertemporal hedging demands, even in the presence of a riskless asset, so that the welfare impact on the investor from behaving myopically is negligible. To the contrary, in our setup i ...
... that allows for extreme co-movements. However, they find statistically insignificant and economically negligible intertemporal hedging demands, even in the presence of a riskless asset, so that the welfare impact on the investor from behaving myopically is negligible. To the contrary, in our setup i ...
Avalon Advanced Materials Inc. (Form: 20-F
... Readers can identify many of these statements by looking for words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “continues” or similar words or the negative thereof. There can be no assurance that the plans, intentions or expectations upon which these for ...
... Readers can identify many of these statements by looking for words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “continues” or similar words or the negative thereof. There can be no assurance that the plans, intentions or expectations upon which these for ...
economic theory of depletable resources: an
... time representations throughout this chapter, although a continuous time formulation could be utilized, as in most published theoretical literature. Continuous time formulations can be seen as discrete time formulations in which the length of each time interval converges to zero. As such all equatio ...
... time representations throughout this chapter, although a continuous time formulation could be utilized, as in most published theoretical literature. Continuous time formulations can be seen as discrete time formulations in which the length of each time interval converges to zero. As such all equatio ...
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... the January 1993 December 1997 subperiod. In this subperiod, we get the evidence of the statistically significant one-day lagged effect of large cap portfolio returns on small cap portfolio returns. There is also an effect of one-day lagged small cap portfolio returns on large cap portfolio returns ...
... the January 1993 December 1997 subperiod. In this subperiod, we get the evidence of the statistically significant one-day lagged effect of large cap portfolio returns on small cap portfolio returns. There is also an effect of one-day lagged small cap portfolio returns on large cap portfolio returns ...
Essentials of Financial Risk Management
... implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appro ...
... implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appro ...
Why firms issue callable bonds: Hedging
... whether or not to invest the cash in the future project. Because the firm tries to maximize its equity value, the investment decision may not be efficient if the bond is non-callable. More specifically, the firm may want to invest in a negative NPV but risky future project. This is because although inve ...
... whether or not to invest the cash in the future project. Because the firm tries to maximize its equity value, the investment decision may not be efficient if the bond is non-callable. More specifically, the firm may want to invest in a negative NPV but risky future project. This is because although inve ...
The Impact of Skewness and Fat Tails on the Asset Allocation Decision
... TLF model can take the inputs shown in Table 1 and generate the corresponding multivariate returns that we used for the first four scenario analyses. Assets A, B, and C have the same ratio of return to risk (standard deviation), 0.5. Asset D has a slightly lower return-to-risk ratio, 0.43. The corre ...
... TLF model can take the inputs shown in Table 1 and generate the corresponding multivariate returns that we used for the first four scenario analyses. Assets A, B, and C have the same ratio of return to risk (standard deviation), 0.5. Asset D has a slightly lower return-to-risk ratio, 0.43. The corre ...
Investor Sentiment and the Mean-variance Relation
... their wealth. Baker and Wurgler (2005) construct an investor sentiment index from a set variables measuring the effects of noise trader sentiment on stock market. The forty-year index shows no decreasing trend in the effects of noise traders. With the recognition of the existence of investor sentime ...
... their wealth. Baker and Wurgler (2005) construct an investor sentiment index from a set variables measuring the effects of noise trader sentiment on stock market. The forty-year index shows no decreasing trend in the effects of noise traders. With the recognition of the existence of investor sentime ...
The Impact of Short-Selling in Financial Markets
... inflated prices, indicated by positive abnormal returns. This is consistent with Miller’s (1977) overvaluation theory and suggests that the bans have been effective in temporarily stabilising prices in struggling financial stocks. Market quality is reduced during the restrictions, as evidenced by wi ...
... inflated prices, indicated by positive abnormal returns. This is consistent with Miller’s (1977) overvaluation theory and suggests that the bans have been effective in temporarily stabilising prices in struggling financial stocks. Market quality is reduced during the restrictions, as evidenced by wi ...
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... Sukuk based on fixed rates are exposed to this risk in the same manner as fixed-rate bonds are exposed to interest-rate risk. The rise in market interest rates leads to a fall in the value of fixed-income sukuk. There is also a dimension of reinvestment risk and the opportunity cost of investing at ...
... Sukuk based on fixed rates are exposed to this risk in the same manner as fixed-rate bonds are exposed to interest-rate risk. The rise in market interest rates leads to a fall in the value of fixed-income sukuk. There is also a dimension of reinvestment risk and the opportunity cost of investing at ...
SUP-MULTI-0115 ALLIANCEBERNSTEIN ALL MARKET GROWTH
... are designed for use in two or more securities markets, such as Europe and Asia. Derivatives The Underlying Portfolios may, but are not required to, use derivatives for hedging or other risk management purposes or as part of their investment practices. Derivatives ...
... are designed for use in two or more securities markets, such as Europe and Asia. Derivatives The Underlying Portfolios may, but are not required to, use derivatives for hedging or other risk management purposes or as part of their investment practices. Derivatives ...
Cumulative Prospect Theory, Aggregation, and Pricing
... agent who holds the average or market portfolio. Unfortunately, a representative investor who optimally holds the market portfolio is, directly or indirectly, the basis for virtually all equilibrium models of asset pricing in Finance, and a representative agent is almost universally assumed when CPT ...
... agent who holds the average or market portfolio. Unfortunately, a representative investor who optimally holds the market portfolio is, directly or indirectly, the basis for virtually all equilibrium models of asset pricing in Finance, and a representative agent is almost universally assumed when CPT ...
The Size and Specialization of Direct Investment Portfolios
... set also enables us to differentiate our predictions from existing work that models agency frictions and capital re-allocation between managers. In those models, specialists are more productive because managers can more easily re-allocate capital and compare performance between similar projects. Our ...
... set also enables us to differentiate our predictions from existing work that models agency frictions and capital re-allocation between managers. In those models, specialists are more productive because managers can more easily re-allocate capital and compare performance between similar projects. Our ...
US SECURITIES AND EXCHANGE COMMISSION FORM
... audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used an ...
... audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used an ...
Broad-Based Stock Options and Company
... The two groups of comparison companies to which the broad-based companies are compared were also carefully chosen to allay questions of bias . The group of all public companies includes all public companies for which information was available in Standard and Poors' Compustat datafile excluding the 4 ...
... The two groups of comparison companies to which the broad-based companies are compared were also carefully chosen to allay questions of bias . The group of all public companies includes all public companies for which information was available in Standard and Poors' Compustat datafile excluding the 4 ...
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... differences against Shareholders’ Equity at transition date. It should be noted that IFRS would have had a positive impact on Shareholders’ Equity if we had not chosen to use this fresh start approach for pensions ...
... differences against Shareholders’ Equity at transition date. It should be noted that IFRS would have had a positive impact on Shareholders’ Equity if we had not chosen to use this fresh start approach for pensions ...
The Capital Asset Pricing Model
... portion of his or her initial wealth that he or she allocates to risky assets and divides it further: using the fraction w to purchase asset j and the remaining fraction 1 − w to buy the market portfolio. Note that since the market portfolio already includes some of asset j, choosing w > 0 really me ...
... portion of his or her initial wealth that he or she allocates to risky assets and divides it further: using the fraction w to purchase asset j and the remaining fraction 1 − w to buy the market portfolio. Note that since the market portfolio already includes some of asset j, choosing w > 0 really me ...