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Venture-Capital Syndication
Venture-Capital Syndication

... or “mezzanine” or later-stage financing. Finally there may be a stage of financing focused on a specific purpose for a mature privately held company, including turnaround investments and leveraged buyouts. Within each stage there may be more than one round of investments. The amount of time associated ...
Evidence of the Abnormal Accrual Anomaly Incremental to
Evidence of the Abnormal Accrual Anomaly Incremental to

... is part of the overall value-glamour anomaly. We extend this line of research by employing multiple measures of abnormal accruals and testing their relation with both future annual returns and future earnings announcement returns. Using multiple measures of abnormal accruals increases the robustness ...
The Budget and Economic Outlook: 2015 to 2025 - Agri
The Budget and Economic Outlook: 2015 to 2025 - Agri

... mostly because of the enactment of legislation that retroactively extended a host of expired tax provisions through December 2014. Over the 2015–2024 period, deficits are now projected to total about $175 billion less than CBO’s August estimate for that period. The current projections of revenues an ...
Get cached
Get cached

... make a real contribution to both savings and investments of these countries (Brown 1994, Brown 1997, Brown and Ahlburg 1999, Connell and Conway 2000). The main problem of microeconomic case studies is that they tend to undervalue the macroeconomic impact of remittances by focusing on isolated commun ...
IPSAS 26 Impairment of Cash-Generating Assets
IPSAS 26 Impairment of Cash-Generating Assets

... place during the period, or will take place in the near future, in the technological, market, economic, or legal environment in which the entity operates, or in the market to which an asset is dedicated; (c) Market interest rates or other market rates of return on investments have increased during t ...
Optimal Asset Location and Allocation with Taxable and Tax
Optimal Asset Location and Allocation with Taxable and Tax

... When investors have unrestricted borrowing opportunities in the taxable account, the optimal asset location policy involves allocating the entire taxdeferred account to taxable bonds. Investors then combine either borrowing or lending with investment in equity in the taxable account to achieve their ...
Dissecting Anomalies
Dissecting Anomalies

... microcaps are on average only about 3% of the market cap of the NYSE-AmexNASDAQ universe, they account for about 60% of the total number of stocks. Second, the cross-section dispersion of anomaly variables is largest among microcaps, so they typically account for more than 60% of the stocks in extre ...
Predicting Mutual Fund Performance: The Win
Predicting Mutual Fund Performance: The Win

... the entirety of the stocks in the CRSP database during the same estimation period and verify whether the stock’s alpha is above or below the median. We then tabulate the number of stocks in a mutual fund holding that have alphas above the median, normalizing by the total number of stocks held in the ...
The Cross-Sectional Dispersion of Stock Returns, Alpha
The Cross-Sectional Dispersion of Stock Returns, Alpha

... Samuelson [2004] argues that broader use of inexpensive equity indexing would boost wealth overall and make equity investors better off. French [2008] attempts to quantify this loss of wealth; he estimates that pursuing active rather than passive equity strategies caused investors’ average annual r ...
2014 Annual Report
2014 Annual Report

... Allstate had a very good year in 2013. This was the result of a multi-year plan to reposition our business in the face of the financial market turmoil and a dramatic increase in severe weather events, both of which began in 2008. During this period, we built on our strong history of business leaders ...
Momentum, Acceleration, and Reversal
Momentum, Acceleration, and Reversal

... process or herding, which can lead to an accelerated price increase. An example of the positive feedback process is that investors who bought stock and made money today cause more investors to buy stock tomorrow, which pushes stock price higher at an increasing rate. At the market level, we have wit ...
162/16 - Manitoba Public Utilities Board
162/16 - Manitoba Public Utilities Board

... percentage points, the Workers' Compensation Board by 1.2 percentage points, and the Teachers' Retirement Allowances Fund by 1.7 percentage points. The Board also points out that Saskatchewan Government Insurance (SGI) has an investment portfolio which includes a public equity mix, where almost one ...
Does Fund Size Erode Performance? Organizational Diseconomies
Does Fund Size Erode Performance? Organizational Diseconomies

... The point of departure for our paper is the following question: why should we take for granted that bigger funds naturally have to take larger positions per stock or have to invest in large cap stocks or not-so-good ideas? Presumably, as a small fund grows with good past performance, it can afford ...
Preparing for Their Future: A Look at the Financial State of Gen X
Preparing for Their Future: A Look at the Financial State of Gen X

... (on behalf of Divided We Fail) commissioned Mathew Greenwald & Associates to conduct a survey with members of these younger generations to profile and better understand their current and future financial state. This base line understanding can be instrumental in helping these generations attain grea ...
RFP NO. NM INV-001-FY16 - Public Employees Retirement
RFP NO. NM INV-001-FY16 - Public Employees Retirement

... a. Have at least $1 billion in total assets under management for the firm; b. Have at least $500 million in assets under management in the proposed Listed Infrastructure product(s); 5. Have at least three major U.S. tax-exempt pension fund clients (public or corporate). This requirement is firm-wide ...
Powerpoint - Industrial Revolution
Powerpoint - Industrial Revolution

... One of the big questions of early industrial society was: ...
Does Academic Research Destroy Stock Return Predictability?*
Does Academic Research Destroy Stock Return Predictability?*

... proposed in Lee, Shleifer, and Thaler (1991) and Barberis and Shleifer (2003). Publication could then cause more arbitrageurs to trade on the predictor, which causes predictor portfolios to become more correlated with already-published predictor portfolios that are also pursued by arbitrageurs, and ...
Taxation trends in the European Union
Taxation trends in the European Union

... The 2014 edition of Taxation Trends in the European Union is the eighth issue of the report in its current form. The objective of the report remains unchanged: to present a complete view of the structure, level and trends of taxation in the Union over a medium- to long-term period. Taxation is at th ...
Limited Attention and the Uninformative Persuasion of Mutual Fund
Limited Attention and the Uninformative Persuasion of Mutual Fund

... average retail investor understands the manner in which HPRs are calculated and consequently the influence of stale information when evaluating the time series of HPRs. This information is not included in the disclosure and only investors with some level of finance education would understand the nua ...
Case Studies on Managing Government Compensation and
Case Studies on Managing Government Compensation and

... wage bill pressures, which are the basis for the compensation and employment reform lessons identified in the main paper. The selection of countries for the case studies reflects past studies carried out by either the IMF or the World Bank in the context of technical assistance or bilateral surveill ...
The Role of Operating Leverage in Asset Pricing
The Role of Operating Leverage in Asset Pricing

... by two reasons. The first is a measurement problem as operating leverage is largely considered unobservable due to the lack of direct measures available from the observable accounting or market data. The second comes from the partial equilibrium models generally used in theory. In this paper, the r ...
Government Guarantees and Fiscal Risk, April 1, 2005
Government Guarantees and Fiscal Risk, April 1, 2005

... Some guarantees can be viewed as a response to the heavy costs that political and policy risks may impose on the private sector. This is especially the case under PPP contracts, because they usually relate to the provision of high-cost, single-use, long-lived assets. In the absence of protection aga ...
TE Connectivity Ltd. (Form: 10-K, Received: 11/12
TE Connectivity Ltd. (Form: 10-K, Received: 11/12

... currently available to our management. Forward-looking statements include, among others, the information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, potential growth opportunities, potential operating performance improv ...
Skandia Annual Report
Skandia Annual Report

... Skandia recorded a good year in 2006 – the first year as a subsidiary of Old Mutual. We posted favourable performance on the back of strong sales, net client inflows and greater operating efficiency in several countries. Premiums and deposits improved in both our unit linked and mutual fund business ...
NBER Reporter Program Report
NBER Reporter Program Report

... statistical system. The CRIW provided conceptual support for the task of developing such a system, and a complex task it was indeed. A national economy is a system of interconnected flows of quantities and payments involving a vast number of goods and services. Fitting all this together into a natio ...
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Pensions crisis

The pensions crisis is a predicted difficulty in paying for corporate, state, and federal pensions in the United States and Europe, due to a difference between pension obligations and the resources set aside to fund them. Shifting demographics are causing a lower ratio of workers per retiree; contributing factors include retirees living longer (increasing the relative number of retirees), and lower birth rates (decreasing the relative number of workers, especially relative to the Post-WW2 Baby Boom). There is significant debate regarding the magnitude and importance of the problem, as well as the solutions.For example, as of 2008, the estimates for the underfunding of U.S. states' pension programs range from $1 trillion using the discount rate of 8% to $3.23 trillion using U.S. Treasury bond yields as the discount rate. The present value of unfunded obligations under Social Security as of August 2010 was approximately $5.4 trillion. In other words, this amount would have to be set aside today such that the principal and interest would cover the program's shortfall between tax revenues and payouts over the next 75 years.Some economists question the concept of funding, and, therefore underfunding. Storing funds by governments, in the form of fiat currencies, is the functional equivalent of storing a collection of their own IOUs. They will be equally inflationary to newly written ones when they do come to be used.Reform ideas are in three primary categories: a) Addressing the worker-retiree ratio, via raising the retirement age, employment policy and immigration policy; b) Reducing obligations via shifting from defined benefit to defined contribution pension types and reducing future payment amounts (by, for example, adjusting the formula that determines the level of benefits); and c) Increasing resources to fund pensions via increasing contribution rates and raising taxes.
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