Indrani De - Quaffers.org
... association. This effect is pronounced over the medium to long run (three to five year) Social scores have a greater positive effect on ROE. This effect holds true over the short, medium & long-term investment horizon. Our results are robust after controlling for the sector effect and size effect. E ...
... association. This effect is pronounced over the medium to long run (three to five year) Social scores have a greater positive effect on ROE. This effect holds true over the short, medium & long-term investment horizon. Our results are robust after controlling for the sector effect and size effect. E ...
In The Vanguard Core Edition Summer 2012
... Note: All investing is subject to risks. Past performance is not a guarantee of future returns. Investments in bond funds are subject to interest rate, credit, and inflation risk. Because high-yield bonds are considered speculative, investors should be prepared to assume a substantially greater leve ...
... Note: All investing is subject to risks. Past performance is not a guarantee of future returns. Investments in bond funds are subject to interest rate, credit, and inflation risk. Because high-yield bonds are considered speculative, investors should be prepared to assume a substantially greater leve ...
Using Coke-Cola and Pepsico to demonstrate optimal capital
... Modigliani and Miller (1958) show that with a simple set of assumptions the value of a firm is independent of the capital structure. M&M (1958) assume that capital markets are certain and that there are no taxes or trading cost. Investors are able to borrow and lend at the same rate. The value of th ...
... Modigliani and Miller (1958) show that with a simple set of assumptions the value of a firm is independent of the capital structure. M&M (1958) assume that capital markets are certain and that there are no taxes or trading cost. Investors are able to borrow and lend at the same rate. The value of th ...
Disappointment Aversion in Asset Allocation
... These analytical results are supported by empirical results with asset allocations in pension funds of 35 OECD countries. The estimated DA levels (standard errors) of stock, bond, and other investments (a portfolio of real estate, infrastructure, private equities, and hedge funds) are 2.33 (0.31), 1 ...
... These analytical results are supported by empirical results with asset allocations in pension funds of 35 OECD countries. The estimated DA levels (standard errors) of stock, bond, and other investments (a portfolio of real estate, infrastructure, private equities, and hedge funds) are 2.33 (0.31), 1 ...
market efficiency in baltic stock markets
... behavior results in formation of bubbles and disruptions of the system. In order to understand these topics, the behaviour of the stock markets is frequently analysed. Very often, efficient market hypothesis comes under scrutiny as efficient stock markets are essential for the financial system to fu ...
... behavior results in formation of bubbles and disruptions of the system. In order to understand these topics, the behaviour of the stock markets is frequently analysed. Very often, efficient market hypothesis comes under scrutiny as efficient stock markets are essential for the financial system to fu ...
Mutual funds and our capital market
... It implies that promoters of mutual fund are very much reluctant for access to the capital market. This may be due to the deficit of right kind of sponsors and decision makers in our country at the right time for accelerating the mutual funds. So, it is time to float the MFs in our capital market i ...
... It implies that promoters of mutual fund are very much reluctant for access to the capital market. This may be due to the deficit of right kind of sponsors and decision makers in our country at the right time for accelerating the mutual funds. So, it is time to float the MFs in our capital market i ...
stocks - McGraw Hill Higher Education
... would grow at 20% per year. If all of its earnings were paid out as dividends – i.e., none of the earnings were reinvested – then Blue Sky would forgo any growth (growth = 0%). If part of its earnings were reinvested, then Blue Sky would grow at between 0% and 20% per year. You should see that t ...
... would grow at 20% per year. If all of its earnings were paid out as dividends – i.e., none of the earnings were reinvested – then Blue Sky would forgo any growth (growth = 0%). If part of its earnings were reinvested, then Blue Sky would grow at between 0% and 20% per year. You should see that t ...
SAST - SA JPMorgan MFS Core Bond Portfolio Summary
... not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. As with any mutual fund, there is no guarantee that the Portfolio will be able to achieve its investment goal. If the value of the assets of the Portfolio goes down, you c ...
... not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. As with any mutual fund, there is no guarantee that the Portfolio will be able to achieve its investment goal. If the value of the assets of the Portfolio goes down, you c ...
Haksoz Kadam SPR Feb2009
... solutions. An important enhancement of our model over above prior studies in this direction is that we extend the basic model to a portfolio of supply contracts. We do this using the CreditRisk+ framework well known in finance and insurance literature. The Deloitte Research report by Kambil and Mahi ...
... solutions. An important enhancement of our model over above prior studies in this direction is that we extend the basic model to a portfolio of supply contracts. We do this using the CreditRisk+ framework well known in finance and insurance literature. The Deloitte Research report by Kambil and Mahi ...
Common Stocks_Ch06
... of Common Stock (cont’d) • Stock Split: when a company increases the number of shares outstanding by exchanging a specified number of new shares of stock for each outstanding share – Usually done to lower the stock price to make it more attractive to investors – Stockholders end up with more shares ...
... of Common Stock (cont’d) • Stock Split: when a company increases the number of shares outstanding by exchanging a specified number of new shares of stock for each outstanding share – Usually done to lower the stock price to make it more attractive to investors – Stockholders end up with more shares ...
Long-Run Stock Returns: Participating in the
... opinions of investors and financial professionals garnered from broad surveys. In the work reported here, we used supplyside models. We first used this type of model in Diermeier, Ibbotson, and Siegel (1984). Numerous other authors have used supply-side models, usually with a focus on the Gordon (19 ...
... opinions of investors and financial professionals garnered from broad surveys. In the work reported here, we used supplyside models. We first used this type of model in Diermeier, Ibbotson, and Siegel (1984). Numerous other authors have used supply-side models, usually with a focus on the Gordon (19 ...
Household Heterogeneity and Incomplete Financial Markets: Asset Return Implications in a
... Using the previous firm objectives, we analyze the asset pricieng implications of the model from two different perspectives in chapters 2 and 3. Each chapter provides its own introduction and conclusions, raising the questions addressed and highlighting the main results obtained. In chapter 2, the st ...
... Using the previous firm objectives, we analyze the asset pricieng implications of the model from two different perspectives in chapters 2 and 3. Each chapter provides its own introduction and conclusions, raising the questions addressed and highlighting the main results obtained. In chapter 2, the st ...
Historical Performance of Commodity and Stock Markets
... are often considered defensive investments and defensive stocks (i.e., stocks with a risk level less than the overall market) and tend to remain stable under difficult economic conditions, making it crucial that we examine the role of agribusiness stocks in portfolios under various market conditions ...
... are often considered defensive investments and defensive stocks (i.e., stocks with a risk level less than the overall market) and tend to remain stable under difficult economic conditions, making it crucial that we examine the role of agribusiness stocks in portfolios under various market conditions ...
Inflation and the Price of Real Assets ∗ Monika Piazzesi Martin Schneider
... after tax returns on bonds and stocks more than those on real estate and hence might be responsible for the portfolio shift of the 1970s. We show that this effect contributes to the portfolio shift, although it cannot quantitatively generate all of it. These authors have also argued that inflation ha ...
... after tax returns on bonds and stocks more than those on real estate and hence might be responsible for the portfolio shift of the 1970s. We show that this effect contributes to the portfolio shift, although it cannot quantitatively generate all of it. These authors have also argued that inflation ha ...
Corporate Finance
... (B&M Ch. 8 (8.1–8.3); G&T Ch. 5; Reader; FT Mastering Series. Finance. The Complete Finance Companion. FT Pitman Publishing. Russian version. Moscow: Olimp-Business. 1998. Ch. 1, pp. 25–61; Guide Ch. 2) 7. Capital Asset Pricing Theory: Arbitrage Pricing Theory The assumptions for factor pricing mode ...
... (B&M Ch. 8 (8.1–8.3); G&T Ch. 5; Reader; FT Mastering Series. Finance. The Complete Finance Companion. FT Pitman Publishing. Russian version. Moscow: Olimp-Business. 1998. Ch. 1, pp. 25–61; Guide Ch. 2) 7. Capital Asset Pricing Theory: Arbitrage Pricing Theory The assumptions for factor pricing mode ...
MF score-card in Q2: HDFC, SBI Mutual see
... Of the several new fund offers in 2004, only a few, such as Magnum Emerging Businesses Fund, PruICICI Emerging S.T.A.R, Sundaram S.M.I.L.E, Kotak Opportunities and Franklin India Flexi Cap Fund, started off on an impressive note. Fund managers are under pressure to deliver great returns in new funds ...
... Of the several new fund offers in 2004, only a few, such as Magnum Emerging Businesses Fund, PruICICI Emerging S.T.A.R, Sundaram S.M.I.L.E, Kotak Opportunities and Franklin India Flexi Cap Fund, started off on an impressive note. Fund managers are under pressure to deliver great returns in new funds ...
Lecture 5
... Investment Funds Investment funds are intermediaries that invest investor pooled funds for a fee. The investor usually receives a share of the fund proportional to his/her investment. Investment funds are either managed or unmanaged. Unmanaged funds are also called Unit Investment Trusts and hold a ...
... Investment Funds Investment funds are intermediaries that invest investor pooled funds for a fee. The investor usually receives a share of the fund proportional to his/her investment. Investment funds are either managed or unmanaged. Unmanaged funds are also called Unit Investment Trusts and hold a ...
“Idiosyncratic Risk, Systematic Risk, and Firm Welfare”
... investors will be able to trade the …rm’s shares. We determine the subset N as follows. As all investors have the opportunity to trade in the …rm’s shares, in equilibrium it must be the case that each investor is indi¤erent between being able to trade in the …rm or not. Thus, in equilibrium the exp ...
... investors will be able to trade the …rm’s shares. We determine the subset N as follows. As all investors have the opportunity to trade in the …rm’s shares, in equilibrium it must be the case that each investor is indi¤erent between being able to trade in the …rm or not. Thus, in equilibrium the exp ...
Volatility and Fixed Income Asset Class Comparison
... risk premium to being long volatility. Bakshi and Kapadia [2003a] find that for a long delta-hedged call position on the S&P 500 there is a negative risk premium (a positive risk premium to being short volatility). For at-themoney options, they find a risk premium of approximately -0.13% of the unde ...
... risk premium to being long volatility. Bakshi and Kapadia [2003a] find that for a long delta-hedged call position on the S&P 500 there is a negative risk premium (a positive risk premium to being short volatility). For at-themoney options, they find a risk premium of approximately -0.13% of the unde ...
Outerwall (OUTR)
... $157M capital commitment, of which $63M already spent Unproven concept, so we deduct entire amount of required future investment from both upside and downside valuation OUTR can put interest to Verizon if certain subscribers levels not reached by March 2015 – recoup some costs ...
... $157M capital commitment, of which $63M already spent Unproven concept, so we deduct entire amount of required future investment from both upside and downside valuation OUTR can put interest to Verizon if certain subscribers levels not reached by March 2015 – recoup some costs ...
Janus Research Fund - Proxy
... broker-dealers and institutions. There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral provided to the Fund to collateralize the loan ...
... broker-dealers and institutions. There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral provided to the Fund to collateralize the loan ...
PUF Investment Policy
... marketable investments may be made directly by UTIMCO or through partnerships. If these investments are made through partnerships they offer faster drawdown of committed capital and earlier realization potential than alternative nonmarketable investments. Alternative marketable investments made thro ...
... marketable investments may be made directly by UTIMCO or through partnerships. If these investments are made through partnerships they offer faster drawdown of committed capital and earlier realization potential than alternative nonmarketable investments. Alternative marketable investments made thro ...
Spillover effects among gold, stocks, and bonds
... from a global perspective. Johnson and Soenen found that in the period 1984-1995, stocks and bonds dominated the performance of gold as an investment. Davidson, Faff, and Hillier (2003) found that 22 of 24 world industries examined had significant exposures to the gold factor over the period 1975-19 ...
... from a global perspective. Johnson and Soenen found that in the period 1984-1995, stocks and bonds dominated the performance of gold as an investment. Davidson, Faff, and Hillier (2003) found that 22 of 24 world industries examined had significant exposures to the gold factor over the period 1975-19 ...
introduction to personal investing
... Note: Return refer to the annualised average rate of return. Risk refers to the standard deviation of return. Source: MAS and MSCI. ...
... Note: Return refer to the annualised average rate of return. Risk refers to the standard deviation of return. Source: MAS and MSCI. ...
What is a stock?
... value of its future cash flows. So the value of a stock is the value of a fraction of the future cash flows of the company. Some companies pay out part of their profits through dividends. You can also benefit from a price increase of the company stock. Buying stocks is a risky investment, as neither ...
... value of its future cash flows. So the value of a stock is the value of a fraction of the future cash flows of the company. Some companies pay out part of their profits through dividends. You can also benefit from a price increase of the company stock. Buying stocks is a risky investment, as neither ...
Beta (finance)
In finance, the beta (β) of an investment is a measure of the risk arising from exposure to general market movements as opposed to idiosyncratic factors. The market portfolio of all investable assets has a beta of exactly 1. A beta below 1 can indicate either an investment with lower volatility than the market, or a volatile investment whose price movements are not highly correlated with the market. An example of the first is a treasury bill: the price does not go up or down a lot, so it has a low beta. An example of the second is gold. The price of gold does go up and down a lot, but not in the same direction or at the same time as the market.A beta greater than one generally means that the asset both is volatile and tends to move up and down with the market. An example is a stock in a big technology company. Negative betas are possible for investments that tend to go down when the market goes up, and vice versa. There are few fundamental investments with consistent and significant negative betas, but some derivatives like equity put options can have large negative betas.Beta is important because it measures the risk of an investment that cannot be reduced by diversification. It does not measure the risk of an investment held on a stand-alone basis, but the amount of risk the investment adds to an already-diversified portfolio. In the capital asset pricing model, beta risk is the only kind of risk for which investors should receive an expected return higher than the risk-free rate of interest.The definition above covers only theoretical beta. The term is used in many related ways in finance. For example, the betas commonly quoted in mutual fund analyses generally measure the risk of the fund arising from exposure to a benchmark for the fund, rather than from exposure to the entire market portfolio. Thus they measure the amount of risk the fund adds to a diversified portfolio of funds of the same type, rather than to a portfolio diversified among all fund types.Beta decay refers to the tendency for a company with a high beta coefficient (β > 1) to have its beta coefficient decline to the market beta. It is an example of regression toward the mean.