1 - Sidley Austin LLP
... 6 The Liquidity Release notes that while there is no clear definition of an “alternative” open-end fund, it is generally viewed as “a fund whose primary investment strategy falls into one or more of the three following buckets: (i) non-traditional asset classes (for example, currencies or managed fu ...
... 6 The Liquidity Release notes that while there is no clear definition of an “alternative” open-end fund, it is generally viewed as “a fund whose primary investment strategy falls into one or more of the three following buckets: (i) non-traditional asset classes (for example, currencies or managed fu ...
risk adjusted performance measures
... 1.2 Context of the Study The study aims to contrast risk adjusted performance measures (RAPMs) with traditional performance measures such as return on equity (ROE) and return on assets (ROA) in a Property Finance business within the banking sector in South Africa. The Property Finance Business rela ...
... 1.2 Context of the Study The study aims to contrast risk adjusted performance measures (RAPMs) with traditional performance measures such as return on equity (ROE) and return on assets (ROA) in a Property Finance business within the banking sector in South Africa. The Property Finance Business rela ...
Download attachment
... In every banking organization there are people who are dedicated to risk management activities, such as ri sk review, internal audit etc. It must not be construed that risk management is something to be performed by a few individuals or a department. Business lines are equally responsible for the ri ...
... In every banking organization there are people who are dedicated to risk management activities, such as ri sk review, internal audit etc. It must not be construed that risk management is something to be performed by a few individuals or a department. Business lines are equally responsible for the ri ...
Determinants of Going-Public Decision in an Emerging
... associated with being a public company in terms of pressure and time constraint on top management, (b) absence of liquidity, and (c) threat of delisting by the stock exchange. Park (1990) carried out a survey on Korean companies. The study showed that while the most important benefits of going publi ...
... associated with being a public company in terms of pressure and time constraint on top management, (b) absence of liquidity, and (c) threat of delisting by the stock exchange. Park (1990) carried out a survey on Korean companies. The study showed that while the most important benefits of going publi ...
Informed Trading, Liquidity Provision, and Stock Selection by Mutual
... changes, still contain valuable information about a manager’s abilities, especially in the mediumJanuary to September 2005, Starbucks’ reported sales growth rates were in the range of 7% to 9%. Most analysts were of the view that a large part of that growth rate was attributable to the 3% sales pric ...
... changes, still contain valuable information about a manager’s abilities, especially in the mediumJanuary to September 2005, Starbucks’ reported sales growth rates were in the range of 7% to 9%. Most analysts were of the view that a large part of that growth rate was attributable to the 3% sales pric ...
V7-Mutual Fund year book
... We are pleased to release the third edition of The CRISIL Mutual Fund Year Book, a one-stop insight on the mutual fund industry. This is in line with our objective of making markets function better and improving connect with retail investors. 2012 was a turnaround year for the Indian capital markets ...
... We are pleased to release the third edition of The CRISIL Mutual Fund Year Book, a one-stop insight on the mutual fund industry. This is in line with our objective of making markets function better and improving connect with retail investors. 2012 was a turnaround year for the Indian capital markets ...
Lunar cycle effects in stock returns
... An examination of the rest of Table 1 reveals that the results for these three additional indexes are similar to those for the DJIA. For all three indexes and for both return windows (a total of six return specifications), new moon returns are substantially higher than full moon returns. If anything ...
... An examination of the rest of Table 1 reveals that the results for these three additional indexes are similar to those for the DJIA. For all three indexes and for both return windows (a total of six return specifications), new moon returns are substantially higher than full moon returns. If anything ...
Master Thesis: Quality of Risk Reporting
... financial crisis, which was caused by bad mortgage lending and bad investments that resulted in a decline in the value of the major stock market indexes and decline in the economy. Risk disclosure stems from stakeholder’s theory, which was thought as the result of the positive accounting theory, use ...
... financial crisis, which was caused by bad mortgage lending and bad investments that resulted in a decline in the value of the major stock market indexes and decline in the economy. Risk disclosure stems from stakeholder’s theory, which was thought as the result of the positive accounting theory, use ...
Thesis - Kyiv School of Economics
... both capital inflow (liability equation) and for capital outflow (asset equation) equations for four developed countries. Industrial production indices were found to be not significant in any of the asset flow equation; however, they are significant in liability equations. For all countries there is ...
... both capital inflow (liability equation) and for capital outflow (asset equation) equations for four developed countries. Industrial production indices were found to be not significant in any of the asset flow equation; however, they are significant in liability equations. For all countries there is ...
The impact of senior political representation on government
... 1985; and Cox and McCubbins, 1991). Committee seniority provides advantages in obtaining subcommittee and committee chairmanships in addition to soft power on the legislative and executive branches, which all help political representatives “help” their constituencies. Political science literature pr ...
... 1985; and Cox and McCubbins, 1991). Committee seniority provides advantages in obtaining subcommittee and committee chairmanships in addition to soft power on the legislative and executive branches, which all help political representatives “help” their constituencies. Political science literature pr ...
fund fact sheet user`s guide
... which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI’s average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and tho ...
... which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI’s average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and tho ...
Level Term Lapse Rates
... the Product Development newsletter. I can tell you from firsthand experience that she is tenacious in getting people to volunteer to write articles, turn them in on time and does all of it in such a nice manner that you feel like you are letting her down if you do not meet your obligations. Paul Pfl ...
... the Product Development newsletter. I can tell you from firsthand experience that she is tenacious in getting people to volunteer to write articles, turn them in on time and does all of it in such a nice manner that you feel like you are letting her down if you do not meet your obligations. Paul Pfl ...
Risky Value
... that controlling for ex post realizations of country level earnings growth subsumes the ability of B/P to explain country level returns, as would be expected if B/P is capturing unbiased expectations of future earnings growth (see e.g., Fama, 1990). Expected returns are attributable to expectations ...
... that controlling for ex post realizations of country level earnings growth subsumes the ability of B/P to explain country level returns, as would be expected if B/P is capturing unbiased expectations of future earnings growth (see e.g., Fama, 1990). Expected returns are attributable to expectations ...
NBER WORKING PAPER SERIES TRANSPARENCY AND INTERNATIONAL INVESTOR BEHAVIOR R. Gaston Gelos
... Related to this discussion, the theoretical link between availability of information and market volatility is ambiguous, as pointed out, among others, by Furman and Stiglitz (1998). While their argument is not specifically about herding behavior, it is about investors’ trading behavior in different ...
... Related to this discussion, the theoretical link between availability of information and market volatility is ambiguous, as pointed out, among others, by Furman and Stiglitz (1998). While their argument is not specifically about herding behavior, it is about investors’ trading behavior in different ...
January 31, 2017 - Tortoise Index Solutions
... RIC Compliance Risk. The Fund has elected to be, and intends to qualify each year for treatment as, a RIC under the Code. To maintain the Fund’s qualification for federal income tax treatment as a RIC, the Fund must meet certain source-of-income, asset diversification and annual distribution require ...
... RIC Compliance Risk. The Fund has elected to be, and intends to qualify each year for treatment as, a RIC under the Code. To maintain the Fund’s qualification for federal income tax treatment as a RIC, the Fund must meet certain source-of-income, asset diversification and annual distribution require ...
Returns to Buying Earnings and Book Value: Accounting for Growth
... yielding lower returns). The presumption that growth adds risk could, of course be incorrect, but that also goes against the grain of accounting principles. Lower book values create both short-term earnings and long-term growth so, to reconcile the observation that B/P predicts returns with the ide ...
... yielding lower returns). The presumption that growth adds risk could, of course be incorrect, but that also goes against the grain of accounting principles. Lower book values create both short-term earnings and long-term growth so, to reconcile the observation that B/P predicts returns with the ide ...
Chapter 6 - NYU Stern School of Business
... using past data on internal operational failures and the costs involved. Alternatively, industry data may be used to assess the overall severity of operational risk events for similar-sized firms as well as the likelihood that the events will occur. The top-down approach aggregates across different ...
... using past data on internal operational failures and the costs involved. Alternatively, industry data may be used to assess the overall severity of operational risk events for similar-sized firms as well as the likelihood that the events will occur. The top-down approach aggregates across different ...
Risk Management Terms - Society of Actuaries
... organizations and industries, we conducted a survey of risk professionals regarding their understanding of important risk terms. The results offer insight into relevant similarities and differences in risk perception by individuals. We supplemented our survey results with an analysis of firm-level i ...
... organizations and industries, we conducted a survey of risk professionals regarding their understanding of important risk terms. The results offer insight into relevant similarities and differences in risk perception by individuals. We supplemented our survey results with an analysis of firm-level i ...
BERMUDA MONETARY AUTHORITY
... annual basis, that policies, processes, and procedures are developed to assess the insurer’s material risks, and self-determine the capital resources it would need to support its operations in accordance with the principle of proportionality. Minimally, the Board and senior management are required t ...
... annual basis, that policies, processes, and procedures are developed to assess the insurer’s material risks, and self-determine the capital resources it would need to support its operations in accordance with the principle of proportionality. Minimally, the Board and senior management are required t ...
NBER WORKING PAPER SERIES THE VARIABILITY OF IPO INITIAL RETURNS Michelle Lowry
... deviation as this sample. In addition to having a high standard deviation, the initial return distribution is highly positively skewed and fat-tailed. Lowry and Schwert (2002, 2004) and Loughran and Ritter (2004) note that the 1998-2000 period exhibits unusual dispersion of IPO returns. A closer in ...
... deviation as this sample. In addition to having a high standard deviation, the initial return distribution is highly positively skewed and fat-tailed. Lowry and Schwert (2002, 2004) and Loughran and Ritter (2004) note that the 1998-2000 period exhibits unusual dispersion of IPO returns. A closer in ...
Systemic Risk in Hedge Funds
... funds properly. How could it, for example, be still possible for the hedge fund Long Term Capital Management in 1998, and the Amaranth Advisors LLC in 2006, to collapse and create major distress on the financial markets? In chapter 4 and 5 we will go further into detail. ...
... funds properly. How could it, for example, be still possible for the hedge fund Long Term Capital Management in 1998, and the Amaranth Advisors LLC in 2006, to collapse and create major distress on the financial markets? In chapter 4 and 5 we will go further into detail. ...
$doc.title
... This explanation maintains that the asymmetry in volatility responds to the fact that returns could simply reflect the existence of time-varying risk premiums. If volatility is priced, an anticipated increase in volatility raises the required return on equity, leading to an immediate stock price dec ...
... This explanation maintains that the asymmetry in volatility responds to the fact that returns could simply reflect the existence of time-varying risk premiums. If volatility is priced, an anticipated increase in volatility raises the required return on equity, leading to an immediate stock price dec ...
Investor Sentiment and the Mean-variance Relation
... that arbitrageurs are likely to be risk averse and to have reasonably short horizons. The authors set up an overlapping generation model with arbitrageurs who hold correct beliefs, and noise traders who hold wrong beliefs. They reach the conclusions that arbitrage is limited and the stock price can ...
... that arbitrageurs are likely to be risk averse and to have reasonably short horizons. The authors set up an overlapping generation model with arbitrageurs who hold correct beliefs, and noise traders who hold wrong beliefs. They reach the conclusions that arbitrage is limited and the stock price can ...
Determinants of abnormal returns in mergers
... economic theories are inadequate in explaining certain outcomes. For example, as opposed by the classical theories, investors and managers are only rarely fully rational in decision making. This bounded rationality has an effect on economic decisions and their outcomes. This paper researches the abn ...
... economic theories are inadequate in explaining certain outcomes. For example, as opposed by the classical theories, investors and managers are only rarely fully rational in decision making. This bounded rationality has an effect on economic decisions and their outcomes. This paper researches the abn ...
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.