The Link between IPO Underpricing and Trading Volume: Evidence
... Spindt (1989). In their model, underwriters of initial public offerings use pricing and allocation rules to give regular investors incentive to truthfully reveal their demand. When the revealed demand is higher than expected, the underwriter partially adjusts the offer price upward. Moreover, truth- ...
... Spindt (1989). In their model, underwriters of initial public offerings use pricing and allocation rules to give regular investors incentive to truthfully reveal their demand. When the revealed demand is higher than expected, the underwriter partially adjusts the offer price upward. Moreover, truth- ...
Diminishing returns: Why investors may need to lower their
... the implications of these changing times could be for investors. This report is our first attempt at providing an answer. MGI does not make financial market forecasts. But by applying our research into the fundamental global economic and business trends that drive returns earned by equity and fixed- ...
... the implications of these changing times could be for investors. This report is our first attempt at providing an answer. MGI does not make financial market forecasts. But by applying our research into the fundamental global economic and business trends that drive returns earned by equity and fixed- ...
Socially Responsible Investments - Centre for Financial Research
... Van Soest (2012)) For instance, List (2006) finds that sports cards traders behave substantially different in gift exchange in the lab and in the field. Stoop, Noussair and Van Soest (2012) find that fishermen cooperate in a standard monetary voluntary contribution mechanism, but fish more than the ...
... Van Soest (2012)) For instance, List (2006) finds that sports cards traders behave substantially different in gift exchange in the lab and in the field. Stoop, Noussair and Van Soest (2012) find that fishermen cooperate in a standard monetary voluntary contribution mechanism, but fish more than the ...
Does Dividend Policy Enhance Shareholder Value?
... and restoring total assets to ¥100 billion. Total outstanding shares have increased, but the share price remains at ¥900, and new and current shareholders are neither better nor worse off than before.4 If a share repurchase is done instead of the cash dividend, certain details may change, but the ec ...
... and restoring total assets to ¥100 billion. Total outstanding shares have increased, but the share price remains at ¥900, and new and current shareholders are neither better nor worse off than before.4 If a share repurchase is done instead of the cash dividend, certain details may change, but the ec ...
“Accounting Dictionary”
... activity, that the taxpayer does not materially participate in managing or running. All income and losses from passive activities are grouped together on an income tax return and, generally, loss deductions are limited or suspended until the passive activity that generated them is disposed of in its ...
... activity, that the taxpayer does not materially participate in managing or running. All income and losses from passive activities are grouped together on an income tax return and, generally, loss deductions are limited or suspended until the passive activity that generated them is disposed of in its ...
tactical timing of low volatility equity strategies
... indicators considered. Exhibit 7 breaks down low volatility relative performance by quarters of increasing and decreasing interest rates. Clearly low volatility equities underperformed the cap-weighted index during periods of rising rates. However, the return difference is not large, 2% on an annual ...
... indicators considered. Exhibit 7 breaks down low volatility relative performance by quarters of increasing and decreasing interest rates. Clearly low volatility equities underperformed the cap-weighted index during periods of rising rates. However, the return difference is not large, 2% on an annual ...
Return Expectations from Venture Capital Deals in Europe
... markets. The institutional, legal and cultural environments as well as corporate governance systems are thought to notably influence the conduct of business (Groh et al. 2012). The differences start with venture capital funds’ organizational forms. In AngloSaxon countries, VC firms are mainly organi ...
... markets. The institutional, legal and cultural environments as well as corporate governance systems are thought to notably influence the conduct of business (Groh et al. 2012). The differences start with venture capital funds’ organizational forms. In AngloSaxon countries, VC firms are mainly organi ...
Investment Opportunities, Free-Cash-Flow, and the Market Values of
... because cash is trapped abroad due to the repatriation tax, firms are more likely to use the cash to undertake value-destroying acquisitions. However, as explained above, there are other mediating variables as well that affect the value of foreign cash – free-cash-flow problems and growth opportuni ...
... because cash is trapped abroad due to the repatriation tax, firms are more likely to use the cash to undertake value-destroying acquisitions. However, as explained above, there are other mediating variables as well that affect the value of foreign cash – free-cash-flow problems and growth opportuni ...
1 - NHS England
... TDS (CDS and Salaried services) should not be included as there is inconsistent data across the country. For consistency purposes, UDAs that were commissioned to practices that are currently Dental Contract Pilot Practices, should also be included Q: Should UDAs in non-recurrent contracts be include ...
... TDS (CDS and Salaried services) should not be included as there is inconsistent data across the country. For consistency purposes, UDAs that were commissioned to practices that are currently Dental Contract Pilot Practices, should also be included Q: Should UDAs in non-recurrent contracts be include ...
Cost of capital and earnings transparency
... earnings, which that study notes is adapted from the measure in an earlier version of our study.5 Francis et al. (2004) refers to this measure as relevance, estimates it based on firm-by-firm time-series regressions using ten-year rolling windows of ...
... earnings, which that study notes is adapted from the measure in an earlier version of our study.5 Francis et al. (2004) refers to this measure as relevance, estimates it based on firm-by-firm time-series regressions using ten-year rolling windows of ...
The Level, Slope and Curve Factor Model for Stocks
... and high minus low (value). When using principal components to extract common factors from individual stocks, he finds no evidence of common variation due to differences in size and book to market (Connor and Korajczyk, 1986, 1988), but when using principal components analysis on a 10 by 10 portfol ...
... and high minus low (value). When using principal components to extract common factors from individual stocks, he finds no evidence of common variation due to differences in size and book to market (Connor and Korajczyk, 1986, 1988), but when using principal components analysis on a 10 by 10 portfol ...
chapter 2 - Test Bank Answers
... The Campbell Corporation just purchased an expensive piece of equipment. Originally, the firm was planning on depreciating the equipment over 5 years on a straight-line basis. However, Congress just passed a provision that will force the company to depreciate its equipment over 7 years on a straight ...
... The Campbell Corporation just purchased an expensive piece of equipment. Originally, the firm was planning on depreciating the equipment over 5 years on a straight-line basis. However, Congress just passed a provision that will force the company to depreciate its equipment over 7 years on a straight ...
ING Property Trust
... significant acquisition of the $283 million MFL/SIL portfolio comprising 71 buildings located in Auckland, Wellington and Christchurch. This acquisition greatly improved the diversification, risk profile and scale of the Trust, while maintaining an attractive gross yield for unitholders. The ANZ Bui ...
... significant acquisition of the $283 million MFL/SIL portfolio comprising 71 buildings located in Auckland, Wellington and Christchurch. This acquisition greatly improved the diversification, risk profile and scale of the Trust, while maintaining an attractive gross yield for unitholders. The ANZ Bui ...
ASPEN INSURANCE HOLDINGS LTD (Form: 8-K
... For the quarter ended March 31, 2016 , the Reinsurance accident year loss ratio excluding catastrophes was 50.7% compared with 44.5% a year ago. Of the total increase in the accident year loss ratio excluding catastrophes, approximately half was due to the inclusion of AgriLogic, with the balance du ...
... For the quarter ended March 31, 2016 , the Reinsurance accident year loss ratio excluding catastrophes was 50.7% compared with 44.5% a year ago. Of the total increase in the accident year loss ratio excluding catastrophes, approximately half was due to the inclusion of AgriLogic, with the balance du ...
IQP-Computized trading stock - Worcester Polytechnic Institute
... can pick your favorite stock “guru” or “gurus” and get a list of stocks that scanned by each guru’s investment methodology. This powerful tool enables investors to pick their stocks the same way as gurus and many mutual fund managers do. But there are several drawbacks to this Guru Stock Screener. F ...
... can pick your favorite stock “guru” or “gurus” and get a list of stocks that scanned by each guru’s investment methodology. This powerful tool enables investors to pick their stocks the same way as gurus and many mutual fund managers do. But there are several drawbacks to this Guru Stock Screener. F ...
ALLOCATING FOR IMPACT - Global social impact investment
... approaches that integrate societal factors into decision-making. The result is a spectrum of capital, which is explored in more detail in Section B (The supply-side). Secondly, the investees raising impact investment can take a wide variety of organisational forms, since there is a growing range of ...
... approaches that integrate societal factors into decision-making. The result is a spectrum of capital, which is explored in more detail in Section B (The supply-side). Secondly, the investees raising impact investment can take a wide variety of organisational forms, since there is a growing range of ...
Bond Basics: Yield Curve Strategies. Craig Sullivan, CFA, CAIA
... rates are headed, it indicates their expectations for the economy. There are four general shapes the yield curve can take: 1) Normal: A normal yield curve is one which is upward-sloping. The longest maturity bonds offer the highest yield while the shortest maturity bonds offer the lowest yields. Th ...
... rates are headed, it indicates their expectations for the economy. There are four general shapes the yield curve can take: 1) Normal: A normal yield curve is one which is upward-sloping. The longest maturity bonds offer the highest yield while the shortest maturity bonds offer the lowest yields. Th ...
How Do Private Equity Investments Perform Compared to Public
... We find that average buyout performance appears quite similar between Europe and North America. On both continents, buyout funds have historically outperformed public market returns and by similar magnitudes. Our sample of European venture funds is limited which precludes strong conclusions. It appe ...
... We find that average buyout performance appears quite similar between Europe and North America. On both continents, buyout funds have historically outperformed public market returns and by similar magnitudes. Our sample of European venture funds is limited which precludes strong conclusions. It appe ...
In Short Supply: Short‐Sellers and Stock Returns
... literature (e.g., D’Avolio 2002 and Mashruwala et al. 2006), we find that borrowing costs are higher for low priced, volatile stocks, with lower institutional ownership. Interestingly, borrowing costs are also higher for firms in financial distress, which is consistent with the notion that such f ...
... literature (e.g., D’Avolio 2002 and Mashruwala et al. 2006), we find that borrowing costs are higher for low priced, volatile stocks, with lower institutional ownership. Interestingly, borrowing costs are also higher for firms in financial distress, which is consistent with the notion that such f ...
Explaining the Magnitude of Liquidity Premia
... For this case, the premium only drops to 0.74% per annum once the wealth to permanent monthly income ratio hits 100, which is still a 9-fold increase relative to the i.i.d. case. All three numbers are higher than in the case with i.i.d. labor income growth uncorrelated with returns.2 We also conside ...
... For this case, the premium only drops to 0.74% per annum once the wealth to permanent monthly income ratio hits 100, which is still a 9-fold increase relative to the i.i.d. case. All three numbers are higher than in the case with i.i.d. labor income growth uncorrelated with returns.2 We also conside ...
comisión nacional del mercado de valores - madrid
... a) Not to Sell any Telefónica Swap Shares in any private transaction to any entity which to the best knowledge of KPN is a telecommunication service provider or an Affiliate thereof. For the purposes of this Article 2.4.1 (a), to the best knowledge of KPN means the knowledge of KPN after due and car ...
... a) Not to Sell any Telefónica Swap Shares in any private transaction to any entity which to the best knowledge of KPN is a telecommunication service provider or an Affiliate thereof. For the purposes of this Article 2.4.1 (a), to the best knowledge of KPN means the knowledge of KPN after due and car ...
OptionsIQ
... yield a theoretical value equal to the market value of the option. Historical volatility is calculated based on a range of historical prices. At lease 20 observations are usually desirable to ensure statistical significance. Seasonal volatility comes into affect with certain commodities, for example ...
... yield a theoretical value equal to the market value of the option. Historical volatility is calculated based on a range of historical prices. At lease 20 observations are usually desirable to ensure statistical significance. Seasonal volatility comes into affect with certain commodities, for example ...
An Expanded Study on the Stock Market Temperature
... Finland while the highest temperature was 35.00°C in Athens, Greece. For most cities, the ...
... Finland while the highest temperature was 35.00°C in Athens, Greece. For most cities, the ...