NBER WORKING PAPER SERIES INEFFICIENT INVESTMENT WAVES Zhiguo He Péter Kondor
... is little investment in new projects even if expected returns are high. While some of these patterns affect only certain industries,1 others affect the aggregate economy–e.g., the emerging market boom and bust at the end of 90s, or the recent housing boom around the mid 2000s and the crisis afterwar ...
... is little investment in new projects even if expected returns are high. While some of these patterns affect only certain industries,1 others affect the aggregate economy–e.g., the emerging market boom and bust at the end of 90s, or the recent housing boom around the mid 2000s and the crisis afterwar ...
How Public Pension Funding Practices Can Lead to Significant
... benefits should be discounted at rates that reflect the riskiness (or intended riskiness) of their cash flows; if pension benefits almost certainly will be paid, that suggests using rates based upon riskfree or nearly risk-free assets. 6 There are some minor disagreements among economists about how, ...
... benefits should be discounted at rates that reflect the riskiness (or intended riskiness) of their cash flows; if pension benefits almost certainly will be paid, that suggests using rates based upon riskfree or nearly risk-free assets. 6 There are some minor disagreements among economists about how, ...
TIAA BROKERAGE SERVICES ACCOUNT APPLICATION
... money-laundering activities, federal law requires all financial institutions, including TIAA, to obtain, verify and record information that identifies each person who opens an account. What does this means for you? When you open an account, we will ask for your name, residential address, date of bir ...
... money-laundering activities, federal law requires all financial institutions, including TIAA, to obtain, verify and record information that identifies each person who opens an account. What does this means for you? When you open an account, we will ask for your name, residential address, date of bir ...
Updating the Discount Rate Used for Benefit-Cost Analysis
... So far so good but the problem is that different sources suggest different formulas for calculating the SPC, different values for the inputs, and different rules for applying it.19 In the literature reviewed, estimates for the SPC ranged from less than one to very large with most estimates falling b ...
... So far so good but the problem is that different sources suggest different formulas for calculating the SPC, different values for the inputs, and different rules for applying it.19 In the literature reviewed, estimates for the SPC ranged from less than one to very large with most estimates falling b ...
Capital Flows are Fickle: Anytime, Anywhere 183 WP/13/
... paper sheds light on these issues by assessing the nature of capital flows from a longer-term perspective. Compiling a dataset of both gross and net flows, we analyze the evolving nature of flows for a sample of 147 economies during 1980–2011, looking at their trends, composition, volatility, persis ...
... paper sheds light on these issues by assessing the nature of capital flows from a longer-term perspective. Compiling a dataset of both gross and net flows, we analyze the evolving nature of flows for a sample of 147 economies during 1980–2011, looking at their trends, composition, volatility, persis ...
The Existence of Corporate Bond Clawbacks
... with v > u and q > p. With this specification we attempt to model different types of firms as having different investment opportunities.12 In particular, type C firms has higher growth opportunities than type I firms, reflected in the fact that cash flows in the second period for the former type of ...
... with v > u and q > p. With this specification we attempt to model different types of firms as having different investment opportunities.12 In particular, type C firms has higher growth opportunities than type I firms, reflected in the fact that cash flows in the second period for the former type of ...
Chapter 11 Dividend Policy
... income in the form of capital gains. This distortion in the personal tax system can have an impact on investors’ preferences. 3.3.6 From the corporate point of view this further complicates the dividend decision as different groups of shareholders are likely to prefer different payout patterns. 3.3. ...
... income in the form of capital gains. This distortion in the personal tax system can have an impact on investors’ preferences. 3.3.6 From the corporate point of view this further complicates the dividend decision as different groups of shareholders are likely to prefer different payout patterns. 3.3. ...
Advantages to using the Cash Payments Journal
... Important facts about each transaction are written on a single line. ...
... Important facts about each transaction are written on a single line. ...
Firm-specific attributes and the cross-section of
... be used to create ‘‘enhanced momentum strategies’’? In our paper, an enhanced momentum strategy entails buying specific winners and selling specific losers in such a manner as to produce larger profits than strategies documented in Jegadeesh and Titman (1993). Our work is motivated by the vast momentum ...
... be used to create ‘‘enhanced momentum strategies’’? In our paper, an enhanced momentum strategy entails buying specific winners and selling specific losers in such a manner as to produce larger profits than strategies documented in Jegadeesh and Titman (1993). Our work is motivated by the vast momentum ...
american capital senior floating, ltd. - corporate
... Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark wh ...
... Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark wh ...
Long Run Probability of Default for BASEL I
... rating based (A-IRB) approach could underestimate the true capital by a large margin. The regulatory capital under BASEL II is directly related to how the long-run probability of default (PD) is computed and how the risk rating is pooled. However, little attention has been paid to the relationship b ...
... rating based (A-IRB) approach could underestimate the true capital by a large margin. The regulatory capital under BASEL II is directly related to how the long-run probability of default (PD) is computed and how the risk rating is pooled. However, little attention has been paid to the relationship b ...
How suitable is the Fama-French ve-factor model for
... risk analysis using Fama and French-style models are best done on a within-country basis”. If this also holds for the latest five-factor approach, more model evidence might be found by going further than Fama and French (2015b), and test the model on individual country stock markets outside of the ...
... risk analysis using Fama and French-style models are best done on a within-country basis”. If this also holds for the latest five-factor approach, more model evidence might be found by going further than Fama and French (2015b), and test the model on individual country stock markets outside of the ...
Momentum`s Got Style Style Investing and - Aalto
... limited cognitive abilities so that we can make decisions with less effort than if we treated each object uniquely. Categorization applies also to financial markets where information is abundant. Investors categorize individual assets into asset classes, such as equities, bonds, or currencies, to si ...
... limited cognitive abilities so that we can make decisions with less effort than if we treated each object uniquely. Categorization applies also to financial markets where information is abundant. Investors categorize individual assets into asset classes, such as equities, bonds, or currencies, to si ...
Managing A Stock Portfolio Using Schwab Equity
... Step 2: Tilt the risk-reward equation in your favor A key aspect of active stock investing is reducing, as much as possible, known sources of risk. Financial theory divides a stock's risk into "firm-specific risk" (risk related to an individual stock) and “market risk,” or the general risk of invest ...
... Step 2: Tilt the risk-reward equation in your favor A key aspect of active stock investing is reducing, as much as possible, known sources of risk. Financial theory divides a stock's risk into "firm-specific risk" (risk related to an individual stock) and “market risk,” or the general risk of invest ...
1. Recognizing accounts receivable. 2. Valuing accounts receivable
... Interest Revenue To record the dishonour of Higly note. ...
... Interest Revenue To record the dishonour of Higly note. ...
CHAPTER 16
... Under the treasury stock method, diluted earnings per share should be determined as if outstanding options and warrants were exercised at the beginning of year (or date of issue if later) and the funds obtained thereby were used to purchase common stock at the average market price for the period. Fo ...
... Under the treasury stock method, diluted earnings per share should be determined as if outstanding options and warrants were exercised at the beginning of year (or date of issue if later) and the funds obtained thereby were used to purchase common stock at the average market price for the period. Fo ...
Anno Stolper: The Appeal of Risky Assets
... We find that if the costs of being fired are sufficiently large in relation to the share of the realized return, there exists no equilibrium in which no fund manager invests in the risky asset. If there exists a symmetric3 equilibrium in pure strategies, low-ability fund managers, at least, invest i ...
... We find that if the costs of being fired are sufficiently large in relation to the share of the realized return, there exists no equilibrium in which no fund manager invests in the risky asset. If there exists a symmetric3 equilibrium in pure strategies, low-ability fund managers, at least, invest i ...
piedmont office realty trust, inc. - Piedmont REIT
... time make forward-looking statements in reports and other documents Piedmont files with the Securities and Exchange Commission or in connection with other written or oral statements made to the press, potential investors, or others. Statements regarding future events and developments and Piedmont’s ...
... time make forward-looking statements in reports and other documents Piedmont files with the Securities and Exchange Commission or in connection with other written or oral statements made to the press, potential investors, or others. Statements regarding future events and developments and Piedmont’s ...
tortoise capital resources corporation
... Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such short ...
... Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such short ...
Returns to Venture Capital - University of Colorado Boulder
... The returns to private equity investment have become a vexed issue, attracting widespread debate in the media, government, and among researchers. Much of the attention has focused on later-stage buyout investments, but there is a general move towards greater transparency and disclosure of the return ...
... The returns to private equity investment have become a vexed issue, attracting widespread debate in the media, government, and among researchers. Much of the attention has focused on later-stage buyout investments, but there is a general move towards greater transparency and disclosure of the return ...
Chapter 002 Financial Statements, Taxes, and Cash
... 37. The income statement for Martin Industries had a negative net income for last year. Given this, you can assume the: a. cash flow from assets was also negative. b. operating cash flow was also negative. c. cash flow to shareholders was negative. d. cash flow to shareholders was zero. E. operating ...
... 37. The income statement for Martin Industries had a negative net income for last year. Given this, you can assume the: a. cash flow from assets was also negative. b. operating cash flow was also negative. c. cash flow to shareholders was negative. d. cash flow to shareholders was zero. E. operating ...
bondch11s
... as the weighted average coupon rate, WAC, and the refinancing rate, REFR. A study by Goldman, Sachs, and Company found that the annualized prepayment speed, referred to as the conditional prepayment rate, CPR, is greater the larger the difference between the WAC and REFR. The study is summarized in ...
... as the weighted average coupon rate, WAC, and the refinancing rate, REFR. A study by Goldman, Sachs, and Company found that the annualized prepayment speed, referred to as the conditional prepayment rate, CPR, is greater the larger the difference between the WAC and REFR. The study is summarized in ...