AEGON withstands market turmoil with continued capital
... drivers to the decline in underlying earnings. At the same time, AEGON’s capital position remained strong and our franchise continues to be resilient. Despite the difficult environment, we achieved record net deposits in our key growth businesses. “In light of the continued low interest rate environ ...
... drivers to the decline in underlying earnings. At the same time, AEGON’s capital position remained strong and our franchise continues to be resilient. Despite the difficult environment, we achieved record net deposits in our key growth businesses. “In light of the continued low interest rate environ ...
Pairs Trading in the UK Equity Market Risk and Return
... stock prices diverge abnormally, long and short positions are entered to capture returns from the convergence of price. The first aim of this paper is to provide a comparison of the performance of this strategy using UK data. To ensure our results are directly comparable to the US, and to ...
... stock prices diverge abnormally, long and short positions are entered to capture returns from the convergence of price. The first aim of this paper is to provide a comparison of the performance of this strategy using UK data. To ensure our results are directly comparable to the US, and to ...
Why Should Older People Invest Less in Stocks Than Younger
... clients shift their portfolios toward relatively riskless instruments as they age. The mathematics behind our analysis is hardly new; it was first derived in Robert Merton's (1971) classic paper.2 Why do we find it necessary to reemphasize the lessons of his work? We have a very practical reason: to ...
... clients shift their portfolios toward relatively riskless instruments as they age. The mathematics behind our analysis is hardly new; it was first derived in Robert Merton's (1971) classic paper.2 Why do we find it necessary to reemphasize the lessons of his work? We have a very practical reason: to ...
Document
... There are many ways of negotiating a price. Counsel for the Taxpayer argued at length that the price had been calculated in a reverse manner. He pointed out that the price to be paid for the bad and doubtful loans was an amount which reduced the book value of C Institution so that the third party pu ...
... There are many ways of negotiating a price. Counsel for the Taxpayer argued at length that the price had been calculated in a reverse manner. He pointed out that the price to be paid for the bad and doubtful loans was an amount which reduced the book value of C Institution so that the third party pu ...
Upper bounds for the value of Bermudan options
... Group within ABN AMRO. The project was the final piece of my study Applied Mathematics at the Delft University of Technology (TU Delft). I started with only some basic knowledge about stochastic differential equations. During the nine months I worked on the project, I learned a lot about the financi ...
... Group within ABN AMRO. The project was the final piece of my study Applied Mathematics at the Delft University of Technology (TU Delft). I started with only some basic knowledge about stochastic differential equations. During the nine months I worked on the project, I learned a lot about the financi ...
“Idiosyncratic Risk, Systematic Risk, and Firm Welfare”
... has a dimension that is reminiscent of standard information acquisition activities. An investor can acquire information about an investment opportunity that is valuable in assessing its cash ‡ow; having acquired this information, the investor then includes the investment in his portfolio. As mention ...
... has a dimension that is reminiscent of standard information acquisition activities. An investor can acquire information about an investment opportunity that is valuable in assessing its cash ‡ow; having acquired this information, the investor then includes the investment in his portfolio. As mention ...
Active or Passive
... returns of mutual funds. For example, a mutual fund family’s selection of funds today will include only those that have been successful in the past. In our study, we took this important issue into account when analyzing past performance. If a fund offered different share classes, we treated each sha ...
... returns of mutual funds. For example, a mutual fund family’s selection of funds today will include only those that have been successful in the past. In our study, we took this important issue into account when analyzing past performance. If a fund offered different share classes, we treated each sha ...
Q QUA ANTI ITAT
... The characteristic of the logarithm of any number greater than 1 is positive and is one less than the number of digits to the left of the decimal point in the given number. The characteristic of the logarithm of any number less then 1 is negative and it is numerically one more ...
... The characteristic of the logarithm of any number greater than 1 is positive and is one less than the number of digits to the left of the decimal point in the given number. The characteristic of the logarithm of any number less then 1 is negative and it is numerically one more ...
Testing CAPM
... real estate: unable to reject zero-beta CAPM – Shanken (1987): if correlation between stock index and true global index exceeds 0.7-0.8, CAPM is rejected ...
... real estate: unable to reject zero-beta CAPM – Shanken (1987): if correlation between stock index and true global index exceeds 0.7-0.8, CAPM is rejected ...
perspectives on dynamic asset allocation
... approach by also taking convexity into account. One way of doing this is by applying cash-flow matching techniques. The PSP building block relates to the diversification concept of the framework, which is theoretically constructed as a portfolio with the highest possible Sharpe ratio for the next sh ...
... approach by also taking convexity into account. One way of doing this is by applying cash-flow matching techniques. The PSP building block relates to the diversification concept of the framework, which is theoretically constructed as a portfolio with the highest possible Sharpe ratio for the next sh ...
Constellium NV
... The difference between the sum of reported segment revenue and the Group revenues includes revenue from certain non-core activities, inter-segment eliminations, and the impact of a €20 million one-time payment related to the renegotiation of a customer agreement, which was recorded in the first quar ...
... The difference between the sum of reported segment revenue and the Group revenues includes revenue from certain non-core activities, inter-segment eliminations, and the impact of a €20 million one-time payment related to the renegotiation of a customer agreement, which was recorded in the first quar ...
chapter 3 - Erasmus University Thesis Repository
... zero while target shareholders earn a return of more than 7% in the period four days around the announcement date. When we look at the combined gain from M&A, we find a statistically significant return of almost 1,5% for the day of the announcement. It is also of great importance to look at the fact ...
... zero while target shareholders earn a return of more than 7% in the period four days around the announcement date. When we look at the combined gain from M&A, we find a statistically significant return of almost 1,5% for the day of the announcement. It is also of great importance to look at the fact ...
Vale SA (Form: 6-K, Received: 10/24/2012 17:26:31)
... income and comprehensive income for the quarter and nine-month periods then ended, and the statements of changes in equity and cash flows for the nine-month period then ended. We have also reviewed the accompanying consolidated balance sheet of Vale S.A. and its subsidiaries (“Consolidated”) as of S ...
... income and comprehensive income for the quarter and nine-month periods then ended, and the statements of changes in equity and cash flows for the nine-month period then ended. We have also reviewed the accompanying consolidated balance sheet of Vale S.A. and its subsidiaries (“Consolidated”) as of S ...
Do Technical Trading Rules Generate Profits?
... profits exhibited would remain if the tests were conducted on time periods shorter than a couple of years. But, traders cannot afford to make losses during a couple of months or years even if in the extremely long run their strategies make profits. Moreover, such long periods would be in contradicti ...
... profits exhibited would remain if the tests were conducted on time periods shorter than a couple of years. But, traders cannot afford to make losses during a couple of months or years even if in the extremely long run their strategies make profits. Moreover, such long periods would be in contradicti ...
The Only Spending Rule Article You Will Ever Need
... approach, choosing a spending rate that produces no more than an x% chance of ruin, where x is the risk of ruin the investor believes he can tolerate. The exact approach varies from one practitioner to another. This approach contrasts with our method. A simulation approach tries to balance the desir ...
... approach, choosing a spending rate that produces no more than an x% chance of ruin, where x is the risk of ruin the investor believes he can tolerate. The exact approach varies from one practitioner to another. This approach contrasts with our method. A simulation approach tries to balance the desir ...
13: Asset Valuation: Equity Investments
... be 20 percent. At the end of the third year the company will start paying out 100 percent of earnings in dividends (D3 = E3). If a 12 percent rate of return is required, what would you pay for this company? ...
... be 20 percent. At the end of the third year the company will start paying out 100 percent of earnings in dividends (D3 = E3). If a 12 percent rate of return is required, what would you pay for this company? ...
Are the GMO Predictions of Asset Style Returns Accurate
... class is the one ranked number 4. Exhibit 7 replicates Exhibit 4, except that the vertical axis is presented in log scale and the end point is 1$ for all the asset classes, so it shows how many real dollars one would have had to invest in each equity class to end up with a dollar. This presentation ...
... class is the one ranked number 4. Exhibit 7 replicates Exhibit 4, except that the vertical axis is presented in log scale and the end point is 1$ for all the asset classes, so it shows how many real dollars one would have had to invest in each equity class to end up with a dollar. This presentation ...
Reinsurance Market Report
... The 4.4% increase in shareholders’ equity was driven by continued strong net income of USD 26.6B, albeit reduced from USD 30.3B at FY 2015 due to increased Natural Catastrophe losses. However, this level of profitability continues to be dependent on substantial releases from prior year reserves. In ...
... The 4.4% increase in shareholders’ equity was driven by continued strong net income of USD 26.6B, albeit reduced from USD 30.3B at FY 2015 due to increased Natural Catastrophe losses. However, this level of profitability continues to be dependent on substantial releases from prior year reserves. In ...
offering memorandum - Unit Trust Corporation
... or such Subscription Agreement as constituting an invitation to them to subscribe for Participating Shares, nor should they in any event use such Subscription Agreement, unless in the relevant jurisdiction such an invitation could lawfully be made to them and such Subscription Agreement could lawfu ...
... or such Subscription Agreement as constituting an invitation to them to subscribe for Participating Shares, nor should they in any event use such Subscription Agreement, unless in the relevant jurisdiction such an invitation could lawfully be made to them and such Subscription Agreement could lawfu ...