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Offering Memorandum - Morrison Laurier Mortgage Corporation
Offering Memorandum - Morrison Laurier Mortgage Corporation

The required return on equity under a foundation model
The required return on equity under a foundation model

... beta bias and use of the Black CAPM—that it is not clear whether the low beta bias reflects risk and, therefore, it is unclear if any adjustment should be made for the bias. c. Review and critically analyse the AER's selection, analysis, and interpretation of conditioning variables. d. Determine the ...
Issues In-Depth FASB`s Proposed Chagnes to Not-for
Issues In-Depth FASB`s Proposed Chagnes to Not-for

Voluntary exchange offer to acquire all issued and outstanding
Voluntary exchange offer to acquire all issued and outstanding

... For the definitions of terms used throughout this Offer Document, including the preceding pages, see Section 21 “Definitions and Glossary of Terms”. The Company has furnished the information in this Offer Document. The Company’s financial advisers, Carnegie ASA (“Carnegie”) and HSBC Bank plc (“HSBC ...
Analysts` Forecast Dispersion, Analysts` Forecast Bias and Stock
Analysts` Forecast Dispersion, Analysts` Forecast Bias and Stock

... I then study how forecast bias is associated with forecast dispersion. My goal is to decompose dispersion into a bias component and a true disagreement component. After removing the bias component, I then study how divergence of opinion affects stock returns by examining the relation between disagre ...
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... Securityholders will receive all of the proceeds from this offering and will pay all underwriting discounts and selling commissions, if any, applicable to the sale of the securities. We will pay the expenses of registration of this offering. The Company has agreed to indemnify the Selling Securityho ...
ANSWERS TO QUESTIONS
ANSWERS TO QUESTIONS

... 18. An impairment is deemed to have occurred if, in applying the recoverability test, the carrying amount of the asset exceeds the expected future net cash flows from the asset. In this case, the expected future net cash flows of $705,000 exceed the carrying amount of the equipment of $700,000 so th ...
Nomad Foods Ltd (Form: POS AM, Received: 04/20/2016
Nomad Foods Ltd (Form: POS AM, Received: 04/20/2016

... free writing prospectus prepared by or on our behalf. Neither we, nor the selling shareholders, have authorized any other person to provide you with different or additional information. Neither we, nor the selling shareholders, take responsibility for, nor can we provide assurance as to the reliabil ...
Predicting Market Returns Using Aggregate Implied Cost of Capital
Predicting Market Returns Using Aggregate Implied Cost of Capital

... to evaluate the out-of-sample performance), IRP delivers higher and more economically meaningful out-of-sample R2 than its competitors and provides positive utility gains of more than 4% a year to a mean-variance investor. Rapach, Strauss, and Zhou (2010) argue that it is important to combine indivi ...
Prospectus - TransAlta
Prospectus - TransAlta

... moneys of the Corporation properly applicable to the payment of dividends, fixed cumulative preferential cash dividends for the initial period (the "Initial Fixed Rate Period") from and including the date of issue of the Series G Shares to but excluding September 30, 2019, at an annual rate of $1.32 ...
Limited Attention and the Uninformative Persuasion of Mutual Fund
Limited Attention and the Uninformative Persuasion of Mutual Fund

... predictable improvements in HPRs that result from negative end-returns dropping from the HPR horizon. Future HPRs cannot be perfectly forecasted as they are influenced by the added new return (which cannot be predicted) and the dropped end-return which can be perfectly anticipated. However, as discu ...
simulating portfolios by using models of social networks
simulating portfolios by using models of social networks

... collective behavior associated with non-linear dynamics, which can only be explanied with an interaction-based approach. In the first part of the simulation games (Chapter 5), I demonstrate how returns and risk affect portfolio selection in a very simple two-asset game. Games are simulated under two ...
Ch18
Ch18

... franchisor makes “substantial performance” of the services it is obligated to perform. Substantial performance occurs when the franchisor has no remaining obligation to refund any cash received or excuse any nonpayment of a note and has performed all the initial services required under the contract. ...
Price: $25.00 per share to yield 4.75% per annum
Price: $25.00 per share to yield 4.75% per annum

... date of original issue, payable (other than the first dividend payment) in equal quarterly instalments of $0.2969 per share on the first day of March, June, September and December of each year commencing on March 1, 2013. Assuming an issue date of November 13, 2012, the first dividend will be payabl ...
Stock Prices and Earnings: A History of Research
Stock Prices and Earnings: A History of Research

... No other single event has been found to explain more of the cross-sectional variation in stock returns than the earnings announcement. Earnings announcements are the primary mechanism through which public companies provide periodic financial performance updates to investors. It is therefore not surp ...
ROE on MISO Transmission
ROE on MISO Transmission

... necessary to meet the requirements set forth in In Bluefield Waterworks & Improvement Co. v. Public Service Commission of West Virginia21 and Federal Power Commission v. Hope Natural Gas Company.22 ...
The Valuation and Risk Management of a DB Underpin
The Valuation and Risk Management of a DB Underpin

... formula that includes such factors as years of service and salary. For example, a defined benefit pension might be calculated as 1.5% of average salary for the final 5 years of employment, for every year of service with an employer. The benefits in most traditional DB plans may be protected, within ...
Asset Prices and Unit Trusts
Asset Prices and Unit Trusts

... which are statistically significant to give some indication of the performance of the managed fund industry as a whole. In fact, the mutual fund literature provides excellent examples of the application of recent statistical advances such as separating skill from luck when funds are ranked by perfor ...
Assignment 1 is compulsory and due
Assignment 1 is compulsory and due

... are all items of the consideration transferred at fair value e.g. any deferred payments should be ...
Smart Beta - A referential guide for institutional investors
Smart Beta - A referential guide for institutional investors

... hit investment capacity constraints.” “One needs to draw a distinction between a factor and a risk premium, or more precisely, a ‘return premium,’” he says. “For example, selecting or weighting component securities by book yield, dividend yield or earnings yield may all, to varying degrees, provide ...
Risk Aversion and Clientele Effects
Risk Aversion and Clientele Effects

... Standard & Poor's Barra Growth and Value Indices; Russell Midcap Growth and Value Indices; Russell 1000 Growth and Value Indices; Russell 2000 Growth and Value Indices; and Russell 3000 Growth and Value Indices. First, we extract latent risk aversion coefficients from the prices of derivative securi ...
HERCULES TECHNOLOGY GROWTH CAPITAL INC
HERCULES TECHNOLOGY GROWTH CAPITAL INC

... We regularly engage in discussions with third parties with respect to various potential transactions. We may acquire an investment or a portfolio of investments or an entire company or sell a portion of our portfolio on an opportunistic basis. We, our subsidiaries or our affiliates may also agree to ...
Earnings Seasonality and Stock Returns
Earnings Seasonality and Stock Returns

... lower earnings before the seasonal quarter 12 months ago (typically 15, 18 and 21 months before portfolio formation), this does not generate a spread in returns. This suggests that the recency of low earnings is important in generating underreaction to seasonality. The seasonality effect is not pre ...
Assessing profitability in competition policy analysis
Assessing profitability in competition policy analysis

... for which reliable data on cash flows and asset values is available over a sufficiently long time period. The methodology may be less suited for assessing future performance based on forecast data, or in cases where cost and revenue allocation or asset valuation are particularly complicated. ...
Nordic High Yield Update
Nordic High Yield Update

... Norwegian HY market and on spreads. We discuss the challenges in oil services below. There are some positives. Other non-Norwegian sectors such as industrials and consumer goods remain relatively less impacted. Moreover, in line with our argument that industries that benefit from the oil price decli ...
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Modified Dietz method

The modified Dietz method is a measure of the historical performance of an investment portfolio in the presence of external flows. (External flows are movements of value such as transfers of cash, securities or other instruments in or out of the portfolio, with no equal simultaneous movement of value in the opposite direction, and which are not income from the investments in the portfolio, such as interest, coupons or dividends.) To calculate the modified Dietz return, divide the gain or loss in value, net of external flows, by the average capital over the period of measurement. The result of the calculation is expressed as a percentage rate of return for the time period. The average capital weights individual cash flows by the amount of time from when those cash flows occur until the end of the period.This method has the practical advantage over Internal Rate of Return (IRR) that it does not require repeated trial and error to get a result.The cash flows used in the formula are weighted based on the time they occurred in the period. For example if they occurred in the beginning of the month they would have a higher weight than if they occurred at the end of the month. This is different from the simple Dietz method, in which the cash flows are weighted equally regardless of when they occurred during the measurement period, which works on an assumption that the flows are distributed evenly throughout the period.With the advance of technology in the past 15 years, most systems can calculate a true time-weighted return by calculating a daily return and geometrically linking in order to get a monthly, quarterly, annual or any other period return. However, the modified Dietz method remains useful for performance attribution, because it still has the advantage of allowing modified Deitz returns on assets to be combined with weights in a portfolio, calculated according to average invested capital, and the weighted average gives the modified Dietz return on the portfolio. Time weighted returns do not allow this.This method for return calculation is used in modern portfolio management. It is one of the methodologies of calculating returns recommended by the Investment Performance Council (IPC) as part of their Global Investment Performance Standards (GIPS). The GIPS standard is intended to standardize the way portfolio returns are calculated internationally.The method is named after Peter O. Dietz.
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