uncloaking cape: a new look at an old valuation ratio
... 2. How should CAPE be constructed? Should its denominator be the average of reported earnings, operating earnings, pershare NIPA earnings or some other measure of corporate activity such as operating cash flow, dividends or revenues? Should a robust measure of location be used in place of the sample ...
... 2. How should CAPE be constructed? Should its denominator be the average of reported earnings, operating earnings, pershare NIPA earnings or some other measure of corporate activity such as operating cash flow, dividends or revenues? Should a robust measure of location be used in place of the sample ...
SMITH GROUP LARGE CAP CORE GROWTH FUND Institutional
... other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (t ...
... other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (t ...
Canadian Imperial Bank of Commerce
... This short form prospectus, including the documents that are incorporated by reference in this short form prospectus, contains forward-looking statements within the meaning of certain securities laws. These statements include, but are not limited to, statements about the operations, business lines, ...
... This short form prospectus, including the documents that are incorporated by reference in this short form prospectus, contains forward-looking statements within the meaning of certain securities laws. These statements include, but are not limited to, statements about the operations, business lines, ...
Scholar`s Edge Enrollment Kit
... residents only if they invest in the state’s own plan. Investors should consider before investing whether their or their designated beneficiary’s home state offers any state tax or other benefits that are only available for investments in such state’s qualified tuition program. Any state-based benef ...
... residents only if they invest in the state’s own plan. Investors should consider before investing whether their or their designated beneficiary’s home state offers any state tax or other benefits that are only available for investments in such state’s qualified tuition program. Any state-based benef ...
Contributed Capital
... the grant is equal to the excess of the market value over a stated price for a stated number of shares of stock on the date of exercise. The measurement date is the date the rights are exercised. FASB Statement No. 123R treats the accounting for SARs the same as for compensatory share option plans, ...
... the grant is equal to the excess of the market value over a stated price for a stated number of shares of stock on the date of exercise. The measurement date is the date the rights are exercised. FASB Statement No. 123R treats the accounting for SARs the same as for compensatory share option plans, ...
Liquidity Hoarding - Federal Reserve Bank of New York
... access for other banks and provides the motivation for more hoarding. In this paper, we present a simpli…ed model that allows us to examine liquidity management in general equilibrium. We divide time into four periods or dates. At the …rst date, there is a large number of economic agents whom we thi ...
... access for other banks and provides the motivation for more hoarding. In this paper, we present a simpli…ed model that allows us to examine liquidity management in general equilibrium. We divide time into four periods or dates. At the …rst date, there is a large number of economic agents whom we thi ...
Stock market performance and pension fund investment policy
... holdings surfaced after the collapse of the stock market in 2000-2002, which resulted in large losses for pension funds. In reaction, pension benefits were curtailed and contributions steeply increased. This episode raised a debate on the investment strategies of Dutch pension funds and, particularl ...
... holdings surfaced after the collapse of the stock market in 2000-2002, which resulted in large losses for pension funds. In reaction, pension benefits were curtailed and contributions steeply increased. This episode raised a debate on the investment strategies of Dutch pension funds and, particularl ...
Momentum, Acceleration, and Reversal
... 13.82% higher. The return spread between Q1 and Q5 is the largest for the acceleration panel in Table 1. Note that the most accelerated quintile portfolio (Q5) has a negative 3% of geometric mean over the whole 49-year sample period when stock prices were rising. In the acceleration panel of Table 1 ...
... 13.82% higher. The return spread between Q1 and Q5 is the largest for the acceleration panel in Table 1. Note that the most accelerated quintile portfolio (Q5) has a negative 3% of geometric mean over the whole 49-year sample period when stock prices were rising. In the acceleration panel of Table 1 ...
ACCOUNTING FOR MANAGERIAL DECISIONS 2023 UNIVERSITY OF CALICUT
... The evolution of Joint Stock Company from of organization has resulted in large scale production and expansion of ownership. The increase in size and complexity of business and the application of sophisticated modern technology have resulted in the separation of ownership and management. The modern ...
... The evolution of Joint Stock Company from of organization has resulted in large scale production and expansion of ownership. The increase in size and complexity of business and the application of sophisticated modern technology have resulted in the separation of ownership and management. The modern ...
Annual Report - John Hancock Investments
... the Brexit vote. Corporate bonds did well, while mortgage- and assetbacked securities trailed with moderate gains. High yield corporate bonds lagged investment-grade corporates but still produced positive returns. Commodities weakness for much of last year weighed on the natural resources companies ...
... the Brexit vote. Corporate bonds did well, while mortgage- and assetbacked securities trailed with moderate gains. High yield corporate bonds lagged investment-grade corporates but still produced positive returns. Commodities weakness for much of last year weighed on the natural resources companies ...
long-term portfolio guide - Responsible Investment Association
... A discussion of each action area follows in this paper. We address the management of institutional-investment portfolios and mutual funds, with particular focus on public equities. Investments in publicly-traded equities and bonds are the single biggest component in the collective portfolio of in ...
... A discussion of each action area follows in this paper. We address the management of institutional-investment portfolios and mutual funds, with particular focus on public equities. Investments in publicly-traded equities and bonds are the single biggest component in the collective portfolio of in ...
Dynamic Factor Timing and the Predictability of Actively Managed
... To examine how mutual funds generate alpha, we run the attribution model on holdings and return data for all of the mutual funds in our sample, and define factor groupings along size, style, and industry dimensions. We find that, between 1993 and 2012, and for funds with at least 36 months of return ...
... To examine how mutual funds generate alpha, we run the attribution model on holdings and return data for all of the mutual funds in our sample, and define factor groupings along size, style, and industry dimensions. We find that, between 1993 and 2012, and for funds with at least 36 months of return ...
Aggregation of risks and Allocation of capital
... Available capital is defined as financial resources available as risk-bearing funds to absorb adverse experience. This capital is held as a buffer to meet policyholder claims during adverse climates. (Required) economic capital is calculated based on a risk measure, from which there are many to choo ...
... Available capital is defined as financial resources available as risk-bearing funds to absorb adverse experience. This capital is held as a buffer to meet policyholder claims during adverse climates. (Required) economic capital is calculated based on a risk measure, from which there are many to choo ...
The Role of Operating Leverage in Asset Pricing
... The well-established Capital Asset Pricing Model (CAPM) provides an explanation of the crosssectional variation of equilibrium asset returns. It predicts that the only asset specific explanation for the differences in asset returns is beta, or, systematic risk (Sharpe, 1964; Lintner, 1965; Black, 19 ...
... The well-established Capital Asset Pricing Model (CAPM) provides an explanation of the crosssectional variation of equilibrium asset returns. It predicts that the only asset specific explanation for the differences in asset returns is beta, or, systematic risk (Sharpe, 1964; Lintner, 1965; Black, 19 ...
Money Market Funds - Fort Pitt Capital Group
... that pay interest that is exempt from federal income tax, including the federal alternative minimum tax. The municipal securities in which the fund invests include variable rate demand notes, which are floating rate instruments with a one- or seven-day put option that typically have some form of ext ...
... that pay interest that is exempt from federal income tax, including the federal alternative minimum tax. The municipal securities in which the fund invests include variable rate demand notes, which are floating rate instruments with a one- or seven-day put option that typically have some form of ext ...
FORM 10-Q - Piedmont Office Realty Trust, Inc.
... (Registrant’s telephone number, including area code) ...
... (Registrant’s telephone number, including area code) ...
Mission-Related Investing at the F.B. Heron Foundation
... journey has changed the way Heron practices philanthropy. Heron’s experience also has challenged the orthodoxy of foundation investing— an orthodoxy that maintains a strict separation between the program and investment functions, and assumes there is a trade-off between competitive financial returns ...
... journey has changed the way Heron practices philanthropy. Heron’s experience also has challenged the orthodoxy of foundation investing— an orthodoxy that maintains a strict separation between the program and investment functions, and assumes there is a trade-off between competitive financial returns ...
Playing the Field: Geomagnetic Storms and the Stock
... bubbles travel away from the sun at about 2 million miles per hour. If “bubbles” leave the right place on the sun to reach earth, they travel the 93-million-mile distance in about 40 hours. Coronal mass ejections occur more often when the sun is more active, and sunspots are more numerous during suc ...
... bubbles travel away from the sun at about 2 million miles per hour. If “bubbles” leave the right place on the sun to reach earth, they travel the 93-million-mile distance in about 40 hours. Coronal mass ejections occur more often when the sun is more active, and sunspots are more numerous during suc ...
Geographic Dispersion and Stock Returns
... allows a count of the number of times each 10 K mentions a U.S. state name. The structure of a 10 K filing is standardized, and the vast majority of 10 Ks are subdivided into the same set of sections. We count the occurrence of state names in sections “Item 1: Business,” “Item 2: Properties,” “Item ...
... allows a count of the number of times each 10 K mentions a U.S. state name. The structure of a 10 K filing is standardized, and the vast majority of 10 Ks are subdivided into the same set of sections. We count the occurrence of state names in sections “Item 1: Business,” “Item 2: Properties,” “Item ...
Financial Accounting and Accounting Standards
... Net income in year of loss is lower. Net income in subsequent period may be higher than normal if expected reductions in sales price do not materialize. ...
... Net income in year of loss is lower. Net income in subsequent period may be higher than normal if expected reductions in sales price do not materialize. ...