Do Shareholder Preferences Affect Corporate
... of the investment opportunities available to the firm or to the economy as a whole. At the same time, other investors will include the firm in their portfolios because they believe that its managers are making the correct amount of investment given the economic and industry conditions faced by the f ...
... of the investment opportunities available to the firm or to the economy as a whole. At the same time, other investors will include the firm in their portfolios because they believe that its managers are making the correct amount of investment given the economic and industry conditions faced by the f ...
Practical Methods for Assessing Private Climate Finance Flows
... Copenhagen and Cancun, developed country Parties are committed to “mobilising jointly USD 100 billion per year by 2020 to address the needs of developing countries...from a wide variety of sources, public and private, bilateral and multilateral, including alternative sources” (UNFCCC, 2009; UNFCCC, ...
... Copenhagen and Cancun, developed country Parties are committed to “mobilising jointly USD 100 billion per year by 2020 to address the needs of developing countries...from a wide variety of sources, public and private, bilateral and multilateral, including alternative sources” (UNFCCC, 2009; UNFCCC, ...
hedge fund headlines mislead
... Institutional investors face additional considerations. On average, hedge funds not only have higher fees but also incur additional costs because they generally require more research and due diligence due to their complexity. For large portfolios, it may be difficult for them to put a material amoun ...
... Institutional investors face additional considerations. On average, hedge funds not only have higher fees but also incur additional costs because they generally require more research and due diligence due to their complexity. For large portfolios, it may be difficult for them to put a material amoun ...
SEC Comment - The Committee For The Fiduciary Standard
... RE: Comments on Definition of Fiduciary Proposed Rule Ladies and Gentlemen: This letter is submitted by the Committee for the Fiduciary Standard * to follow our March 18 meeting with EBSA staff and officials. In this letter we set out views regarding the fiduciary standard, generally, and then addre ...
... RE: Comments on Definition of Fiduciary Proposed Rule Ladies and Gentlemen: This letter is submitted by the Committee for the Fiduciary Standard * to follow our March 18 meeting with EBSA staff and officials. In this letter we set out views regarding the fiduciary standard, generally, and then addre ...
Active CDS Trading and Managers` Voluntary Disclosure
... of the CDS market – informed trading by lenders – results in a positive externality for capital markets by eliciting enhanced voluntary disclosures from CDS reference entities. Large financial institutions trade in the CDS market to satisfy their hedging and speculative needs. They also serve as dea ...
... of the CDS market – informed trading by lenders – results in a positive externality for capital markets by eliciting enhanced voluntary disclosures from CDS reference entities. Large financial institutions trade in the CDS market to satisfy their hedging and speculative needs. They also serve as dea ...
Family Control of Firms and Industries
... has done. The distinction is particularly relevant for the central research question in this paper, since the reasons for acquiring control may differ from the reasons for retaining control, and the reasons for retaining control, or at least ownership, of companies may differ across founding and non ...
... has done. The distinction is particularly relevant for the central research question in this paper, since the reasons for acquiring control may differ from the reasons for retaining control, and the reasons for retaining control, or at least ownership, of companies may differ across founding and non ...
ETF - iOCBC
... Dividend Achievers Select Index. The ETF holds mid and large-cap U.S. stocks. Its investments are focused on U.S. common stocks that have a history of increasing dividends for ten consecutive years, but exclude REITs. The ETF weights the holdings using by market capitalization. 5 | Retrieved from Bl ...
... Dividend Achievers Select Index. The ETF holds mid and large-cap U.S. stocks. Its investments are focused on U.S. common stocks that have a history of increasing dividends for ten consecutive years, but exclude REITs. The ETF weights the holdings using by market capitalization. 5 | Retrieved from Bl ...
Geographic Dispersion and Stock Returns
... It is well documented that both professional investment managers and individual investors display a strong preference for investing in local firms.1 This finding is unexpected from the point of view of standard portfolio theory, and it has spurred a large literature on the causes and consequences of ...
... It is well documented that both professional investment managers and individual investors display a strong preference for investing in local firms.1 This finding is unexpected from the point of view of standard portfolio theory, and it has spurred a large literature on the causes and consequences of ...
FREE Sample Here - We can offer most test bank and
... 42) Bill is a public accountant auditing Expo Corporation. Based on information in Expo's confidential records, Bill recommends the purchase of Expo stock to his brother. A) Bill is involved in insider trading prohibited by the SEC. B) Bill's brother has no direct connection to Expo Corporation and ...
... 42) Bill is a public accountant auditing Expo Corporation. Based on information in Expo's confidential records, Bill recommends the purchase of Expo stock to his brother. A) Bill is involved in insider trading prohibited by the SEC. B) Bill's brother has no direct connection to Expo Corporation and ...
The required return on equity under a foundation model
... market conditions.4 The NER and NGR provide that, when estimating the return on equity, the AER must have regard to “the prevailing conditions in the market for equity funds”;5 and ii. Such an approach would be inconsistent with the AER’s own DGM evidence, which suggests that the MRP in the prevaili ...
... market conditions.4 The NER and NGR provide that, when estimating the return on equity, the AER must have regard to “the prevailing conditions in the market for equity funds”;5 and ii. Such an approach would be inconsistent with the AER’s own DGM evidence, which suggests that the MRP in the prevaili ...
An Examination of Primary and Secondary Market Returns in Equity
... websites. Furthermore, equity analysts typically develop estimates of asset values through standard conventions for occupancy and rental rates based on observable geographic and other property information. That is, compared to most other industries, REIT revenue estimation and overall firm valuation ...
... websites. Furthermore, equity analysts typically develop estimates of asset values through standard conventions for occupancy and rental rates based on observable geographic and other property information. That is, compared to most other industries, REIT revenue estimation and overall firm valuation ...
AAA Video Games EIS Fund
... tax credits, which should collectively be worth 70% of each Company’s video game development budget. The Fund will be managed by Daedalus Partners LLP, an award-winning Fund Manager with extensive experience of the software entertainment sector, having invested in more than 70 individual video game ...
... tax credits, which should collectively be worth 70% of each Company’s video game development budget. The Fund will be managed by Daedalus Partners LLP, an award-winning Fund Manager with extensive experience of the software entertainment sector, having invested in more than 70 individual video game ...
DRAFT Not for Citation or Distribution
... In Error! Reference source not found., it is clear that the sources of finance differ quite significantly by formality.7 In each of the five countries, formal firms use bank loans for a greater percentage of their finance needs than partially formal or informal firms. Family and friends make up a gr ...
... In Error! Reference source not found., it is clear that the sources of finance differ quite significantly by formality.7 In each of the five countries, formal firms use bank loans for a greater percentage of their finance needs than partially formal or informal firms. Family and friends make up a gr ...
Public-Private Partnerships and Infrastructure Resilience
... ASCE gave U.S. infrastructure an overall grade of “D,” based on perceived gaps in the capacity, conditions, funding, future needs, operations and maintenance, public safety, and resilience of facilities.3 This was not the first time that U.S. infrastructure received such poor marks; it also received ...
... ASCE gave U.S. infrastructure an overall grade of “D,” based on perceived gaps in the capacity, conditions, funding, future needs, operations and maintenance, public safety, and resilience of facilities.3 This was not the first time that U.S. infrastructure received such poor marks; it also received ...
Liquidity transformation in asset management
... impact, bank loans cannot be traded before maturity without creating substantial price impact. For asset managers, however, there is no comparable measure. Their assets are typically tradeable securities, though with varying levels of liquidity. Furthermore, some price impact can be passed on to inv ...
... impact, bank loans cannot be traded before maturity without creating substantial price impact. For asset managers, however, there is no comparable measure. Their assets are typically tradeable securities, though with varying levels of liquidity. Furthermore, some price impact can be passed on to inv ...
Goodwill Capital
... Coca-Cola brand produced. If matching CocaCola’s profits today were merely a matter of matching its current advertising outlays, there would be hundreds more equally profitable products on the market. What we define as goodwill capital is the unpurchaseable component of a company’s assets.12 As the ...
... Coca-Cola brand produced. If matching CocaCola’s profits today were merely a matter of matching its current advertising outlays, there would be hundreds more equally profitable products on the market. What we define as goodwill capital is the unpurchaseable component of a company’s assets.12 As the ...
Intertemporal capital budgeting
... foregoing a high level of expected utility from investing next period. A manager who associates a low probability to having a profitable project next period prefers to accept the capital allocation in the current period. This truthful revelation allows headquarters to reduce the hurdle rate in the cu ...
... foregoing a high level of expected utility from investing next period. A manager who associates a low probability to having a profitable project next period prefers to accept the capital allocation in the current period. This truthful revelation allows headquarters to reduce the hurdle rate in the cu ...
Risk and Long-Run IPO Returns - Berkeley-Haas
... Loughran and Ritter (1995) draw their sample of 4,753 IPOs from the period 1970{1990, while the total sample of 4,622 IPOs in Brav, Geczy, and Gompers (2000) is from the 1975{1992 period. Moreover, these other studies do not restrict their samples to Nasdaq IPOs. The Nasdaq-only restriction excludes ...
... Loughran and Ritter (1995) draw their sample of 4,753 IPOs from the period 1970{1990, while the total sample of 4,622 IPOs in Brav, Geczy, and Gompers (2000) is from the 1975{1992 period. Moreover, these other studies do not restrict their samples to Nasdaq IPOs. The Nasdaq-only restriction excludes ...
A theory of corporate spin-offs
... on stock price. Cusatis, Miles, and Woolridge (1993) show that, in addition to the positive abnormal stock returns for parent firms on the announcement date, both spin-offs and their parents experience significantly positive abnormal returns for up to three years beyond the spin-offs’ announcement dat ...
... on stock price. Cusatis, Miles, and Woolridge (1993) show that, in addition to the positive abnormal stock returns for parent firms on the announcement date, both spin-offs and their parents experience significantly positive abnormal returns for up to three years beyond the spin-offs’ announcement dat ...
Deutsche AM Flagship Fund Reporting
... When the custodian sets the price on the last trading day of the month there can be a difference of up to ten hours between the times at which the fund price and the benchmark are calculated. In the event of strong market movements during this period, this may result in the over- or understatement o ...
... When the custodian sets the price on the last trading day of the month there can be a difference of up to ten hours between the times at which the fund price and the benchmark are calculated. In the event of strong market movements during this period, this may result in the over- or understatement o ...
The Impact of Leverage on Hedge Fund Performance
... returns with controlled risks. Hedge fund investors can use margin accounts and credit lines to borrow money from a prime broker or a third party with the hope of amplifying gains. Also as the word “hedge” in hedge funds represents, the industry seeks safe investments by using derivatives where the ...
... returns with controlled risks. Hedge fund investors can use margin accounts and credit lines to borrow money from a prime broker or a third party with the hope of amplifying gains. Also as the word “hedge” in hedge funds represents, the industry seeks safe investments by using derivatives where the ...
The international engagement of NZ firms
... This paper provides an overview of New Zealand firms engaging in different modes of international engagement using the 2011 Business Operations Survey. International engagement is classified into three broad activities: overseas income generation, overseas production and overseas purchases. The foll ...
... This paper provides an overview of New Zealand firms engaging in different modes of international engagement using the 2011 Business Operations Survey. International engagement is classified into three broad activities: overseas income generation, overseas production and overseas purchases. The foll ...
Investor Preferences and Demand for Active Management
... rank-dependent utility model of Quiggin (1983) and Yaari (1987) and cumulative prospect theory of Kahneman and Tversky (1991). ...
... rank-dependent utility model of Quiggin (1983) and Yaari (1987) and cumulative prospect theory of Kahneman and Tversky (1991). ...
Multinational Companies, Technology Spillovers and Firm Survival: Evidence from Irish Manufacturing by
... on Irish-owned (indigenous) firms and on foreign-owned firms (i.e., other MNCs) located in the host country, the latter essentially serving as a natural control group. As regards indigenous firms, we would expect a potential technology gap to exist between them and MNCs (due to MNCs' firm-specific a ...
... on Irish-owned (indigenous) firms and on foreign-owned firms (i.e., other MNCs) located in the host country, the latter essentially serving as a natural control group. As regards indigenous firms, we would expect a potential technology gap to exist between them and MNCs (due to MNCs' firm-specific a ...
Revenue Sharing Fund Families
... each fund family for 2015. Although we seek to charge all fund families the same revenue sharing fee rate, in aggregate Morgan Stanley receives significantly more revenue sharing from the families with the largest client fund share holdings at our firm. This fact presents a conflict of interest for ...
... each fund family for 2015. Although we seek to charge all fund families the same revenue sharing fee rate, in aggregate Morgan Stanley receives significantly more revenue sharing from the families with the largest client fund share holdings at our firm. This fact presents a conflict of interest for ...
Private equity in the 2000s
Private equity in the 2000s relates to one of the major periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel although interrelated tracks.The development of the private equity and venture capital asset classes has occurred through a series of boom and bust cycles since the middle of the 20th century. As the 20th century ended, so, too, did the dot-com bubble and the tremendous growth in venture capital that had marked the previous five years. In the wake of the collapse of the dot-com bubble, a new ""Golden Age"" of private equity ensued, as leveraged buyouts reach unparalleled size and the private equity firms achieved new levels of scale and institutionalization, exemplified by the initial public offering of the Blackstone Group in 2007.