Capital structure and volatility of risk
... called volatility of implied volatility (VIV). All our results are implemented both of these measures of volatility of volatility. We rank firms in deciles according to our volatility of volatility measures (both VRV and VIV) and we find that the firms in the higher deciles issue monotonically small ...
... called volatility of implied volatility (VIV). All our results are implemented both of these measures of volatility of volatility. We rank firms in deciles according to our volatility of volatility measures (both VRV and VIV) and we find that the firms in the higher deciles issue monotonically small ...
When Does Information Asymmetry Affect the Cost of
... In this paper we explore further this possibility by introducing a proxy for the level of competition in a firm’s shares. While financial market competition is a well accepted economic concept, it has no natural proxy in market data. This problem notwithstanding, we use the number of investors in a ...
... In this paper we explore further this possibility by introducing a proxy for the level of competition in a firm’s shares. While financial market competition is a well accepted economic concept, it has no natural proxy in market data. This problem notwithstanding, we use the number of investors in a ...
Transition to IFRS and value relevance in a small but developed
... accounting information. We also examine whether the information reported within companies’ reconciliation statements was incrementally value relevant to the 2005 book value of shareholders’ equity and net income. Greece offers an interesting setting because of its distinctive financial reporting re ...
... accounting information. We also examine whether the information reported within companies’ reconciliation statements was incrementally value relevant to the 2005 book value of shareholders’ equity and net income. Greece offers an interesting setting because of its distinctive financial reporting re ...
Political connections, founder-managers, and
... but it is more profound in China because political connection in China represents a complicated framework with three dimensions and permeates various enterprises. First, political connection in China can be categorized into two types. One is an official-type political connection where a firm’s mana ...
... but it is more profound in China because political connection in China represents a complicated framework with three dimensions and permeates various enterprises. First, political connection in China can be categorized into two types. One is an official-type political connection where a firm’s mana ...
OECD - Business Angels Netzwerk Deutschland eV
... This publication covers seed and early stage financing for high growth companies in OECD and nonOECD countries with a primary focus on angel investment. Angel investment is the primary source of outside equity financing for start-ups in a number of countries, yet it is frequently overlooked as angel ...
... This publication covers seed and early stage financing for high growth companies in OECD and nonOECD countries with a primary focus on angel investment. Angel investment is the primary source of outside equity financing for start-ups in a number of countries, yet it is frequently overlooked as angel ...
The Separation of Ownership and Control and Corporate Tax
... rates of managerial stock ownership, including employee-owned private firms and propensity score-matched public firms. In each case we find that management-owned firms exhibit significantly lower rates of income tax avoidance than firms with less managerial stock ownership, consistent with tax avoi ...
... rates of managerial stock ownership, including employee-owned private firms and propensity score-matched public firms. In each case we find that management-owned firms exhibit significantly lower rates of income tax avoidance than firms with less managerial stock ownership, consistent with tax avoi ...
Mutual Fund Performance and the Incentive to Generate Alpha
... (1996), French (2008), Fama and French (2010), and others). This well-documented underperformance gives rise to two important and related questions. Why do actively managed funds underperform? And, given this underperformance, why are the vast majority of mutual fund assets still invested in activel ...
... (1996), French (2008), Fama and French (2010), and others). This well-documented underperformance gives rise to two important and related questions. Why do actively managed funds underperform? And, given this underperformance, why are the vast majority of mutual fund assets still invested in activel ...
The edges of home ownership
... Australian state and territory governments. AHURI Limited gratefully acknowledges the financial and other support it has received from these governments, without which this work would not have been possible. AHURI comprises a network of universities clustered into Research Centres across Australia. ...
... Australian state and territory governments. AHURI Limited gratefully acknowledges the financial and other support it has received from these governments, without which this work would not have been possible. AHURI comprises a network of universities clustered into Research Centres across Australia. ...
Drivers for Growth Through 2020
... Given these high rates of adoption, insurance companies are emerging as an important source of future ETF demand. Approximately half of insurance company equity ETF investors expect to increase allocations to these funds in the coming year, as do about a quarter of insurance company bond ETF investo ...
... Given these high rates of adoption, insurance companies are emerging as an important source of future ETF demand. Approximately half of insurance company equity ETF investors expect to increase allocations to these funds in the coming year, as do about a quarter of insurance company bond ETF investo ...
Costs of Eliminating Discretionary Broker Voting on Uncontested
... The portion of shares held by retail investors will significantly affect the cost of soliciting votes in an uncontested election of directors, as institutional investors are more likely to vote their shares than are retail shareholders.4 Investment advisers to closed-end funds and mutual funds, for ...
... The portion of shares held by retail investors will significantly affect the cost of soliciting votes in an uncontested election of directors, as institutional investors are more likely to vote their shares than are retail shareholders.4 Investment advisers to closed-end funds and mutual funds, for ...
Study on German Start-up Eco-System
... The share of nascent entrepreneurs5 in Germany was approximately 3.51% (Spring 2012). In this context, Germany ranks 13 in the segment of innovation-based economies. However, in recent year the nascent entrepreneurship rate has showed a significant increase as compared to the TEA rate. Nevertheless, ...
... The share of nascent entrepreneurs5 in Germany was approximately 3.51% (Spring 2012). In this context, Germany ranks 13 in the segment of innovation-based economies. However, in recent year the nascent entrepreneurship rate has showed a significant increase as compared to the TEA rate. Nevertheless, ...
The Closed-End Fund Market, 2014
... value of their portfolios every business day, while others calculate their portfolio values weekly or on some other basis. The net asset value (NAV) of a closed-end fund is calculated by subtracting the fund’s liabilities (e.g., fund expenses) from the current market value of its assets and dividing ...
... value of their portfolios every business day, while others calculate their portfolio values weekly or on some other basis. The net asset value (NAV) of a closed-end fund is calculated by subtracting the fund’s liabilities (e.g., fund expenses) from the current market value of its assets and dividing ...
Chapter 6.
... c. Definitions of control and influence—definitions of immediate and indirect relationships 6.12 Control or influence may be achieved directly by owning equity that gives voting power in the enterprise, or indirectly by having voting power in another enterprise that has voting power in the enterpris ...
... c. Definitions of control and influence—definitions of immediate and indirect relationships 6.12 Control or influence may be achieved directly by owning equity that gives voting power in the enterprise, or indirectly by having voting power in another enterprise that has voting power in the enterpris ...
Payoff complementarities and financial fragility Evidence from
... data. In mutual funds, investors have the right to redeem their shares at the fund’s daily-close net asset value (NAV) on any given day. As shown in previous studies (e.g., Edelen, 1999; Coval and Stafford, 2006), following substantial outflows, funds need to adjust their portfolios and conduct costl ...
... data. In mutual funds, investors have the right to redeem their shares at the fund’s daily-close net asset value (NAV) on any given day. As shown in previous studies (e.g., Edelen, 1999; Coval and Stafford, 2006), following substantial outflows, funds need to adjust their portfolios and conduct costl ...
Foreign Direct Investment
... The most accepted reason for horizontal FDI relates to market imperfections. By imposing quotas, tariffs, or impediments, governments can make FDI and licensing more attractive than exporting. Technological or managerial know-how can be difficult and dangerous to license, however, making it an infea ...
... The most accepted reason for horizontal FDI relates to market imperfections. By imposing quotas, tariffs, or impediments, governments can make FDI and licensing more attractive than exporting. Technological or managerial know-how can be difficult and dangerous to license, however, making it an infea ...
Required Documents and Guidance Notes for Investment
... 3. Juridical persons applying for its change of name are not required to attach new Power of Attorney (POA) Certificates in its new name. 4. Detailing preconditions for non-ROC enterprises to be an eligible participant of merger and acquisition: (1) Enterprises with substantial business operations. ...
... 3. Juridical persons applying for its change of name are not required to attach new Power of Attorney (POA) Certificates in its new name. 4. Detailing preconditions for non-ROC enterprises to be an eligible participant of merger and acquisition: (1) Enterprises with substantial business operations. ...
Debt Refinancing and Equity Returns∗
... We then explore the role of debt refinancing for equity returns more rigorously in FamaMacBeth (FMB) regressions. Here, we show that equity returns are significantly related to firms’ debt refinancing intensities. In regressions of returns on leverage and refinancing intensities the coefficient est ...
... We then explore the role of debt refinancing for equity returns more rigorously in FamaMacBeth (FMB) regressions. Here, we show that equity returns are significantly related to firms’ debt refinancing intensities. In regressions of returns on leverage and refinancing intensities the coefficient est ...
The Sukuk Market Comes of Age - Franklin Templeton Hong Kong
... As with all Sukuk structures, Sukuk Al Ijara rely upon either the performance of an underlying asset or a contractual arrangement with respect to that asset. Sukuk Al Ijara issuers must therefore identify tangible assets on their balance sheets to back the Sukuk. Sukuk Al Musharaka is another form o ...
... As with all Sukuk structures, Sukuk Al Ijara rely upon either the performance of an underlying asset or a contractual arrangement with respect to that asset. Sukuk Al Ijara issuers must therefore identify tangible assets on their balance sheets to back the Sukuk. Sukuk Al Musharaka is another form o ...
The information content of share repurchases
... performance relative to the previous year’s level decreases significantly after repurchase intention announcements whether firms actually repurchase shares or not: repurchasing firms only outperform their industry-, performance-, and market-to-book-matched control firms. Finally, as Lie does not dec ...
... performance relative to the previous year’s level decreases significantly after repurchase intention announcements whether firms actually repurchase shares or not: repurchasing firms only outperform their industry-, performance-, and market-to-book-matched control firms. Finally, as Lie does not dec ...
Hedge Funds and the Technology Bubble
... compared with a combined market capitalization of all NASDAQ stocks in excess of $5 trillion in 1999. Nevertheless, a coordinated move by all hedge funds might change investor sentiment and thereby trigger a crash. However, this coordination is difficult in Abreu and Brunnermeier’s timing game, bec ...
... compared with a combined market capitalization of all NASDAQ stocks in excess of $5 trillion in 1999. Nevertheless, a coordinated move by all hedge funds might change investor sentiment and thereby trigger a crash. However, this coordination is difficult in Abreu and Brunnermeier’s timing game, bec ...
Download paper (PDF)
... investors and general probability distributions (not necessarily the normal distribution). Next I elaborate on the economic intuition for my results. First, I find that, if the disclosure friction is sufficiently high, firms making more voluntary disclosures have a lower cost of capital. The rationa ...
... investors and general probability distributions (not necessarily the normal distribution). Next I elaborate on the economic intuition for my results. First, I find that, if the disclosure friction is sufficiently high, firms making more voluntary disclosures have a lower cost of capital. The rationa ...
Are Funds of Funds Simply Multi-Strategy
... decade ago (Atlas and Walsh [2005]). The primary reason for this enormous growth is that hedge funds offer attractive risk-adjusted returns, low correlation to traditional asset classes, and a source of alpha. Therefore, an allocation to hedge funds has the potential to increase the risk-adjusted re ...
... decade ago (Atlas and Walsh [2005]). The primary reason for this enormous growth is that hedge funds offer attractive risk-adjusted returns, low correlation to traditional asset classes, and a source of alpha. Therefore, an allocation to hedge funds has the potential to increase the risk-adjusted re ...
Call for expression of Interest
... outreach. The promotion of VC funds-of-funds could, in particular, help broaden private investment by attracting institutional investors. As part of the Capital Markets Union initiative, the Open Innovation strand of Horizon 2020, the Digital Single Market strategy and the Start-Up Initiative of the ...
... outreach. The promotion of VC funds-of-funds could, in particular, help broaden private investment by attracting institutional investors. As part of the Capital Markets Union initiative, the Open Innovation strand of Horizon 2020, the Digital Single Market strategy and the Start-Up Initiative of the ...
Factors that influence the decision of a firm to offer a - UvA-DARE
... To finance investment opportunities businesses have the option to either use their internally generated funds or to make use of external sources such as issuing equity or debt. The pecking order theory founded by Myers and Majluf in 1984 argues that with inefficient and imperfect markets, the capita ...
... To finance investment opportunities businesses have the option to either use their internally generated funds or to make use of external sources such as issuing equity or debt. The pecking order theory founded by Myers and Majluf in 1984 argues that with inefficient and imperfect markets, the capita ...
MFSA Guidance Note for Shariah Compliant Funds
... iv) risks related to changes in Shariah compliant rules - changes to the Shariah compliant investment rules may result in a reduced opportunity to sell in certain cases and higher costs of trading; v) increased counterparty risk due to the possible use of limited prime brokers and administrators in ...
... iv) risks related to changes in Shariah compliant rules - changes to the Shariah compliant investment rules may result in a reduced opportunity to sell in certain cases and higher costs of trading; v) increased counterparty risk due to the possible use of limited prime brokers and administrators in ...
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.