Templeton Global Balanced Fund Annual Report
... maturity schedules and borrowing requirements; a company’s changing financial condition and market recognition of the change; and a security’s relative value based on such factors as anticipated cash flow, interest or dividend coverage, asset coverage and earnings prospects. With respect to sovereig ...
... maturity schedules and borrowing requirements; a company’s changing financial condition and market recognition of the change; and a security’s relative value based on such factors as anticipated cash flow, interest or dividend coverage, asset coverage and earnings prospects. With respect to sovereig ...
"The Alpha and Omega of Hedge Fund Performance Measurement"
... Sound investment decisions rest on identifying and selecting portfolio managers who are expected to deliver superior performance. There is ample evidence that portfolio managers following traditional active strategies on average under-perform passive investment strategies (see for example Jensen (19 ...
... Sound investment decisions rest on identifying and selecting portfolio managers who are expected to deliver superior performance. There is ample evidence that portfolio managers following traditional active strategies on average under-perform passive investment strategies (see for example Jensen (19 ...
Investor Preferences and Demand for Active Management
... to potential lower diversification of actively managed funds compared to passive funds. We show that actively managed funds and their corresponding passively managed counterparts tend to hold stocks with very similar return-predictive characteristics including size, book-to-market ratio, and momentu ...
... to potential lower diversification of actively managed funds compared to passive funds. We show that actively managed funds and their corresponding passively managed counterparts tend to hold stocks with very similar return-predictive characteristics including size, book-to-market ratio, and momentu ...
Venture Debt Financing for Start
... ones but also to early stage fledglings which do not satisfy traditional banking standards required by debt providers. In contrast, venture debt providers applying different lending model are willing to back negative cash flow ventures despite the inherent funding risk, however, in exchange for requ ...
... ones but also to early stage fledglings which do not satisfy traditional banking standards required by debt providers. In contrast, venture debt providers applying different lending model are willing to back negative cash flow ventures despite the inherent funding risk, however, in exchange for requ ...
Accelerating Startups in Emerging Markets
... Techstars and Y Combinator, as well as many other programs that are run in high-income countries, we are seeing more and more programs in emerging markets. In fact, GALI’s 2016 Global Accelerator Survey, which examines the landscape of accelerators, identified more than 240 organizations that are cu ...
... Techstars and Y Combinator, as well as many other programs that are run in high-income countries, we are seeing more and more programs in emerging markets. In fact, GALI’s 2016 Global Accelerator Survey, which examines the landscape of accelerators, identified more than 240 organizations that are cu ...
Hedge Funds and the Technology Bubble
... 1978 all institutions with more than $100 million under discretionary management are required to disclose their holdings to the SEC each quarter on form 13F. This concerns all long positions in section 13(f) securities greater than 10,000 shares or $200,000, over which the manager exercises sole or ...
... 1978 all institutions with more than $100 million under discretionary management are required to disclose their holdings to the SEC each quarter on form 13F. This concerns all long positions in section 13(f) securities greater than 10,000 shares or $200,000, over which the manager exercises sole or ...
Chapter 6.
... based on control and influence.2 The definition of direct investment is the same as in the fourth edition of the OECD Benchmark Definition of Foreign Direct Investment, which provides additional details on the FDIR and the collection of direct investment data. Appendix 6a, Topical Summary—Direct Inv ...
... based on control and influence.2 The definition of direct investment is the same as in the fourth edition of the OECD Benchmark Definition of Foreign Direct Investment, which provides additional details on the FDIR and the collection of direct investment data. Appendix 6a, Topical Summary—Direct Inv ...
strategic asset allocation
... • Investable Wealth - The asset classes as a group should make up a preponderance of world investable wealth. • Portfolio’s Liquidity - The asset class should have the capacity to absorb a significant fraction of the investor’s portfolio without seriously affecting the portfolio’s liquidity ...
... • Investable Wealth - The asset classes as a group should make up a preponderance of world investable wealth. • Portfolio’s Liquidity - The asset class should have the capacity to absorb a significant fraction of the investor’s portfolio without seriously affecting the portfolio’s liquidity ...
Is the Growth-value Anomaly Related to the Asset Growth Anomaly?
... over time. To test this implication, Anderson and Garcia-Feijóo (2006) examine whether controlling for capital expenditure growth over the previous two years or other capital expenditure measures reduces the growth-value anomaly in portfolios and cross sectional regressions. They find that the anoma ...
... over time. To test this implication, Anderson and Garcia-Feijóo (2006) examine whether controlling for capital expenditure growth over the previous two years or other capital expenditure measures reduces the growth-value anomaly in portfolios and cross sectional regressions. They find that the anoma ...
Strategy Spotlight: Considerations in volatility
... maturity cycle, which has an overall smoothing effect on strategy risk profile. This strategy is operationally more complex, but it may reduce investment risk. For those seeking to achieve long-term favorable results, careful implementation of volatility strategies is critical. ...
... maturity cycle, which has an overall smoothing effect on strategy risk profile. This strategy is operationally more complex, but it may reduce investment risk. For those seeking to achieve long-term favorable results, careful implementation of volatility strategies is critical. ...
SunAmerica Dynamic Allocation Portfolio Summary
... and short-term investments (the “Overlay Component”). The Fund-of-Funds Component will allocate approximately 50% to 80% of its assets to Underlying Portfolios investing primarily in equity securities and 20% to 50% of its assets to Underlying Portfolios investing primarily in fixed income securitie ...
... and short-term investments (the “Overlay Component”). The Fund-of-Funds Component will allocate approximately 50% to 80% of its assets to Underlying Portfolios investing primarily in equity securities and 20% to 50% of its assets to Underlying Portfolios investing primarily in fixed income securitie ...
Debt Valuation, Renegotiation, and Optimal Dividend Policy
... of cash flows.1 They prefer to finance the project with debt which has a tax advantage, but which could also result in potentially inefficient liquidation and financial distress. The driving force behind strategic behavior in our model is the presence of proportional and fixed costs of liquidation. We en ...
... of cash flows.1 They prefer to finance the project with debt which has a tax advantage, but which could also result in potentially inefficient liquidation and financial distress. The driving force behind strategic behavior in our model is the presence of proportional and fixed costs of liquidation. We en ...
Institutional Presence - American Economic Association
... It is difficult to find a well-defined instrument to “rule in” causality in our context. Mergers of financial institutions offer a potentially promising instrument but even when institutions are located across different states, the target institutions often continue to operate from their original lo ...
... It is difficult to find a well-defined instrument to “rule in” causality in our context. Mergers of financial institutions offer a potentially promising instrument but even when institutions are located across different states, the target institutions often continue to operate from their original lo ...
eurazeo sells approximately one third of its stake in elis
... “Elis has successfully developed itself in recent years, expanding its international reach to become a prominent player beyond its traditional boundaries, creating new and buoyant business lines, while building on its history of operational excellence. The appeal of this business model, combining st ...
... “Elis has successfully developed itself in recent years, expanding its international reach to become a prominent player beyond its traditional boundaries, creating new and buoyant business lines, while building on its history of operational excellence. The appeal of this business model, combining st ...
AAA Video Games EIS Fund
... Investment in the Fund involves a high degree of risk. Past performance is not a guide to future performance and may not be repeated. The value of investments can go down as well as up and you could lose part or all of your capital invested. You should consider the Fund to be a medium to long term i ...
... Investment in the Fund involves a high degree of risk. Past performance is not a guide to future performance and may not be repeated. The value of investments can go down as well as up and you could lose part or all of your capital invested. You should consider the Fund to be a medium to long term i ...
why doesn`t capital flow from rich to poor countries?
... process, the short list included Mexico and Costa Rica. The two countries have similar GDP per capita in U.S. dollars (close to $3,000 at that time), albeit Mexico is a much larger country. Both countries have similar levels of adult literacy rates. However, given the overall size of Intel’s investm ...
... process, the short list included Mexico and Costa Rica. The two countries have similar GDP per capita in U.S. dollars (close to $3,000 at that time), albeit Mexico is a much larger country. Both countries have similar levels of adult literacy rates. However, given the overall size of Intel’s investm ...
Emerging Equity Markets in a Globalizing World
... Examining the history of the MSCI indices in Exhibit 8, emerging markets have historically outperformed developed markets. The geometric average excess return (over and above a US Treasury bill) for emerging markets over the sample was 8.0%, compared to only 3.7% for developed markets (MSCI Worl ...
... Examining the history of the MSCI indices in Exhibit 8, emerging markets have historically outperformed developed markets. The geometric average excess return (over and above a US Treasury bill) for emerging markets over the sample was 8.0%, compared to only 3.7% for developed markets (MSCI Worl ...
Business Relationships, Corporate Governance, and Firm
... Prior research suggests that private placements affect agency costs and facilitate relationshipspecific investments. The positive association between block size and changes in firm value is consistent with a reduction in agency costs (Hertzel and Smith (1993) and Wruck (1989)) There is also a sugges ...
... Prior research suggests that private placements affect agency costs and facilitate relationshipspecific investments. The positive association between block size and changes in firm value is consistent with a reduction in agency costs (Hertzel and Smith (1993) and Wruck (1989)) There is also a sugges ...
Liquidity transformation in asset management
... provision by the traditional and shadow banking sectors. In order to provide liquidity to their investors, mutual funds must hold substantial amounts of cash, bank deposits, and money market mutual fund shares. These holdings do not decrease much with fund size, suggesting that economies of scale in ...
... provision by the traditional and shadow banking sectors. In order to provide liquidity to their investors, mutual funds must hold substantial amounts of cash, bank deposits, and money market mutual fund shares. These holdings do not decrease much with fund size, suggesting that economies of scale in ...
Do Private Firms Perform Better than Public Firms?
... We note the earlier contribution by Ke, Petroni, and Safieddine (1999), who use a very small sample of public and private insurance companies to show that operating profitability of public and private firms are not significantly different from each other. 4 Bharath and Ditmar (2010) argue that finan ...
... We note the earlier contribution by Ke, Petroni, and Safieddine (1999), who use a very small sample of public and private insurance companies to show that operating profitability of public and private firms are not significantly different from each other. 4 Bharath and Ditmar (2010) argue that finan ...
why polish companies go public
... (CEE) region. The major reason for why empirical literature on this decision is underdeveloped is the difficulty in obtaining financial information about private companies as they are not required to disclose their financial reports. There are only a few empirical papers that investigate the factors ...
... (CEE) region. The major reason for why empirical literature on this decision is underdeveloped is the difficulty in obtaining financial information about private companies as they are not required to disclose their financial reports. There are only a few empirical papers that investigate the factors ...
Morningstar and Barron`s 2014-2015 Alternative Investment Survey
... /Organic growth rates for alts slowed in 2014 to 12.3%, from 42.2% for 2013. While this sudden deceleration is significant, alts still grew at the fastest clip relative to all other asset classes. /Alternative fund launches also reached their highest level in 2014, as more companies are seeking a cl ...
... /Organic growth rates for alts slowed in 2014 to 12.3%, from 42.2% for 2013. While this sudden deceleration is significant, alts still grew at the fastest clip relative to all other asset classes. /Alternative fund launches also reached their highest level in 2014, as more companies are seeking a cl ...
The Impact of Foreign-Currency Movements on Equity
... The 2008 financial crisis is another example where, despite a weak economic environment in the U.S., strong external demand for the U.S. dollar helped drive a small rally in the U.S. dollar. The dollar has been and continues to be considered a safe-haven currency, so during market crises, investors ...
... The 2008 financial crisis is another example where, despite a weak economic environment in the U.S., strong external demand for the U.S. dollar helped drive a small rally in the U.S. dollar. The dollar has been and continues to be considered a safe-haven currency, so during market crises, investors ...
Equity Auctions and the New Value Corollary to the
... reorganization plan that preserved both the debtor’s ownership of its real estate and the interests of the debtor’s equity security holders. Such a plan generally used section 506(b) of the Code to bifurcate the undersecured mortgagee’s claim into a secured claim equal in amount to the value of the ...
... reorganization plan that preserved both the debtor’s ownership of its real estate and the interests of the debtor’s equity security holders. Such a plan generally used section 506(b) of the Code to bifurcate the undersecured mortgagee’s claim into a secured claim equal in amount to the value of the ...
volatility as an asset class
... leverage effect: A decline in the value of a company’s equity results in an increase of the company’s balance sheet leverage, making its equity more risky and hence increasing the volatility of its share price. ...
... leverage effect: A decline in the value of a company’s equity results in an increase of the company’s balance sheet leverage, making its equity more risky and hence increasing the volatility of its share price. ...
Private equity
In finance, private equity is an asset class consisting of equity securities and debt in operating companies that are not publicly traded on a stock exchange.A private equity investment will generally be made by a private equity firm, a venture capital firm or an angel investor. Each of these categories of investor has its own set of goals, preferences and investment strategies; however, all provide working capital to a target company to nurture expansion, new-product development, or restructuring of the company’s operations, management, or ownership.Bloomberg Businessweek has called private equity a rebranding of leveraged-buyout firms after the 1980s. Common investment strategies in private equity include: leveraged buyouts, venture capital, growth capital, distressed investments and mezzanine capital. In a typical leveraged-buyout transaction, a private-equity firm buys majority control of an existing or mature firm. This is distinct from a venture-capital or growth-capital investment, in which the investors (typically venture-capital firms or angel investors) invest in young, growing or emerging companies, and rarely obtain majority control.Private equity is also often grouped into a broader category called private capital, generally used to describe capital supporting any long-term, illiquid investment strategy.