Household Heterogeneity and Incomplete Financial Markets: Asset Return Implications in a
... profits, an objective originally proposed by Radner, implying that the firm is risk averse. In order to assess the effects of the two objectives independently of the financial market structure, the model is first solved under the assumption that households are identical in all respects. In this case, ...
... profits, an objective originally proposed by Radner, implying that the firm is risk averse. In order to assess the effects of the two objectives independently of the financial market structure, the model is first solved under the assumption that households are identical in all respects. In this case, ...
Cross-sectional volatility and return dispersion
... portfolio managers held securities that were in the benchmark in whatever weights they chose, clearly the returns of all active portfolios and the benchmark would be identical. This example is quite unrealistic, of course, but it illustrates how the active risks in portfolios are functions of both t ...
... portfolio managers held securities that were in the benchmark in whatever weights they chose, clearly the returns of all active portfolios and the benchmark would be identical. This example is quite unrealistic, of course, but it illustrates how the active risks in portfolios are functions of both t ...
Familiarity Breeds Investment
... absence of barriers to international investment.” An article in the Economist (1996), “Stay-at-Home Shareholders,” concludes: “It appears, therefore, that foreign investment has been hampered, at least until recently, by many of the factors that common sense would suggest: capital controls, opaque m ...
... absence of barriers to international investment.” An article in the Economist (1996), “Stay-at-Home Shareholders,” concludes: “It appears, therefore, that foreign investment has been hampered, at least until recently, by many of the factors that common sense would suggest: capital controls, opaque m ...
Link - Validus Risk Management
... The impact of private debt investments on an investment programme’s liquidity profile is multifaceted. Whilst private debt is, fundamentally, an illiquid asset class (and the private debt investor is compensated for this – often earning an additional 100 - 200 basis points or more above comparable p ...
... The impact of private debt investments on an investment programme’s liquidity profile is multifaceted. Whilst private debt is, fundamentally, an illiquid asset class (and the private debt investor is compensated for this – often earning an additional 100 - 200 basis points or more above comparable p ...
Do Tests of Capital Structure Theory Mean What They Say? ∗
... since the model is based on a trade-off argument. In contrast, I show that in a dynamic economy cross-sectional tests produce a negative relationship. The basic intuition is simple: in a world of infrequent adjustment, an increase in profitability lowers leverage by increasing future profitability a ...
... since the model is based on a trade-off argument. In contrast, I show that in a dynamic economy cross-sectional tests produce a negative relationship. The basic intuition is simple: in a world of infrequent adjustment, an increase in profitability lowers leverage by increasing future profitability a ...
Hedge Fund Activism April Klein, Stern School of Business, New
... several years, with investments in hedge funds topping $1 trillion in 2006 and the number of hedge funds increasing from approximately 5,000 in 2002 to 8,000 in 2005 (Fraidin, 2006). With the proliferation of these funds, there has also been an increase in hedge fund activism by the funds’ managers ...
... several years, with investments in hedge funds topping $1 trillion in 2006 and the number of hedge funds increasing from approximately 5,000 in 2002 to 8,000 in 2005 (Fraidin, 2006). With the proliferation of these funds, there has also been an increase in hedge fund activism by the funds’ managers ...
Portfolio Performance, Discount Dynamics, and the Turnover of Closed-End Fund Mangers
... market. In principle, the fund’s board of directors can fire a manager (and the management company) by terminating the management contract with the management company. In practice the probability of such actions is close to zero since board directors usually have close relationships with the manage ...
... market. In principle, the fund’s board of directors can fire a manager (and the management company) by terminating the management contract with the management company. In practice the probability of such actions is close to zero since board directors usually have close relationships with the manage ...
ING Group Inaugural AT1 Roadshow (PDF 0,4 Mb)
... Application has been made to list the Capital Securities on the Global Exchange Market of the Irish Stock Exchange and the Capital Securities will be governed by, and construed in accordance with the laws of New York, except for subordination provisions and waiver of set-off provisions which shall b ...
... Application has been made to list the Capital Securities on the Global Exchange Market of the Irish Stock Exchange and the Capital Securities will be governed by, and construed in accordance with the laws of New York, except for subordination provisions and waiver of set-off provisions which shall b ...
The Endowment Fund of the YMCA of Greater Vancouver 2015
... the YMCA of Greater Vancouver enabled our Y to impact over 115,000 people in 2015. We are proud to say that the Endowment Funds have been well stewarded in 2015, with a return on market investments of 11.5%, and with steady growth in our real estate investments. These returns, combined with the incr ...
... the YMCA of Greater Vancouver enabled our Y to impact over 115,000 people in 2015. We are proud to say that the Endowment Funds have been well stewarded in 2015, with a return on market investments of 11.5%, and with steady growth in our real estate investments. These returns, combined with the incr ...
Westfield Form ADV Part 2A - Westfield Capital Management
... net worth individuals. Westfield is 100% owned by WMS Management, LLC, which is the sole managing member of WMS General Partner LLC, the general partner for Westfield. WMS Management is whollyowned by Westfield’s management team. Mr. William A. Muggia (President, CEO, and CIO) is the principal inves ...
... net worth individuals. Westfield is 100% owned by WMS Management, LLC, which is the sole managing member of WMS General Partner LLC, the general partner for Westfield. WMS Management is whollyowned by Westfield’s management team. Mr. William A. Muggia (President, CEO, and CIO) is the principal inves ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... There were brief periods in which some Communist regimes tolerated a vibrant private sector, most notably during the New Economic Policy of the 1920s in the Soviet Union (Ball 1987; Kaufman 1962). There were also episodes of relative liberalization for private business, although these were usually f ...
... There were brief periods in which some Communist regimes tolerated a vibrant private sector, most notably during the New Economic Policy of the 1920s in the Soviet Union (Ball 1987; Kaufman 1962). There were also episodes of relative liberalization for private business, although these were usually f ...
Working Capital Management impact on Profitability
... 2.1 Working capital management concept In the development of the normal business, managers have the task to decide what will be the perfect capital structure that will better fit in the firms’ needs. Managers tend to underestimate the working capital management and commonly look on long term perspec ...
... 2.1 Working capital management concept In the development of the normal business, managers have the task to decide what will be the perfect capital structure that will better fit in the firms’ needs. Managers tend to underestimate the working capital management and commonly look on long term perspec ...
american capital senior floating, ltd. - corporate
... Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File ...
... Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File ...
Valuation: Part I Discounted Cash Flow Valuation
... Sovereign dollar or euro denominated bonds: Find sovereign bonds denominated in US dollars, issued by emerging markets. The difference between the interest rate on the bond and the US treasury bond rate should be the default spread. For instance, in January 2011, the US dollar denominated 10-year bo ...
... Sovereign dollar or euro denominated bonds: Find sovereign bonds denominated in US dollars, issued by emerging markets. The difference between the interest rate on the bond and the US treasury bond rate should be the default spread. For instance, in January 2011, the US dollar denominated 10-year bo ...
first capital realty inc.
... Part of our long-term growth strategy is to invest, as necessary, in our centres to add value to our portfolio. Tenants are becoming more sophisticated and we want to ensure that their experience in a First Capital Realty shopping centre is a positive one. We remain optimistic about leasing opportun ...
... Part of our long-term growth strategy is to invest, as necessary, in our centres to add value to our portfolio. Tenants are becoming more sophisticated and we want to ensure that their experience in a First Capital Realty shopping centre is a positive one. We remain optimistic about leasing opportun ...
Western Asset Premier Bond Fund Recommends
... approval. The date of the fund’s 2014 annual meeting has not yet been set. Western Asset Premier Bond Fund is a closed-end management investment company that invests primarily in a diversified portfolio of debt securities. It has been advised by Western Asset Management Company, a subsidiary of Legg ...
... approval. The date of the fund’s 2014 annual meeting has not yet been set. Western Asset Premier Bond Fund is a closed-end management investment company that invests primarily in a diversified portfolio of debt securities. It has been advised by Western Asset Management Company, a subsidiary of Legg ...
Not so Great Expectations: A Model of Growth and Informational Frictions
... almost led to the meltdown of the whole …nancial system, had no signi…cant impact on the real economy. ...
... almost led to the meltdown of the whole …nancial system, had no signi…cant impact on the real economy. ...
Participating convertible preferred stock in venture capital
... (and its variants) in venture capital contracts. Hellmann, shows that pure equity is the optimal security for resolving the double moral hazard problem. Convertible preferred equity preserves balanced incentives if the venture remains independent (after an IPO) yet allows the VC to extract additiona ...
... (and its variants) in venture capital contracts. Hellmann, shows that pure equity is the optimal security for resolving the double moral hazard problem. Convertible preferred equity preserves balanced incentives if the venture remains independent (after an IPO) yet allows the VC to extract additiona ...
Our investment process - Close Brothers Asset Management
... opportunities and building portfolios? How do we interact as a team in order to make decisions that are most appropriate for each client? These issues are important to us because we take huge pride in our disciplined and collegiate approach to working together. We believe our investment process is r ...
... opportunities and building portfolios? How do we interact as a team in order to make decisions that are most appropriate for each client? These issues are important to us because we take huge pride in our disciplined and collegiate approach to working together. We believe our investment process is r ...
The Size and Specialization of Direct Investment Portfolios
... so we are able to describe changes in the optimal combination of size and scope that are conditional on manager and market characteristics. This allows us to produce a richer set of predictions than that obtained by simply assuming a specification for returns. Modeling the underlying opportunity set ...
... so we are able to describe changes in the optimal combination of size and scope that are conditional on manager and market characteristics. This allows us to produce a richer set of predictions than that obtained by simply assuming a specification for returns. Modeling the underlying opportunity set ...
Profits, Redistribution of Income and Dynamic Efficiency
... investment in each asset is positive in each period. Moreover, the data show no substantial movement in the relative price of capital over the sample period. 2 Firm optimization requires that firms have beliefs over aggregate output Y – equilibrium further requires that firm beliefs t hold true. 3 W ...
... investment in each asset is positive in each period. Moreover, the data show no substantial movement in the relative price of capital over the sample period. 2 Firm optimization requires that firms have beliefs over aggregate output Y – equilibrium further requires that firm beliefs t hold true. 3 W ...
Policy Dialogue on Corporate Governance in China
... When a high rank manager was appointed to a SOE that is supervised by a lower level of government, this particular manager could be “administrated” by the higher level of party committee and personnel department. For example, a minister level manager could be appointed to a provincially supervised S ...
... When a high rank manager was appointed to a SOE that is supervised by a lower level of government, this particular manager could be “administrated” by the higher level of party committee and personnel department. For example, a minister level manager could be appointed to a provincially supervised S ...
Cash, Cash Equivalents, and Investments
... The University considers highly liquid investments with an original maturity date of three months or less to be cash and cash equivalents. The University considers amounts included in the CSU Consolidated Investment Pool to be investments. Investments are reflected at fair value using quoted market ...
... The University considers highly liquid investments with an original maturity date of three months or less to be cash and cash equivalents. The University considers amounts included in the CSU Consolidated Investment Pool to be investments. Investments are reflected at fair value using quoted market ...
Explanatory Material
... The effect of section 71EA is that for the purpose of applying Subdivision D of Division 1 of Part 8 (Transitional arrangements in relation to in-house assets) to an asset acquired by the trustee or investment manager of a fund as mentioned in subsection 71EA(1), treat: • the acquisition as having o ...
... The effect of section 71EA is that for the purpose of applying Subdivision D of Division 1 of Part 8 (Transitional arrangements in relation to in-house assets) to an asset acquired by the trustee or investment manager of a fund as mentioned in subsection 71EA(1), treat: • the acquisition as having o ...
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.