Alternative Investment Fund Managers Directive
... The European Commission promulgated the Directive for Alternative Investment Fund Managers (“AIFMD”) in 2010 as one of the many measures adopted worldwide to quell fears of financial instability and systemic risk.1 The AIFMD seeks to achieve these goals through “enhance[d] supervisory practices” and ...
... The European Commission promulgated the Directive for Alternative Investment Fund Managers (“AIFMD”) in 2010 as one of the many measures adopted worldwide to quell fears of financial instability and systemic risk.1 The AIFMD seeks to achieve these goals through “enhance[d] supervisory practices” and ...
Directive on Alternative Investment Fund Managers
... others. It has become clear during the inquiry that the Directive was designed with two specific types of funds in mind: hedge funds and private equity funds. The debate and the evidence we received has therefore tended to concentrate on hedge funds and, to a lesser extent, on private equity funds. ...
... others. It has become clear during the inquiry that the Directive was designed with two specific types of funds in mind: hedge funds and private equity funds. The debate and the evidence we received has therefore tended to concentrate on hedge funds and, to a lesser extent, on private equity funds. ...
Portfolio Management: Course Introduction
... MVO: All risky assets (market) and one risk-free asset • We can generalize our previous results by considering all risky assets and one risk-free asset. The tangency (optimal risky) portfolio is the market portfolio. All investors will hold a combination of the risk-free asset and this market portf ...
... MVO: All risky assets (market) and one risk-free asset • We can generalize our previous results by considering all risky assets and one risk-free asset. The tangency (optimal risky) portfolio is the market portfolio. All investors will hold a combination of the risk-free asset and this market portf ...
Disappointment Aversion in Asset Allocation
... as expected excess return increases. The results are consistent with the experimental findings of Abdellaoui and Bleichrodt (2007) that investors are particularly frustrated for suffering losses when they have a very good chance to win. Therefore, in bear markets when expected excess returns are hig ...
... as expected excess return increases. The results are consistent with the experimental findings of Abdellaoui and Bleichrodt (2007) that investors are particularly frustrated for suffering losses when they have a very good chance to win. Therefore, in bear markets when expected excess returns are hig ...
ucits – past, present and future
... Pooled investment vehicles are an integral part of the investment world. They are frequently used by institutional investors. For example, the investment managers of a pension fund may be perfectly competent to make individual stock selections for UK or European securities, but may lack expertise in ...
... Pooled investment vehicles are an integral part of the investment world. They are frequently used by institutional investors. For example, the investment managers of a pension fund may be perfectly competent to make individual stock selections for UK or European securities, but may lack expertise in ...
Institutional Investors as Blockholders
... blockholders for the execution of deals. Thus, the paradox in the American capital markets vis-à-vis IIs is that while they are viewed as promoting diffused ownership in both the US and elsewhere, they are in fact a blockholder in these markets. While paradoxical in the context of IIs, in the contex ...
... blockholders for the execution of deals. Thus, the paradox in the American capital markets vis-à-vis IIs is that while they are viewed as promoting diffused ownership in both the US and elsewhere, they are in fact a blockholder in these markets. While paradoxical in the context of IIs, in the contex ...
XPP-PDF Support Utility
... Designation of Liquidity Program Administrator. The Liquidity Rule requires a fund’s board to approve the designation of the fund’s investment adviser, officer, or officers (which may not be solely portfolio managers of the fund) responsible for administering the fund’s Liquidity Program (the Progra ...
... Designation of Liquidity Program Administrator. The Liquidity Rule requires a fund’s board to approve the designation of the fund’s investment adviser, officer, or officers (which may not be solely portfolio managers of the fund) responsible for administering the fund’s Liquidity Program (the Progra ...
Basel III Pillar 3 Regulatory Capital Disclosures
... surcharge (as described above) on those U.S. banking organizations that have been designated by the Financial Stability Board (FSB) as G-SIBs. Under the rule, we must annually calculate our surcharge under two methods and use the higher of the two surcharges. The first method will consider our size, ...
... surcharge (as described above) on those U.S. banking organizations that have been designated by the Financial Stability Board (FSB) as G-SIBs. Under the rule, we must annually calculate our surcharge under two methods and use the higher of the two surcharges. The first method will consider our size, ...
Agency Costs and the Performance Implications of International
... contributions evolve (Chi, 1994). However, such negotiated changes in the N's ownership structure can also increase ex post transaction costs. In a study of manufacturing and retailing N s, Blodgett (1992) found that within-N ownership instability was more likely when there had been prior ownership ...
... contributions evolve (Chi, 1994). However, such negotiated changes in the N's ownership structure can also increase ex post transaction costs. In a study of manufacturing and retailing N s, Blodgett (1992) found that within-N ownership instability was more likely when there had been prior ownership ...
Foundation Business Policy
... A minimum commitment of $10,000 is required to establish an endowed fund. A new nonendowed fund should only be established for a unique purpose and should be expected to be used for a period of not less than two years. To reduce the number of Foundation funds to be administered, new gifts can often ...
... A minimum commitment of $10,000 is required to establish an endowed fund. A new nonendowed fund should only be established for a unique purpose and should be expected to be used for a period of not less than two years. To reduce the number of Foundation funds to be administered, new gifts can often ...
International Economics
... economy other than that of the investor (‘‘direct investment enterprise’’). The lasting interest implies the existence of a long-term relationship between the direct investor and the enterprise and a significant degree of influence on the management of the enterprise. Direct investment involves both ...
... economy other than that of the investor (‘‘direct investment enterprise’’). The lasting interest implies the existence of a long-term relationship between the direct investor and the enterprise and a significant degree of influence on the management of the enterprise. Direct investment involves both ...
Tsung Sheng Liu , Polaris Financial Group, Taiwan
... (2) Globalization, liberalization, lead to the new space in new financial products development. (3) Intensively market competition forces the investment trust companies to enhance its product development capability and level of internationalization ...
... (2) Globalization, liberalization, lead to the new space in new financial products development. (3) Intensively market competition forces the investment trust companies to enhance its product development capability and level of internationalization ...
Equal opportunity rule vs. market rule in transfer of control - Hal-SHS
... Even within the USA, differences exist between the states laws and the levels of antitakeover protection. Boone and Mulherin (2007) identify nine states among 50 where the antitakeover environment is strong. Surprisingly it seems that antitakeover states will make target firms more prone to choose n ...
... Even within the USA, differences exist between the states laws and the levels of antitakeover protection. Boone and Mulherin (2007) identify nine states among 50 where the antitakeover environment is strong. Surprisingly it seems that antitakeover states will make target firms more prone to choose n ...
VALUE -OR iE NTED iN VESTMENTMANAGEMENT Fox Asset
... Fox has adopted various policies, including a Code of Ethics (the “Code”), to address the potential for selfdealing and conflicts of interest which may arise with respect to personal securities trading by employees, officers and other affiliated persons (“Fox Associates”). The Code and other policie ...
... Fox has adopted various policies, including a Code of Ethics (the “Code”), to address the potential for selfdealing and conflicts of interest which may arise with respect to personal securities trading by employees, officers and other affiliated persons (“Fox Associates”). The Code and other policie ...
Systemic Risk and Hedge Funds
... central banking policies, systemic risk exposures have taken shape in other forms. In particular, the proliferation of hedge funds in recent years has indelibly altered the risk/reward landscape of financial investments. Unregulated and opaque investment partnerships that engage in a variety of acti ...
... central banking policies, systemic risk exposures have taken shape in other forms. In particular, the proliferation of hedge funds in recent years has indelibly altered the risk/reward landscape of financial investments. Unregulated and opaque investment partnerships that engage in a variety of acti ...
Version: March 14, 1999 - Duke University`s Fuqua School of Business
... A shift in the equity risk premium by just one percent could add or subtract $1 trillion in market value. In addition, corporate investment decisions hinge on the expectations of the risk premium (via the cost of capital) as do both U.S. and international asset allocation decisions. Therefore, it is ...
... A shift in the equity risk premium by just one percent could add or subtract $1 trillion in market value. In addition, corporate investment decisions hinge on the expectations of the risk premium (via the cost of capital) as do both U.S. and international asset allocation decisions. Therefore, it is ...
SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the
... shareholders vote on its Plan to split GM’s common stock into two classes. Greenlight’s Director nominees are: Leo Hindery, Jr.: Managing Partner of InterMedia Partners, and former Chief Executive Officer of Tele-Communications, Inc. (TCI), Liberty Media and AT&T Broadband. Vinit Sethi: Partner ...
... shareholders vote on its Plan to split GM’s common stock into two classes. Greenlight’s Director nominees are: Leo Hindery, Jr.: Managing Partner of InterMedia Partners, and former Chief Executive Officer of Tele-Communications, Inc. (TCI), Liberty Media and AT&T Broadband. Vinit Sethi: Partner ...
Presentación de PowerPoint
... unlawful. The securities referred to herein have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Investors must neither accept an ...
... unlawful. The securities referred to herein have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Investors must neither accept an ...
Glossary of Foreign Direct Investment Terms and
... similar documents. Shares and stocks have the same meaning while depositary receipts are securities that represent ownership of securities by a depositary. This category includes proprietors‟ net equity in quasicorporations, as well as shares and equity in corporations. It also includes preferred st ...
... similar documents. Shares and stocks have the same meaning while depositary receipts are securities that represent ownership of securities by a depositary. This category includes proprietors‟ net equity in quasicorporations, as well as shares and equity in corporations. It also includes preferred st ...
Optimal Debt and Equity Values in the Presence of Chapter 7 and
... feature is the point of qualitative departure from Leland (1994), who allows for only one boundary, the liquidation boundary.6 It is important to point out at this stage that we are modeling financial rather than economical distress. Bankruptcy by itself is not going to cause poor performance.7 Rath ...
... feature is the point of qualitative departure from Leland (1994), who allows for only one boundary, the liquidation boundary.6 It is important to point out at this stage that we are modeling financial rather than economical distress. Bankruptcy by itself is not going to cause poor performance.7 Rath ...
The Role of Private Investment in Meeting U.S. Transportation
... or through public borrowing—debt which must be repaid with interest with public funds generated by future tax or fee collections. The private sector must meet the same public interest test and also find projects that provide an adequate return on investment—a profit. P3s do not provide project fundi ...
... or through public borrowing—debt which must be repaid with interest with public funds generated by future tax or fee collections. The private sector must meet the same public interest test and also find projects that provide an adequate return on investment—a profit. P3s do not provide project fundi ...
Chapter 11
... Business has been good for Keystone Control Systems, as indicated by the four-year growth in earnings per share. The earnings have grown from $1.00 to $1.63. a. Use Appendix A at the back of the text to determine the compound annual rate of growth in earnings (n = 4). b. Based on the growth rate det ...
... Business has been good for Keystone Control Systems, as indicated by the four-year growth in earnings per share. The earnings have grown from $1.00 to $1.63. a. Use Appendix A at the back of the text to determine the compound annual rate of growth in earnings (n = 4). b. Based on the growth rate det ...
Hedge Funds, Managerial Skill, and Macroeconomic Variables
... different frequencies. They may employ leverage, complex derivatives, and short-selling. The multitude of hedge fund strategies include global macro, managed futures, convertible arbitrage, short selling, statistical arbitrage, equity long/short, distressed debt, etc. Anecdotal evidence suggests tha ...
... different frequencies. They may employ leverage, complex derivatives, and short-selling. The multitude of hedge fund strategies include global macro, managed futures, convertible arbitrage, short selling, statistical arbitrage, equity long/short, distressed debt, etc. Anecdotal evidence suggests tha ...
Unlocking funding for European investment and growth
... Other barriers differ both between demand side and supply side segments and between firms within a segment, depending on a firm’s own situation. The next biggest demand side concerns include cost of funds, investor demand and obtaining/maintaining ratings. Supply side concerns centre on regulation, ...
... Other barriers differ both between demand side and supply side segments and between firms within a segment, depending on a firm’s own situation. The next biggest demand side concerns include cost of funds, investor demand and obtaining/maintaining ratings. Supply side concerns centre on regulation, ...
Proactive Financial Reporting Enforcement and Firm Value
... proactive focus sector review program of the Financial Reporting Review Panel (FRRP)—a regulatory body charged with ensuring compliance with accounting standards in the U.K. From 2004 to 2011, the FRRP annually selected a subset of “focus sectors,” within which companies were subject to enhanced reg ...
... proactive focus sector review program of the Financial Reporting Review Panel (FRRP)—a regulatory body charged with ensuring compliance with accounting standards in the U.K. From 2004 to 2011, the FRRP annually selected a subset of “focus sectors,” within which companies were subject to enhanced reg ...
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.