Chapter 5. Classifications
... item under equity. It would include equity in mutual funds, unit trusts, and other collective investment schemes, other than life insurance and pension funds to be identified separately from “equity finance” in view of their importance. Within such collective investment schemes, there could be separ ...
... item under equity. It would include equity in mutual funds, unit trusts, and other collective investment schemes, other than life insurance and pension funds to be identified separately from “equity finance” in view of their importance. Within such collective investment schemes, there could be separ ...
Liquidity Management Policy Summary
... within, or reasonably close to, 30 days or where conversion to cash over that period, by itself, would have a significant adverse impact on its realisable value. Liquidity risk for the Fund is the risk that the Fund is unable to meet its financial obligation to beneficiaries as they fall due, either ...
... within, or reasonably close to, 30 days or where conversion to cash over that period, by itself, would have a significant adverse impact on its realisable value. Liquidity risk for the Fund is the risk that the Fund is unable to meet its financial obligation to beneficiaries as they fall due, either ...
INVESTMENT-CASH FLOW SENSITIVITY IN SMALL AND MEDIUM
... required there is a hierarchy in the use of funds, which is based on information asymmetry. Whenever possible, funding a firm should be covered by internally generated funds, which are not affected by adverse selection problems. If these were not enough, debt would be the next option, with stock iss ...
... required there is a hierarchy in the use of funds, which is based on information asymmetry. Whenever possible, funding a firm should be covered by internally generated funds, which are not affected by adverse selection problems. If these were not enough, debt would be the next option, with stock iss ...
the evaluation of active manager returns in a non
... higher moments of return distributions. These higher moments (including skewness and kurtosis) capture additional elements of portfolio risk as well as more accurate information content in order to critique the active management ability of professional investors. Indeed, Cotton (2000) argues that sk ...
... higher moments of return distributions. These higher moments (including skewness and kurtosis) capture additional elements of portfolio risk as well as more accurate information content in order to critique the active management ability of professional investors. Indeed, Cotton (2000) argues that sk ...
Equity and Bond Ownership in America, 2008
... generating an income stream. Through the household survey process, it is found that older investors are much less likely to say they are willing to take above-average or substantial risks in order to get higher returns. » Portfolio allocation and investment strategies over the life cycle are consist ...
... generating an income stream. Through the household survey process, it is found that older investors are much less likely to say they are willing to take above-average or substantial risks in order to get higher returns. » Portfolio allocation and investment strategies over the life cycle are consist ...
The effect of capital market characteristics on the value
... In the long run, changes in market conditions lead to entry or exit of venture capitalists, thereby making capital market competition endogenous. Our model predicts that an increase in the return to venture capital investments—whether true or merely perceived—leads to new entry and a long-run increa ...
... In the long run, changes in market conditions lead to entry or exit of venture capitalists, thereby making capital market competition endogenous. Our model predicts that an increase in the return to venture capital investments—whether true or merely perceived—leads to new entry and a long-run increa ...
Time-Zone Arbitrage in Vanguard International
... families that existed for as much of the 11 year period 1997 through 2007 as possible, with a preference for funds which closely tracked the European index, and had neither a value nor a growth orientation. As discussed below, we felt that the TZA opportunities were likely to be greatest for Europea ...
... families that existed for as much of the 11 year period 1997 through 2007 as possible, with a preference for funds which closely tracked the European index, and had neither a value nor a growth orientation. As discussed below, we felt that the TZA opportunities were likely to be greatest for Europea ...
The Impact of Leverage on Hedge Fund Performance
... + Short positions)/Net Asset Value, is 2.1 across all hedge funds. A low result in average gross leverage is because most of hedge funds belong to the equity sector where leverage is low, while some funds with large leverage exceed gross leverage of 30. Also their research observes that hedge fund l ...
... + Short positions)/Net Asset Value, is 2.1 across all hedge funds. A low result in average gross leverage is because most of hedge funds belong to the equity sector where leverage is low, while some funds with large leverage exceed gross leverage of 30. Also their research observes that hedge fund l ...
Two Agency-Cost Explanations of Dividends
... o prosperous firms often withhold dividends because internal financing is cheaper than issuing dividends and floating new securities o however, dividends do not distinguish well-managed firms from others they are not irrational for poorly-managed or failing firms such firms should disinvest or l ...
... o prosperous firms often withhold dividends because internal financing is cheaper than issuing dividends and floating new securities o however, dividends do not distinguish well-managed firms from others they are not irrational for poorly-managed or failing firms such firms should disinvest or l ...
IFRS Update
... Holds assets in a fiduciary capacity for a broad group of outsiders as one of its primary businesses, (i.e. others with large or diverse groups of users, such as a bank, insurance entity, securities broker/dealer, credit union, mutual fund or investment banking entity). ...
... Holds assets in a fiduciary capacity for a broad group of outsiders as one of its primary businesses, (i.e. others with large or diverse groups of users, such as a bank, insurance entity, securities broker/dealer, credit union, mutual fund or investment banking entity). ...
23 June 2017 DANSKE INVEST HEDGE FIXED INCOME
... limited by shares which migrated from the Cayman Islands and became registered in Guernsey on 3 December 2004 and is authorised by the Guernsey Financial Services Commission as an open-ended authorised Class B collective investment scheme. The Directors have the power from time to time to establish ...
... limited by shares which migrated from the Cayman Islands and became registered in Guernsey on 3 December 2004 and is authorised by the Guernsey Financial Services Commission as an open-ended authorised Class B collective investment scheme. The Directors have the power from time to time to establish ...
The Long-Run Performance of German Stock Mutual Funds
... market funds, and real estate funds. While bonds funds, by their charter, are often not allowed to invest in stocks, funds labeled stock funds by the BVI typically may and often do hold bonds. At the end of 1960 19 stock funds existed, 1970: 42, 1980: 71, 1990: 165, 1997: 415 and 2000: 449. Of the ...
... market funds, and real estate funds. While bonds funds, by their charter, are often not allowed to invest in stocks, funds labeled stock funds by the BVI typically may and often do hold bonds. At the end of 1960 19 stock funds existed, 1970: 42, 1980: 71, 1990: 165, 1997: 415 and 2000: 449. Of the ...
Prospectus SEB Alternative Investment
... registered with the Luxembourg Trade and Companies’ Register under Corporate Identity Number B 67654 (the “Administrative Agent” or "Registrar and Transfer Agent"). In its capacity as Administrative Agent, it will carry out certain administrative duties related to the administration of the Fund, inc ...
... registered with the Luxembourg Trade and Companies’ Register under Corporate Identity Number B 67654 (the “Administrative Agent” or "Registrar and Transfer Agent"). In its capacity as Administrative Agent, it will carry out certain administrative duties related to the administration of the Fund, inc ...
4212201 WFA Hedge Fund Guide
... Following are some of the most significant risks associated with investing in hedge funds and funds of hedge funds. The list is not exhaustive. Particular hedge funds may involve other risks that will be disclosed in the official offering documents or in any supplement to those documents for the ind ...
... Following are some of the most significant risks associated with investing in hedge funds and funds of hedge funds. The list is not exhaustive. Particular hedge funds may involve other risks that will be disclosed in the official offering documents or in any supplement to those documents for the ind ...
Tangerine Investment Funds Simplified Prospectus
... that historical performance may not be indicative of future returns and a fund’s historical volatility may not be indicative of its future volatility. Standard deviation is a statistical measure that provides insights into the likelihood of how much a mutual fund’s returns may differ from its averag ...
... that historical performance may not be indicative of future returns and a fund’s historical volatility may not be indicative of its future volatility. Standard deviation is a statistical measure that provides insights into the likelihood of how much a mutual fund’s returns may differ from its averag ...
Foundation Investment Policy
... diversification in their portfolio subject to the constraints outlined in this investment policy, and in their investment management agreement with the Endowment. Derivatives and Structured Products The Committee understands that derivatives and structured products can be used to efficiently reduce ...
... diversification in their portfolio subject to the constraints outlined in this investment policy, and in their investment management agreement with the Endowment. Derivatives and Structured Products The Committee understands that derivatives and structured products can be used to efficiently reduce ...
Hedge Funds How They Serve Investors in U.S. and Global Markets
... represent 1.1 percent of the total funds and assets of financial institutions. Nevertheless, studies show they account for a significant amount of the trading volume in U.S. equities and an even higher share in more complex financial instruments.14 For the eleven-year period from January 1, 1998 thr ...
... represent 1.1 percent of the total funds and assets of financial institutions. Nevertheless, studies show they account for a significant amount of the trading volume in U.S. equities and an even higher share in more complex financial instruments.14 For the eleven-year period from January 1, 1998 thr ...
2015 Preqin Sovereign Wealth Fund Review: Exclusive Extract
... of sovereign wealth funds, potential investments in highly illiquid asset classes and strategies are more feasible, the longer the investment horizon. Sovereign wealth funds are able to capture a wider range of return drivers and access more investment opportunities perhaps not available to their li ...
... of sovereign wealth funds, potential investments in highly illiquid asset classes and strategies are more feasible, the longer the investment horizon. Sovereign wealth funds are able to capture a wider range of return drivers and access more investment opportunities perhaps not available to their li ...
Chapter 11
... a. Identify the yield to maturity on similarly outstanding debt for the firm, in terms of maturity. b. Assume that because the new debt will be issued at par, the required yield to maturity will be 0.15 percent higher than the value determined in part a. Add this factor to the answer in a. (New issu ...
... a. Identify the yield to maturity on similarly outstanding debt for the firm, in terms of maturity. b. Assume that because the new debt will be issued at par, the required yield to maturity will be 0.15 percent higher than the value determined in part a. Add this factor to the answer in a. (New issu ...
Innovative Financial Mechanisms for Urban Heritage
... regeneration and new alternatives to urban sprawl, increasingly makes urban heritage sites a part of the investment portfolio of public authorities and the private sector. The intense pressures from accelerating urban growth worldwide require innovative funding mechanisms to support sustainable urba ...
... regeneration and new alternatives to urban sprawl, increasingly makes urban heritage sites a part of the investment portfolio of public authorities and the private sector. The intense pressures from accelerating urban growth worldwide require innovative funding mechanisms to support sustainable urba ...
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 ...
Selling Time - CSInvesting
... We detect signs that time horizons are shortening in both the “real” economy and financial markets. In real economy terms, this already looks well advanced in Japan, which is the cutting edge of the current monetary experiment (spending, investment and saving are all weak). However, we are much more ...
... We detect signs that time horizons are shortening in both the “real” economy and financial markets. In real economy terms, this already looks well advanced in Japan, which is the cutting edge of the current monetary experiment (spending, investment and saving are all weak). However, we are much more ...
Screening techniques, sustainability and risk adjusted returns.
... options. Both private investors, companies, institutions and pension systems alike rely on fund managers and fund companies to maximize their wealth given different levels of risk. One might think that the fund market would be better adapted and have clearer guidelines than private investors in term ...
... options. Both private investors, companies, institutions and pension systems alike rely on fund managers and fund companies to maximize their wealth given different levels of risk. One might think that the fund market would be better adapted and have clearer guidelines than private investors in term ...
Fees Eat Diversification`s Lunch
... hereafter) Long-term Capital Market Return Assumptions. This is a publiclyavailable set of asset class risk, return, and correlation assumptions. It covers 45 asset classes and has been updated annually; see Shairp et al. (2012). Second, we have access to a biennial fee survey from a major instituti ...
... hereafter) Long-term Capital Market Return Assumptions. This is a publiclyavailable set of asset class risk, return, and correlation assumptions. It covers 45 asset classes and has been updated annually; see Shairp et al. (2012). Second, we have access to a biennial fee survey from a major instituti ...
Debt, Equity and Hybrid Decoupling
... (the same direction as the return on shares), or negative (the opposite direction from the return on shares). Someone who owns voting shares has ‘full ownership’: he has all of the rights and obligations associated with shares, including voting rights and economic rights. Economic-only ownership may ...
... (the same direction as the return on shares), or negative (the opposite direction from the return on shares). Someone who owns voting shares has ‘full ownership’: he has all of the rights and obligations associated with shares, including voting rights and economic rights. Economic-only ownership may ...
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.