Financial Visibility and the Decision to Go Private
... volume of U.S. LBO transactions exceeded $390 billion in 2006, the biggest year ever for global leveraged acquisitions. The LBO boom of the 1980s demonstrated that these transactions are an important restructuring tool for the corporate sector. Corporate raiders and buyout specialists extracted valu ...
... volume of U.S. LBO transactions exceeded $390 billion in 2006, the biggest year ever for global leveraged acquisitions. The LBO boom of the 1980s demonstrated that these transactions are an important restructuring tool for the corporate sector. Corporate raiders and buyout specialists extracted valu ...
Higher Capital Requirements, Safer Banks? Milton Harris Christian C. Opp
... that banks may have incentives to take excessive risks when the government implicitly guarantees banks’ survival in bad states of the world. While bailing out banks might be welfare enhancing ex post, it naturally distorts the ex ante risk-reward trade-off and can cause excessive risk taking. Given ...
... that banks may have incentives to take excessive risks when the government implicitly guarantees banks’ survival in bad states of the world. While bailing out banks might be welfare enhancing ex post, it naturally distorts the ex ante risk-reward trade-off and can cause excessive risk taking. Given ...
Factors behind Japan`s sluggish capital investment growth
... tangible fixed assets (excluding land) (Chart 6). The above-mentioned investment in company stocks (flow-basis) and investment stocks (stock-basis) is defined as investment securities acquired for the purpose of long-term holding. Hence the movement explained above reveals that the target of corpor ...
... tangible fixed assets (excluding land) (Chart 6). The above-mentioned investment in company stocks (flow-basis) and investment stocks (stock-basis) is defined as investment securities acquired for the purpose of long-term holding. Hence the movement explained above reveals that the target of corpor ...
A Lost Art Is active management doomed?
... within the next 10 years, up from a quarter to a third of institutional investor assets in 2010. A number of large pension funds have already taken action. For example, the £10.5bn scheme sponsored by Royal Dutch Shell in the UK announced in March 2010 that it had placed an upper limit of 40% on the ...
... within the next 10 years, up from a quarter to a third of institutional investor assets in 2010. A number of large pension funds have already taken action. For example, the £10.5bn scheme sponsored by Royal Dutch Shell in the UK announced in March 2010 that it had placed an upper limit of 40% on the ...
US dividends for the long term
... • US equities that pay dividends have historically outperformed non-dividend-paying stocks over the long term. Not only are total returns driven by dividend growth over the long term, but dividend payout policies may also help drive smarter capital allocation decisions by management. • The tax adv ...
... • US equities that pay dividends have historically outperformed non-dividend-paying stocks over the long term. Not only are total returns driven by dividend growth over the long term, but dividend payout policies may also help drive smarter capital allocation decisions by management. • The tax adv ...
Who Owns Our PFI Schemes: And Why It Matters
... There is a potential for further loss to the UK Exchequer if the SPV owners engage in transfer pricing, so that profits generated in the UK are actually booked as occurring in low tax jurisdictions elsewhere. It would be surprising if this were not happening given the wide occurrence of transfer pri ...
... There is a potential for further loss to the UK Exchequer if the SPV owners engage in transfer pricing, so that profits generated in the UK are actually booked as occurring in low tax jurisdictions elsewhere. It would be surprising if this were not happening given the wide occurrence of transfer pri ...
HFRX Hedge Fund Indices Methodology
... HFRX Hedge Fund Indices are the global industry standard for performance measurement across all aspects of the hedge fund industry. Indices are constructed using robust filtering, monitoring and quantitative constituent selection process using the Hedge Fund Research (HFR) database, also the industr ...
... HFRX Hedge Fund Indices are the global industry standard for performance measurement across all aspects of the hedge fund industry. Indices are constructed using robust filtering, monitoring and quantitative constituent selection process using the Hedge Fund Research (HFR) database, also the industr ...
Risk-taking behavior of Commodity Trading Advisors
... Note that a systematic manager is still able to implement ’systematic’ changes in response to changes in incentives. As the industry evolve, a greater understanding of investor utility and appropriate money management (for example, Sanford and Zhongquan (2006)) has had a significant impact on the ty ...
... Note that a systematic manager is still able to implement ’systematic’ changes in response to changes in incentives. As the industry evolve, a greater understanding of investor utility and appropriate money management (for example, Sanford and Zhongquan (2006)) has had a significant impact on the ty ...
How to close the European investment gap?
... Investments can be financed either by previous savings (possibly by saving the countervalues of amortization) or by borrowing. The latter implies the build-up of debt, which must be served out of the returns. An investor will compare the cost of credit with the expected return on investment. Lower i ...
... Investments can be financed either by previous savings (possibly by saving the countervalues of amortization) or by borrowing. The latter implies the build-up of debt, which must be served out of the returns. An investor will compare the cost of credit with the expected return on investment. Lower i ...
The Effect of the Recent Financial Crisis on Defined
... specific long-term liabilities in the form of future pension benefits. Retirement payouts are often indexed to price- or wage growth, which adds an additional objective for the fund’s manager to counter. Thirdly, pension funds invest on behalf of their members, who often have large investments in, f ...
... specific long-term liabilities in the form of future pension benefits. Retirement payouts are often indexed to price- or wage growth, which adds an additional objective for the fund’s manager to counter. Thirdly, pension funds invest on behalf of their members, who often have large investments in, f ...
Private Equity Investment in India: Efficiency vs Expansion
... firm outcomes, I then merge this combined dataset to Prowess, a database of financial information for large and medium-sized Indian firms. However, identifying a causal effect of PE is difficult. The main challenge is that PE does not flow to firms randomly but, instead, flows to larger, more succes ...
... firm outcomes, I then merge this combined dataset to Prowess, a database of financial information for large and medium-sized Indian firms. However, identifying a causal effect of PE is difficult. The main challenge is that PE does not flow to firms randomly but, instead, flows to larger, more succes ...
Organizational Decision-Making and Information: Angel Investments
... theory suggests that committees can more effectively aggregate information among informed parties than the parties acting individually (de Condorcet, 1785), so all else equal, we might expect a group decision-making process to outperform an individual decision-making process. We examine a particula ...
... theory suggests that committees can more effectively aggregate information among informed parties than the parties acting individually (de Condorcet, 1785), so all else equal, we might expect a group decision-making process to outperform an individual decision-making process. We examine a particula ...
Rise of Cross-Asset Correlations
... significant increase of correlation between equities as well as an increase of correlation between other risky assets such as credit, foreign exchange, interest rates, and commodities.1 High levels of correlation usually point to a common source of risk for asset prices. In times of high macro uncer ...
... significant increase of correlation between equities as well as an increase of correlation between other risky assets such as credit, foreign exchange, interest rates, and commodities.1 High levels of correlation usually point to a common source of risk for asset prices. In times of high macro uncer ...
Statement of investment policies and procedures
... formula of the Plan, as adjusted from time to time; “DC Account” means the value of the Member’s contributions and the University’s matching contributions, accumulated with annual investment returns; “DC Pension” means the Member’s annual pension, as determined at retirement and adjusted from time t ...
... formula of the Plan, as adjusted from time to time; “DC Account” means the value of the Member’s contributions and the University’s matching contributions, accumulated with annual investment returns; “DC Pension” means the Member’s annual pension, as determined at retirement and adjusted from time t ...
FREE Sample Here
... We could have started with lower inventories and higher accounts receivable, then had you calculate the DSO, then move to a lower DSO which would require a reduction in receivables, and then determine the effects on ROE and EPS under different conditions. Similarly, we could have focused on fixed as ...
... We could have started with lower inventories and higher accounts receivable, then had you calculate the DSO, then move to a lower DSO which would require a reduction in receivables, and then determine the effects on ROE and EPS under different conditions. Similarly, we could have focused on fixed as ...
Leverage, Risk and Regulatory Capital in Latin
... Regulatory capital plays a central role after the recent banking crisis of 2007-2009. The debate around the level of capital is complex, with opposite views about the optimal level of bank capital. Some researchers claim lower levels of capital because raising them would induce increases in loan rat ...
... Regulatory capital plays a central role after the recent banking crisis of 2007-2009. The debate around the level of capital is complex, with opposite views about the optimal level of bank capital. Some researchers claim lower levels of capital because raising them would induce increases in loan rat ...
View/Open
... to the discussion of what determines the desired capital stock of the firms operating in the economy, the main goal of this work is to try to elucidate the main determinants of private investment decisions in Argentina. The empirical literature on the determinants of investment behavior is broad and ...
... to the discussion of what determines the desired capital stock of the firms operating in the economy, the main goal of this work is to try to elucidate the main determinants of private investment decisions in Argentina. The empirical literature on the determinants of investment behavior is broad and ...
Option Pricing Theory and Applications
... The market value solution: When the subsidiaries are publicly traded, you could use their traded market capitalizations to estimate the values of the cross holdings. You do risk carrying into your valuation any mistakes that the market may be making in valuation. The relative value solution: When th ...
... The market value solution: When the subsidiaries are publicly traded, you could use their traded market capitalizations to estimate the values of the cross holdings. You do risk carrying into your valuation any mistakes that the market may be making in valuation. The relative value solution: When th ...
Ch 14
... income requirements. Finally, many institutional investors prefer (or are required) to invest only in firms having a history of stable and secure dividend payments. 12. a. firm faced with an unusually large number of attractive investment opportunities or a firm facing temporary adversity might be w ...
... income requirements. Finally, many institutional investors prefer (or are required) to invest only in firms having a history of stable and secure dividend payments. 12. a. firm faced with an unusually large number of attractive investment opportunities or a firm facing temporary adversity might be w ...
Mutual fund
... Funds (ETFs): Some Basics Financial services organization that receives money from shareholders and invests it on their behalf Investors become part owners in a securities portfolio More people invest in mutual funds than any other financial product ...
... Funds (ETFs): Some Basics Financial services organization that receives money from shareholders and invests it on their behalf Investors become part owners in a securities portfolio More people invest in mutual funds than any other financial product ...
FREE Sample Here
... We could have started with lower inventories and higher accounts receivable, then had you calculate the DSO, then move to a lower DSO which would require a reduction in receivables, and then determine the effects on ROE and EPS under different conditions. Similarly, we could have focused on fixed as ...
... We could have started with lower inventories and higher accounts receivable, then had you calculate the DSO, then move to a lower DSO which would require a reduction in receivables, and then determine the effects on ROE and EPS under different conditions. Similarly, we could have focused on fixed as ...
Guidance Note 1/05 - Central Bank of Ireland
... Where the UCITS may have exposure to a single issuer in excess of 10% of net assets, as permitted by the Regulations, this should be clearly stated. A UCITS should provide appropriate information for investors in the simplified prospectus, if the limit for investment in shares and/or debt securities ...
... Where the UCITS may have exposure to a single issuer in excess of 10% of net assets, as permitted by the Regulations, this should be clearly stated. A UCITS should provide appropriate information for investors in the simplified prospectus, if the limit for investment in shares and/or debt securities ...
Financialization and the nonfinancial corporation
... increased payments by NFCs to the financial sector and higher financial profits earned by NFCs constrain fixed investment, particularly among large firms. While these analyses point to important empirical relationships regarding increased flows between NFCs and the financial sector, and fixed invest ...
... increased payments by NFCs to the financial sector and higher financial profits earned by NFCs constrain fixed investment, particularly among large firms. While these analyses point to important empirical relationships regarding increased flows between NFCs and the financial sector, and fixed invest ...
Industry and Sector Equity Premium with Economic Dynamics: Keiichi Kubota
... households allocate the labor time to this sector as well and work with the competitive wage rate for this financial sector. The organizational form of this financial sector is assumed to be a cooperative so that the sector does not issue stock and resolves with zero profit after servicing for the p ...
... households allocate the labor time to this sector as well and work with the competitive wage rate for this financial sector. The organizational form of this financial sector is assumed to be a cooperative so that the sector does not issue stock and resolves with zero profit after servicing for the p ...
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.