Corporate Investments and Stock Returns: International Evidence*
... should be a direct measure of risk aversion. 3 Chui, Titman, and Wei (2010) suggest that people in individualistic countries are more overoptimistic and overconfident than are people in collectivistic countries. Since overoptimistic and/or overconfident investors tend to overestimate the probabilit ...
... should be a direct measure of risk aversion. 3 Chui, Titman, and Wei (2010) suggest that people in individualistic countries are more overoptimistic and overconfident than are people in collectivistic countries. Since overoptimistic and/or overconfident investors tend to overestimate the probabilit ...
The Mystery of DFA - Stevens Wealth Management
... Here’s what Morningstar, a leading investment research firm, has to say about DFA: Dimensional Fund Advisors is one of the industry’s best stewards, so it earns a Positive Parent Pillar rating. All its strategies are grounded in an unwavering belief in market efficiency and transaction cost manageme ...
... Here’s what Morningstar, a leading investment research firm, has to say about DFA: Dimensional Fund Advisors is one of the industry’s best stewards, so it earns a Positive Parent Pillar rating. All its strategies are grounded in an unwavering belief in market efficiency and transaction cost manageme ...
Does Financial Constraint Affect Shareholder Taxes and the Cost of
... suggests non-dividend-paying firms enjoyed a larger reduction in the cost of equity capital than did dividend-paying firms following JGTRRA. However, when we add a measure of financial constraint as an explanatory variable, the dividend policy variable becomes insignificant, while the financial cons ...
... suggests non-dividend-paying firms enjoyed a larger reduction in the cost of equity capital than did dividend-paying firms following JGTRRA. However, when we add a measure of financial constraint as an explanatory variable, the dividend policy variable becomes insignificant, while the financial cons ...
FUNDAMENTALS OF HEALTHCARE FINANCE Online Appendix B
... Because businesses require profits to remain viable in the long run, profitability ratios are perhaps the most important measures of financial condition. All profitability ratios require some definition of profit, such as profit per dollar of assets or profit per dollar of revenue. At first blush, i ...
... Because businesses require profits to remain viable in the long run, profitability ratios are perhaps the most important measures of financial condition. All profitability ratios require some definition of profit, such as profit per dollar of assets or profit per dollar of revenue. At first blush, i ...
SUNTRUST BANKS INC (Form: FWP, Received: 06
... Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ mat ...
... Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ mat ...
SECO Approach to Partnering with the Private Sector
... between donors and the business sector. More recently, the reports of the High-Level Panel and of the Open Working Group on Sustainable Development Goals (post2015) recognised that complex global problems will be better addressed through partnerships involving governments, civil society, the busines ...
... between donors and the business sector. More recently, the reports of the High-Level Panel and of the Open Working Group on Sustainable Development Goals (post2015) recognised that complex global problems will be better addressed through partnerships involving governments, civil society, the busines ...
Uncertainty shocks, asset supply and pricing over the business cycle
... The operating cost captures reorganization in the corporate sector that redistributes resources away from shareholders. One example is expenses incurred in ”packaging” earnings in the form of individual firm payouts such as the cost of mergers, spin-offs or IPO’s, all of which can vary over time bec ...
... The operating cost captures reorganization in the corporate sector that redistributes resources away from shareholders. One example is expenses incurred in ”packaging” earnings in the form of individual firm payouts such as the cost of mergers, spin-offs or IPO’s, all of which can vary over time bec ...
GAAP - Office of Superintendent of Public Instruction
... the district’s general revenues. Program-specific grants and contributions include revenues arising from mandatory and voluntary non-exchange transactions with federal, state governments, organizations, or individuals that are restricted for use in a particular program. General revenues are revenues ...
... the district’s general revenues. Program-specific grants and contributions include revenues arising from mandatory and voluntary non-exchange transactions with federal, state governments, organizations, or individuals that are restricted for use in a particular program. General revenues are revenues ...
Improving portfolio efficiency with absolute
... the American Association of Individual Investors (AAII) Asset Allocation Survey, where the historical equity allocation is 60%. In recent decades, this reliance on traditional asset classes has served investors well, as rising equity markets accompanied by falling interest rates have created a favor ...
... the American Association of Individual Investors (AAII) Asset Allocation Survey, where the historical equity allocation is 60%. In recent decades, this reliance on traditional asset classes has served investors well, as rising equity markets accompanied by falling interest rates have created a favor ...
Paper - Cowles Foundation
... simpler exchange framework in which equity is modeled as a purely financial security. For the United States, the 20th century can be divided into approximately five twenty year periods of alternately high and low birth rates, generating the successive Baby Boom and Bust generations of the 1910’s, 3 ...
... simpler exchange framework in which equity is modeled as a purely financial security. For the United States, the 20th century can be divided into approximately five twenty year periods of alternately high and low birth rates, generating the successive Baby Boom and Bust generations of the 1910’s, 3 ...
Investment advisory and Treasury Management Services
... To devise, review & monitor the investment portfolios and investment avenues, and advise the management in a professional manner on a periodic basis. To apprise the management of the continued effectiveness of the investments from time to time. Constantly monitor the portfolio to identify any risks ...
... To devise, review & monitor the investment portfolios and investment avenues, and advise the management in a professional manner on a periodic basis. To apprise the management of the continued effectiveness of the investments from time to time. Constantly monitor the portfolio to identify any risks ...
Venture Capita Report
... 2004 more than a third of specialists had been investing predominantly at the growth capital stage, meaning the companies were likely to be cash flow positive rather than early stage or start-up. This pattern is less pronounced among publiclybacked specialists, mainly the University Challenge Seed F ...
... 2004 more than a third of specialists had been investing predominantly at the growth capital stage, meaning the companies were likely to be cash flow positive rather than early stage or start-up. This pattern is less pronounced among publiclybacked specialists, mainly the University Challenge Seed F ...
Leverage, maturities of debt and stock performance
... should increase with leverage. As a result, they expect cost of equity and stock returns to increase with leverage, which is known as proposition 2. Modigliani and Miller confirm their theory using a constricted sample of utilities. Considering corporate level taxes, they suggest that the deduction ...
... should increase with leverage. As a result, they expect cost of equity and stock returns to increase with leverage, which is known as proposition 2. Modigliani and Miller confirm their theory using a constricted sample of utilities. Considering corporate level taxes, they suggest that the deduction ...
Bear Stearns
... engaging in suspicious financial transactions and courts may address the conflict of interest between research and investment banking. In the short-term, we look for additional problems among financial services as these new rules take effect, but we expect the long-term perspective to improve as the ...
... engaging in suspicious financial transactions and courts may address the conflict of interest between research and investment banking. In the short-term, we look for additional problems among financial services as these new rules take effect, but we expect the long-term perspective to improve as the ...
Cooperative Equity and Ownership: An Introduction
... control of that enterprise. Ownership is also linked to what in finance are called “residual claimant rights”, which are rights to a particular share of company net income while operating, or a claim of divided assets if the company is dissolved. In most companies, the more money a person invests, t ...
... control of that enterprise. Ownership is also linked to what in finance are called “residual claimant rights”, which are rights to a particular share of company net income while operating, or a claim of divided assets if the company is dissolved. In most companies, the more money a person invests, t ...
Fund Guidance - GMEI Utility
... referred to as mutual funds (closed and open-ended), UCITS, OEICs / ICVCs, unit trusts, SICAVs, FCPs, ETFs, offshore funds, investment trusts and hedge funds. Each may be set up under trust, as a contractual arrangement or registered under company law. Where the reportable transaction counterparty i ...
... referred to as mutual funds (closed and open-ended), UCITS, OEICs / ICVCs, unit trusts, SICAVs, FCPs, ETFs, offshore funds, investment trusts and hedge funds. Each may be set up under trust, as a contractual arrangement or registered under company law. Where the reportable transaction counterparty i ...
Mutual Funds
... Fee Structure of Investment Funds (2 of 2) • Other fees charges by mutual funds include: ─ contingent deferred sales charge: a back end fee that may disappear altogether after a specific period. ─ redemption fee: another name for a back end load ─ exchange fee: a fee (usually low) for transferring ...
... Fee Structure of Investment Funds (2 of 2) • Other fees charges by mutual funds include: ─ contingent deferred sales charge: a back end fee that may disappear altogether after a specific period. ─ redemption fee: another name for a back end load ─ exchange fee: a fee (usually low) for transferring ...
NBER WORKING PAPER SERIES Stephen G. Cecchetti
... twice as long and are associated with output losses that are twice as large. 3 Asset price bubbles distort decisions throughout the economy and are a source of instability. Wealth effects cause consumption to expand rapidly and then collapse. Increases in equity prices make it easier for firms to fi ...
... twice as long and are associated with output losses that are twice as large. 3 Asset price bubbles distort decisions throughout the economy and are a source of instability. Wealth effects cause consumption to expand rapidly and then collapse. Increases in equity prices make it easier for firms to fi ...
Realpool Investment Fund
... have been prepared in accordance with International Financial Reporting Standards. The significant accounting policies used in the preparation of these statements are disclosed in note 3 to the financial statements. The statements include certain amounts that are based on management’s judgment and b ...
... have been prepared in accordance with International Financial Reporting Standards. The significant accounting policies used in the preparation of these statements are disclosed in note 3 to the financial statements. The statements include certain amounts that are based on management’s judgment and b ...
Investor Scale and Performance in Private Equity Investments
... assessments of absolute PE performance than studies that take advantage of fund-level cash flow information. At the same time, data on the overall PE portfolios is what is required to assess if there are different returns between larger and smaller PE investors, particularly because most investors d ...
... assessments of absolute PE performance than studies that take advantage of fund-level cash flow information. At the same time, data on the overall PE portfolios is what is required to assess if there are different returns between larger and smaller PE investors, particularly because most investors d ...
Bonus to Old Partners When the current value of a partnership is
... corporation typically has a limited life. ...
... corporation typically has a limited life. ...
Push Factors and Capital Flows to Emerging Markets
... (2014) did not find that better macroeconomic fundamentals (e.g., lower public debt, a higher level of reserves, or higher economic growth) provided insulation during the tantrum episode. Rather, larger markets experienced more pressures, as investors were better able to rebalance their portfolios i ...
... (2014) did not find that better macroeconomic fundamentals (e.g., lower public debt, a higher level of reserves, or higher economic growth) provided insulation during the tantrum episode. Rather, larger markets experienced more pressures, as investors were better able to rebalance their portfolios i ...
Voting and engagement - VBA beleggingsprofessionals
... – Obligation of having power General value perspective – Universal owner – In general and in precedents Identity as investor – Labour organisations, churches Focused value strategy – Strong aligned with investments – Strategic consultancy “offered” ...
... – Obligation of having power General value perspective – Universal owner – In general and in precedents Identity as investor – Labour organisations, churches Focused value strategy – Strong aligned with investments – Strategic consultancy “offered” ...
The empirical study of ownership structure and performance of listed
... information, authenticity of reflecting the results, clarity of revealing the value, comparability of risk, etc. It is put forward to provide a new train of thought and a new solution for evaluating banks, and it is a indicator of economic value after adjusting the profit. It can accurately reflect ...
... information, authenticity of reflecting the results, clarity of revealing the value, comparability of risk, etc. It is put forward to provide a new train of thought and a new solution for evaluating banks, and it is a indicator of economic value after adjusting the profit. It can accurately reflect ...
A note on portfolio selection, diversification and
... number and size of fund-of-fund investment vehicles in Australia. Over the last five years FoF products have grown by 119 percent, accounting for $16.6 billion in assets as at March 2002, over the same period the total funds management industry grew by 93 percent.1 While FoFs represent a distinct fo ...
... number and size of fund-of-fund investment vehicles in Australia. Over the last five years FoF products have grown by 119 percent, accounting for $16.6 billion in assets as at March 2002, over the same period the total funds management industry grew by 93 percent.1 While FoFs represent a distinct fo ...
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.