Dividends and Stock Valuation: A Study From the Nineteenth to the
... analyses find that the actual prices are excessively volatile relative to the expected prices based on dividends, these tests have cast doubt on the role of dividends in explaining the value of equity. However, the results from subsequent studies (e.g., Bollerslev and Hodrick (1995)) which have rela ...
... analyses find that the actual prices are excessively volatile relative to the expected prices based on dividends, these tests have cast doubt on the role of dividends in explaining the value of equity. However, the results from subsequent studies (e.g., Bollerslev and Hodrick (1995)) which have rela ...
Chapter 17 -- Capital Structure Determination
... Return on investment after the transaction • $666.67 × 16% = $100 return on Company NL • $300 × 12% = $36 interest paid • $64 net return ($100 – $36) AND $33.33 left over. This reduces the required net investment to $366.67 to earn $64. ...
... Return on investment after the transaction • $666.67 × 16% = $100 return on Company NL • $300 × 12% = $36 interest paid • $64 net return ($100 – $36) AND $33.33 left over. This reduces the required net investment to $366.67 to earn $64. ...
Fat Tails and their (Un)happy Endings
... The intuition underlying this result is as follows. Increased risk correlation leads to outcomes where either the majority of projects in the portfolio succeed or fail. In the extreme case of perfectly correlated projects or assets, the outcome is binary, either the portfolio succeeds or the portfol ...
... The intuition underlying this result is as follows. Increased risk correlation leads to outcomes where either the majority of projects in the portfolio succeed or fail. In the extreme case of perfectly correlated projects or assets, the outcome is binary, either the portfolio succeeds or the portfol ...
Adverse Selection and Risk Aversion in Capital Markets
... entrepreneur’s inability to diversify risks, which leads to inadequate investment in high-risk projects. The risk-sharing possibilities in our model are exogenously restricted by the types of financial contracts allowed in the economy, namely debt and equity. This restricted contract space is someti ...
... entrepreneur’s inability to diversify risks, which leads to inadequate investment in high-risk projects. The risk-sharing possibilities in our model are exogenously restricted by the types of financial contracts allowed in the economy, namely debt and equity. This restricted contract space is someti ...
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... the breakup of the business. Although this wouldn’t benefit the equity and debt holders, it could be in the short-term interests of some parties. In most other cases, there will be two broad scenarios. First, the equity holder—the private-equity firm or, more accurately, the fund that the private-eq ...
... the breakup of the business. Although this wouldn’t benefit the equity and debt holders, it could be in the short-term interests of some parties. In most other cases, there will be two broad scenarios. First, the equity holder—the private-equity firm or, more accurately, the fund that the private-eq ...
Essay on Agent-Principal Conflicts in Corporations
... and financing policies. One way in which this can be accomplished is by selecting low risk investment projects. Rather than betting the entire company on a new product, technology, or market, a manager may to prefer to expand existing product lines using known technologies and selling in known marke ...
... and financing policies. One way in which this can be accomplished is by selecting low risk investment projects. Rather than betting the entire company on a new product, technology, or market, a manager may to prefer to expand existing product lines using known technologies and selling in known marke ...
NBER WORKING PAPER SERIES TAXES, REGULATIONS, AND ASSET PRICES Ellen R. McGrattan
... in the corporate sector, but leave the quantity of capital unaffected. This is exactly what we observed: prices of equities rose between 1962 and 2000, while the capital-output ratio remained roughly constant. Furthermore, if the capital-output ratio does not change, then we would not expect a rise i ...
... in the corporate sector, but leave the quantity of capital unaffected. This is exactly what we observed: prices of equities rose between 1962 and 2000, while the capital-output ratio remained roughly constant. Furthermore, if the capital-output ratio does not change, then we would not expect a rise i ...
NSTAR Gas ROE Testimony
... Even if the Company were a publicly traded entity, it is possible that short-term events ...
... Even if the Company were a publicly traded entity, it is possible that short-term events ...
University Maintenance and Repair fund codes generally begin with
... are accounted for separately. Among the major sources are: state funds, student fees, trust and selfsupporting funds (Continuing Education, Parking Services, Student Housing, Student Health Center etc.), gifts, grants and contracts, commercial operations, and state and non-state capital outlay funds ...
... are accounted for separately. Among the major sources are: state funds, student fees, trust and selfsupporting funds (Continuing Education, Parking Services, Student Housing, Student Health Center etc.), gifts, grants and contracts, commercial operations, and state and non-state capital outlay funds ...
Pacer ETFs Crosses $1 Billion Threshold
... “It’s an exciting time to be at Pacer. We’ve achieved a major milestone, crossing the $1 billion threshold just as we’re turning two years old, and we’ve only just scraped the surface of our potential. We attribute our growth rate, in part, to our unique series of ETFs, the Trendpilot® Series and th ...
... “It’s an exciting time to be at Pacer. We’ve achieved a major milestone, crossing the $1 billion threshold just as we’re turning two years old, and we’ve only just scraped the surface of our potential. We attribute our growth rate, in part, to our unique series of ETFs, the Trendpilot® Series and th ...
The Role of ,,Business Angels“ in the Financial Market
... meeting point of capital and good ideas in one place, and effective exchange of all information related to the promotion and development of innovative entrepreneurship. The methods used in the paper are quantitative and qualitative methods as well as methods of comparison of spatial and temporal fe ...
... meeting point of capital and good ideas in one place, and effective exchange of all information related to the promotion and development of innovative entrepreneurship. The methods used in the paper are quantitative and qualitative methods as well as methods of comparison of spatial and temporal fe ...
Financial Risk Capacity
... for policy makers, academics, and practitioners alike.1 In fact, during his only television interview at the time, the Chairman of the Federal Reserve, Ben Bernanke, was asked when the crisis would be over, to which he answered, “When banks start raising capital on their own.”2 Why would a banking s ...
... for policy makers, academics, and practitioners alike.1 In fact, during his only television interview at the time, the Chairman of the Federal Reserve, Ben Bernanke, was asked when the crisis would be over, to which he answered, “When banks start raising capital on their own.”2 Why would a banking s ...
Quarterly International Investment Position and External Debt - Background Notes
... Respondents supply the data primarily using electronic media but they may use paper instead. Exhaustive coverage is aimed at but, in order to reduce reporting burden, companies with low activity volumes reporting to the CSO may, with its approval, provide annual data. Overall, about 5,000 financial ...
... Respondents supply the data primarily using electronic media but they may use paper instead. Exhaustive coverage is aimed at but, in order to reduce reporting burden, companies with low activity volumes reporting to the CSO may, with its approval, provide annual data. Overall, about 5,000 financial ...
The Quantitative, Data-Based, Risk
... returns over the next few decades will almost certainly be lower than the double-digit returns investors have come to expect as their birthright. And among the hedge-fund cognoscenti, Asness has become known as someone who has been thinking hard thoughts about the future of hedge funds. A hedge fund ...
... returns over the next few decades will almost certainly be lower than the double-digit returns investors have come to expect as their birthright. And among the hedge-fund cognoscenti, Asness has become known as someone who has been thinking hard thoughts about the future of hedge funds. A hedge fund ...
What if crowdfunding becomes the leading source of finance for
... The key to realising such potential is threefold. First, it calls for informed entrepreneurs and contributors. Of course, financial reward is a marker of success. But it’s also important for entrepreneurs to recognise the value of fostering strong relations with their contributors, keeping their o ...
... The key to realising such potential is threefold. First, it calls for informed entrepreneurs and contributors. Of course, financial reward is a marker of success. But it’s also important for entrepreneurs to recognise the value of fostering strong relations with their contributors, keeping their o ...
FL BlackRock Long Term (Aquila C) IE/XE
... limited range of industry sectors, it may carry more risk than funds that invest across a broader range or variety of sectors. These funds can be more volatile and carry higher risk due to their lack of diversification. G - Derivatives: Where a fund uses derivatives for investment purposes, there ma ...
... limited range of industry sectors, it may carry more risk than funds that invest across a broader range or variety of sectors. These funds can be more volatile and carry higher risk due to their lack of diversification. G - Derivatives: Where a fund uses derivatives for investment purposes, there ma ...
INVESTMENT POLICY STATEMENT APPROVED JANUARY 30
... Treasury or agency securities. Any Certificates of Deposit purchased must have the highest credit quality rating from a nationally recognized rating. ...
... Treasury or agency securities. Any Certificates of Deposit purchased must have the highest credit quality rating from a nationally recognized rating. ...
Impact Investing: How does it make a difference?
... the 2014 World Economic Forum in Davos showed that 79 percent of money managers running impact funds believe they can deliver an at market return for investors. Having said this, financial returns from impact investments can vary just like any other investment: from return of principal to above-mark ...
... the 2014 World Economic Forum in Davos showed that 79 percent of money managers running impact funds believe they can deliver an at market return for investors. Having said this, financial returns from impact investments can vary just like any other investment: from return of principal to above-mark ...
Investment Policy - Rochester Area Community Foundation
... assets are invested in the equity, fixed income and alternative investment pools of the Community Foundation using an asset allocation of 70% equities as defined by the equity pool's strategic sector allocation, 20% fixed income as defined by the fixed income pool and 10% alternative investments as ...
... assets are invested in the equity, fixed income and alternative investment pools of the Community Foundation using an asset allocation of 70% equities as defined by the equity pool's strategic sector allocation, 20% fixed income as defined by the fixed income pool and 10% alternative investments as ...
Market Forces at Work in the Banking Industry: Evidence from the
... While most nonfinancial firms choose their optimal capital ratios primarily in response to market constraints, regulated financial institutions must also heed their supervisors’ capital adequacy requirements. Banking firms must therefore satisfy two types of equity constraint: uninsured market count ...
... While most nonfinancial firms choose their optimal capital ratios primarily in response to market constraints, regulated financial institutions must also heed their supervisors’ capital adequacy requirements. Banking firms must therefore satisfy two types of equity constraint: uninsured market count ...
Applying Post-Modern Portfolio Theory to International Performance
... than downside volatility • Skewness of returns can be significant • DR handles skewness; SD does not • Concepts are theoretically sound and ...
... than downside volatility • Skewness of returns can be significant • DR handles skewness; SD does not • Concepts are theoretically sound and ...
The Hedge Fund Edge
... than $1 million for an individual or $5 million for an entity) or income (i.e., greater than $200,000 per individual in each of the two most recent years), represents a suitability test for those considering a security exempt from SEC registration. The presumption behind this test is that an investo ...
... than $1 million for an individual or $5 million for an entity) or income (i.e., greater than $200,000 per individual in each of the two most recent years), represents a suitability test for those considering a security exempt from SEC registration. The presumption behind this test is that an investo ...
Client Letter Aug 14
... Q2: How come suddenly nobody is talking about risks, like global economy/ markets, oil, inflation, budget deficits, NPAs in PSU banking industry, leverage in realty etc? How do I evaluate such risks or “Black swan” event that I don’t know today, if I invest at current prices? All those risks contin ...
... Q2: How come suddenly nobody is talking about risks, like global economy/ markets, oil, inflation, budget deficits, NPAs in PSU banking industry, leverage in realty etc? How do I evaluate such risks or “Black swan” event that I don’t know today, if I invest at current prices? All those risks contin ...
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.