NBER WORKING PAPER SERIES Kristin J. Forbes Working Paper 13908
... The empirical results suggest that a primary factor driving both equity and bond flows into the United States is a country’s level of financial development. Countries with less developed financial markets tend to hold a greater share of their portfolios in the United States, and the strength of thi ...
... The empirical results suggest that a primary factor driving both equity and bond flows into the United States is a country’s level of financial development. Countries with less developed financial markets tend to hold a greater share of their portfolios in the United States, and the strength of thi ...
Fundamentals of Corporate Finance, 2/e
... to part with their money for a long period of time than a short-term rate. One can estimate the Beta for that stock using a regression analysis. Identifying the appropriate beta is much more complicated if the common stock is not publicly traded. ...
... to part with their money for a long period of time than a short-term rate. One can estimate the Beta for that stock using a regression analysis. Identifying the appropriate beta is much more complicated if the common stock is not publicly traded. ...
Overview of Investigation
... Behavioral Explanations of the Equity Premium Puzzle • Barberis and Huang explain the puzzle as an outcome of irrational investor behavior. • The premium is the result of narrow framing and loss aversion. – Investors ignore low correlation of stocks with other forms of wealth – Higher risk premiums ...
... Behavioral Explanations of the Equity Premium Puzzle • Barberis and Huang explain the puzzle as an outcome of irrational investor behavior. • The premium is the result of narrow framing and loss aversion. – Investors ignore low correlation of stocks with other forms of wealth – Higher risk premiums ...
Deconstructing Equity: Public Ownership, Agency Costs, and
... (observing that LBOs traditionally favored industries with stable cash flows but that current deals "are spreading to industries such as airlines that are inherently more cyclical and exposed to risk factors"); see also infra notes 106-108 and accompanying text. 12. In late June 2007, concerns arose ...
... (observing that LBOs traditionally favored industries with stable cash flows but that current deals "are spreading to industries such as airlines that are inherently more cyclical and exposed to risk factors"); see also infra notes 106-108 and accompanying text. 12. In late June 2007, concerns arose ...
6 - Finance
... long-term debt, and issuing equity. Reducing operating assets will hurt firm, since these are the operating assets required to support the projected level of sales. DES Chapter 6 ...
... long-term debt, and issuing equity. Reducing operating assets will hurt firm, since these are the operating assets required to support the projected level of sales. DES Chapter 6 ...
Operating Endowment Fund - Second Presbyterian Church
... Fixed Income Portfolio: The purpose of fixed income investments is to provide a relatively predictable and dependable source of income, to reduce the variability of the total portfolio market value, and when appropriate, to provide a source of funds for other investments or endowment needs. Cash wil ...
... Fixed Income Portfolio: The purpose of fixed income investments is to provide a relatively predictable and dependable source of income, to reduce the variability of the total portfolio market value, and when appropriate, to provide a source of funds for other investments or endowment needs. Cash wil ...
The Effect of Debt on the Cost of Equity in a Regulatory Setting
... 5. Failure to recognize and adjust for differences in the financial risk of sample companies and the regulated entity can result in material errors in cost of equity estimation. Ignoring such differences results in a disconnect between the cost of capital information provided by the sample and the a ...
... 5. Failure to recognize and adjust for differences in the financial risk of sample companies and the regulated entity can result in material errors in cost of equity estimation. Ignoring such differences results in a disconnect between the cost of capital information provided by the sample and the a ...
Corporate Finance
... The Free Cashflow to Equity (FCFE) is a measure of how much cash is left in the business after non-equity claimholders (debt and preferred stock) have been paid, and after any reinvestment needed to sustain the firm’s assets and future growth. Net Income + Depreciation & Amortization = Cash flows fr ...
... The Free Cashflow to Equity (FCFE) is a measure of how much cash is left in the business after non-equity claimholders (debt and preferred stock) have been paid, and after any reinvestment needed to sustain the firm’s assets and future growth. Net Income + Depreciation & Amortization = Cash flows fr ...
Invesco India Bond Fund
... Return on your investment may be adversely affected by variations in exchange rates. It may be difficult for the Fund to buy or sell certain instruments in stressed market conditions. Consequently the price obtained when selling such instruments may be lower than under normal market conditions. A mo ...
... Return on your investment may be adversely affected by variations in exchange rates. It may be difficult for the Fund to buy or sell certain instruments in stressed market conditions. Consequently the price obtained when selling such instruments may be lower than under normal market conditions. A mo ...
Slides 1
... Equity prices: depend on the global average of investors’ dividend tax rates, weighted by wealth → equity price effect of JGTRRA depends on the wealth of (taxable) US investors relative to global wealth, and applies to all T (not just US stocks) . . . but there is little we can say about this empi ...
... Equity prices: depend on the global average of investors’ dividend tax rates, weighted by wealth → equity price effect of JGTRRA depends on the wealth of (taxable) US investors relative to global wealth, and applies to all T (not just US stocks) . . . but there is little we can say about this empi ...
MS Word - Securities Commission Malaysia
... The Capital Markets and Services Act 2007 and the Guidelines on Real Estate Investment Trusts require person(s) submitting or cause to be submitted, any statement or information to the Commission to ensure that the information submitted is not false or misleading and there is no material omission in ...
... The Capital Markets and Services Act 2007 and the Guidelines on Real Estate Investment Trusts require person(s) submitting or cause to be submitted, any statement or information to the Commission to ensure that the information submitted is not false or misleading and there is no material omission in ...
Chapter 13
... What is the difference between permanent and transitory earnings? Permanent earnings are earnings that are expected to be repeated in the future. Transitory earnings are earnings that are not expected to be repeated in the future. What is meant by the term earnings quality? Give examples of how ...
... What is the difference between permanent and transitory earnings? Permanent earnings are earnings that are expected to be repeated in the future. Transitory earnings are earnings that are not expected to be repeated in the future. What is meant by the term earnings quality? Give examples of how ...
Saving the Lives of the Most Vulnerable - With Financial Returns
... percent of loss. Above that amount, the guarantors share the risk equally with investors. A total of about $65 million of investors’ capital, out of $108 million, is protected through this mechanism, significantly improving the risk-return balance of the fund and making it more attractive to investo ...
... percent of loss. Above that amount, the guarantors share the risk equally with investors. A total of about $65 million of investors’ capital, out of $108 million, is protected through this mechanism, significantly improving the risk-return balance of the fund and making it more attractive to investo ...
Infrastructure, the crisis, and pension funds
... Two additional factors are driving a growth in infrastructure investment. One is the response to climate change, which requires a range of measures. These include investment in renewable energy sources to shift the balance of primary fuels away from hydrocarbons such as coal and gas; investment in e ...
... Two additional factors are driving a growth in infrastructure investment. One is the response to climate change, which requires a range of measures. These include investment in renewable energy sources to shift the balance of primary fuels away from hydrocarbons such as coal and gas; investment in e ...
Slide 1
... • Long-term partnerships with top universities and research institutes; • Disciplined market driven technology focus; • International perspective and resources; • A recognition that capital, in and of itself, is not a determinant of success; • Strong operational team and Industry / Scientific Adviso ...
... • Long-term partnerships with top universities and research institutes; • Disciplined market driven technology focus; • International perspective and resources; • A recognition that capital, in and of itself, is not a determinant of success; • Strong operational team and Industry / Scientific Adviso ...
state residents urged to be on guard against affinity fraud
... some CDs aren't what they seem. That's the message behind a handy checklist now available from the Agency. With many elderly investors complaining they've been misled into buying "callable" CDs with 10- to 30 -year maturities, State securities regulators hope investors will use the checklist to avoi ...
... some CDs aren't what they seem. That's the message behind a handy checklist now available from the Agency. With many elderly investors complaining they've been misled into buying "callable" CDs with 10- to 30 -year maturities, State securities regulators hope investors will use the checklist to avoi ...
Taiwan 2015 - 2016.docx
... Deregulation allowing centralized securities depository enterprises to pay and collect money for domestic funds On April 26, 2016, the FSC introduced a deregulation measure that allows securities brokers to subscribe domestic funds for investors in their own name and the payments can be made and col ...
... Deregulation allowing centralized securities depository enterprises to pay and collect money for domestic funds On April 26, 2016, the FSC introduced a deregulation measure that allows securities brokers to subscribe domestic funds for investors in their own name and the payments can be made and col ...
Project finance: Transactional evidence from Australia
... for a term of years and unlike traditional procurement practices, a PPP is privately financed and requires the firm to carry responsibility for specific construction, lifecycle cost and operational risks. Risk is allocated to the party best able to manage it although this will generally be determine ...
... for a term of years and unlike traditional procurement practices, a PPP is privately financed and requires the firm to carry responsibility for specific construction, lifecycle cost and operational risks. Risk is allocated to the party best able to manage it although this will generally be determine ...
Bank Capital - Federal Reserve Bank of Boston
... Our results highlight the importance of taking this multi-pronged approach. None of these tools were used before the crisis, and they are likely to be increasingly important tools as regulators and financial institutions gain more experience with them. Thus any historical examination of capital eros ...
... Our results highlight the importance of taking this multi-pronged approach. None of these tools were used before the crisis, and they are likely to be increasingly important tools as regulators and financial institutions gain more experience with them. Thus any historical examination of capital eros ...
clearbridge dividend strategy portfolios
... Investments may be made in small- and mid-cap companies, which involve a higher degree of risk and volatility than investments in large-cap companies. While most investments are in U.S. companies, investments may also be made in ADRs and other securities of non-U.S. companies in developed and emergi ...
... Investments may be made in small- and mid-cap companies, which involve a higher degree of risk and volatility than investments in large-cap companies. While most investments are in U.S. companies, investments may also be made in ADRs and other securities of non-U.S. companies in developed and emergi ...
April 24, 2017 JNL/American Funds Blue Chip
... earnings growth expectations are not met, their stock prices will likely fall, which may reduce the value of a Fund’s investment in those stocks. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value inves ...
... earnings growth expectations are not met, their stock prices will likely fall, which may reduce the value of a Fund’s investment in those stocks. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value inves ...
Threadneedle Investments Threadneedle European Smaller
... “Seeks long-term growth of capital through active investment in small high quality and rapidly growing companies through the identification of under-researched, under-valued and niche opportunities, using rigorous selection criteria.” ...
... “Seeks long-term growth of capital through active investment in small high quality and rapidly growing companies through the identification of under-researched, under-valued and niche opportunities, using rigorous selection criteria.” ...
How to Pick Managed Investments
... appear to be doing well, selling their funds that lag. They also have a tendency to sell (or cease contributing) during weak markets, but buy enthusiastically during strong markets, especially when those strong markets have run for several years. Figures show that the average time retail investors h ...
... appear to be doing well, selling their funds that lag. They also have a tendency to sell (or cease contributing) during weak markets, but buy enthusiastically during strong markets, especially when those strong markets have run for several years. Figures show that the average time retail investors h ...
Chapter 1
... 4. IBM is required to issue public financial statements within 60 days of its year-end. _____ 5. Employees of Starbucks can use the company’s financial statements to understand the efficiency with which management has conducted operations over the past year. _____ 6. When first requiring firms to pr ...
... 4. IBM is required to issue public financial statements within 60 days of its year-end. _____ 5. Employees of Starbucks can use the company’s financial statements to understand the efficiency with which management has conducted operations over the past year. _____ 6. When first requiring firms to pr ...
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.