Statement of Investment Policy and Objectives
... Where Smartshares makes investment decisions for a fund, Smartshares will generally not vote in respect of the assets held by the fund. However, Smartshares may vote when it considers that not voting will have a material adverse effect on investors (taking into consideration the size of the managed ...
... Where Smartshares makes investment decisions for a fund, Smartshares will generally not vote in respect of the assets held by the fund. However, Smartshares may vote when it considers that not voting will have a material adverse effect on investors (taking into consideration the size of the managed ...
Capital structure and volatility of risk
... A second reason for conservative leverage choices by firms with high volatility of volatility may be that corporate insiders may have private information regarding their own earnings volatility and this is more likely in firms with stochastic volatility. In firms where volatility is not stochastic ...
... A second reason for conservative leverage choices by firms with high volatility of volatility may be that corporate insiders may have private information regarding their own earnings volatility and this is more likely in firms with stochastic volatility. In firms where volatility is not stochastic ...
PDF
... general, weak property rights due to poor institutions can lead to lack of productive capacities or uncertainty of returns in an economy. Thus institutional weaknesses create a wedge between expected returns and ex-post returns. We model these as differences in the parameter At , which captures diff ...
... general, weak property rights due to poor institutions can lead to lack of productive capacities or uncertainty of returns in an economy. Thus institutional weaknesses create a wedge between expected returns and ex-post returns. We model these as differences in the parameter At , which captures diff ...
NBER WORKING PAPER SERIES AN EMPIRICAL INVESTIGATION
... general, weak property rights due to poor institutions can lead to lack of productive capacities or uncertainty of returns in an economy. Thus institutional weaknesses create a wedge between expected returns and ex-post returns. We model these as differences in the parameter At , which captures diff ...
... general, weak property rights due to poor institutions can lead to lack of productive capacities or uncertainty of returns in an economy. Thus institutional weaknesses create a wedge between expected returns and ex-post returns. We model these as differences in the parameter At , which captures diff ...
Product Disclosure Statement
... (electronically or otherwise) in Australia. It is not available in any other country. Units in the Fund have not been, and will not be, registered under the U.S. Securities Act of 1933 or the securities laws of any of the states of the United States of America (U.S.). The Fund is not and will not be ...
... (electronically or otherwise) in Australia. It is not available in any other country. Units in the Fund have not been, and will not be, registered under the U.S. Securities Act of 1933 or the securities laws of any of the states of the United States of America (U.S.). The Fund is not and will not be ...
managed futures and hedge funds: a match made in
... hedge funds and managed futures combine with stocks and bonds. We, therefore, form portfolios of stocks, bonds, and hedge funds, as well as stocks, bonds, and managed futures. Table 2 shows the basic return statistics for 50/50 investors. Table 3 shows the same for 33/66 investors. FromTable 2 we se ...
... hedge funds and managed futures combine with stocks and bonds. We, therefore, form portfolios of stocks, bonds, and hedge funds, as well as stocks, bonds, and managed futures. Table 2 shows the basic return statistics for 50/50 investors. Table 3 shows the same for 33/66 investors. FromTable 2 we se ...
TRMCX TRMIX TAMVX RRMVX Mid-Cap Value Fund Investor Class
... volatility, reduced liquidity, or decreases in foreign currency values relative to the U.S. dollar. These risks are heightened for the fund’s investments in emerging markets, which are more susceptible to governmental interference, less efficient trading markets, and the imposition of local taxes or ...
... volatility, reduced liquidity, or decreases in foreign currency values relative to the U.S. dollar. These risks are heightened for the fund’s investments in emerging markets, which are more susceptible to governmental interference, less efficient trading markets, and the imposition of local taxes or ...
Common Characteristics of New Firms that Initiate Dividends
... firms, on the other hand, are more prone to informational asymmetry problems. Thus, higher- ...
... firms, on the other hand, are more prone to informational asymmetry problems. Thus, higher- ...
Investor Preferences and Demand for Active Management
... to the control of investor sentiment. While investor sentiment may lead to a strong demand for either the downside protection or upside potential at a particular point in time, our framework allows for the coexistence of the demands for both downside protection and upside seeking and can differenti ...
... to the control of investor sentiment. While investor sentiment may lead to a strong demand for either the downside protection or upside potential at a particular point in time, our framework allows for the coexistence of the demands for both downside protection and upside seeking and can differenti ...
Investor Flows and Fragility in Corporate Bond Funds
... consistent with this hypothesis, we find that the effect of illiquidity on the sensitivity of outflows to bad performance diminishes when the fund is held mostly by institutional investors. Sixth, the difference in flow-performance relation between equity and corporate-bond funds could be attributed ...
... consistent with this hypothesis, we find that the effect of illiquidity on the sensitivity of outflows to bad performance diminishes when the fund is held mostly by institutional investors. Sixth, the difference in flow-performance relation between equity and corporate-bond funds could be attributed ...
An Overview of Fee Structures in Real Estate Funds and Their
... of various investment management fees and costs on the net returns of their investments. For ease of discussion, this study will classify investment management fees as belonging to one of two broad categories: base fees and incentive fees. Additionally, this study will consider fees paid to investme ...
... of various investment management fees and costs on the net returns of their investments. For ease of discussion, this study will classify investment management fees as belonging to one of two broad categories: base fees and incentive fees. Additionally, this study will consider fees paid to investme ...
Demystifying Responsible Investment Performance
... It has been 15 years since 28 banks and their USD 2 trillion in assets gathered in New York to sign a United Nations Environment Programme commitment to sound environmental management. Since then, the commitment between UNEP and those original 28 banks has grown into a unique public-private partners ...
... It has been 15 years since 28 banks and their USD 2 trillion in assets gathered in New York to sign a United Nations Environment Programme commitment to sound environmental management. Since then, the commitment between UNEP and those original 28 banks has grown into a unique public-private partners ...
The Timing of Asset Sales
... Table 1 reveals that average firm size, measured using average total assets over the three year period (TA), is S$812.7 million, with the smallest firm being S$24 million and the largest S$4.68 billion. Positive skewness indicates that most companies are at the lower end of this range. The average d ...
... Table 1 reveals that average firm size, measured using average total assets over the three year period (TA), is S$812.7 million, with the smallest firm being S$24 million and the largest S$4.68 billion. Positive skewness indicates that most companies are at the lower end of this range. The average d ...
Mutual Fund Age, Performance, and the Optimal Track Record
... all Morningstar U.S. equity funds between 1990 and 2015. I find that on a risk-adjusted basis, younger funds generally perform better than older funds. However, this relationship reverses when an age indicator is used, which distinguishes funds younger than three years from all other funds. I find t ...
... all Morningstar U.S. equity funds between 1990 and 2015. I find that on a risk-adjusted basis, younger funds generally perform better than older funds. However, this relationship reverses when an age indicator is used, which distinguishes funds younger than three years from all other funds. I find t ...
GambaTriantis2013HEC.. - University of Warwick
... We find that these covenants are effective in different ways, and to varying degrees, in reducing investment and financing distortions and mitigating the value loss associated with financial agency problems. Due to the compounding effects of investment and financing distortions, the covenants that r ...
... We find that these covenants are effective in different ways, and to varying degrees, in reducing investment and financing distortions and mitigating the value loss associated with financial agency problems. Due to the compounding effects of investment and financing distortions, the covenants that r ...
Income Statement
... * Due to the nature of this project, it is very difficult to estimate the amount of time students will need to complete the assignment. As with any open-ended project, it is possible for students to devote a large amount of time to these assignments. While students often benefit from the extra effor ...
... * Due to the nature of this project, it is very difficult to estimate the amount of time students will need to complete the assignment. As with any open-ended project, it is possible for students to devote a large amount of time to these assignments. While students often benefit from the extra effor ...
Negotiating an Equity Capital Infusion from Outside Investors
... In this guide, it is assumed that XYZ Microfinance is a joint stock company that was incorporated prior to this contemplated equity investment (in some cases, the MFI may have been formed as a limited liability company and the investment structure would therefore vary). Its assets, which largely mak ...
... In this guide, it is assumed that XYZ Microfinance is a joint stock company that was incorporated prior to this contemplated equity investment (in some cases, the MFI may have been formed as a limited liability company and the investment structure would therefore vary). Its assets, which largely mak ...
Customer Equity Evaluation: A Study With Reference to Jammu and
... performing with regard to the tactical decisions it makes in handling and extracting value from the customer. Academic researchers have written scores of articles and books on this topic (for examples; Rust, Zeithaml & Lemon, 2000; Blattberg, Getz & Thomas, 2001; Gupta & Lehmann, 2005). The growing ...
... performing with regard to the tactical decisions it makes in handling and extracting value from the customer. Academic researchers have written scores of articles and books on this topic (for examples; Rust, Zeithaml & Lemon, 2000; Blattberg, Getz & Thomas, 2001; Gupta & Lehmann, 2005). The growing ...
III. Size of FDI flows
... order to incur this cost, the value of information must exceed this cost. Naturally, one would expect the value of information to rise with . This is because, given the signal , the deviations of the productivity–independent K ( ) over the interval ( , ) , from the productiv ...
... order to incur this cost, the value of information must exceed this cost. Naturally, one would expect the value of information to rise with . This is because, given the signal , the deviations of the productivity–independent K ( ) over the interval ( , ) , from the productiv ...
Balance Sheet
... Both IFRS and GAAP require disclosures about (1) accounting policies followed, (2) judgments that management has made in the process of applying the entity’s accounting policies, and (3) the key assumptions and estimation uncertainty that could result in a material adjustment to the carrying amounts ...
... Both IFRS and GAAP require disclosures about (1) accounting policies followed, (2) judgments that management has made in the process of applying the entity’s accounting policies, and (3) the key assumptions and estimation uncertainty that could result in a material adjustment to the carrying amounts ...
Call for expression of Interest
... looking to invest, through the EIF and with the support of European Fund for Strategic Investments2 (“EFSI”), Horizon 2020 programme3 , COSME programme4 and EIF’s own resources, in privatesector led, market-driven Pan-European VC Fund(s)-of-Funds (“the Fund-of-Funds”). The aggregate of capital commi ...
... looking to invest, through the EIF and with the support of European Fund for Strategic Investments2 (“EFSI”), Horizon 2020 programme3 , COSME programme4 and EIF’s own resources, in privatesector led, market-driven Pan-European VC Fund(s)-of-Funds (“the Fund-of-Funds”). The aggregate of capital commi ...
Margin Credit and Stock Return Predictability
... debt capacity margin credit (details in Section 2). Over our sample period of 31 years from 1984 to 2014, we find that a higher margin credit predicts lower future market returns. We compare margin credit with other popular predictors and find that margin credit is the strongest predictor to date of ...
... debt capacity margin credit (details in Section 2). Over our sample period of 31 years from 1984 to 2014, we find that a higher margin credit predicts lower future market returns. We compare margin credit with other popular predictors and find that margin credit is the strongest predictor to date of ...
How to Invest in the U.S. Overall Market?
... During the last decades the role of investment companies is of growing importance in the United States (U.S.) and the rest of the world. According to the Investment Company Institute (ICI, 2014), more than $17 trillion at year- end 2013 is managed by U.S. investment companies. Most of these investme ...
... During the last decades the role of investment companies is of growing importance in the United States (U.S.) and the rest of the world. According to the Investment Company Institute (ICI, 2014), more than $17 trillion at year- end 2013 is managed by U.S. investment companies. Most of these investme ...
Underwriting Costs of Seasoned Equity Offerings
... contribute substantially to cross-sectional variation among firms in their cost of raising capital. The total cost to a firm of accessing external equity finance through an SEO is calculated as the rate of return demanded by investors who purchase the stock (the total amount of stock sold multiplied ...
... contribute substantially to cross-sectional variation among firms in their cost of raising capital. The total cost to a firm of accessing external equity finance through an SEO is calculated as the rate of return demanded by investors who purchase the stock (the total amount of stock sold multiplied ...
In Short Supply: Short‐Sellers and Stock Returns
... addition, we document an inextricable link between accounting characteristics associated with equity market pricing anomalies, and short‐selling activities. Specifically, we find that these accounting characteristics increase borrowing costs and reduce the supply of available shares for lending, ...
... addition, we document an inextricable link between accounting characteristics associated with equity market pricing anomalies, and short‐selling activities. Specifically, we find that these accounting characteristics increase borrowing costs and reduce the supply of available shares for lending, ...
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.