How Do Mergers Create Value? A Comparison of Taxes, Market
... reductions in investments. If mergers are undertaken due to tax reasons, we will expect them to create value primarily due to financial synergies. In contrast, mergers that result primarily in increased market power for the merging firms would create higher operating profits due to revenue increases/co ...
... reductions in investments. If mergers are undertaken due to tax reasons, we will expect them to create value primarily due to financial synergies. In contrast, mergers that result primarily in increased market power for the merging firms would create higher operating profits due to revenue increases/co ...
Scope and Definition
... or controllers. Most arbitral tribunals have decided that the countryof-incorporation test does not authorize or require them to do so. This issue needs to be given due attention, if a State wishes to eliminate the risk of claims by “mailbox” companies. There has been an increasing trend to combine ...
... or controllers. Most arbitral tribunals have decided that the countryof-incorporation test does not authorize or require them to do so. This issue needs to be given due attention, if a State wishes to eliminate the risk of claims by “mailbox” companies. There has been an increasing trend to combine ...
Explaining the Magnitude of Liquidity Premia
... rate to a rate of 0%. However, this premium may not be the same as the one obtained when the low liquidity portfolio with a cost rate of 3% is compared to the low liquidity portfolio with a cost rate of 1%. When we check, we find that the premia in all cases are lower when the 3% to 1% comparison is ...
... rate to a rate of 0%. However, this premium may not be the same as the one obtained when the low liquidity portfolio with a cost rate of 3% is compared to the low liquidity portfolio with a cost rate of 1%. When we check, we find that the premia in all cases are lower when the 3% to 1% comparison is ...
RFP NO. NM INV-001-FY16 - Public Employees Retirement
... the 1 year, and 3, 4, 5, and, if available 7 and 10 year annualized periods ending September 30, 2015 and rolling 3 year periods, using quarterly rolls, for periods up to a minimum of 5 years (more if available). Other periods, if information is available, may be evaluated solely at PERA’s discretio ...
... the 1 year, and 3, 4, 5, and, if available 7 and 10 year annualized periods ending September 30, 2015 and rolling 3 year periods, using quarterly rolls, for periods up to a minimum of 5 years (more if available). Other periods, if information is available, may be evaluated solely at PERA’s discretio ...
FORM 10-K - corporate
... foreseeable future, we intend to seek to complete a liquidity event within three to five years following the completion of our offering stage or at such earlier time as our board of directors may determine, taking into consideration market conditions and other factors; however, our offering of commo ...
... foreseeable future, we intend to seek to complete a liquidity event within three to five years following the completion of our offering stage or at such earlier time as our board of directors may determine, taking into consideration market conditions and other factors; however, our offering of commo ...
Financial intermediary capital
... achieved with financial intermediaries, which cannot be achieve otherwise. Financial intermediaries have constant returns in our model and hence there is a representative financial intermediary. We first consider the equilibrium spread on intermediated finance in a static environment with a represe ...
... achieved with financial intermediaries, which cannot be achieve otherwise. Financial intermediaries have constant returns in our model and hence there is a representative financial intermediary. We first consider the equilibrium spread on intermediated finance in a static environment with a represe ...
Firm-specific attributes and the cross-section of
... second drug therefore contributes little to the overall value of the firm and news about potential future demand for the second drug has little effect on the firm’s value. If the second drug makes it to advanced stages of development, the value of the overall firm increases because cash flows from marke ...
... second drug therefore contributes little to the overall value of the firm and news about potential future demand for the second drug has little effect on the firm’s value. If the second drug makes it to advanced stages of development, the value of the overall firm increases because cash flows from marke ...
Estimating the Likelihood that a U.S. Multinational Firm Has Cash
... firms’ responses to the AJCA to gain insight into the likelihood that a U.S. MNC has trapped cash. We use changes in the taxation of repatriated earnings due to the AJCA to identify firms with trapped cash and build a model that estimates the likelihood that a firm has trapped cash. This study also ...
... firms’ responses to the AJCA to gain insight into the likelihood that a U.S. MNC has trapped cash. We use changes in the taxation of repatriated earnings due to the AJCA to identify firms with trapped cash and build a model that estimates the likelihood that a firm has trapped cash. This study also ...
162/16 - Manitoba Public Utilities Board
... 2017/18, the Board has selected the same methodology to be utilized for the purposes of setting the lower threshold for the Basic target capital range for the Corporation as in the 2016 GRA, now calculated at $159 million of Basic total equity by MPI. In its Order No. 128/15, in respect of MPI's com ...
... 2017/18, the Board has selected the same methodology to be utilized for the purposes of setting the lower threshold for the Basic target capital range for the Corporation as in the 2016 GRA, now calculated at $159 million of Basic total equity by MPI. In its Order No. 128/15, in respect of MPI's com ...
The Valuation and Risk Management of a DB Underpin
... formula that includes such factors as years of service and salary. For example, a defined benefit pension might be calculated as 1.5% of average salary for the final 5 years of employment, for every year of service with an employer. The benefits in most traditional DB plans may be protected, within ...
... formula that includes such factors as years of service and salary. For example, a defined benefit pension might be calculated as 1.5% of average salary for the final 5 years of employment, for every year of service with an employer. The benefits in most traditional DB plans may be protected, within ...
Changing Business Practices in a New Regulatory Environment
... spreadsheet we implemented a function to split intrinsic and time value of a structure. These programs are written in VBA inside the excel macro. Overall, this project fulfilled the intended goal of sharing information within RBS. . Increased access to this information carries benefits beyond increa ...
... spreadsheet we implemented a function to split intrinsic and time value of a structure. These programs are written in VBA inside the excel macro. Overall, this project fulfilled the intended goal of sharing information within RBS. . Increased access to this information carries benefits beyond increa ...
strAtegIc FINANcIAL MANAgeMeNt (sFM)
... followed in determining accounting profit, e.g., revenue is recognized when the product is sold, not at the time when the cash is collected from such sale; similarly revenue expenditure is recognized when it is incurred, not at the time actual payment is made. Thus, the cash flows as a measure of co ...
... followed in determining accounting profit, e.g., revenue is recognized when the product is sold, not at the time when the cash is collected from such sale; similarly revenue expenditure is recognized when it is incurred, not at the time actual payment is made. Thus, the cash flows as a measure of co ...
The concept of investment efficiency and its application to
... future outcomes, or deciding to follow a peer group allocation that was deemed suitable for the achievement of the objectives. 2.5.3 Quantitative methods include asset modelling (AM) and asset liability modelling (ALM). Both AM and ALM are risk assessment techniques that involve making projections o ...
... future outcomes, or deciding to follow a peer group allocation that was deemed suitable for the achievement of the objectives. 2.5.3 Quantitative methods include asset modelling (AM) and asset liability modelling (ALM). Both AM and ALM are risk assessment techniques that involve making projections o ...
Statement of Advice sample wording
... an appropriate range of investment funds to build your portfolio in line with your individual objectives and needs; is competitively priced and; has a range of flexible features that are simple and easy to use. OneAnswer offers over 90 investment funds from a range of leading fund managers. In ...
... an appropriate range of investment funds to build your portfolio in line with your individual objectives and needs; is competitively priced and; has a range of flexible features that are simple and easy to use. OneAnswer offers over 90 investment funds from a range of leading fund managers. In ...
When does corporate venture capital investment
... Established firms are well positioned to reap lucrative financial returns. First, they may be skilled in selecting valuable ventures. Firms often have expert personnel who possess in-depth knowledge of markets and technology. Larger firms may experience economies of scale and scope in managerial eff ...
... Established firms are well positioned to reap lucrative financial returns. First, they may be skilled in selecting valuable ventures. Firms often have expert personnel who possess in-depth knowledge of markets and technology. Larger firms may experience economies of scale and scope in managerial eff ...
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 ...
Analysis of stock performance based on
... was used, and to determine the price, EV/EBIT was used in the original approach developed by American investor Joel Greenblatt. The second part finds that EV/EBIT is the best price measure as the measure eliminates the effect of leverage, has a solid focus on the cash flows to the enterprise created ...
... was used, and to determine the price, EV/EBIT was used in the original approach developed by American investor Joel Greenblatt. The second part finds that EV/EBIT is the best price measure as the measure eliminates the effect of leverage, has a solid focus on the cash flows to the enterprise created ...
Introduction to Share Buyback Valuation
... Share buybacks should be made when they increase value to the remaining shareholders rather than the selling shareholders, which ultimately means that share buybacks should increase value to so-called eternal shareholders who never sell their shares and thus derive value from the shares only through ...
... Share buybacks should be made when they increase value to the remaining shareholders rather than the selling shareholders, which ultimately means that share buybacks should increase value to so-called eternal shareholders who never sell their shares and thus derive value from the shares only through ...
capitalization rate, mortgage interest rate and
... demand through their impact upon investor's investment decisions and financing decisions. Commercial mortgage demand increases with cap rate but decreases with mortgage interest rate. Commercial mortgage demand is also related to new construction and existing properties. Commercial mortgage demand r ...
... demand through their impact upon investor's investment decisions and financing decisions. Commercial mortgage demand increases with cap rate but decreases with mortgage interest rate. Commercial mortgage demand is also related to new construction and existing properties. Commercial mortgage demand r ...
The Geography of Angel Investment
... (1992a), 37% of angel investments in Connecticut and Massachusetts were made into ventures located over 80 km away from the angel’s home or office. More interestingly, the authors also reported in the same study that angel investments made into ventures located over 480 km away from the angel’s home ...
... (1992a), 37% of angel investments in Connecticut and Massachusetts were made into ventures located over 80 km away from the angel’s home or office. More interestingly, the authors also reported in the same study that angel investments made into ventures located over 480 km away from the angel’s home ...
IPSAS 26 Impairment of Cash-Generating Assets
... This Standard does not apply to inventories and cash-generating assets arising from construction contracts, because existing standards applicable to these assets contain requirements for recognizing and measuring such assets. This Standard does not apply to deferred tax assets, assets related to emp ...
... This Standard does not apply to inventories and cash-generating assets arising from construction contracts, because existing standards applicable to these assets contain requirements for recognizing and measuring such assets. This Standard does not apply to deferred tax assets, assets related to emp ...