The relative asset pricing model
... retail investors with implicit liabilities). Through a unique accounting ruling, U.S. public pension funds have their expected target rate of return, say 7.5% per annum, as their effective but implicit liability, which is then translated back to an SAA of multiple assets;12 retail investors behave m ...
... retail investors with implicit liabilities). Through a unique accounting ruling, U.S. public pension funds have their expected target rate of return, say 7.5% per annum, as their effective but implicit liability, which is then translated back to an SAA of multiple assets;12 retail investors behave m ...
- Anton Bekkerman
... agricultural labor often reduces producer costs, which in turn affect market prices. • Higher incomes – Overall income in the U.S. has an effect on the demand for agricultural products. Over time, less food is cooked at home, and more is purchased outside of home. The ratio of household expenditure ...
... agricultural labor often reduces producer costs, which in turn affect market prices. • Higher incomes – Overall income in the U.S. has an effect on the demand for agricultural products. Over time, less food is cooked at home, and more is purchased outside of home. The ratio of household expenditure ...
Market E¢ciency and Price Formation when Dealers are Asymmetrically Informed ¤ R. Calcagno
... of a quote driven market when: i) one of the market makers has superior information on the value of the traded asset; ii) his quotes are observable by the other market makers. We consider a model where a risky asset is exchanged for a riskless asset between market makers and liquidity traders and wh ...
... of a quote driven market when: i) one of the market makers has superior information on the value of the traded asset; ii) his quotes are observable by the other market makers. We consider a model where a risky asset is exchanged for a riskless asset between market makers and liquidity traders and wh ...
Paying for Market Quality
... that are traded in a continuous market. Therefore, our focus is not on market failure but on the impact of market-maker adoption on conventional measures of market quality such as spreads, depth and volatility. We also link changes in these measures to changes in the cost of capital of the firm. Fur ...
... that are traded in a continuous market. Therefore, our focus is not on market failure but on the impact of market-maker adoption on conventional measures of market quality such as spreads, depth and volatility. We also link changes in these measures to changes in the cost of capital of the firm. Fur ...
NBER WORKING PAPER SERIES DEMAND-BASED OPTION PRICING Nicolae Garleanu Lasse Heje Pedersen
... in zero net supply, a representative investor holds no options. We reconcile this finding for dealers who have significant short index option positions. Intuitively, an investor will short index options, but only a finite number of options. Hence, while a standardutility investor may not be marginal ...
... in zero net supply, a representative investor holds no options. We reconcile this finding for dealers who have significant short index option positions. Intuitively, an investor will short index options, but only a finite number of options. Hence, while a standardutility investor may not be marginal ...
Demand-Based Option Pricing
... taking portfolio considerations into account, that is, the effect of demand for one option on the prices of other options. Third, the general idea of demand pressure effects goes back at least to Keynes (1923) and Hicks (1939), who considered futures markets. Our model is the first to apply this ide ...
... taking portfolio considerations into account, that is, the effect of demand for one option on the prices of other options. Third, the general idea of demand pressure effects goes back at least to Keynes (1923) and Hicks (1939), who considered futures markets. Our model is the first to apply this ide ...
Contracts Outline, Fall 2003, Prof. Haley
... 2. It would defeat the reasonable expectations of the other party and undermine the security of transactions as a whole if courts based assent on what a party actually thought rather than on what he reasonably seemed to have intended by his words or conduct. 3. Kabil Developments Corp v. Mignot a. w ...
... 2. It would defeat the reasonable expectations of the other party and undermine the security of transactions as a whole if courts based assent on what a party actually thought rather than on what he reasonably seemed to have intended by his words or conduct. 3. Kabil Developments Corp v. Mignot a. w ...
contracts review - NYU School of Law
... Avoidability: Injured parties are obligated to try to minimize losses; one cannot seek a worse position in order to increase damages. Evidentiary presumptions: In commercial settings, we assume that parties intend to enter legal relations, whereas in marriage, for instance, we assume the opposite. G ...
... Avoidability: Injured parties are obligated to try to minimize losses; one cannot seek a worse position in order to increase damages. Evidentiary presumptions: In commercial settings, we assume that parties intend to enter legal relations, whereas in marriage, for instance, we assume the opposite. G ...
SunAmerica Dynamic Allocation Portfolio Summary
... emerging markets. The Fund-of-Funds Component seeks to achieve current income through its investments in Underlying Portfolios that primarily invest in fixed income securities, including both U.S. and foreign investment grade securities, but the Portfolio normally does not expect to have more than 5 ...
... emerging markets. The Fund-of-Funds Component seeks to achieve current income through its investments in Underlying Portfolios that primarily invest in fixed income securities, including both U.S. and foreign investment grade securities, but the Portfolio normally does not expect to have more than 5 ...
Paper
... be used as collateral, for example in a repo transaction, or through rehypothecation. When available, this possibility is used in equilibrium by direct lenders to borrowers: lenders want to lever up into hedonic interest rates, which are higher than the returns to cash. These "pyramiding lending ar ...
... be used as collateral, for example in a repo transaction, or through rehypothecation. When available, this possibility is used in equilibrium by direct lenders to borrowers: lenders want to lever up into hedonic interest rates, which are higher than the returns to cash. These "pyramiding lending ar ...
partition-dependent framing effects in lab and field prediction markets
... claims on actual events. A claim pays off if and only if its associated event occurs. The price of the contingent claim is thought to reflect the market’s collective probability judgment about the event’s likelihood (Manski 2006; Wolfers and Zitzewitz 2005b). Most economists are instinctively skepti ...
... claims on actual events. A claim pays off if and only if its associated event occurs. The price of the contingent claim is thought to reflect the market’s collective probability judgment about the event’s likelihood (Manski 2006; Wolfers and Zitzewitz 2005b). Most economists are instinctively skepti ...
PDF
... facilitating access to credit. If they function ‘well’, they provide a safer arrangement for the rural farmers in need of credit (Gaye, 1991a:4; Ortmann and King, 2007:7; Yaron, 1992:1). In addition to the above institutions, especially in cases of potential commercial transactions, product contract ...
... facilitating access to credit. If they function ‘well’, they provide a safer arrangement for the rural farmers in need of credit (Gaye, 1991a:4; Ortmann and King, 2007:7; Yaron, 1992:1). In addition to the above institutions, especially in cases of potential commercial transactions, product contract ...
ASX Clear Schedule 01 - Risk Based Capital Requirements
... “Liquid Margin” means the amount calculated by deducting the Total Risk Requirement amount from the amount of Liquid Capital. “Market Spot Exchange Rate” means the closing rate of exchange for foreign currencies against Australian dollars on each Business Day, having a settlement period of 2 days. “ ...
... “Liquid Margin” means the amount calculated by deducting the Total Risk Requirement amount from the amount of Liquid Capital. “Market Spot Exchange Rate” means the closing rate of exchange for foreign currencies against Australian dollars on each Business Day, having a settlement period of 2 days. “ ...
Market Segmentation, Information Asymmetry
... earnings announcements will differ across the A- and B-markets. Both the domestic investors in A-markets and the foreign investors in B-markets revise their expectations and interpretation about the earnings of the company based on their own pre-disclosure belief. In particular, the market with more ...
... earnings announcements will differ across the A- and B-markets. Both the domestic investors in A-markets and the foreign investors in B-markets revise their expectations and interpretation about the earnings of the company based on their own pre-disclosure belief. In particular, the market with more ...
Spot Market Competition and Long-Term
... In addition, long-term contracts in electricity markets typically take the form of options - i.e. they are purely financial contracts unrelated to the purchase or sale of electricity in the spot market, rather than futures contracts per se. These contracts - known as "contracts for differences" - spe ...
... In addition, long-term contracts in electricity markets typically take the form of options - i.e. they are purely financial contracts unrelated to the purchase or sale of electricity in the spot market, rather than futures contracts per se. These contracts - known as "contracts for differences" - spe ...
RTF format
... it is open to the purchaser to retract his repudiation and tender performance of his obligations. It is only when the seller has exercised his election to accept the repudiation that the contract is cancelled. Only when the date of cancellation has been crystallised can any question of damages arise ...
... it is open to the purchaser to retract his repudiation and tender performance of his obligations. It is only when the seller has exercised his election to accept the repudiation that the contract is cancelled. Only when the date of cancellation has been crystallised can any question of damages arise ...
SAST - VCP Value Portfolio Summary Prospectus
... Annual Portfolio Operating Expenses” shall not include extraordinary expenses (i.e., expenses that are unusual in nature and/or infrequent in occurrence, such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale ...
... Annual Portfolio Operating Expenses” shall not include extraordinary expenses (i.e., expenses that are unusual in nature and/or infrequent in occurrence, such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale ...
FORM 10-Q - Vanguard Natural Resources LLC
... “may,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “continue,” or other similar words. These statements discuss future expectations, contain projections of results of operations or of financial condition or state other “forward-looking” information. We and our representatives may from t ...
... “may,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “continue,” or other similar words. These statements discuss future expectations, contain projections of results of operations or of financial condition or state other “forward-looking” information. We and our representatives may from t ...
Credit default swaps. Contract characteristics and
... payments to be made, on an aggregate level, in the event of the default of a reference entity4 (assuming the market value of defaulting bonds equal to zero5). Since 2008, have been developed procedures to reduce the gross notional value of CDS positions, which can take place in bilateral form - whe ...
... payments to be made, on an aggregate level, in the event of the default of a reference entity4 (assuming the market value of defaulting bonds equal to zero5). Since 2008, have been developed procedures to reduce the gross notional value of CDS positions, which can take place in bilateral form - whe ...
Etiqa Insurance Berhad Overall Risk Level Basis of Unit Valuation
... 1 Market Risk - The risk of losses in the value of an investment fund, due to factors that affect the overall performance of financial markets. These factors could be the current situation or future outlook, and could be both local and foreign. These factors could include the economy, politics, gove ...
... 1 Market Risk - The risk of losses in the value of an investment fund, due to factors that affect the overall performance of financial markets. These factors could be the current situation or future outlook, and could be both local and foreign. These factors could include the economy, politics, gove ...
Market force, ecology and evolution
... possible to make inferences about identity. Thus some traders may have a bigger influence on price formation than others (e.g. O’Hara, 1995). 9This derivation, along with many of the other results in this paper, was presented at a seminar at Jussieu in Paris, in June 1997. A similar derivation was g ...
... possible to make inferences about identity. Thus some traders may have a bigger influence on price formation than others (e.g. O’Hara, 1995). 9This derivation, along with many of the other results in this paper, was presented at a seminar at Jussieu in Paris, in June 1997. A similar derivation was g ...
Essentials of Financial Risk Management
... life of their own, moving farther and faster than models predict and sometimes concluding with events that are theoretically unlikely. There is tremendous value in a qualitative, as well as a quantitative, approach to risk management. Risk management cannot be reduced to a simple checklist or mechan ...
... life of their own, moving farther and faster than models predict and sometimes concluding with events that are theoretically unlikely. There is tremendous value in a qualitative, as well as a quantitative, approach to risk management. Risk management cannot be reduced to a simple checklist or mechan ...
LAWS2111-Notes-20131-1
... 1. Bank deposit made the offer more than mere puff in any reasonable persons objective opinion 2. Offer was made to the whole world and could be accepted by any person who performed the conditions 3. Reward type of offer so offeror dispensed notification 4. Enough restriction and certainty was given ...
... 1. Bank deposit made the offer more than mere puff in any reasonable persons objective opinion 2. Offer was made to the whole world and could be accepted by any person who performed the conditions 3. Reward type of offer so offeror dispensed notification 4. Enough restriction and certainty was given ...
Fund Summary Sheet TMLS Singapore Cash Fund
... deposit-taking financial institution. Although the Underlying Fund Sub-Manager may seek to maintain or preserve the value of the principal of the MMF, there can be no assurance that the Fund shall be able to meet this objective. The MMF is not a guaranteed fund, in that there is no guarantee as to t ...
... deposit-taking financial institution. Although the Underlying Fund Sub-Manager may seek to maintain or preserve the value of the principal of the MMF, there can be no assurance that the Fund shall be able to meet this objective. The MMF is not a guaranteed fund, in that there is no guarantee as to t ...