The Objective in Corporate Finance
... In theory: there is no conflict of interests between stockholders and bondholders. In practice: Stockholders may maximize their wealth at the expense of bondholders. • Increasing dividends significantly: When firms pay cash out as dividends, lenders to the firm are hurt and stockholders may be helpe ...
... In theory: there is no conflict of interests between stockholders and bondholders. In practice: Stockholders may maximize their wealth at the expense of bondholders. • Increasing dividends significantly: When firms pay cash out as dividends, lenders to the firm are hurt and stockholders may be helpe ...
Liquidity and Market Crashes
... in the form of excessive selling, and why it comes in large magnitudes. In this paper, we show that the same cost that hinders the ex post supply of liquidity also generates the need for liquidity in the first place. Despite the symmetric nature of market participants’ idiosyncratic trading needs, ...
... in the form of excessive selling, and why it comes in large magnitudes. In this paper, we show that the same cost that hinders the ex post supply of liquidity also generates the need for liquidity in the first place. Despite the symmetric nature of market participants’ idiosyncratic trading needs, ...
Heterogeneity and Portfolio Choice: Theory and
... Despite increases in participation, wealth and stock holdings in the U.S. remain highly concentrated in dollar terms. For example, in 1989 the top 10% of the wealth distribution held 84 percent of the stock. This dropped slightly to 83 percent in 1995, and further to 76.6 percent in 2001. In fact, h ...
... Despite increases in participation, wealth and stock holdings in the U.S. remain highly concentrated in dollar terms. For example, in 1989 the top 10% of the wealth distribution held 84 percent of the stock. This dropped slightly to 83 percent in 1995, and further to 76.6 percent in 2001. In fact, h ...
Buongiorno SpA (BVIT.MI)
... Research reports distributed in the Russian Federation are not advertising as defined in Russian law, but are information and analysis not having product promotion as their main purpose and do not provide appraisal within the meaning of the Russian Law on Appraisal. Singapore: Further information on ...
... Research reports distributed in the Russian Federation are not advertising as defined in Russian law, but are information and analysis not having product promotion as their main purpose and do not provide appraisal within the meaning of the Russian Law on Appraisal. Singapore: Further information on ...
The Relationship between Portfolio Return Volatility and Stock
... Today, investing is a major element of economic activity and one of the requirements to progress in any society is investment; investors seek to invest their funds in where gives the highest returns and few signs of risk. Any investor also consider to several important factors, most notably are the ...
... Today, investing is a major element of economic activity and one of the requirements to progress in any society is investment; investors seek to invest their funds in where gives the highest returns and few signs of risk. Any investor also consider to several important factors, most notably are the ...
SAI - Cortina Asset Management
... price may be volatile. Therefore, the price of a convertible security may reflect variations in the price of the underlying common stock in a way that nonconvertible debt does not. The extent to which such risk is reduced, however, depends in large measure upon the degree to which the convertible se ...
... price may be volatile. Therefore, the price of a convertible security may reflect variations in the price of the underlying common stock in a way that nonconvertible debt does not. The extent to which such risk is reduced, however, depends in large measure upon the degree to which the convertible se ...
Commodities Outlook LME Asia seminar: Copper, zinc and lead
... advice is appropriate in light of your particular investment needs, objectives and financial circumstances. There are risks involved in securities trading. The price of securities can and does fluctuate, and an individual security may even become valueless. International investors are reminded of th ...
... advice is appropriate in light of your particular investment needs, objectives and financial circumstances. There are risks involved in securities trading. The price of securities can and does fluctuate, and an individual security may even become valueless. International investors are reminded of th ...
stock market overreaction and trading volume
... and low-volume securities were selected using various percentage filters. For example, stocks need to exhibit an increase in volume of 50% to 100% from the previous week for the stocks to be classified as high volume. Contrary to Conrad et al. (1994), the findings showed that low-volume stocks had s ...
... and low-volume securities were selected using various percentage filters. For example, stocks need to exhibit an increase in volume of 50% to 100% from the previous week for the stocks to be classified as high volume. Contrary to Conrad et al. (1994), the findings showed that low-volume stocks had s ...
INTERNATIONAL Route des Morillons 15 Tel: (41 22) 929 88 88 CO
... Although co-operative legislations can be very different from one country to another, cooperative member shares have common characteristics. Member shares are recognized by members as risk capital. In the unfortunate incidence of a bankruptcy, member shares participate in losses if the co-operative’ ...
... Although co-operative legislations can be very different from one country to another, cooperative member shares have common characteristics. Member shares are recognized by members as risk capital. In the unfortunate incidence of a bankruptcy, member shares participate in losses if the co-operative’ ...
Article 81(1)
... • Selective distribution: – Qualitative selective distribution – no limit on market share (case law reliant) – Quantitative selective distribution 40% cap ...
... • Selective distribution: – Qualitative selective distribution – no limit on market share (case law reliant) – Quantitative selective distribution 40% cap ...
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION
... shares of common stock, without par value (the "Common Stock"), of Heidrick & Struggles International, Inc. ("H&S" or the "Company") offered initially hereby, shares are being offered by the Company and shares are being offered by certain selling stockholders (the "Selling Stockholders," collectivel ...
... shares of common stock, without par value (the "Common Stock"), of Heidrick & Struggles International, Inc. ("H&S" or the "Company") offered initially hereby, shares are being offered by the Company and shares are being offered by certain selling stockholders (the "Selling Stockholders," collectivel ...
DOES SHAREHOLDER COMPOSITION AFFECT STOCK RETURNS?
... is that each manager includes all client accounts in a single 13(f) filing. For example, many investment managers file one statement for both the mutual funds they manage and for their private clients; banks manage both trust and pension accounts which can have very different investment guidelines. ...
... is that each manager includes all client accounts in a single 13(f) filing. For example, many investment managers file one statement for both the mutual funds they manage and for their private clients; banks manage both trust and pension accounts which can have very different investment guidelines. ...
Effect of Investor Sentiment on Market Response to Stock Splits
... the stock market is dominated by irrational investors and hence overvalued. They find that increases in liquidity, measured by share turnover, have predictive power for future CRSP equal-weighted market returns. By using a data base of more than 1.85 million retail investor transaction over 1991- 19 ...
... the stock market is dominated by irrational investors and hence overvalued. They find that increases in liquidity, measured by share turnover, have predictive power for future CRSP equal-weighted market returns. By using a data base of more than 1.85 million retail investor transaction over 1991- 19 ...
February 9, 1994 File No. ---------------
... with the effect of changing or influencing the control of the issuer, nor in connection with or as a participant in any transaction having such purpose or effect." The Equitable Entities have certified in their Schedule 13G that they meet this criterion. Alliance's business is to manage investment ...
... with the effect of changing or influencing the control of the issuer, nor in connection with or as a participant in any transaction having such purpose or effect." The Equitable Entities have certified in their Schedule 13G that they meet this criterion. Alliance's business is to manage investment ...
Investor Psychology and Security Market Under- and
... negative return autocorrelation. Because our model assumes that investors are overconfident only about private signals, we obtain underreaction as well as overreaction effects. Furthermore, because we consider time-varying confidence, there is continuing overreaction to private signals over time. Th ...
... negative return autocorrelation. Because our model assumes that investors are overconfident only about private signals, we obtain underreaction as well as overreaction effects. Furthermore, because we consider time-varying confidence, there is continuing overreaction to private signals over time. Th ...
Refunding Bonds Terminology
... Listed below different terms and concepts that are important for issuers to understand in order to successfully execute a bond refunding. Optional Redemption or Call Provision. Almost all bonds are structured with an optional call or redemption provision, which allows the issuer to prepay the bonds ...
... Listed below different terms and concepts that are important for issuers to understand in order to successfully execute a bond refunding. Optional Redemption or Call Provision. Almost all bonds are structured with an optional call or redemption provision, which allows the issuer to prepay the bonds ...
MWRA Side Letter
... The Investor has advised the Strategy and the Manager that under Massachusetts General Laws Chapter 32, §§ 23(2)(g)(ii) and (iii), no funds of the MWRA Employees’ Retirement System can be invested in any bank or financial institution which directly or through any subsidiary has outstanding loans to ...
... The Investor has advised the Strategy and the Manager that under Massachusetts General Laws Chapter 32, §§ 23(2)(g)(ii) and (iii), no funds of the MWRA Employees’ Retirement System can be invested in any bank or financial institution which directly or through any subsidiary has outstanding loans to ...
IPO Underpricing in a Simultaneous Equations Model of Supply and
... major suppliers on the listing day (Fishe, 2002; Aggarwal, 2003). In the Saudi market, 85% of the IPOs are offered solely to individuals (retailers) at a pre-announced fixed-price. Furthermore, in our case, information about the methods used to allocate the shares and the exact number of shares allo ...
... major suppliers on the listing day (Fishe, 2002; Aggarwal, 2003). In the Saudi market, 85% of the IPOs are offered solely to individuals (retailers) at a pre-announced fixed-price. Furthermore, in our case, information about the methods used to allocate the shares and the exact number of shares allo ...
Does Pre-trade Transparency Affect the Market Quality in an Order
... high-low volatility, and MRR adverse selection cost. These market quality measures were also adopted for the order driven market analysis undertaken by Eom et al. (2007). We use a disclosure reform event on the TSE, a large order-driven market. The TSE publicly discloses a specified number of best b ...
... high-low volatility, and MRR adverse selection cost. These market quality measures were also adopted for the order driven market analysis undertaken by Eom et al. (2007). We use a disclosure reform event on the TSE, a large order-driven market. The TSE publicly discloses a specified number of best b ...
Anatomy of a Bond Futures Contract Delivery Squeeze
... depth for customer buy trades, which randomly penalize hedgers. Second, exchanges should mark-to-market the specifications of their contracts more frequently, so that the term structure which underlies the calculation of conversion factors does not become dramatically different from the prevailing t ...
... depth for customer buy trades, which randomly penalize hedgers. Second, exchanges should mark-to-market the specifications of their contracts more frequently, so that the term structure which underlies the calculation of conversion factors does not become dramatically different from the prevailing t ...
When do Investors Exhibit Stronger Behavioral Biases?
... (2003), I use trading correlation as a proxy for other behavioral biases such as limited attention and representativeness.6 I find that trading correlations are higher within the subset of stocks which are more difficult to value. This indicates that, in addition to overconfidence and the disposition eff ...
... (2003), I use trading correlation as a proxy for other behavioral biases such as limited attention and representativeness.6 I find that trading correlations are higher within the subset of stocks which are more difficult to value. This indicates that, in addition to overconfidence and the disposition eff ...
SAST - SA JPMorgan MFS Core Bond Portfolio Summary
... issuers generally, such as unfavorable government actions, and political or financial instability. Lack of information may also affect the value of these securities. The risks of foreign investments are heightened when investing in issuers in emerging market countries. ...
... issuers generally, such as unfavorable government actions, and political or financial instability. Lack of information may also affect the value of these securities. The risks of foreign investments are heightened when investing in issuers in emerging market countries. ...
Short (finance)
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In finance, short selling (also known as shorting or going short) is the practice of selling securities or other financial instruments that are not currently owned, and subsequently repurchasing them (""covering""). In the event of an interim price decline, the short seller will profit, since the cost of (re)purchase will be less than the proceeds which were received upon the initial (short) sale. Conversely, the short position will be closed out at a loss in the event that the price of a shorted instrument should rise prior to repurchase. The potential loss on a short sale is theoretically unlimited in the event of an unlimited rise in the price of the instrument, however in practice the short seller will be required to post margin or collateral to cover losses, and any inability to do so on a timely basis would cause its broker or counterparty to liquidate the position. In the securities markets, the seller generally must borrow the securities in order to effect delivery in the short sale. In some cases, the short seller must pay a fee to borrow the securities and must additionally reimburse the lender for cash returns the lender would have received had the securities not been loaned out.Short selling is most commonly done with instruments traded in public securities, futures or currency markets, due to the liquidity and real-time price dissemination characteristic of such markets and because the instruments defined within each class are fungible.In practical terms, going short can be considered the opposite of the conventional practice of ""going long"", whereby an investor profits from an increase in the price of the asset. Mathematically, the return from a short position is equivalent to that of owning (being ""long"") a negative amount of the instrument. A short sale may be motivated by a variety of objectives. Speculators may sell short in the hope of realizing a profit on an instrument which appears to be overvalued, just as long investors or speculators hope to profit from a rise in the price of an instrument which appears undervalued. Traders or fund managers may hedge a long position or a portfolio through one or more short positions.