Forecasting Prices in the Presence of Hidden Liquidity
... We hypothesize that this happens for two reasons: first, markets are fragmented; liquidity is typically posted on various exchanges. In the U.S. stock markets, for example, Reg NMS requires that all market orders be routed to the venue with the best price. Moreover, limit orders that could be immedi ...
... We hypothesize that this happens for two reasons: first, markets are fragmented; liquidity is typically posted on various exchanges. In the U.S. stock markets, for example, Reg NMS requires that all market orders be routed to the venue with the best price. Moreover, limit orders that could be immedi ...
Janus Research Fund - Proxy
... broker-dealers and institutions. There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral provided to the Fund to collateralize the loan ...
... broker-dealers and institutions. There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral provided to the Fund to collateralize the loan ...
A Beginners` Guide to Commodity Market
... fact, in the absence of futures market, they would be compelled to speculate on prices. Futures market helps them to avoid speculation by entering into hedge contracts. It is however extremely unlikely for every hedger to find a hedger counterparty with matching requirements. The hedgers intend to s ...
... fact, in the absence of futures market, they would be compelled to speculate on prices. Futures market helps them to avoid speculation by entering into hedge contracts. It is however extremely unlikely for every hedger to find a hedger counterparty with matching requirements. The hedgers intend to s ...
Information about Financial instruments
... price. This difference can be expressed as the compound rate of interest on the bond to maturity. If the investor chooses to sell the bond before maturity (early redemption), payment is restricted to the proceeds of the sale. Zero bonds are usually issued at a deep discount to their nominal value an ...
... price. This difference can be expressed as the compound rate of interest on the bond to maturity. If the investor chooses to sell the bond before maturity (early redemption), payment is restricted to the proceeds of the sale. Zero bonds are usually issued at a deep discount to their nominal value an ...
investment banking and securities issuance
... especially equities, is research coverage (forecasts and recommendations) by security analysts. Since the investment banking firm providing research reports also underwrites offerings, this is referred to as “sell-side” coverage. There is a perception that analyst coverage has become more important o ...
... especially equities, is research coverage (forecasts and recommendations) by security analysts. Since the investment banking firm providing research reports also underwrites offerings, this is referred to as “sell-side” coverage. There is a perception that analyst coverage has become more important o ...
End Game - Analyze Now
... Those who retired in 1948 had relatively low inflation while those who retired in 1965 like my father experienced devastating reduction in purchasing power. When my father died at age 96, a dollar declined from its age 80 purchasing value to only 36 cents. Worse, it was worth only 20 cents from his ...
... Those who retired in 1948 had relatively low inflation while those who retired in 1965 like my father experienced devastating reduction in purchasing power. When my father died at age 96, a dollar declined from its age 80 purchasing value to only 36 cents. Worse, it was worth only 20 cents from his ...
AON CORP (Form: 11-K, Received: 07/01/1996 00
... Investments, except for unallocated guaranteed insurance contracts, are carried at fair value, which for marketable securities is based on quotations obtained from national securities exchanges and various other sources. Investments in unallocated guaranteed insurance contracts are valued at contrac ...
... Investments, except for unallocated guaranteed insurance contracts, are carried at fair value, which for marketable securities is based on quotations obtained from national securities exchanges and various other sources. Investments in unallocated guaranteed insurance contracts are valued at contrac ...
risk management: an introduction to financial engineering
... The term immunization is sometimes used as well. As we will discuss, there are many different types of hedging and many different techniques. Frequently, when a firm desires to hedge a particular risk, there will be no direct way of doing so. The financial manager’s job in such cases is to create a ...
... The term immunization is sometimes used as well. As we will discuss, there are many different types of hedging and many different techniques. Frequently, when a firm desires to hedge a particular risk, there will be no direct way of doing so. The financial manager’s job in such cases is to create a ...
Demutualization Risks and Credit Unions
... leadership in a rapidly changing financial services industry. Demutualization provides us with the capital structure needed to pursue growth through strategic acquisitions, to develop new products and services and to invest in technology. We believe that pursuing these strategic opportunities will s ...
... leadership in a rapidly changing financial services industry. Demutualization provides us with the capital structure needed to pursue growth through strategic acquisitions, to develop new products and services and to invest in technology. We believe that pursuing these strategic opportunities will s ...
fundamental analysis in security investment and its
... which have a great impact on the changes of stock value. This method is widely used in order to determine intrinsic value of shares in the market. Fundamentals, which should be analyzed involve inside information pertaining to companies, financial statement, business activities, and both internation ...
... which have a great impact on the changes of stock value. This method is widely used in order to determine intrinsic value of shares in the market. Fundamentals, which should be analyzed involve inside information pertaining to companies, financial statement, business activities, and both internation ...
1 AS FILED WITH THE SECURITIES AND EXCHANGE
... Development ("IPD") and Western International University, Inc. ("WIU"), is a leading provider of higher education programs for working adults based on the number of working adults enrolled in its programs. The Company believes that its teaching/learning model differentiates its programs from those o ...
... Development ("IPD") and Western International University, Inc. ("WIU"), is a leading provider of higher education programs for working adults based on the number of working adults enrolled in its programs. The Company believes that its teaching/learning model differentiates its programs from those o ...
Chapter 16
... Personal Taxes (cont.) • Table 16-2 shows the cash flow consequences of the alternative methods for distributing cash to the shareholders that were introduced in Table 16-1. • It is assumed that both dividends and capital gains are taxed at 15%. ...
... Personal Taxes (cont.) • Table 16-2 shows the cash flow consequences of the alternative methods for distributing cash to the shareholders that were introduced in Table 16-1. • It is assumed that both dividends and capital gains are taxed at 15%. ...
popular earnings management techniques
... Companies often buy stock in other companies either to invest excess funds or to achieve some type of strategic alliance. GAAP presumes that investments of less than 20 percent of the stock of another company are passive investments and therefore the investing company need not include a share of the ...
... Companies often buy stock in other companies either to invest excess funds or to achieve some type of strategic alliance. GAAP presumes that investments of less than 20 percent of the stock of another company are passive investments and therefore the investing company need not include a share of the ...
Income as the Source of Long-Term Returns
... One factor that has historically led some investors to underestimate the impact of income has been a reluctance to consider a true long-term horizon. References to long-term investment performance often tend to cite 3- or 5-year asset class returns. We challenge this definition of a long-term horizo ...
... One factor that has historically led some investors to underestimate the impact of income has been a reluctance to consider a true long-term horizon. References to long-term investment performance often tend to cite 3- or 5-year asset class returns. We challenge this definition of a long-term horizo ...
The Second Circuit`s Role in Expanding the SEC`s Jurisdiction Abroad
... who have purchased foreign securities on American exchanges and to protect the domestic securities market from the effects of improper foreign transactions in American securities. In our view, neither the usual presumption against extraterritorial application of legislation nor the specific language ...
... who have purchased foreign securities on American exchanges and to protect the domestic securities market from the effects of improper foreign transactions in American securities. In our view, neither the usual presumption against extraterritorial application of legislation nor the specific language ...
Stock prices volatility and trading volume
... Kingdom. Inter alia, he proved that major financial market crises had a significant impact on return volatility of investigated stock markets as well. Among them, the global financial crisis of 2007-2008 had the greatest and the most durable impact. His study also suggests strong comovement between ...
... Kingdom. Inter alia, he proved that major financial market crises had a significant impact on return volatility of investigated stock markets as well. Among them, the global financial crisis of 2007-2008 had the greatest and the most durable impact. His study also suggests strong comovement between ...
Who sets the price of gold? London or New York
... specific announcements may have a tendency to be incorporated into specific markets, generating variation in price discovery shares. The UK gold fixing is ‘leaky’ in that information about the fix is leaked to market participants before the fixing process is completed (Caminschi & Heaney, 2014) and ...
... specific announcements may have a tendency to be incorporated into specific markets, generating variation in price discovery shares. The UK gold fixing is ‘leaky’ in that information about the fix is leaked to market participants before the fixing process is completed (Caminschi & Heaney, 2014) and ...
Investor Behaviour and Lottery Stocks
... relatively simple trading rules, showing that trading activity is affected following monthly high or low records. Furthermore, Barber and Odean (2008) show that stocks that are considered “attention-grabbing” by exhibiting extreme daily returns are attractive to individual investors. In this study, ...
... relatively simple trading rules, showing that trading activity is affected following monthly high or low records. Furthermore, Barber and Odean (2008) show that stocks that are considered “attention-grabbing” by exhibiting extreme daily returns are attractive to individual investors. In this study, ...
Special Comment US Executive Pay Structure and Metrics
... that some boards are reluctant to see their executives punished when options fail to deliver value. This negative effect on retention would not be so worrisome if the outcomes were simply a matter of poor performance for shareholders, since presumably a change of management is appropriate in those s ...
... that some boards are reluctant to see their executives punished when options fail to deliver value. This negative effect on retention would not be so worrisome if the outcomes were simply a matter of poor performance for shareholders, since presumably a change of management is appropriate in those s ...
Sun Pharmaceuticals (SUNPHA)
... of 8-10% also looks a bit conservative given the residual traction from gGleevec (four months exclusivity), Japanese traction from H2 and likely product launches in H2FY17 from Halol (assuming USFDA resolution). This indicates that the management is expecting some genuine pricing pressure in the US ...
... of 8-10% also looks a bit conservative given the residual traction from gGleevec (four months exclusivity), Japanese traction from H2 and likely product launches in H2FY17 from Halol (assuming USFDA resolution). This indicates that the management is expecting some genuine pricing pressure in the US ...
FDI - CMAI
... a. a price based on earning per share (EPS linked to the Price Earning (P/E) multiple ,or a price based on the Net Asset Value (NAV) linked to book value multiple, whichever is higher, b. the prevailing market price in small lots as may be laid down by the Reserve Bank so that the entire shareholdin ...
... a. a price based on earning per share (EPS linked to the Price Earning (P/E) multiple ,or a price based on the Net Asset Value (NAV) linked to book value multiple, whichever is higher, b. the prevailing market price in small lots as may be laid down by the Reserve Bank so that the entire shareholdin ...
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.