Is Noise Trading Cancelled Out by Aggregation?
... and some other parameters. There are N investors, and investor i’s demand is Di = D + ϵi , where investor i’s bias ϵi is a realization from ϵ̃, a random variable with a mean of 0. If ϵ1 , ϵ2 ,...,ϵN are independent realizations and N is large, then the average demand is approximately D, which is th ...
... and some other parameters. There are N investors, and investor i’s demand is Di = D + ϵi , where investor i’s bias ϵi is a realization from ϵ̃, a random variable with a mean of 0. If ϵ1 , ϵ2 ,...,ϵN are independent realizations and N is large, then the average demand is approximately D, which is th ...
Document
... The average investor must weigh the benefits of liquidity against (a) the high taxes generally levied on liquid assets. (b) the lower returns on liquid assets. (c) the high transactions costs involved in disposing of liquid assets. (d) the greater variability in the nominal returns on liquid assets. ...
... The average investor must weigh the benefits of liquidity against (a) the high taxes generally levied on liquid assets. (b) the lower returns on liquid assets. (c) the high transactions costs involved in disposing of liquid assets. (d) the greater variability in the nominal returns on liquid assets. ...
Understanding The SSG
... hard for beginning investors to ignore a downward movement in a stock's price. However, daily movements and market swings make the price fluctuate up and down. Be concerned here about growing earnings per share. A dip in earnings per share should be disturbing, especially when it is unusual for the ...
... hard for beginning investors to ignore a downward movement in a stock's price. However, daily movements and market swings make the price fluctuate up and down. Be concerned here about growing earnings per share. A dip in earnings per share should be disturbing, especially when it is unusual for the ...
Summary Prospectus for the Public Offering of Shares of Nova
... amendment to the Articles of Association of the NLB, authorising the NLB's Management Board to increase, during the period of five years after the entry of the said amendment to the Articles of Association in the Court Register, the Bank’s share capital once or several times by no more than EUR 37,1 ...
... amendment to the Articles of Association of the NLB, authorising the NLB's Management Board to increase, during the period of five years after the entry of the said amendment to the Articles of Association in the Court Register, the Bank’s share capital once or several times by no more than EUR 37,1 ...
Enforcement of Promi..
... Bilateral contract: "a contract in which the contracting parties are bound to fulfil obligations reciprocally towards the other....Contract formed by the exchange of promises in which the promise of one party is consideration supporting the promise of the other as contrasted with a unilateral contra ...
... Bilateral contract: "a contract in which the contracting parties are bound to fulfil obligations reciprocally towards the other....Contract formed by the exchange of promises in which the promise of one party is consideration supporting the promise of the other as contrasted with a unilateral contra ...
![Guide to Securities-Based Borrowing [92425-v3]](http://s1.studyres.com/store/data/021092693_1-1ec5651d32ccdb541e860c8812fdff2b-300x300.png)
Guide to Securities-Based Borrowing [92425-v3]
... When a maintenance call occurs, you will be required to either pay down your loan or debit balance, deposit additional fully paid securities, or sell securities in the account to bring your account equity to be greater than the maintenance requirements. If you are unable to meet the maintenance call ...
... When a maintenance call occurs, you will be required to either pay down your loan or debit balance, deposit additional fully paid securities, or sell securities in the account to bring your account equity to be greater than the maintenance requirements. If you are unable to meet the maintenance call ...
Stock Exchange Ordinance SESTO unofficial translation
... The information contained in this document is given without warranty, implies no obligation of any kind upon SIX Swiss Exchange and may be altered by SIX Swiss Exchange at any time without further notice. SIX Swiss Exchange is not liable for any errors contained in this document. SIX Swiss Exchange ...
... The information contained in this document is given without warranty, implies no obligation of any kind upon SIX Swiss Exchange and may be altered by SIX Swiss Exchange at any time without further notice. SIX Swiss Exchange is not liable for any errors contained in this document. SIX Swiss Exchange ...
Stock Exchange Ordinance
... The information contained in this document is given without warranty, implies no obligation of any kind upon SIX Swiss Exchange and may be altered by SIX Swiss Exchange at any time without further notice. SIX Swiss Exchange is not liable for any errors contained in this document. SIX Swiss Exchange ...
... The information contained in this document is given without warranty, implies no obligation of any kind upon SIX Swiss Exchange and may be altered by SIX Swiss Exchange at any time without further notice. SIX Swiss Exchange is not liable for any errors contained in this document. SIX Swiss Exchange ...
Margin-Based Asset Pricing and Deviations from the Law of One Price
... happens because the risk-tolerant agents cannot borrow as much as they would like due to margin constraints and, therefore, in equilibrium the risk-averse agents must lend less than they otherwise would. In order to induce the risk-averse agents not to lend, the interest rate must drop. Further, in ...
... happens because the risk-tolerant agents cannot borrow as much as they would like due to margin constraints and, therefore, in equilibrium the risk-averse agents must lend less than they otherwise would. In order to induce the risk-averse agents not to lend, the interest rate must drop. Further, in ...
US dividends for the long term
... Typically, dividend yields across many US stocks have been below bond yields. Today, however, investors are faced with an exceptional environment in which the S&P 500 dividend yield is higher than the ten-year Treasury yield (Exhibit 1). With today’s low rates and compressed spreads, the yield on a ...
... Typically, dividend yields across many US stocks have been below bond yields. Today, however, investors are faced with an exceptional environment in which the S&P 500 dividend yield is higher than the ten-year Treasury yield (Exhibit 1). With today’s low rates and compressed spreads, the yield on a ...
- Backpack
... • There is no legal obligation for firms to pay dividends to common shareholders • Shareholders cannot force a Board of Directors to declare a dividend, and courts will not interfere with the BOD’s right to make the dividend decision because: – Board members are jointly and severally liable for any ...
... • There is no legal obligation for firms to pay dividends to common shareholders • Shareholders cannot force a Board of Directors to declare a dividend, and courts will not interfere with the BOD’s right to make the dividend decision because: – Board members are jointly and severally liable for any ...
SEC Hits Van Wagoner and Fund Director Over Private Placements
... securities," and between June 1998 and June 2000, Colman invested in nine private placements of convertible, preferred securities offered by five private companies. The Funds also invested in the same securities offered by the same companies in the same rounds of private financing. Although Colman ...
... securities," and between June 1998 and June 2000, Colman invested in nine private placements of convertible, preferred securities offered by five private companies. The Funds also invested in the same securities offered by the same companies in the same rounds of private financing. Although Colman ...
East African Community Common Market Protocol
... exchange regulations which restricted the flow of capital across its borders. The new measures partially eased existing capital controls, enabling Tanzanian residents and citizens to invest more in EAC, and allowing additional room for foreign investment into Tanzanian capital markets. Capital con ...
... exchange regulations which restricted the flow of capital across its borders. The new measures partially eased existing capital controls, enabling Tanzanian residents and citizens to invest more in EAC, and allowing additional room for foreign investment into Tanzanian capital markets. Capital con ...
Private Placement Financing - Informa Financial Intelligence
... the Company’s Common Shares is below such price, at which point the holder may convert at an alternate price equal to the greater of i) 77.5% of the lowest daily volume weighted average price on any trading day during the 14-consecutive trading day period and i) $1.50. The Convertible Preferred accr ...
... the Company’s Common Shares is below such price, at which point the holder may convert at an alternate price equal to the greater of i) 77.5% of the lowest daily volume weighted average price on any trading day during the 14-consecutive trading day period and i) $1.50. The Convertible Preferred accr ...
ASX Options Ready for super funds and asset advisers
... The main risk of this strategy is that the share price increases strongly during the life of the option and since upside potential is capped, the portfolio misses out on share price gains that it otherwise could have made. For this reason, the buy write strategy is best employed during periods when ...
... The main risk of this strategy is that the share price increases strongly during the life of the option and since upside potential is capped, the portfolio misses out on share price gains that it otherwise could have made. For this reason, the buy write strategy is best employed during periods when ...
Adaptive Expectations and Stock Market Crashes.
... Our theory is related to the “volatility feedback” effect first studied by French et al. (1987), Malkiel (1979), and Pindyck (1984). They point out that greater stock market volatility can lead to a higher risk premium and thus to lower stock prices.5 Campbell and Hentschel (1992) show that this eff ...
... Our theory is related to the “volatility feedback” effect first studied by French et al. (1987), Malkiel (1979), and Pindyck (1984). They point out that greater stock market volatility can lead to a higher risk premium and thus to lower stock prices.5 Campbell and Hentschel (1992) show that this eff ...
recent trends and developments in securities litigation
... certification of the companion class action,13 recent court decisions concerning statutes of repose are now forcing investors to act more quickly (often at the outset of the class litigation) to decide whether filing an individual action is appropriate. Generally speaking, statutes of limitations se ...
... certification of the companion class action,13 recent court decisions concerning statutes of repose are now forcing investors to act more quickly (often at the outset of the class litigation) to decide whether filing an individual action is appropriate. Generally speaking, statutes of limitations se ...
The Stock Trader
... With the explosive growth of the Internet and the major changes occurring in the financial markets, this industry is not just today's "hot thing," but also an industry that is here to stay. Indeed, I truly believe (hat online trading in all its forms is only in its infancy. This industry will contin ...
... With the explosive growth of the Internet and the major changes occurring in the financial markets, this industry is not just today's "hot thing," but also an industry that is here to stay. Indeed, I truly believe (hat online trading in all its forms is only in its infancy. This industry will contin ...
DOC - Valhi, Inc.
... bearing a later date or by voting in person at the Meeting. Attendance by a stockholder at the Meeting will not in itself constitute the revocation of such stockholder's proxy. This proxy solicitation is being made by and on behalf of the Board of Directors. Valhi will pay all expenses related to th ...
... bearing a later date or by voting in person at the Meeting. Attendance by a stockholder at the Meeting will not in itself constitute the revocation of such stockholder's proxy. This proxy solicitation is being made by and on behalf of the Board of Directors. Valhi will pay all expenses related to th ...
VectorVest ProTrader
... Once the market opens, we monitor the movement of our VectorVest Composite to see if the market continues in the same direction projected by the Primary Wave. This not only gives the market a chance to work out some of the extreme volatility that can occur near the open, but it also stabilizes the d ...
... Once the market opens, we monitor the movement of our VectorVest Composite to see if the market continues in the same direction projected by the Primary Wave. This not only gives the market a chance to work out some of the extreme volatility that can occur near the open, but it also stabilizes the d ...
Eldorado Gold and Integra Gold Complete Plan of Arrangement
... recoveries; risks related to impact of the sale of our Chinese assets on the Company's operations; additional funding requirements; currency fluctuations; litigation risks; community and non-governmental organization actions; speculative nature of gold exploration; dilution; share price volatility; ...
... recoveries; risks related to impact of the sale of our Chinese assets on the Company's operations; additional funding requirements; currency fluctuations; litigation risks; community and non-governmental organization actions; speculative nature of gold exploration; dilution; share price volatility; ...
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.