NBER WORKING PAPER SERIES RATIONAL ASSET PRICES George M. Constantinides 8826
... unambiguously defined preferences over consumption that typically (but not necessarily) belong to the von Neumann-Morgenstern class. Naturally, the theory allows for market incompleteness, market imperfections, informational asymmetries, and learning. The theory also allows for differences among ass ...
... unambiguously defined preferences over consumption that typically (but not necessarily) belong to the von Neumann-Morgenstern class. Naturally, the theory allows for market incompleteness, market imperfections, informational asymmetries, and learning. The theory also allows for differences among ass ...
mutual fund strategy
... Most open-end funds also sell shares to the public every business day; these shares are also priced at NAV. A professional investment manager oversees the portfolio, buying and selling securities as deemed appropriate. The total amount of assets in the fund will vary based on share purchases, share ...
... Most open-end funds also sell shares to the public every business day; these shares are also priced at NAV. A professional investment manager oversees the portfolio, buying and selling securities as deemed appropriate. The total amount of assets in the fund will vary based on share purchases, share ...
Understanding Volatility/Standard Deviation within investment funds.
... Warning: The value of your investment may go down as well as up. Warning: These funds may be affected by changes in currency exchange rates. Warning: Past performance is not a reliable guide to future performance. Terms and conditions apply. Where relevant life assurance tax applies. This presentat ...
... Warning: The value of your investment may go down as well as up. Warning: These funds may be affected by changes in currency exchange rates. Warning: Past performance is not a reliable guide to future performance. Terms and conditions apply. Where relevant life assurance tax applies. This presentat ...
Working Capital Management
... accounts receivable turnover = net credit sales/avrg accounts receivable receivable collection period = 365/accounts receivable turnover inventory turnover = cost of goods sold/ avrg inventory inventory conversion (collection) period = 365/inventory turnover ratio payables turnover = (cost of goods ...
... accounts receivable turnover = net credit sales/avrg accounts receivable receivable collection period = 365/accounts receivable turnover inventory turnover = cost of goods sold/ avrg inventory inventory conversion (collection) period = 365/inventory turnover ratio payables turnover = (cost of goods ...
New EPM 1Q2009 - Amundi Re Italia SGR
... of banks and financial companies. Take-up results remained relatively robust across the major German markets recording a 21% drop both on a quarterly and yearly base sustained by the letting by Deutsche Bahn of 72,000 sqm in the Silberturm of Dresdner Bank – the biggest transaction of the last decad ...
... of banks and financial companies. Take-up results remained relatively robust across the major German markets recording a 21% drop both on a quarterly and yearly base sustained by the letting by Deutsche Bahn of 72,000 sqm in the Silberturm of Dresdner Bank – the biggest transaction of the last decad ...
Working capital lecture 08122009 students
... accounts receivable turnover = net credit sales/avrg accounts receivable receivable collection period = 365/accounts receivable turnover inventory turnover = cost of goods sold/ avrg inventory inventory conversion (collection) period = 365/inventory turnover ratio payables turnover = (cost of goods ...
... accounts receivable turnover = net credit sales/avrg accounts receivable receivable collection period = 365/accounts receivable turnover inventory turnover = cost of goods sold/ avrg inventory inventory conversion (collection) period = 365/inventory turnover ratio payables turnover = (cost of goods ...
Chapter 13
... If you view a stock as portfolio of characteristic variables, then the stock’s expected return is the sum over all the variables of the amount of each characteristic variable the stock contains times the expected return of that variable. ...
... If you view a stock as portfolio of characteristic variables, then the stock’s expected return is the sum over all the variables of the amount of each characteristic variable the stock contains times the expected return of that variable. ...
Overview of Investigation
... Liquidity and Asset Pricing • Pástor and Stambaugh studied price reversals. • Price reversals may occur when traders have to offer higher purchase prices or accept lower selling prices to complete their trades in a timely manner. ...
... Liquidity and Asset Pricing • Pástor and Stambaugh studied price reversals. • Price reversals may occur when traders have to offer higher purchase prices or accept lower selling prices to complete their trades in a timely manner. ...
Capital Requirements for Major Swap Participants and Swap Dealers
... many of the entities that will qualify as MSPs are companies that have never been restricted by a regulatory net capital requirement, and their ability to engage in swap transactions was dependent largely on the SD’s view of their credit-worthiness. For example, many MSPs will be investment vehicles ...
... many of the entities that will qualify as MSPs are companies that have never been restricted by a regulatory net capital requirement, and their ability to engage in swap transactions was dependent largely on the SD’s view of their credit-worthiness. For example, many MSPs will be investment vehicles ...
Working capital
... assets and current liabilities, including accounts payable (trade credit), notes payable (bank loans), and accrued liabilities. Typical current assets include: cash and cash equivalents, accounts receivable, inventory. Net working capital = current assets - current liabilities. Current assets are cl ...
... assets and current liabilities, including accounts payable (trade credit), notes payable (bank loans), and accrued liabilities. Typical current assets include: cash and cash equivalents, accounts receivable, inventory. Net working capital = current assets - current liabilities. Current assets are cl ...
Chapter One
... Providing maturity intermediation is a major function of FIs. Recall from Part I of the text that institutions are intermediaries between ultimate borrowers and lenders. They serve as asset transformers by providing claims designed to better meet the specific needs of the two ultimate claimants. The ...
... Providing maturity intermediation is a major function of FIs. Recall from Part I of the text that institutions are intermediaries between ultimate borrowers and lenders. They serve as asset transformers by providing claims designed to better meet the specific needs of the two ultimate claimants. The ...
Financial Management
... Free cash flow: cash flow that is free and available to be distributed to the firm’s investors (both debt and equity investors) ...
... Free cash flow: cash flow that is free and available to be distributed to the firm’s investors (both debt and equity investors) ...
Finance - Business @ UOW
... 2014 HSC Emu Manufacturer Uniform You have been hired as a consultant to write a report to the management. In your report: • recommend a source of finance for the factory expansion Sales are increasing They need to expand. To do this they will have to outsource overseas OR expand their current facto ...
... 2014 HSC Emu Manufacturer Uniform You have been hired as a consultant to write a report to the management. In your report: • recommend a source of finance for the factory expansion Sales are increasing They need to expand. To do this they will have to outsource overseas OR expand their current facto ...
Fat Tails and their (Un)happy Endings
... assets of the firm. Shareholder, thus, are indifferent to all scenarios where losses exceed the equity of the firm. The downside scenarios are accompanied by upside scenarios where, due to the high correlation among different projects or assets, the portfolio bears minimal or no losses at all. As in ...
... assets of the firm. Shareholder, thus, are indifferent to all scenarios where losses exceed the equity of the firm. The downside scenarios are accompanied by upside scenarios where, due to the high correlation among different projects or assets, the portfolio bears minimal or no losses at all. As in ...
1 VALUING PRIVATE FIRMS So far in this book, we
... If we choose to value equity, we discount cashflows to equity at the cost of equity, whereas if we choose to value the firm, we discount cashflows at the cost of capital. While the fundamental definitions of these costs have not changed, the process of estimating them may have to be changed given th ...
... If we choose to value equity, we discount cashflows to equity at the cost of equity, whereas if we choose to value the firm, we discount cashflows at the cost of capital. While the fundamental definitions of these costs have not changed, the process of estimating them may have to be changed given th ...
Is Fair Value Equal to Fair Market Value?
... Highest and Best Use The use of an asset by market participants that would maximize its value or the value of the group of assets in which those market participants would use it. An asset is valued using one of the following premises: 1. In use. This premise is used if the maximum value would be pr ...
... Highest and Best Use The use of an asset by market participants that would maximize its value or the value of the group of assets in which those market participants would use it. An asset is valued using one of the following premises: 1. In use. This premise is used if the maximum value would be pr ...
NBER WORKING PAPER SERIES
... corporate the in growth productivity lower and risk increased both that likely is it wealth, total of quarter a than more been rarely has capital corporate that fact the of account takes which model, two—real--asset richer a In growth. productivity in fall a to response in occurs pattern same This u ...
... corporate the in growth productivity lower and risk increased both that likely is it wealth, total of quarter a than more been rarely has capital corporate that fact the of account takes which model, two—real--asset richer a In growth. productivity in fall a to response in occurs pattern same This u ...
McDonald`s
... create values in the future. Company’s property and equipment increases through years, and is the largest part of increasing in assets. This means the company tends to open more restaurants. Long term investments decrease a little in the year of 2012. In general, company’s total assets gradually inc ...
... create values in the future. Company’s property and equipment increases through years, and is the largest part of increasing in assets. This means the company tends to open more restaurants. Long term investments decrease a little in the year of 2012. In general, company’s total assets gradually inc ...
Volatility - past, present and future
... Ultimately, while oil and gold have also experienced some dramatic price increases — the headlinegrabbing returns that fuel the “more risk equals more return” perception — the effects of the multiple price drops dragged down long-term returns. So, why would investors consider investing in commoditie ...
... Ultimately, while oil and gold have also experienced some dramatic price increases — the headlinegrabbing returns that fuel the “more risk equals more return” perception — the effects of the multiple price drops dragged down long-term returns. So, why would investors consider investing in commoditie ...
Presentation_Fahim
... JCR-VISCommercial Banks Internationally, mutual funds are being assessed both on the basis of performance and stability of NAV. Some of the ratings methodologies in use include: ...
... JCR-VISCommercial Banks Internationally, mutual funds are being assessed both on the basis of performance and stability of NAV. Some of the ratings methodologies in use include: ...
Private equity secondary market
In finance, the private equity secondary market (also often called private equity secondaries or secondaries) refers to the buying and selling of pre-existing investor commitments to private equity and other alternative investment funds. Given the absence of established trading markets for these interests, the transfer of interests in private equity funds as well as hedge funds can be more complex and labor-intensive.Sellers of private equity investments sell not only the investments in the fund but also their remaining unfunded commitments to the funds. By its nature, the private equity asset class is illiquid, intended to be a long-term investment for buy-and-hold investors, including ""pension funds, endowments and wealthy families selling off their private equity funds before the pools have sold off all their assets."" For the vast majority of private equity investments, there is no listed public market; however, there is a robust and maturing secondary market available for sellers of private equity assets.Buyers seek to acquire private equity interests in the secondary market for multiple reasons. For example, the duration of the investment may be much shorter than an investment in the private equity fund initially. Likewise, the buyer may be able to acquire these interests at an attractive price. Finally, the buyer can evaluate the fund's holdings before deciding to purchase an interest in the fund. Conversely, sellers may seek to sell interest for various reasons, including the need to raise capital, the desire to avoid future capital calls, the need to reduce an over-allocation to the asset class or for regulatory reasons.Driven by strong demand for private equity exposure over the past decade, a significant amount of capital has been committed to secondary market funds from investors looking to increase and diversify their private equity exposure.