Global Financial Systems Chapter 4 Liquidity
... • Illiquidity means that banks cannot raise cash by selling assets, because they cannot get acceptable prices in the short run • In practice, it can be difficult to distinguish between illiquidity and insolvency ...
... • Illiquidity means that banks cannot raise cash by selling assets, because they cannot get acceptable prices in the short run • In practice, it can be difficult to distinguish between illiquidity and insolvency ...
Interacting Limit Order Demand and Supply Curves
... both mean elasticities becoming persistently lower after the 1997 crisis. These results are consistent with switching and our model’s asymmetric market depth effect. The average within-month correlation between daily market-level demand and supply elasticities lies between -0.67 and -0.83. The aver ...
... both mean elasticities becoming persistently lower after the 1997 crisis. These results are consistent with switching and our model’s asymmetric market depth effect. The average within-month correlation between daily market-level demand and supply elasticities lies between -0.67 and -0.83. The aver ...
New Activist Weapon-- The Rise of Delaware Appraisal
... has under the statute to determine fair value makes the outcome of appraisal proceedings unpredictable. Fair value for these purposes is the going concern value of the company assuming the transaction giving rise to appraisal rights had not occurred (that is, excluding the value of synergies and a c ...
... has under the statute to determine fair value makes the outcome of appraisal proceedings unpredictable. Fair value for these purposes is the going concern value of the company assuming the transaction giving rise to appraisal rights had not occurred (that is, excluding the value of synergies and a c ...
GENCORP INC (Form: SC 13D/A, Received: 10/26/2010 14:01:42)
... directly or indirectly controls or for which he acts as chief investment officer. These entities engage in various aspects of the securities business, primarily as investment adviser to various institutional and individual clients, including registered investment companies and pension plans, and as ...
... directly or indirectly controls or for which he acts as chief investment officer. These entities engage in various aspects of the securities business, primarily as investment adviser to various institutional and individual clients, including registered investment companies and pension plans, and as ...
The Green Investment Report The ways and means to unlock private
... investment will not lead to a stable future, ...
... investment will not lead to a stable future, ...
Enhancing affordable rental housing investment via an intermediary
... This material was produced with funding from the Australian Government and the Australian state and territory governments. AHURI Limited gratefully acknowledges the financial and other support it has received from these governments, without which this work would not have been possible. AHURI compris ...
... This material was produced with funding from the Australian Government and the Australian state and territory governments. AHURI Limited gratefully acknowledges the financial and other support it has received from these governments, without which this work would not have been possible. AHURI compris ...
Common Characteristics of New Firms that Initiate Dividends
... firm. Thus, firms that suffer less from asymmetric information (e.g., large seasoned firms) may still wish to initiate dividends to attract a certain clientele but this clientele need not be the type that will monitor the firm (e.g., retirees). Younger firms such as the ones in our sample of IPO fir ...
... firm. Thus, firms that suffer less from asymmetric information (e.g., large seasoned firms) may still wish to initiate dividends to attract a certain clientele but this clientele need not be the type that will monitor the firm (e.g., retirees). Younger firms such as the ones in our sample of IPO fir ...
Public and private financing of infrastructure
... The credit crunch led on to the economic recession. Demand fell – including for infrastructure services. The supply of credit remained constrained although the cost of debt ironically became even cheaper. Utilities provided a relatively safe haven, with the ability to pass through inflation as well. ...
... The credit crunch led on to the economic recession. Demand fell – including for infrastructure services. The supply of credit remained constrained although the cost of debt ironically became even cheaper. Utilities provided a relatively safe haven, with the ability to pass through inflation as well. ...
COMPREhENSivE ANNUAl FiNANciAl REPORt
... also legally separate, is presented separately in the statements. Additional information regarding these component units can be found in the notes to the financial statements (See Note #1). The Township also participates in a joint venture with the Western Township Utilities Authority. Canton Townsh ...
... also legally separate, is presented separately in the statements. Additional information regarding these component units can be found in the notes to the financial statements (See Note #1). The Township also participates in a joint venture with the Western Township Utilities Authority. Canton Townsh ...
Equity Risk Premiums (ERP)
... A Price for Risk To illustrate why the equity risk premium is the price attached to risk, consider an alternate (though unrealistic) world where investors are risk neutral. In this world, the value of an asset would be the present value of expected cash flows, discounted back at a risk free rate. Th ...
... A Price for Risk To illustrate why the equity risk premium is the price attached to risk, consider an alternate (though unrealistic) world where investors are risk neutral. In this world, the value of an asset would be the present value of expected cash flows, discounted back at a risk free rate. Th ...
Demystifying Responsible Investment Performance
... While many of the academic studies focus on examining the impact of screened versus traditional portfolio returns, others consider the effect of voting and engagement activities on firm and portfolio performance, as well as integration into stock selection and portfolio construction. On balance, the ...
... While many of the academic studies focus on examining the impact of screened versus traditional portfolio returns, others consider the effect of voting and engagement activities on firm and portfolio performance, as well as integration into stock selection and portfolio construction. On balance, the ...
Systemic Contingent Claims Analysis -- Estimating Market
... arrangementsboth institutional and market-basedthat could either lead directly to system-wide distress in the financial sector and/or significantly amplify its consequences (with adverse effects on other sectors, in particular capital formation in the real economy). Typically, such distress manife ...
... arrangementsboth institutional and market-basedthat could either lead directly to system-wide distress in the financial sector and/or significantly amplify its consequences (with adverse effects on other sectors, in particular capital formation in the real economy). Typically, such distress manife ...
Investing in CLOs - CION Investments
... become more creative, or to dig a little deeper into the market to protect the arbitrage. Question 1: Where is the stretch? A common topic found within CLO research articles is the degree to which CLOs tend to own many of the same loans… in other words, credit overlap. Credit overlap i ...
... become more creative, or to dig a little deeper into the market to protect the arbitrage. Question 1: Where is the stretch? A common topic found within CLO research articles is the degree to which CLOs tend to own many of the same loans… in other words, credit overlap. Credit overlap i ...
LINCOLN NATIONAL CORP
... Certain statements made in this prospectus and in other written or oral statements made by us or on our behalf are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). A forward-looking statement is a statement that is not a historical fa ...
... Certain statements made in this prospectus and in other written or oral statements made by us or on our behalf are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). A forward-looking statement is a statement that is not a historical fa ...
Spot Market Power and Futures Market Trading
... between hedging risk and maintaining monopoly pro…ts. This section will show that this e¤ect reduces the optimal quantity of hedging; a risk-neutral monopolist will not want to hedge risk in the …nancial markets, while a risk-averse one will hedge less than he would if he had no market power. We wi ...
... between hedging risk and maintaining monopoly pro…ts. This section will show that this e¤ect reduces the optimal quantity of hedging; a risk-neutral monopolist will not want to hedge risk in the …nancial markets, while a risk-averse one will hedge less than he would if he had no market power. We wi ...
Smart Beta - A referential guide for institutional investors
... Over the past decade, “smart beta,” a new suite of indexation strategies touting advantages over both active investment managers and traditional market-capitalizationweighted indexes, has erupted onto the financial scene and increasingly won the favor of institutional investors. However, the rise of ...
... Over the past decade, “smart beta,” a new suite of indexation strategies touting advantages over both active investment managers and traditional market-capitalizationweighted indexes, has erupted onto the financial scene and increasingly won the favor of institutional investors. However, the rise of ...
Empirical Investigation of an Equity Pairs Trading Strategy
... our pairs trading strategy. The information delay explanation posits that when a firm and its peer deviate in stock prices, there is likely news related to the fundamentals of the pair; however, it takes time for the news to disseminate to the pair and this creates trading opportunity. This explana ...
... our pairs trading strategy. The information delay explanation posits that when a firm and its peer deviate in stock prices, there is likely news related to the fundamentals of the pair; however, it takes time for the news to disseminate to the pair and this creates trading opportunity. This explana ...
The Valuation of Collateralised Debt Obligations - DORAS
... This thesis develops a model for valuing CDOs using a nsk-neutral approach in a multi period setting A model is also developed which reproduces Moody’s CDO rating The Moody’s rating is compared to that which is implied from applying the nsk-neutral model, the differences analysed and the implicatio ...
... This thesis develops a model for valuing CDOs using a nsk-neutral approach in a multi period setting A model is also developed which reproduces Moody’s CDO rating The Moody’s rating is compared to that which is implied from applying the nsk-neutral model, the differences analysed and the implicatio ...
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.