Investigating Stock Market Indices of India - Empirical Analysis
... 1999 to 2002 and found that they failed to generate any excess returns over three month T-bill. Also, return and risk of Islamic index was found to be less than Wilshire 5000. Thereafter, Hussein (2005) found that Financial Time Stock Exchange (FTSE) Global Islamic index and Dow Jones Islamic Market ...
... 1999 to 2002 and found that they failed to generate any excess returns over three month T-bill. Also, return and risk of Islamic index was found to be less than Wilshire 5000. Thereafter, Hussein (2005) found that Financial Time Stock Exchange (FTSE) Global Islamic index and Dow Jones Islamic Market ...
Presentation GMO Low Volatility Fundamentals
... The above illustrate a hypothetical strategy that GMO does not manage. Hypothetical returns are not predictive of future allocations. The results reflect returns an investor would have obtained had they invested in this hypothetical strategy during the time periods shown and do not represent actual ...
... The above illustrate a hypothetical strategy that GMO does not manage. Hypothetical returns are not predictive of future allocations. The results reflect returns an investor would have obtained had they invested in this hypothetical strategy during the time periods shown and do not represent actual ...
Business Relationships, Corporate Governance, and Firm
... Prior research suggests that private placements affect agency costs and facilitate relationshipspecific investments. The positive association between block size and changes in firm value is consistent with a reduction in agency costs (Hertzel and Smith (1993) and Wruck (1989)) There is also a sugges ...
... Prior research suggests that private placements affect agency costs and facilitate relationshipspecific investments. The positive association between block size and changes in firm value is consistent with a reduction in agency costs (Hertzel and Smith (1993) and Wruck (1989)) There is also a sugges ...
Article III, Section 49-k of the Texas Constitution created the Texas
... when it acquires or begins to maintain the assets and reports all of its liabilities when they are incurred. ...
... when it acquires or begins to maintain the assets and reports all of its liabilities when they are incurred. ...
london borough of camden 2014/15
... beyond. The Financial Strategy has been shaped by the core objectives of the Camden Plan. This sets out our ambition to address a range of challenging social issues that local authorities have struggled with for decades, whilst continuing to deliver high quality services for local people in a climat ...
... beyond. The Financial Strategy has been shaped by the core objectives of the Camden Plan. This sets out our ambition to address a range of challenging social issues that local authorities have struggled with for decades, whilst continuing to deliver high quality services for local people in a climat ...
ETF - iOCBC
... financial adviser. If you choose not to seek independent financial advice, please consider whether the trade or product in question is suitable for you. For trading in leveraged securities and/or foreign exchange, the amount of initial margin is small relative to the value of the transaction. As suc ...
... financial adviser. If you choose not to seek independent financial advice, please consider whether the trade or product in question is suitable for you. For trading in leveraged securities and/or foreign exchange, the amount of initial margin is small relative to the value of the transaction. As suc ...
NBER WORKING PAPER SERIES RISK SHIFTING VERSUS RISK MANAGEMENT:
... increases in pension benefits. This works because pension benefits are tied to real wages, which are positively correlated with stock returns. Thus, if firms are investing optimally then their equity investing may be a hedge against increases in the wage-linked components of benefits.1 Another plau ...
... increases in pension benefits. This works because pension benefits are tied to real wages, which are positively correlated with stock returns. Thus, if firms are investing optimally then their equity investing may be a hedge against increases in the wage-linked components of benefits.1 Another plau ...
Asset Prices and Monetary Policy: Booms and Fat Tails in East Asia
... studies, such as Bernanke and Gertler [1989], also find that the net worth of entrepreneurs rather than the ratio of the stock price to the replacement cost of capital is a better indicator of a firm’s investment incentives. Furthermore, they argue that the net worth of entrepreneurs may play an imp ...
... studies, such as Bernanke and Gertler [1989], also find that the net worth of entrepreneurs rather than the ratio of the stock price to the replacement cost of capital is a better indicator of a firm’s investment incentives. Furthermore, they argue that the net worth of entrepreneurs may play an imp ...
Do Precious Metals Shine in the Portfolio of a Nordic
... choosing assets that are not perfectly correlated with each other. In fact, the less correlated the individual assets are, the better. The modern portfolio theory has revolutionized the way in which investors around the world construct their portfolios. Markowitz assumes that all investors are ratio ...
... choosing assets that are not perfectly correlated with each other. In fact, the less correlated the individual assets are, the better. The modern portfolio theory has revolutionized the way in which investors around the world construct their portfolios. Markowitz assumes that all investors are ratio ...
How Do Mergers Create Value? A Comparison of Taxes, Market
... Our work also has methodological contributions. Prior literature reports mixed results using long-horizon abnormal operating performance (usually benchmarked to industry performance) to infer efficiency improvements after mergers.2 As pointed out in the literature (e.g., Harford, 2005), the fact that ...
... Our work also has methodological contributions. Prior literature reports mixed results using long-horizon abnormal operating performance (usually benchmarked to industry performance) to infer efficiency improvements after mergers.2 As pointed out in the literature (e.g., Harford, 2005), the fact that ...
Download paper (PDF)
... increasing market value. Indeed, I show that, from the perspective of managers, firms disclose if and only if such a disclosure reduces their cost of capital, consistent with the common use of the statement in the empirical literature (although not with prior analytical work in this area). In summar ...
... increasing market value. Indeed, I show that, from the perspective of managers, firms disclose if and only if such a disclosure reduces their cost of capital, consistent with the common use of the statement in the empirical literature (although not with prior analytical work in this area). In summar ...
Close Strategic Alpha Prospectus - Close Brothers Asset Management
... Shares have not been and will not be registered under the United States Securities Act of 1933, as amended. They may not be offered or sold in the United States of America, its territories and possessions, any state of the United States of America and the District of Columbia or offered or sold to U ...
... Shares have not been and will not be registered under the United States Securities Act of 1933, as amended. They may not be offered or sold in the United States of America, its territories and possessions, any state of the United States of America and the District of Columbia or offered or sold to U ...
Financing Infrastructure - Inter
... depending, among other factors, on whether the improvement is perceived as permanent or transitory. Even when improvements last more than two or three years, the additional savings may not be invested. Bolivia, for example, experienced a dramatic increase in saving after 2005, but these additional s ...
... depending, among other factors, on whether the improvement is perceived as permanent or transitory. Even when improvements last more than two or three years, the additional savings may not be invested. Bolivia, for example, experienced a dramatic increase in saving after 2005, but these additional s ...
SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
... For the purpose of the statements of cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents include cash and short-term investments. 2. INVESTMENTS IN JOINT VENTURES The Company owns in ...
... For the purpose of the statements of cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents include cash and short-term investments. 2. INVESTMENTS IN JOINT VENTURES The Company owns in ...
Old Globe Theatre dba The Old Globe
... Globe reviews and evaluates the values and methodology used to determine the fair value provided by the SDF quarterly. The Old Globe agrees with the valuation methods used at December 31, 2014 and 2013. The funds held at the SDF are not redeemable. ...
... Globe reviews and evaluates the values and methodology used to determine the fair value provided by the SDF quarterly. The Old Globe agrees with the valuation methods used at December 31, 2014 and 2013. The funds held at the SDF are not redeemable. ...
Introduction to Portfolio Selection and Capital Market Theory: Static Analysis BaoheWang
... Theorem 2.3: Let Z p denote the return on any portfolio p that does not contain security s. If there exists a portfolio p such that, for security s, Z s Z p s , where E{ s | Z j , j 1, 2, , n, j s} 0 then the fraction of every efficient portfolio allocated to security s is the same and ...
... Theorem 2.3: Let Z p denote the return on any portfolio p that does not contain security s. If there exists a portfolio p such that, for security s, Z s Z p s , where E{ s | Z j , j 1, 2, , n, j s} 0 then the fraction of every efficient portfolio allocated to security s is the same and ...
NBIM DIscussIoN NoTE Momentum in Futures Market
... signals add more value to overall strategy performance. • Consistent with the findings of Christoffersen and Diebold (2006) and Christoffersen, Diebold, Mariano, Tay, and Tse (2007), we find that the return profile of individual time-series momentum strategies generally deteriorates when underlying ...
... signals add more value to overall strategy performance. • Consistent with the findings of Christoffersen and Diebold (2006) and Christoffersen, Diebold, Mariano, Tay, and Tse (2007), we find that the return profile of individual time-series momentum strategies generally deteriorates when underlying ...
Publication No. 117-34 (Revised July 2016) Illustrative Financial
... and Members of the City Council Dogwood, North Carolina Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund in ...
... and Members of the City Council Dogwood, North Carolina Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund in ...
Credit Expansion and Neglected Crash Risk * Matthew Baron
... expansions are forecasted at each point in time using only past information. Second, to avoid potential biases in computing t-statistics, we take extra caution along the following dimensions: a) we use only non-overlapping equity returns (i.e. we delete intervening observations so that we are effect ...
... expansions are forecasted at each point in time using only past information. Second, to avoid potential biases in computing t-statistics, we take extra caution along the following dimensions: a) we use only non-overlapping equity returns (i.e. we delete intervening observations so that we are effect ...
Capital Markets 2020 Will it change for good?
... important to have a better understanding and a more clearly articulated vision of their place in the capital markets industry in 2020 than they do today. We wholeheartedly agree – this is an area of strong interest not only for the ‘participants’ (i.e. investment banks, broker-dealers, financial mar ...
... important to have a better understanding and a more clearly articulated vision of their place in the capital markets industry in 2020 than they do today. We wholeheartedly agree – this is an area of strong interest not only for the ‘participants’ (i.e. investment banks, broker-dealers, financial mar ...
Evaluation of Firm Performance
... ➢ Financial ratios are also a useful monitoring device. On the basis of financial ratio analysis, management may uncover a problem in a certain area of the firm’s operations and institute remedial action. Through a regular review of relevant financial ratios, management can monitor whether or not th ...
... ➢ Financial ratios are also a useful monitoring device. On the basis of financial ratio analysis, management may uncover a problem in a certain area of the firm’s operations and institute remedial action. Through a regular review of relevant financial ratios, management can monitor whether or not th ...
The Unintended Consequences of Banning Derivatives in Asset Management Alessandro Beber, Cass Business School Christophe Pérignon, HEC Paris
... are used to hedge away some risks, whereas other derivatives strategies are used to increase risk exposures. Thus, the derivatives market is a global market for risks, allowing for risk transfers and leading to a better allocation of risks among economic agents. A derivative is a financial instru ...
... are used to hedge away some risks, whereas other derivatives strategies are used to increase risk exposures. Thus, the derivatives market is a global market for risks, allowing for risk transfers and leading to a better allocation of risks among economic agents. A derivative is a financial instru ...
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.