Outside Entrepreneurial Capital
... entrepreneurs and investors, whereby firms first finance new projects with internal cash flows, and obtain external finance only where necessary because external finance is more costly when investors face information asymmetries. External debt finance is preferred to external equity finance in the t ...
... entrepreneurs and investors, whereby firms first finance new projects with internal cash flows, and obtain external finance only where necessary because external finance is more costly when investors face information asymmetries. External debt finance is preferred to external equity finance in the t ...
Mutual Fund Ratings: What is the Risk in Risk
... the same method to simulate 10,000 hypothetical 5 year future holding periods, it turns out that the fund still underperforms the index 38% of the time. So there is still a 62% chance (almost 2:1 odds) that the fund will outperform the index over a 5 year holding period. But note that the 38% underp ...
... the same method to simulate 10,000 hypothetical 5 year future holding periods, it turns out that the fund still underperforms the index 38% of the time. So there is still a 62% chance (almost 2:1 odds) that the fund will outperform the index over a 5 year holding period. But note that the 38% underp ...
The Performance of IPO Investment Strategies and Pseudo Market
... Initial Public Offerings (IPOs) frequently attract a lot of public attention due to extensive marketing and broad media coverage. In particular, IPOs often serve as a “gateway drug” to the stock market for private investors. For example, large IPOs like those of Deutsche Telekom AG and Deutsche Post ...
... Initial Public Offerings (IPOs) frequently attract a lot of public attention due to extensive marketing and broad media coverage. In particular, IPOs often serve as a “gateway drug” to the stock market for private investors. For example, large IPOs like those of Deutsche Telekom AG and Deutsche Post ...
- Reliance Mutual Fund
... Minimum investment amount for investing SIP route is as follows: (1) Rs.100/- per month and in multiples of Re. 1/- thereafter for minimum 60 months (2) Rs.500/- per month and in multiples of Re. 1/- thereafter for minimum 12 months (3) Rs.1000/- per month and in multiples of Re. 1/- thereafter f ...
... Minimum investment amount for investing SIP route is as follows: (1) Rs.100/- per month and in multiples of Re. 1/- thereafter for minimum 60 months (2) Rs.500/- per month and in multiples of Re. 1/- thereafter for minimum 12 months (3) Rs.1000/- per month and in multiples of Re. 1/- thereafter f ...
MSCI Announces the Results of the 2012 Annual Market
... companies is expected to be the only remaining impediment to the reclassification of the MSCI Qatar Index to Emerging Markets. The MSCI Qatar Index should meet all requirements for inclusion in the MSCI Emerging Markets Index, provided the false trade mechanism recently introduced on the Qatar Ex ...
... companies is expected to be the only remaining impediment to the reclassification of the MSCI Qatar Index to Emerging Markets. The MSCI Qatar Index should meet all requirements for inclusion in the MSCI Emerging Markets Index, provided the false trade mechanism recently introduced on the Qatar Ex ...
Sec 0 Cover - 2 Title TOC Tabs Etc.XLS
... Laws of the State of North Carolina, along with policies and procedures of the North Carolina Local Government Commission, require that all local governments in the State publish a complete set of financial statements annually. The financial statements must be presented in conformity with accounting ...
... Laws of the State of North Carolina, along with policies and procedures of the North Carolina Local Government Commission, require that all local governments in the State publish a complete set of financial statements annually. The financial statements must be presented in conformity with accounting ...
The Impact of Collateral
... The broad change in collateral management’s scope shows the magnitude of the evolution required. Not only will the amount of collateral in circulation rise significantly, so too will the number of firms participating along with the various types of securities being posted as margin. Asset managers a ...
... The broad change in collateral management’s scope shows the magnitude of the evolution required. Not only will the amount of collateral in circulation rise significantly, so too will the number of firms participating along with the various types of securities being posted as margin. Asset managers a ...
What Determines Expected International Asset Returns?*
... While the asset pricing theories link average returns to average risk, they can also be used to study the time-variation in expected returns. Harvey (1991a), Solnik (1993), Campbell and Hamao (1992), Ferson and Harvey (1993) and Bansal, Hsieh and Viswanathan (1993) document that returns on many inte ...
... While the asset pricing theories link average returns to average risk, they can also be used to study the time-variation in expected returns. Harvey (1991a), Solnik (1993), Campbell and Hamao (1992), Ferson and Harvey (1993) and Bansal, Hsieh and Viswanathan (1993) document that returns on many inte ...
SSQ GUARANTEED INVESTMENT FUND GUARANTEES
... product that fits perfectly with your needs. Depending on your investor profile and where you are in your financial plan, different needs may become more of a priority. Below are some examples of investment objectives along with the best suitable guarantee option. However, it’s important to remember ...
... product that fits perfectly with your needs. Depending on your investor profile and where you are in your financial plan, different needs may become more of a priority. Below are some examples of investment objectives along with the best suitable guarantee option. However, it’s important to remember ...
Foreign Direct Investment and Foreign Portfolio Investment
... However, when investors want to sell their investment prematurely, because of a liquidity shock, they will get lower price if they are conceived by the buyer to have more information. Because, other investors know That the seller has information on the Fundamentals and suspect That the sales result ...
... However, when investors want to sell their investment prematurely, because of a liquidity shock, they will get lower price if they are conceived by the buyer to have more information. Because, other investors know That the seller has information on the Fundamentals and suspect That the sales result ...
Annual Report - John Hancock Investments
... The past 12 months ended June 30, 2016, marked a volatile stretch for equity investors. Major U.S. equity indexes endured two corrections—declines of 10% or more—during the year but recovered quickly both times and went on to reach new highs. The rally that began in 2009 has remained intact. However ...
... The past 12 months ended June 30, 2016, marked a volatile stretch for equity investors. Major U.S. equity indexes endured two corrections—declines of 10% or more—during the year but recovered quickly both times and went on to reach new highs. The rally that began in 2009 has remained intact. However ...
Financial Planning Research Journal - Volume 2. Issue 1 2016
... Aims and objectives With an ever more complex financial system, an increasing emphasis on self-funded retirement for Australians, the increasing size of Australia’s managed funds pool, and persistent evidence of financial illiteracy, the importance of financial planning is clear. The financial plann ...
... Aims and objectives With an ever more complex financial system, an increasing emphasis on self-funded retirement for Australians, the increasing size of Australia’s managed funds pool, and persistent evidence of financial illiteracy, the importance of financial planning is clear. The financial plann ...
why polish companies go public
... One of the most frequent reasons declared by firms’ original owners in prospectuses is to obtain financing for further development and growth (Rindqvist and Hogholm, 1995; Roell, 1996). The large group of investors reached thorough the equity market helps a firm to raise capital needed to finance it ...
... One of the most frequent reasons declared by firms’ original owners in prospectuses is to obtain financing for further development and growth (Rindqvist and Hogholm, 1995; Roell, 1996). The large group of investors reached thorough the equity market helps a firm to raise capital needed to finance it ...
Promotion of unregulated collective investment schemes
... Financial promotions of collective investment schemes The FCA is inserting some new guidance at COBS 9.3 under the heading "Guidance on assessing suitability". In a sense, this is simply a statement of the existing position that firms should bear in mind that, aside from the suitability rules, firm ...
... Financial promotions of collective investment schemes The FCA is inserting some new guidance at COBS 9.3 under the heading "Guidance on assessing suitability". In a sense, this is simply a statement of the existing position that firms should bear in mind that, aside from the suitability rules, firm ...
Limited Attention and the Uninformative Persuasion of Mutual Fund
... constrained to report HPRs over specific horizons, investor sensitivity to end-return effects should manifest only for lags specific to those horizons (specifically the 13th, 37th and 61st return lag in our setting, relating to the 1, 3 and 5 year HPR). If investors are influenced by end-return eff ...
... constrained to report HPRs over specific horizons, investor sensitivity to end-return effects should manifest only for lags specific to those horizons (specifically the 13th, 37th and 61st return lag in our setting, relating to the 1, 3 and 5 year HPR). If investors are influenced by end-return eff ...
Investor Sentiment and Beta Pricing
... The idea is that overconfident agents will under-assess risk, and therefore will not price covariance risk as strongly as would rational agents. Given that behavioral biases like overconfidence are likely to be stronger in unsophisticated traders (Barber et al. 2009), and such traders are more likel ...
... The idea is that overconfident agents will under-assess risk, and therefore will not price covariance risk as strongly as would rational agents. Given that behavioral biases like overconfidence are likely to be stronger in unsophisticated traders (Barber et al. 2009), and such traders are more likel ...
Is Default Risk Priced in Equity Returns?
... default risk as the proxy for the financial distress. Chan et al. (1985) measure default risk by the credit spread between low-grade bonds and long-term government bonds, explaining a large portion of the ME effect. Vassalou and Xing (2004) employ the default probabilities, computed by Merton’s (197 ...
... default risk as the proxy for the financial distress. Chan et al. (1985) measure default risk by the credit spread between low-grade bonds and long-term government bonds, explaining a large portion of the ME effect. Vassalou and Xing (2004) employ the default probabilities, computed by Merton’s (197 ...
1/20/04 All rights reserved IS EQUITY
... Unfortunately, the empirical evidence bearing on these questions is sparse and conflicting. Although two recent studies indicate that some large public companies repurchase a substantial number of shares in the year in which they grant stock options,10 other studies and much anecdotal evidence sugge ...
... Unfortunately, the empirical evidence bearing on these questions is sparse and conflicting. Although two recent studies indicate that some large public companies repurchase a substantial number of shares in the year in which they grant stock options,10 other studies and much anecdotal evidence sugge ...
Estimating the required return on equity
... a) The ERA’s criteria are not part of the Rules. The Rules do not state that the Fama-French model must be considered if it satisfies the ERA’s criteria, the Rules state that the FamaFrench model must be considered if it is relevant. That is, the question is not whether the Fama-French model is the ...
... a) The ERA’s criteria are not part of the Rules. The Rules do not state that the Fama-French model must be considered if it satisfies the ERA’s criteria, the Rules state that the FamaFrench model must be considered if it is relevant. That is, the question is not whether the Fama-French model is the ...
Margin Credit and Stock Return Predictability
... Consistent with our hypothesis of an inverse relationship between margin credit and future returns, we find that a one standard-deviation increase in MC predicts that the next month’s market return would be lower by 1.1 percentage point. MC generates an in-sample R2 value of 6.25% for next month’s r ...
... Consistent with our hypothesis of an inverse relationship between margin credit and future returns, we find that a one standard-deviation increase in MC predicts that the next month’s market return would be lower by 1.1 percentage point. MC generates an in-sample R2 value of 6.25% for next month’s r ...
Buyout Activity: The Impact of Aggregate Discount Rates
... market beta or high idiosyncratic volatility are less likely targets. Going further, the role of risk characteristics varies over time. The greater the systematic risk of the firm (i.e. beta), the more sensitive the cost of capital is to changes in the risk premium. In addition, the illiquidity cost ...
... market beta or high idiosyncratic volatility are less likely targets. Going further, the role of risk characteristics varies over time. The greater the systematic risk of the firm (i.e. beta), the more sensitive the cost of capital is to changes in the risk premium. In addition, the illiquidity cost ...
Form N-CSR Brookfield Mortgage Opportunity Income Fund Inc.
... on market price of -6.44%, which assumes the reinvestment of dividends and is exclusive of brokerage commissions. Based on the NYSE closing price of $18.46 on June 30, 2013, the Fund’s shares had a dividend yield of 8.26%. The dividend yield is calculated as the annualized amount of the reporting pe ...
... on market price of -6.44%, which assumes the reinvestment of dividends and is exclusive of brokerage commissions. Based on the NYSE closing price of $18.46 on June 30, 2013, the Fund’s shares had a dividend yield of 8.26%. The dividend yield is calculated as the annualized amount of the reporting pe ...
The Financial Intermediation Premium in the Cross Section of Stock
... financial institutions. Even though my approach is significantly different from that of Philippon, the estimated magnitudes of financial intermediation costs are comparable: 4% in terms of risk premia versus 1.5%–3.5% lower bound of costs provided by Philippon. My study complements the growing liter ...
... financial institutions. Even though my approach is significantly different from that of Philippon, the estimated magnitudes of financial intermediation costs are comparable: 4% in terms of risk premia versus 1.5%–3.5% lower bound of costs provided by Philippon. My study complements the growing liter ...
optimal capital structure
... patterns. Our research will also deal with leverage ratios but in an entirely new way. Our problem concerns the practical matter of deciding an appropriate capital structure and the possibility of improvements, which are formulated below. • How do the case companies decide their capital structure? • ...
... patterns. Our research will also deal with leverage ratios but in an entirely new way. Our problem concerns the practical matter of deciding an appropriate capital structure and the possibility of improvements, which are formulated below. • How do the case companies decide their capital structure? • ...
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.