An Empirical Assessment of Models of the Value Premium*
... Cooper (2006) makes the same link between profitability and B/M. If a firm has been hit by adverse profitability shocks, this firm’s B/M ratio is high because its market value falls while its book value remains fairly constant due to irreversibility. Such a firm is sensitive to aggregate shocks, an ...
... Cooper (2006) makes the same link between profitability and B/M. If a firm has been hit by adverse profitability shocks, this firm’s B/M ratio is high because its market value falls while its book value remains fairly constant due to irreversibility. Such a firm is sensitive to aggregate shocks, an ...
Guideline - OSFI-BSIF
... minimum Total Ratio of 100% may be considered acceptable. However, life insurers are exposed to more risks than those for which calculations are specified. Consequently, the minimum Total Ratio for life insurers is set at 120% rather than 100% to cover operational risks that are not explicitly measu ...
... minimum Total Ratio of 100% may be considered acceptable. However, life insurers are exposed to more risks than those for which calculations are specified. Consequently, the minimum Total Ratio for life insurers is set at 120% rather than 100% to cover operational risks that are not explicitly measu ...
Tier 1 capital
... Attachment A - Tier 1 capital....................................................................... 28 Tier 1 capital ............................................................................................... 28 Residual Tier 1 capital .......................................................... ...
... Attachment A - Tier 1 capital....................................................................... 28 Tier 1 capital ............................................................................................... 28 Residual Tier 1 capital .......................................................... ...
Regulatory Guide RG 240 Hedge funds: Improving disclosure
... through the use of exchange-traded derivatives, to the underlying reference assets of those derivatives, but only on a temporary basis (i.e. less than 28 days, which cannot be extended by rolling over or replacing the derivative); or exchange-traded derivatives, provided the notional derivatives e ...
... through the use of exchange-traded derivatives, to the underlying reference assets of those derivatives, but only on a temporary basis (i.e. less than 28 days, which cannot be extended by rolling over or replacing the derivative); or exchange-traded derivatives, provided the notional derivatives e ...
The Relationship between Organization Strategy, Fixed
... investors’ degree of tolerance and aversion towards risks established by Chang et al.(2012) and take this as the proxy for investment risks. Afterwards, we review whether the capability index of accrual quality used in this paper has the same propensity as the accrual quality by the firm characteris ...
... investors’ degree of tolerance and aversion towards risks established by Chang et al.(2012) and take this as the proxy for investment risks. Afterwards, we review whether the capability index of accrual quality used in this paper has the same propensity as the accrual quality by the firm characteris ...
A Model of Capital and Crises Zhiguo He Arvind Krishnamurthy May 2011
... asset falls, Wt falls further, causing the capital constraint to bind further, thereby amplifying the negative shock. This ampli…cation e¤ect produces the rise in volatility when intermediary capital is low. Finally, falling Wt induces households to reallocate their funds from the intermediary secto ...
... asset falls, Wt falls further, causing the capital constraint to bind further, thereby amplifying the negative shock. This ampli…cation e¤ect produces the rise in volatility when intermediary capital is low. Finally, falling Wt induces households to reallocate their funds from the intermediary secto ...
Chapter 11 Dividend Policy
... 4.2.1 A stock spilt occurs where, for example, each ordinary share of $1 each is spilt into two shares of 50c each, thus creating cheaper shares with greater marketability. There is possibly an added psychological advantage, in that investors may expect a company which splits its shares in this way ...
... 4.2.1 A stock spilt occurs where, for example, each ordinary share of $1 each is spilt into two shares of 50c each, thus creating cheaper shares with greater marketability. There is possibly an added psychological advantage, in that investors may expect a company which splits its shares in this way ...
Accounting I Lesson Plan - Terry Wilhelmi`s Home Page
... • use “T” accounts to analyze transactions showing which accounts are debited or credited for each transaction. • verify the equality of debits and credits for each transaction. ...
... • use “T” accounts to analyze transactions showing which accounts are debited or credited for each transaction. • verify the equality of debits and credits for each transaction. ...
BNDES: Financing the Brazilian Development
... investments dropped over the last 20 years Yearly infrastructure growth in the selected sectors (%) ...
... investments dropped over the last 20 years Yearly infrastructure growth in the selected sectors (%) ...
Avison Young 2016 Forecast Commercial Real Estate Canada, U.S.
... increases, which have been slow to arrive. We believe this situation will lead to an increase in M&A activity to relieve some of the pressure in overheated capital markets. Look for a year of REIT consolidation and private equity taking an interest in, or buying out, public vehicles. Service industr ...
... increases, which have been slow to arrive. We believe this situation will lead to an increase in M&A activity to relieve some of the pressure in overheated capital markets. Look for a year of REIT consolidation and private equity taking an interest in, or buying out, public vehicles. Service industr ...
Pension Fund Asset Allocation and Liability Discount Rates
... We evaluate the investment performance by adjusting the pension fund returns for both their investment costs and benchmark performance within various asset classes, thus taking asset allocation decisions as given. We find that U.S. public plans underperform the benchmarks by about 57 basis points a ...
... We evaluate the investment performance by adjusting the pension fund returns for both their investment costs and benchmark performance within various asset classes, thus taking asset allocation decisions as given. We find that U.S. public plans underperform the benchmarks by about 57 basis points a ...
Vanguard Convertible Securities Fund Prospectus Investor Shares
... expenses that you would incur over various periods if you were to invest $10,000 in the Fund’s shares. This example assumes that the Fund provides a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expens ...
... expenses that you would incur over various periods if you were to invest $10,000 in the Fund’s shares. This example assumes that the Fund provides a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expens ...
Fund Analysis, Cash-Flow Analysis, and Financial Planning
... Cash Flow from Investing Activities Shows impact of buying and selling fixed assets and debt or equity securities of other entities. Cash Flow from Financing Activities Shows impact of all cash transactions with shareholders and the borrowing and repaying transactions with lenders. ...
... Cash Flow from Investing Activities Shows impact of buying and selling fixed assets and debt or equity securities of other entities. Cash Flow from Financing Activities Shows impact of all cash transactions with shareholders and the borrowing and repaying transactions with lenders. ...
Asset Prices and Unit Trusts
... is consistent with empirical evidence presented in section 6.2 and with evidence that new funds are more likely to be started after high inflows either into particular fund families or into all funds as a whole (Khorana 1996). In the model net cash inflows are subject to diminishing returns, so succ ...
... is consistent with empirical evidence presented in section 6.2 and with evidence that new funds are more likely to be started after high inflows either into particular fund families or into all funds as a whole (Khorana 1996). In the model net cash inflows are subject to diminishing returns, so succ ...
Dublin City School District Comprehensive Annual Financial Report June 30, 2004
... restaurants) ranking among the highest in local employment. Dublin markets itself to the service industry and as a home for the corporate headquarters of businesses. Additionally, the city is the home to numerous R & D companies and high-tech manufacturing businesses. The continued economic growth a ...
... restaurants) ranking among the highest in local employment. Dublin markets itself to the service industry and as a home for the corporate headquarters of businesses. Additionally, the city is the home to numerous R & D companies and high-tech manufacturing businesses. The continued economic growth a ...
DOCX - World bank documents
... pension income when they retire. Whilst traditional defined benefit (DB) pension plans set out what that pension income will be in advance and then strive to deliver it, the growing number of defined contribution (DC) plans accumulate a sum of assets which can then be turned into a pension income on ...
... pension income when they retire. Whilst traditional defined benefit (DB) pension plans set out what that pension income will be in advance and then strive to deliver it, the growing number of defined contribution (DC) plans accumulate a sum of assets which can then be turned into a pension income on ...
JP Morgan Securities LLC | Wrap Fee Program Brochure | Advisory
... securities for certain Investment Strategies (“Model Managers”). SAS is only available to Clients of IARs who service Chase Private Clients. There are two types of SAS Investment Strategies: (1) single-manager strategies (the “Single-Manager Strategies”) for which JPMPI seeks to invest in individua ...
... securities for certain Investment Strategies (“Model Managers”). SAS is only available to Clients of IARs who service Chase Private Clients. There are two types of SAS Investment Strategies: (1) single-manager strategies (the “Single-Manager Strategies”) for which JPMPI seeks to invest in individua ...
Trading Is Hazardous to Your Wealth: The Common Stock
... trades in any year as active traders, households with more than $100,000 in equity at any point in time as aff luent, and all other households as general. If a household qualifies as either active trader or aff luent, it is assigned the active trader label. In 1997, approximately 61 percent of all r ...
... trades in any year as active traders, households with more than $100,000 in equity at any point in time as aff luent, and all other households as general. If a household qualifies as either active trader or aff luent, it is assigned the active trader label. In 1997, approximately 61 percent of all r ...
Test Bank for Advanc..
... Corporation, its bitter rival, by issuing bonds with a par value and fair value of $150,000. Immediately prior to the acquisition, Beta reported total assets of $500,000, liabilities of $280,000, and stockholders' equity of $220,000. At that date, Standard Video reported total assets of $400,000, li ...
... Corporation, its bitter rival, by issuing bonds with a par value and fair value of $150,000. Immediately prior to the acquisition, Beta reported total assets of $500,000, liabilities of $280,000, and stockholders' equity of $220,000. At that date, Standard Video reported total assets of $400,000, li ...
lincreasedl Correlation in Bear Markets
... assumption of joint normality would still result in the same mean-variance-efficient portfolio. However, as we have seen, deviations from normality exist with increased probability mass hi the tails of the return distribution, which results irt an increase in 'the coitelations of large negative move ...
... assumption of joint normality would still result in the same mean-variance-efficient portfolio. However, as we have seen, deviations from normality exist with increased probability mass hi the tails of the return distribution, which results irt an increase in 'the coitelations of large negative move ...
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.