Financial distress, reorganization and corporate performance
... 3.2. Development of propositions Review of literature in the previous sections has 1) demonstrated the usefulness of the coalition behaviour model as a means of analysing how various parties will behave with respect to the reorganisation decision; and, 2) identified variables that have been found in ...
... 3.2. Development of propositions Review of literature in the previous sections has 1) demonstrated the usefulness of the coalition behaviour model as a means of analysing how various parties will behave with respect to the reorganisation decision; and, 2) identified variables that have been found in ...
Finding Your Way Around the Book`s Web Site
... about how to value shares? Or are people buying shares without much understanding of what they are doing? Ways to Think About Risk Higher returns come with higher risk, and equities are riskier than bonds. Indeed, while stocks have yielded higher returns than bonds on average, they have higher volat ...
... about how to value shares? Or are people buying shares without much understanding of what they are doing? Ways to Think About Risk Higher returns come with higher risk, and equities are riskier than bonds. Indeed, while stocks have yielded higher returns than bonds on average, they have higher volat ...
Do Tests of Capital Structure Theory Mean What They Say? ∗
... points shareholders take optimal decisions. The three main reasons why their dynamic trade-off model produces low leverage at refinancing points are: (a) the level of asset volatility they use is chosen to match recovery rates and corporate bond spreads; (b) new debt is issued only after existing de ...
... points shareholders take optimal decisions. The three main reasons why their dynamic trade-off model produces low leverage at refinancing points are: (a) the level of asset volatility they use is chosen to match recovery rates and corporate bond spreads; (b) new debt is issued only after existing de ...
The information content of market liquidity: An empirical analysis of
... about future macro fundamentals. They show that there is a portfolio shift from small stocks to large stocks prior to economic downturns, and argue that this is a consequence of an increase in market-wide risk aversion. Albuquerque et al. [2007] show that there is a close relationship between liquid ...
... about future macro fundamentals. They show that there is a portfolio shift from small stocks to large stocks prior to economic downturns, and argue that this is a consequence of an increase in market-wide risk aversion. Albuquerque et al. [2007] show that there is a close relationship between liquid ...
2014-15 Audit Report - Pharr-San Juan
... We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Pharr-San Juan-Alamo Independent School District ("the District") as of and for the year ended August 31, 2015, and ...
... We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Pharr-San Juan-Alamo Independent School District ("the District") as of and for the year ended August 31, 2015, and ...
Private Placement Financing - Informa Financial Intelligence
... financings and accounted for nearly half of all deal flow. These numbers are in line with November 2015 and reveal the preferred financing methods for the PIPE market. One standout when comparing 2015 to 2016 is the prevalence of CMPOs, the month of November 2015 had only 3 CMPO transactions while t ...
... financings and accounted for nearly half of all deal flow. These numbers are in line with November 2015 and reveal the preferred financing methods for the PIPE market. One standout when comparing 2015 to 2016 is the prevalence of CMPOs, the month of November 2015 had only 3 CMPO transactions while t ...
The Value-Relevance of Earnings and Book Value
... The third DM factor is the patient capital of the family firm, which is identified as part of the RBV and the overarching ‘familiness’ phenomenon(Sirmon & Hitt, 2003). Patient financial capital refers to the nature of capital invested by the family in its own firm. As established earlier, family fir ...
... The third DM factor is the patient capital of the family firm, which is identified as part of the RBV and the overarching ‘familiness’ phenomenon(Sirmon & Hitt, 2003). Patient financial capital refers to the nature of capital invested by the family in its own firm. As established earlier, family fir ...
A New Approach to Equity Premium Prediction: Economic
... (2008) argue that a reasonable investor would not have used a model to forecast a negative equity premium. The positive forecast constraint is also implemented more recently by Pettenuzzo, Timmermann and Valkanov (2014), who motivate this constraint by arguing that risk-averse investors would not ho ...
... (2008) argue that a reasonable investor would not have used a model to forecast a negative equity premium. The positive forecast constraint is also implemented more recently by Pettenuzzo, Timmermann and Valkanov (2014), who motivate this constraint by arguing that risk-averse investors would not ho ...
alternative leasing arrangements
... period (say next year), you could return it to the lessor but you will owe a large termination fee (perhaps equal to all remaining lease rental payments). This means that, with lease, the cost of the asset per year could be extraordinarily high if your need for it ends soon after signing the lease. ...
... period (say next year), you could return it to the lessor but you will owe a large termination fee (perhaps equal to all remaining lease rental payments). This means that, with lease, the cost of the asset per year could be extraordinarily high if your need for it ends soon after signing the lease. ...
Accounting for Business Combinations Executive Summary
... interest to that of a controlling interest. Assume that an investor owns 60,000 shares in a business and the business has 150,000 shares outstanding. In this situation, the investor owns a 40% interest in the business and accounts for its investment using the equity method. If the business buys or r ...
... interest to that of a controlling interest. Assume that an investor owns 60,000 shares in a business and the business has 150,000 shares outstanding. In this situation, the investor owns a 40% interest in the business and accounts for its investment using the equity method. If the business buys or r ...
Correlated Trading and Returns
... which retail investors can gradually build or reduce positions in individual stocks and mutual funds at predetermined dates (similar to ShareBuilder in the US); such plan trades are likely driven by savings or dissavings motives and are thus classified as non-speculative. Trading in assets other tha ...
... which retail investors can gradually build or reduce positions in individual stocks and mutual funds at predetermined dates (similar to ShareBuilder in the US); such plan trades are likely driven by savings or dissavings motives and are thus classified as non-speculative. Trading in assets other tha ...
Share Valuation and Evaluation of the Effect of the Use of Defense
... attitude towards risk of investors, market conditions and market expectations. Defense mechanisms are used to protect a firm from a takeover or unwanted influence. The defense mechanism which is most suitable to ForFarmers is the use of share certificates, since it shareholders with certificates in ...
... attitude towards risk of investors, market conditions and market expectations. Defense mechanisms are used to protect a firm from a takeover or unwanted influence. The defense mechanism which is most suitable to ForFarmers is the use of share certificates, since it shareholders with certificates in ...
Debunking myths about ETF liquidity
... extended Labor Day weekend in the U.S.—a day that traditionally witnesses some of the lowest NYSE trading volumes of the year— so one might expect less liquidity for all tradable securities. Immediately before the trade, JPGE traded at a bid of $51.10 for 1,000 shares, with an ask of $51.14 for 1,00 ...
... extended Labor Day weekend in the U.S.—a day that traditionally witnesses some of the lowest NYSE trading volumes of the year— so one might expect less liquidity for all tradable securities. Immediately before the trade, JPGE traded at a bid of $51.10 for 1,000 shares, with an ask of $51.14 for 1,00 ...
The Colors of Investors` Money: The Role of Institutional
... coverage. Domestic institutions underweight these same stocks. Foreign institutions also tend to avoid high dividend-paying stocks. Third, U.S. institutions diverge from non-U.S. foreign institutions in their preference for value over growth stocks, and a tendency to hold stocks in English-speaking ...
... coverage. Domestic institutions underweight these same stocks. Foreign institutions also tend to avoid high dividend-paying stocks. Third, U.S. institutions diverge from non-U.S. foreign institutions in their preference for value over growth stocks, and a tendency to hold stocks in English-speaking ...
ratios
... This financial information belongs to the following companies: a) Air line company (for example, Croatia Airlines, Southwest airlines), b) Motorcycle company (for, example, Honda, Harley Davidson, etc.) c) Beer company (for example, Bavaria, Boston Beer etc. ), d) Pizza company ( Papa John's,Pizza ...
... This financial information belongs to the following companies: a) Air line company (for example, Croatia Airlines, Southwest airlines), b) Motorcycle company (for, example, Honda, Harley Davidson, etc.) c) Beer company (for example, Bavaria, Boston Beer etc. ), d) Pizza company ( Papa John's,Pizza ...
Intertemporal capital budgeting
... Harris and Raviv (1998) also discuss a dynamic capital allocation mechanism. They argue that when monitoring project quality is costly for headquarters, it may be optimal to allow divisions to ‘‘roll over’’ capital budgets to future periods. This rollover of unused funds reduces a division manager’s ...
... Harris and Raviv (1998) also discuss a dynamic capital allocation mechanism. They argue that when monitoring project quality is costly for headquarters, it may be optimal to allow divisions to ‘‘roll over’’ capital budgets to future periods. This rollover of unused funds reduces a division manager’s ...
Examiners` commentaries 2015
... from Section B and TWO further questions from either section. All questions carry equal marks. Section A Answer one question and no more than two further questions from this section. Question 1 The reformulated balance sheet of Philharmonia plc is as follows (values in millions of pounds). ...
... from Section B and TWO further questions from either section. All questions carry equal marks. Section A Answer one question and no more than two further questions from this section. Question 1 The reformulated balance sheet of Philharmonia plc is as follows (values in millions of pounds). ...
CCLC Mission Endowment Fund
... distributions. Funds invested in the equity markets will fluctuate dramatically in value from year to year! The MEF Investment Team will evaluate the economic conditions every year and determine the level of spending which is appropriate. Generally, 3 to 5 percent of the total value of a MEF well-di ...
... distributions. Funds invested in the equity markets will fluctuate dramatically in value from year to year! The MEF Investment Team will evaluate the economic conditions every year and determine the level of spending which is appropriate. Generally, 3 to 5 percent of the total value of a MEF well-di ...
Hedge Fund Innovation - American Economic Association
... this paper is whether the institutional design, i.e., a particular set of fund characteristics, provides information on the type of strategy followed by a hedge fund. If the initial characteristics convey little information on important return-generating aspects of the investment strategy, we should ...
... this paper is whether the institutional design, i.e., a particular set of fund characteristics, provides information on the type of strategy followed by a hedge fund. If the initial characteristics convey little information on important return-generating aspects of the investment strategy, we should ...
Is the International Diversification Potential
... domestically traded stocks can span the risks of foreign markets. These stocks are no more expensive to acquire than domestic stocks. The foreign stocks traded on the New York Stock Exchange (NYSE) must also go through the same disclosure requirements as domestic companies, including provision of th ...
... domestically traded stocks can span the risks of foreign markets. These stocks are no more expensive to acquire than domestic stocks. The foreign stocks traded on the New York Stock Exchange (NYSE) must also go through the same disclosure requirements as domestic companies, including provision of th ...
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.