Morningstar® Investor Return™ Methodology
... The data above is for a large growth fund. The net assets grew rapidly to $6.1 billion in August. At this time, an initial investment of $10,000 would have grown to a high of $14,171. Since then, the fund suffered consecutive months of losses in September, October, November and December. But, invest ...
... The data above is for a large growth fund. The net assets grew rapidly to $6.1 billion in August. At this time, an initial investment of $10,000 would have grown to a high of $14,171. Since then, the fund suffered consecutive months of losses in September, October, November and December. But, invest ...
Time Variation of Liquidity in the Private Real Estate Market: An
... In considering whether these alternative explanations might carry over to income property markets, it is doubtful that either the behavioral-based downward price rigidity story, with sellers refusing to recognize a drop in house price, or the creditconstrained explanation will completely do so. As n ...
... In considering whether these alternative explanations might carry over to income property markets, it is doubtful that either the behavioral-based downward price rigidity story, with sellers refusing to recognize a drop in house price, or the creditconstrained explanation will completely do so. As n ...
NBER WORKING PAPER SERIES INTERGENERATIONAL RISKSHARING AND EQUILIBRIUM ASSET PRICES John Y. Campbell
... shocks may require adjustments in benefits, tax rates, or both, and adjustments have often been made (McHale 2001); but the nature of these adjustments is not always spelled out in advance. This lack of clarity is unfortunate, because pay-as-you-go pension systems with contingent taxes and benefits ...
... shocks may require adjustments in benefits, tax rates, or both, and adjustments have often been made (McHale 2001); but the nature of these adjustments is not always spelled out in advance. This lack of clarity is unfortunate, because pay-as-you-go pension systems with contingent taxes and benefits ...
The Causal Effects of Short-Selling Bans
... Theoretical predictions of the effect of short-selling bans on stock prices are mixed. Miller (1977) argues that if investors have differences of opinion about a stock’s value, the price will reflect the optimistic investors’ valuation in the absence of short-sale eligibility. Thus, shortsale bans h ...
... Theoretical predictions of the effect of short-selling bans on stock prices are mixed. Miller (1977) argues that if investors have differences of opinion about a stock’s value, the price will reflect the optimistic investors’ valuation in the absence of short-sale eligibility. Thus, shortsale bans h ...
Measuring Brand Equity of Restaurant Chains
... name, term, sign, symbol, design, or brand to its market has been a combination of these factors approximated a t $100 million, which is intended to identify the with a 50 percent probability of goods and services of one seller or failure.' Brand power as a longgroup of sellers, and also to differ- ...
... name, term, sign, symbol, design, or brand to its market has been a combination of these factors approximated a t $100 million, which is intended to identify the with a 50 percent probability of goods and services of one seller or failure.' Brand power as a longgroup of sellers, and also to differ- ...
Risk premia in general equilibrium
... the macroeconomic dynamics (Diebold et al. 2005, p.420). It is shown that non-linearities can generate time-varying risk premia, and non-normalities are important to explain the observed risk-premium puzzle. For this purpose we readopt formulating models in continuous-time, which has closed-form so ...
... the macroeconomic dynamics (Diebold et al. 2005, p.420). It is shown that non-linearities can generate time-varying risk premia, and non-normalities are important to explain the observed risk-premium puzzle. For this purpose we readopt formulating models in continuous-time, which has closed-form so ...
keycorp reports first quarter 2016 net income of $182
... from continuing operations attributable to Key common shareholders of $182 million, or $.22 per common share, compared to $224 million, or $.27 per common share, for the fourth quarter of 2015, and $222 million, or $.26 per common share, for the first quarter of 2015. During the first quarter of 201 ...
... from continuing operations attributable to Key common shareholders of $182 million, or $.22 per common share, compared to $224 million, or $.27 per common share, for the fourth quarter of 2015, and $222 million, or $.26 per common share, for the first quarter of 2015. During the first quarter of 201 ...
Accelerating Emerging Capital Markets Development Corporate Bond
... corporate bond markets. Therefore, even investors who are willing to participate in emerging markets often discover that there is insufficient volume of and breadth in offered securities to meet their investment needs. Furthermore, the process for developing corporate bond markets is often viewed a ...
... corporate bond markets. Therefore, even investors who are willing to participate in emerging markets often discover that there is insufficient volume of and breadth in offered securities to meet their investment needs. Furthermore, the process for developing corporate bond markets is often viewed a ...
Financial Advisor Botsford Marches to a Different Drummer
... avoided the devastation that followed the dotcom and mortgage meltdowns. Botsford’s portfolios continued to provide steady income through the two crises; as a result, clients did not have to liquidate principal to provide income. And that allowed them to avoid the “death spiral” that can be caused ...
... avoided the devastation that followed the dotcom and mortgage meltdowns. Botsford’s portfolios continued to provide steady income through the two crises; as a result, clients did not have to liquidate principal to provide income. And that allowed them to avoid the “death spiral” that can be caused ...
Transfer of Limited Partnership Interests
... due diligence with respect to the limited partnership interest, the partnership, the GP and the partnership’s portfolio companies; the value of the limited partnership interest: the interest often sells at a 20% to 50% discount to the fund manager’s most recent valuation of the partnership’s portf ...
... due diligence with respect to the limited partnership interest, the partnership, the GP and the partnership’s portfolio companies; the value of the limited partnership interest: the interest often sells at a 20% to 50% discount to the fund manager’s most recent valuation of the partnership’s portf ...
“The modeling of equilibrium of the reinsurance markets in Germany
... and Ukraine: comparative characteristics. Investment Management and Financial Innovations, 8(2) ...
... and Ukraine: comparative characteristics. Investment Management and Financial Innovations, 8(2) ...
a century of stock market liquidity and trading
... Since the proportional commission depends only on the share price, it is possible to estimate the weighted average commission rate during the fixed commission regime by looking only at the cross-sectional distribution of share prices and the total volume of trade. Other than ignoring odd lot transac ...
... Since the proportional commission depends only on the share price, it is possible to estimate the weighted average commission rate during the fixed commission regime by looking only at the cross-sectional distribution of share prices and the total volume of trade. Other than ignoring odd lot transac ...
Reinsurance Market Report
... Net income of USD 26.6B includes a significant level of realised investment gains (USD 7.0B). ...
... Net income of USD 26.6B includes a significant level of realised investment gains (USD 7.0B). ...
collective investment schemes in emerging markets
... public for collective investment without a well-defined legal and regulatory framework, the risks are high of breach of the operators’ obligations toward investors. The risk is particularly high since CIS typically manage assets on behalf of dispersed groups of investors who must depend on the gover ...
... public for collective investment without a well-defined legal and regulatory framework, the risks are high of breach of the operators’ obligations toward investors. The risk is particularly high since CIS typically manage assets on behalf of dispersed groups of investors who must depend on the gover ...
Regulatory Capital Disclosures
... Fair Value. The inventory reflected on our consolidated statements of financial condition as “Financial instruments owned, at fair value” and “Financial instruments sold, but not yet purchased, at fair value” and certain other financial assets and financial liabilities, are accounted for at fair val ...
... Fair Value. The inventory reflected on our consolidated statements of financial condition as “Financial instruments owned, at fair value” and “Financial instruments sold, but not yet purchased, at fair value” and certain other financial assets and financial liabilities, are accounted for at fair val ...
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... Our results also complement the results in Borenstein et al. (1998), which document that Foreign Direct Investment improves factor productivity. We also provide a new analysis of which part of the growth response is temporary and what part is permanent. To shed more light on the sources of the perm ...
... Our results also complement the results in Borenstein et al. (1998), which document that Foreign Direct Investment improves factor productivity. We also provide a new analysis of which part of the growth response is temporary and what part is permanent. To shed more light on the sources of the perm ...
Spillovers from United States Monetary Policy on Emerging Markets
... Other papers study spillovers to emerging market economies more widely. But to our knowledge, no other paper compares spillovers to pre-crisis times, with the exception of Gilchrist and others (2014) which focuses only on spillovers to bond yields, and controls for U.S. monetary policy shocks with c ...
... Other papers study spillovers to emerging market economies more widely. But to our knowledge, no other paper compares spillovers to pre-crisis times, with the exception of Gilchrist and others (2014) which focuses only on spillovers to bond yields, and controls for U.S. monetary policy shocks with c ...
Annual Report - Wilson Asset Management
... Established in 1997 by Geoff Wilson, Wilson Asset Management is an independently owned investment manager based in Sydney, Australia. Today, Wilson Asset Management employs twenty one staff. The investment team comprises seven highly experienced professionals with almost 100 years of combined invest ...
... Established in 1997 by Geoff Wilson, Wilson Asset Management is an independently owned investment manager based in Sydney, Australia. Today, Wilson Asset Management employs twenty one staff. The investment team comprises seven highly experienced professionals with almost 100 years of combined invest ...
investing for the future
... A British Investment Bank (BIB) has been championed as the solution to a number of problems facing the UK economy. Its proponents suggest it could play a major role in boosting demand and growth in the short-term as the economy struggles to emerge from recession and in financing the structural refor ...
... A British Investment Bank (BIB) has been championed as the solution to a number of problems facing the UK economy. Its proponents suggest it could play a major role in boosting demand and growth in the short-term as the economy struggles to emerge from recession and in financing the structural refor ...
Investment Financing and Financial Development: Firm Level Evidence from Vietnam
... firms’ cash stock. The findings indicate that financial development decreases financing constraints which in turn leads to higher investment activity. Love and Zicchino (2006) use a firm-level panel vector autoregression (VAR) to evaluate the relationship between investment and the firms’ financing ...
... firms’ cash stock. The findings indicate that financial development decreases financing constraints which in turn leads to higher investment activity. Love and Zicchino (2006) use a firm-level panel vector autoregression (VAR) to evaluate the relationship between investment and the firms’ financing ...
Cash, Cash Equivalents, and Investments
... Cash and cash equivalents consisted of demand deposit held at the State Treasury, commercial banks and petty cash. The University considers highly liquid investments with an original maturity date of three months or less to be cash and cash equivalents. The University considers amounts included in t ...
... Cash and cash equivalents consisted of demand deposit held at the State Treasury, commercial banks and petty cash. The University considers highly liquid investments with an original maturity date of three months or less to be cash and cash equivalents. The University considers amounts included in t ...
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.