NBER WORKING PAPER SERIES IN SEARCH OF DISTRESS RISK John Y. Campbell
... measure of financial distress, and in the second step we calculate the average returns on distressed stocks. We start by considering two alternative ways in which a firm may fail to meet its financial obligations. First, we look at bankruptcy filings under either Chapter 7 or Chapter 11 of the bankr ...
... measure of financial distress, and in the second step we calculate the average returns on distressed stocks. We start by considering two alternative ways in which a firm may fail to meet its financial obligations. First, we look at bankruptcy filings under either Chapter 7 or Chapter 11 of the bankr ...
The Value Relevance of Financial Institutions` Fair Value
... Because financial instrument disclosures may impose considerable costs on financial institutions (e.g., Lee, 1992; Higgins, 1996),2 an important question is whether the financial instrument disclosures mandated by the FASB in SFAS 119, Disclosures About Derivative Financial Instruments and Fair Values ...
... Because financial instrument disclosures may impose considerable costs on financial institutions (e.g., Lee, 1992; Higgins, 1996),2 an important question is whether the financial instrument disclosures mandated by the FASB in SFAS 119, Disclosures About Derivative Financial Instruments and Fair Values ...
pieta house cpsos limited trustees` report and accounts
... €1,740,475 we had a surplus of €246,954 but when restricted funding is stripped out then our expenditure exceeded our income by €153,046 (2010: €12,025). This situation arises as a direct result of Pieta's success and obviously such a trend cannot continue indefinitely. Funding must be put on a more ...
... €1,740,475 we had a surplus of €246,954 but when restricted funding is stripped out then our expenditure exceeded our income by €153,046 (2010: €12,025). This situation arises as a direct result of Pieta's success and obviously such a trend cannot continue indefinitely. Funding must be put on a more ...
designing a social investment fund for uk pensions
... Investments made by funds include debt, equity and guarantee products, with average size between €100,000 and €300,000 per investment. Investors will invest on average €3,500. The performance of solidarity investment funds so far has been reasonable, with studies showing that they performed as well ...
... Investments made by funds include debt, equity and guarantee products, with average size between €100,000 and €300,000 per investment. Investors will invest on average €3,500. The performance of solidarity investment funds so far has been reasonable, with studies showing that they performed as well ...
Goodwill Capital
... shifts in the demand schedule, just as incremental R&D outlays either result in small shifts in demand or declines in costs, which in turn should also be reflected in sales if prices fall. In contrast, the stochastic nature of the returns to major innovations makes it difficult if not impossible to ...
... shifts in the demand schedule, just as incremental R&D outlays either result in small shifts in demand or declines in costs, which in turn should also be reflected in sales if prices fall. In contrast, the stochastic nature of the returns to major innovations makes it difficult if not impossible to ...
CoCos: a primer - Bank for International Settlements
... market capitalisation to its assets. As a result, they can reduce the scope for balance sheet manipulation and regulatory forbearance. However, market-value triggers may be difficult to price and could create incentives for stock price manipulation. The pricing of conversion-to-equity CoCos with a m ...
... market capitalisation to its assets. As a result, they can reduce the scope for balance sheet manipulation and regulatory forbearance. However, market-value triggers may be difficult to price and could create incentives for stock price manipulation. The pricing of conversion-to-equity CoCos with a m ...
Liquidity risk, Leverage and Long
... by Ritter (1991), covering the period 1975–1984, that is not present in the SDC database.5 These sources generate a total sample of 6,139 IPOs satisfying the following sample restrictions: The issuer is domiciled in the U.S., the IPO is on the Nasdaq Stock Exchange and it involves common stocks onl ...
... by Ritter (1991), covering the period 1975–1984, that is not present in the SDC database.5 These sources generate a total sample of 6,139 IPOs satisfying the following sample restrictions: The issuer is domiciled in the U.S., the IPO is on the Nasdaq Stock Exchange and it involves common stocks onl ...
Data Mining, Arbitraged Away, or Here to Stay?
... mitigate the risks associated with unintended “data mining” continuously searching for return predictability in a fixed historical record that inevitably mischaracterizes randomness as a systematic factor deserving of a standalone, prospective risk premium. ...
... mitigate the risks associated with unintended “data mining” continuously searching for return predictability in a fixed historical record that inevitably mischaracterizes randomness as a systematic factor deserving of a standalone, prospective risk premium. ...
not for release, publication or distribution, directly or indirectly
... Notes to Editors: About HarbourVest Partners, LLC: HarbourVest Partners, LLC (“HarbourVest”) is an independent global private equity firm that invests in venture capital, buyout, mezzanine debt, and distressed debt through primary partnerships, secondary purchases, and direct investments. Since 198 ...
... Notes to Editors: About HarbourVest Partners, LLC: HarbourVest Partners, LLC (“HarbourVest”) is an independent global private equity firm that invests in venture capital, buyout, mezzanine debt, and distressed debt through primary partnerships, secondary purchases, and direct investments. Since 198 ...
Westfield Form ADV Part 2A - Westfield Capital Management
... timely manner. Unless other terms are agreed upon, Westfield will confirm receipt of such notice prior to making any necessary trades in the account. Notifications are not deemed received until they have been confirmed by Westfield. Westfield will accept instructions only from authorized individuals ...
... timely manner. Unless other terms are agreed upon, Westfield will confirm receipt of such notice prior to making any necessary trades in the account. Notifications are not deemed received until they have been confirmed by Westfield. Westfield will accept instructions only from authorized individuals ...
Derivative Risk Management Statement Part A
... • The Australian Funds invest in underlying funds that are managed by affiliated corporate entities of Robeco Hong Kong Limited (“Underlying Funds”); • Derivatives may be utilized by these Underlying Funds; • The department Risk Management of Robeco Groep N.V. (the ultimate parent company of Robeco ...
... • The Australian Funds invest in underlying funds that are managed by affiliated corporate entities of Robeco Hong Kong Limited (“Underlying Funds”); • Derivatives may be utilized by these Underlying Funds; • The department Risk Management of Robeco Groep N.V. (the ultimate parent company of Robeco ...
Summary Prospectus
... (each as discussed below). When the Fund uses derivatives, there may be imperfect correlation between the value of the reference asset(s) and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the u ...
... (each as discussed below). When the Fund uses derivatives, there may be imperfect correlation between the value of the reference asset(s) and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the u ...
The Investment Efficiency Of Private And Public
... capital increases after rational investors anticipate the managers' intention to issue overpriced shares(Biddle et al., 2009; Cheng et al., 2013). These studies show that information asymmetry between managers and investors can result in over/ under-investment, thereby reducing investment efficiency ...
... capital increases after rational investors anticipate the managers' intention to issue overpriced shares(Biddle et al., 2009; Cheng et al., 2013). These studies show that information asymmetry between managers and investors can result in over/ under-investment, thereby reducing investment efficiency ...
A Proposal to Limit the Anti-Competitive Power of Institutional Investors
... The individual final owner need not pick stocks, nor pay someone else to pick stocks, but rather invests in the whole market and enjoys diversification and low costs. “Institutional investors,” as we use the term, include mutual funds, asset managers, and other firms that buy and hold equity in othe ...
... The individual final owner need not pick stocks, nor pay someone else to pick stocks, but rather invests in the whole market and enjoys diversification and low costs. “Institutional investors,” as we use the term, include mutual funds, asset managers, and other firms that buy and hold equity in othe ...
Comparing Individual Retirement Accounts in Asia: Singapore
... The British colonial government in Singapore implemented the Central Provident Fund in 1955 modeling it after the social welfare systems they had established in other colonies. As a self-funded system with compulsory membership and compulsory accumulation of deposits, it ensured that the British gov ...
... The British colonial government in Singapore implemented the Central Provident Fund in 1955 modeling it after the social welfare systems they had established in other colonies. As a self-funded system with compulsory membership and compulsory accumulation of deposits, it ensured that the British gov ...
Alternative Investment Fund Managers Directive
... The European Commission promulgated the Directive for Alternative Investment Fund Managers (“AIFMD”) in 2010 as one of the many measures adopted worldwide to quell fears of financial instability and systemic risk.1 The AIFMD seeks to achieve these goals through “enhance[d] supervisory practices” and ...
... The European Commission promulgated the Directive for Alternative Investment Fund Managers (“AIFMD”) in 2010 as one of the many measures adopted worldwide to quell fears of financial instability and systemic risk.1 The AIFMD seeks to achieve these goals through “enhance[d] supervisory practices” and ...
14-0187 Attachment - Settlement Agreement - Afam Elue
... IIROC formally initiated the investigation into Mr. Elue’s conduct in August 2012. The violations occurred when he was a Registered Representative with the Toronto branch of Edward Jones, an IIROCregulated firm. Mr. Elue is no longer a registrant with an IIROCregulated firm. ...
... IIROC formally initiated the investigation into Mr. Elue’s conduct in August 2012. The violations occurred when he was a Registered Representative with the Toronto branch of Edward Jones, an IIROCregulated firm. Mr. Elue is no longer a registrant with an IIROCregulated firm. ...
cordros money market fund - Cordros Asset Management
... This Prospectus has been registered as such by the SEC. No person has been authorised to give any information or to make any representation other than those contained in this document in connection with the offering of Units of the Fund and, if given or made, such information or representations must ...
... This Prospectus has been registered as such by the SEC. No person has been authorised to give any information or to make any representation other than those contained in this document in connection with the offering of Units of the Fund and, if given or made, such information or representations must ...
Forward Looking Statements Non-GAAP
... Facilities decrease is due to renewal timing. Retention: 90%. Facilities new business: $1.0M Lawyers’ professional liability is flat . Retention: 84%. LPL new business of $900,000 Medical technology nominally up due to higher premium rates on renewal business. New business: $1.2 mil offsetting reten ...
... Facilities decrease is due to renewal timing. Retention: 90%. Facilities new business: $1.0M Lawyers’ professional liability is flat . Retention: 84%. LPL new business of $900,000 Medical technology nominally up due to higher premium rates on renewal business. New business: $1.2 mil offsetting reten ...
Intermediary Asset Pricing
... are forced to liquidate their asset holdings (as in Shleifer and Vishny, 1997). In both cases, the key dynamic of the model is that low specialist wealth states lead households to withdraw funds from intermediaries and indirectly reduce their participation in the risky asset market. This dynamic th ...
... are forced to liquidate their asset holdings (as in Shleifer and Vishny, 1997). In both cases, the key dynamic of the model is that low specialist wealth states lead households to withdraw funds from intermediaries and indirectly reduce their participation in the risky asset market. This dynamic th ...
Report and Audited Financial Statements Schroder UK Real Estate Fund Feeder Trust
... Having carried out such procedures as we considered necessary to discharge our responsibilities as trustee of the scheme, it is our opinion, based on the information available to us and the explanations provided, that, in all material respects, the authorised fund manager: (i) has carried out the i ...
... Having carried out such procedures as we considered necessary to discharge our responsibilities as trustee of the scheme, it is our opinion, based on the information available to us and the explanations provided, that, in all material respects, the authorised fund manager: (i) has carried out the i ...
prospectus - Cullen Funds
... can confront the global economy such as declining consumer and business confidence, malfunctioning credit markets, increased unemployment, reduced levels of capital expenditures, fluctuating commodity prices, bankruptcies, and other circumstances, all of which can individually and collectively have ...
... can confront the global economy such as declining consumer and business confidence, malfunctioning credit markets, increased unemployment, reduced levels of capital expenditures, fluctuating commodity prices, bankruptcies, and other circumstances, all of which can individually and collectively have ...
Optimal Consumption and Portfolio Choices with Risky
... Our analysis of alternative housing-choice policies indicates that housing choice has a significant impact on the investors’ portfolio decisions. Compared with the optimal portfolio choice, which allows investors to endogenously choose renting versus owning a house, investors overweigh in equity whe ...
... Our analysis of alternative housing-choice policies indicates that housing choice has a significant impact on the investors’ portfolio decisions. Compared with the optimal portfolio choice, which allows investors to endogenously choose renting versus owning a house, investors overweigh in equity whe ...
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.