Annual Report
... while oil price and bond yield forecasts were clearly wrong. Fortunately we were on the right side of many of these developments in 2014. Nevertheless, markets are always changing, so we look forward to another challenging and hopefully rewarding year ahead. ...
... while oil price and bond yield forecasts were clearly wrong. Fortunately we were on the right side of many of these developments in 2014. Nevertheless, markets are always changing, so we look forward to another challenging and hopefully rewarding year ahead. ...
MFSA Guidance Note for Shariah Compliant Funds
... viii) risks associated with possible decreased opportunities for financing and increased costs of financing given that the fund would need to utilise financing in a Shariah-compliant manner/ increased liquidity risk due to borrowing restrictions and illiquid investments) and potential foreign exchan ...
... viii) risks associated with possible decreased opportunities for financing and increased costs of financing given that the fund would need to utilise financing in a Shariah-compliant manner/ increased liquidity risk due to borrowing restrictions and illiquid investments) and potential foreign exchan ...
The Size and Specialization of Direct Investment Portfolios
... endogenous, and we derive the shape of marginal returns as the outcome of a choice, rather than assuming it. As a result, our comparative statics take both level and slope effects into account, and so we are able to describe changes in the optimal combination of size and scope that are conditional ...
... endogenous, and we derive the shape of marginal returns as the outcome of a choice, rather than assuming it. As a result, our comparative statics take both level and slope effects into account, and so we are able to describe changes in the optimal combination of size and scope that are conditional ...
Capital Market Risk Return
... Unsystematic risks are unanticipated events that affect single assets or small groups of assets. Also called unique or asset-specific risks. IV. The effect of diversification - the elimination of unsystematic risk via the combination of assets into a portfolio. V. The systematic risk principle and b ...
... Unsystematic risks are unanticipated events that affect single assets or small groups of assets. Also called unique or asset-specific risks. IV. The effect of diversification - the elimination of unsystematic risk via the combination of assets into a portfolio. V. The systematic risk principle and b ...
Institutional Investors as Blockholders
... blockholder in the US, as already noted, is the II. The synthesis of the blockholder mode of ownership with market mechanisms, such as takeovers, allows for the transformation of what Coffee described as the tradeoffs between the monitoring of corporate managers and the promotion of efficient and li ...
... blockholder in the US, as already noted, is the II. The synthesis of the blockholder mode of ownership with market mechanisms, such as takeovers, allows for the transformation of what Coffee described as the tradeoffs between the monitoring of corporate managers and the promotion of efficient and li ...
Profits, Redistribution of Income and Dynamic Efficiency
... investment in each asset is positive in each period. Moreover, the data show no substantial movement in the relative price of capital over the sample period. 2 Firm optimization requires that firms have beliefs over aggregate output Y – equilibrium further requires that firm beliefs t hold true. 3 W ...
... investment in each asset is positive in each period. Moreover, the data show no substantial movement in the relative price of capital over the sample period. 2 Firm optimization requires that firms have beliefs over aggregate output Y – equilibrium further requires that firm beliefs t hold true. 3 W ...
orica reports increase in 2013 financial half year profit
... Chemicals achieved a 13% increase in EBIT to $56 million ($49 million in pcp), including due to improved conditions in the New Zealand dairy sector and Bronson & Jacobs volume and market growth. Results for ground support products and services reflect difficult market conditions affecting demand in ...
... Chemicals achieved a 13% increase in EBIT to $56 million ($49 million in pcp), including due to improved conditions in the New Zealand dairy sector and Bronson & Jacobs volume and market growth. Results for ground support products and services reflect difficult market conditions affecting demand in ...
Overvalued Equity and Financing Decisions
... of equity issuance and total financing to misvaluation.3 Even a manager who is focused on long-term value will issue more equity when it is overvalued, as doing so generates a profit for the firm (Stein 1996). However, to the extent that the manager values a higher stock price per se, there is a fur ...
... of equity issuance and total financing to misvaluation.3 Even a manager who is focused on long-term value will issue more equity when it is overvalued, as doing so generates a profit for the firm (Stein 1996). However, to the extent that the manager values a higher stock price per se, there is a fur ...
Slide 0 - Prudential Investments
... Capitalization weighted monthly returns on the most attractive stocks in the top quintile based on Earnings to Price (E/P), Cash Flow to Price (CF/P), and Book to Price (B/P). Stocks regrouped monthly. Excludes transaction costs. There is no current existing QMA portfolio with this current compositi ...
... Capitalization weighted monthly returns on the most attractive stocks in the top quintile based on Earnings to Price (E/P), Cash Flow to Price (CF/P), and Book to Price (B/P). Stocks regrouped monthly. Excludes transaction costs. There is no current existing QMA portfolio with this current compositi ...
What is Finance?
... The objective of GAAP is to provide a consistent account of a firm's financial status based on historical cost, where revenues and expenses are matched over the appropriate time period. ...
... The objective of GAAP is to provide a consistent account of a firm's financial status based on historical cost, where revenues and expenses are matched over the appropriate time period. ...
the collective - BNY Mellon Investment Management
... In DC plans of all sizes, the use of collective investment trusts (CITs), also known as commingled funds, collective investment funds or collective trust funds, is growing. A long-time popular choice of defined benefit (DB) plans, CITs have increasingly become a choice of defined contribution (DC) p ...
... In DC plans of all sizes, the use of collective investment trusts (CITs), also known as commingled funds, collective investment funds or collective trust funds, is growing. A long-time popular choice of defined benefit (DB) plans, CITs have increasingly become a choice of defined contribution (DC) p ...
FUNDAMENTALS OF HEALTHCARE FINANCE Online Appendix B
... per dollar of assets or profit per dollar of revenue. At first blush, it might appear that there would be only a few profitability ratios. However, in the healthcare sector, especially in not-for-profit hospitals, there are many (perhaps too many) ways to measure ―profit.‖ For example, profit can be ...
... per dollar of assets or profit per dollar of revenue. At first blush, it might appear that there would be only a few profitability ratios. However, in the healthcare sector, especially in not-for-profit hospitals, there are many (perhaps too many) ways to measure ―profit.‖ For example, profit can be ...
NBER WORKING PAPER SERIES THE LIMITS OF FINANCIAL GLOBALIZATION René M. Stulz
... When this agency problem is significant, corporations with professional managers and atomistic shareholders are inefficient. The dispersed ownership organizational form is inefficient because managers can best reduce the risks of expropriation by taking actions that both increase their discretion an ...
... When this agency problem is significant, corporations with professional managers and atomistic shareholders are inefficient. The dispersed ownership organizational form is inefficient because managers can best reduce the risks of expropriation by taking actions that both increase their discretion an ...
Are Workers' Enterprises entry policies conventional
... LMFs exist in most countries and industries (Craig and Pencavel, 1992, 1995; Moretto and Rossini, 2003). LM banks in developed and emerging countries contribute to equity and financial stability (Hesse and Cihàk, 2007): market share of some 10%. LMF close to (US Census) Nonemployer (Moretto and ...
... LMFs exist in most countries and industries (Craig and Pencavel, 1992, 1995; Moretto and Rossini, 2003). LM banks in developed and emerging countries contribute to equity and financial stability (Hesse and Cihàk, 2007): market share of some 10%. LMF close to (US Census) Nonemployer (Moretto and ...
SBICs: More Popular Than Ever Should You Form One?
... 0.425% underwriter and selling agent fee deducted from each draw 0.76% annual charge on outstanding leverage on current fiscal year commitments (by law, cannot be more than 1.38% per year) Percentage will vary based on the year commitment is issued All future draws against that commitment wi ...
... 0.425% underwriter and selling agent fee deducted from each draw 0.76% annual charge on outstanding leverage on current fiscal year commitments (by law, cannot be more than 1.38% per year) Percentage will vary based on the year commitment is issued All future draws against that commitment wi ...
1606_CF Canlife Global High Yield Bond
... go up the value of capital may fall and vice versa. Inflation will also decrease the real value of capital. The value of a fixed interest security is also affected by its credit rating. Liquidity Risk: The lack of an active market for some investments in the Master Fund means they may be more difficult ...
... go up the value of capital may fall and vice versa. Inflation will also decrease the real value of capital. The value of a fixed interest security is also affected by its credit rating. Liquidity Risk: The lack of an active market for some investments in the Master Fund means they may be more difficult ...
May 22, 2015 Investor Class shares to convert to Class A shares
... Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market condit ...
... Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market condit ...
How to Invest in the U.S. Overall Market?
... This chapter starts with a thorough explanation of the fund industry in the United States (U.S.). Furthermore I will provide empirical evidence regarding mutual fund performance and specify some fund characteristics, which might have an impact on fund performance. According to the Investment Company ...
... This chapter starts with a thorough explanation of the fund industry in the United States (U.S.). Furthermore I will provide empirical evidence regarding mutual fund performance and specify some fund characteristics, which might have an impact on fund performance. According to the Investment Company ...
Where Did All The Borrowing Go? Philip R. Lane
... assets and liabilities, they are often considered together with valuation changes as part of capital gains and losses on a country’s external portfolio. To the extent that these residual adjustments do not display any systematic pattern, they would only introduce noise in the measurement of implicit ...
... assets and liabilities, they are often considered together with valuation changes as part of capital gains and losses on a country’s external portfolio. To the extent that these residual adjustments do not display any systematic pattern, they would only introduce noise in the measurement of implicit ...
can the earning-price ratio explain the cross
... Nicholson (1960) documented this effect for the US Stock Market. Basu (1977) showed that this effect remains even after the stock returns are adjusted by beta risk for the NYSE during the period 1957-1971. Fama and French (1992) conclude that the earning-price ratio is significant when is the unique ...
... Nicholson (1960) documented this effect for the US Stock Market. Basu (1977) showed that this effect remains even after the stock returns are adjusted by beta risk for the NYSE during the period 1957-1971. Fama and French (1992) conclude that the earning-price ratio is significant when is the unique ...
comparative analysis of functional food producers` profitability in
... also influenced by product life cycle: the height of operating income and invesments are different during different phases of product life cycle (Seling, Stickney, 1989). The return on equity increased significantly in the period from 2010 to 2012, but there was a drastic fall in 2013 of as much as ...
... also influenced by product life cycle: the height of operating income and invesments are different during different phases of product life cycle (Seling, Stickney, 1989). The return on equity increased significantly in the period from 2010 to 2012, but there was a drastic fall in 2013 of as much as ...
House Prices, Sales and Time on the Market: A Search
... captures the aforementioned illiquidity of housing assets and the fact that the degree of liquidity may change over time depending on market conditions. Anyone who has gone through the process knows it takes time and resources to buy and sell housing units. There are costs of acquiring relevant info ...
... captures the aforementioned illiquidity of housing assets and the fact that the degree of liquidity may change over time depending on market conditions. Anyone who has gone through the process knows it takes time and resources to buy and sell housing units. There are costs of acquiring relevant info ...
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.