NBER WORKING PAPER SERIES Stephen G. Cecchetti
... Asset price bubbles distort decisions throughout the economy and are a source of instability. Wealth effects cause consumption to expand rapidly and then collapse. Increases in equity prices make it easier for firms to finance new projects, causing investment to boom and then bust. The collateral us ...
... Asset price bubbles distort decisions throughout the economy and are a source of instability. Wealth effects cause consumption to expand rapidly and then collapse. Increases in equity prices make it easier for firms to finance new projects, causing investment to boom and then bust. The collateral us ...
Pathways PDS - North Online
... Entity, the Portfolio Manager and AMP Capital are each members of the AMP Group. AMP Capital and the Portfolio Manager have each provided consent to the statements made by or about them and have not withdrawn that consent prior to the issue of this document. No company in the AMP Group other than th ...
... Entity, the Portfolio Manager and AMP Capital are each members of the AMP Group. AMP Capital and the Portfolio Manager have each provided consent to the statements made by or about them and have not withdrawn that consent prior to the issue of this document. No company in the AMP Group other than th ...
Weekly Market Commentary September 12, 2016
... Federal Reserve officials and policy inaction by the European Central Bank will continue to rise. The selling pushed the benchmark 10-year Treasury note to 1.675%, its highest level since June 23, the day of the Brexit vote, while the 10-year Germany bund yield turned positive for the first time sin ...
... Federal Reserve officials and policy inaction by the European Central Bank will continue to rise. The selling pushed the benchmark 10-year Treasury note to 1.675%, its highest level since June 23, the day of the Brexit vote, while the 10-year Germany bund yield turned positive for the first time sin ...
Trustee Corporations Association of Australia
... Notwithstanding doubts being raised about auditors’ integrity and competence as a result of developments such as HIH and Enron, we would not suggest that financial auditors lose the right to undertake this work. However, we submit that the compliance monitoring role for superannuation funds should n ...
... Notwithstanding doubts being raised about auditors’ integrity and competence as a result of developments such as HIH and Enron, we would not suggest that financial auditors lose the right to undertake this work. However, we submit that the compliance monitoring role for superannuation funds should n ...
Private Sector Investment Survey (PSIS) 2010
... agencies on business activities was mixed. Challenges faced by the private sector on account of inflation, exchange and interest rates, cost and efficiency of electricity supplied, road transport, municipal services, impact of the global financial crisis, malaria and staff turnover were noted. ...
... agencies on business activities was mixed. Challenges faced by the private sector on account of inflation, exchange and interest rates, cost and efficiency of electricity supplied, road transport, municipal services, impact of the global financial crisis, malaria and staff turnover were noted. ...
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... scientific schools in many countries. Today both theoreticians and practitioners pay more attention to real estate market; in this context it is very topically and advisably to specify “real estate market” category, to analyze the current state of real estate market, and to identify its development ...
... scientific schools in many countries. Today both theoreticians and practitioners pay more attention to real estate market; in this context it is very topically and advisably to specify “real estate market” category, to analyze the current state of real estate market, and to identify its development ...
Chapter 15 Glossary
... possessed by common stock. Holders typically get preference as to dividends and to assets in the event of liquidation, and the preferred stock may be convertible into common stock or callable at the option of the corporation. The preferred stockholder may sacrifice certain rights in return for the o ...
... possessed by common stock. Holders typically get preference as to dividends and to assets in the event of liquidation, and the preferred stock may be convertible into common stock or callable at the option of the corporation. The preferred stockholder may sacrifice certain rights in return for the o ...
Asia Pacific Real Estate Strategic Outlook
... Real estate performance across much of the Asia Pacific region has been a balance between a strong capital market and a softer but recovering leasing market, particularly in the office sector. Japan, China and Singapore experienced noticeable improvements in the leasing market in 2014. The five year ...
... Real estate performance across much of the Asia Pacific region has been a balance between a strong capital market and a softer but recovering leasing market, particularly in the office sector. Japan, China and Singapore experienced noticeable improvements in the leasing market in 2014. The five year ...
Tilburg University The Life Cycle of the Firm with
... establishes how the capital income tax system affects the cost of capital throughout the entire life cycle of a firm. In particular, the cost of newly issued equity may exceed the cost of new equity as derived by King and Fullerton (1984). Intuitively, the more new equity the firm issues initially, ...
... establishes how the capital income tax system affects the cost of capital throughout the entire life cycle of a firm. In particular, the cost of newly issued equity may exceed the cost of new equity as derived by King and Fullerton (1984). Intuitively, the more new equity the firm issues initially, ...
Market structures and systemic risks of exchange
... Some structures may employ multiple swap counterparties for the transaction. The composition of the assets in the collateral basket can change daily as the swap counterparty recycles its inventory. Being the beneficial owner of the collateral basket, the ETF sponsor can sell the collateral assets i ...
... Some structures may employ multiple swap counterparties for the transaction. The composition of the assets in the collateral basket can change daily as the swap counterparty recycles its inventory. Being the beneficial owner of the collateral basket, the ETF sponsor can sell the collateral assets i ...
Estimating Risk Premiums
... approach this estimation question, let us start with the basic proposition that the risk premium in any equity market can be written as: Equity Risk Premium = Base Premium for Mature Equity Market + Country Premium The country premium could reflect the extra risk in a specific market. This boils do ...
... approach this estimation question, let us start with the basic proposition that the risk premium in any equity market can be written as: Equity Risk Premium = Base Premium for Mature Equity Market + Country Premium The country premium could reflect the extra risk in a specific market. This boils do ...
capital structure and dividend policy
... of shares of common stock that are outstanding); and, in combination, when DTL = 4.20, a 10 percent decrease (increase) in sales will cause a 42 percent decrease (increase) in EPS. The concept of leverage can be used to determine the impact that a change in capital structure will have on the riskine ...
... of shares of common stock that are outstanding); and, in combination, when DTL = 4.20, a 10 percent decrease (increase) in sales will cause a 42 percent decrease (increase) in EPS. The concept of leverage can be used to determine the impact that a change in capital structure will have on the riskine ...
Stock Market Speculation and Managerial Myopia
... its ability to provide managerial incentives. The purpose of this paper is to study one natural way this can happen, namely through speculative trading by individual investors with access to private information about corporate decisions. The importance of information for stock market incentives has ...
... its ability to provide managerial incentives. The purpose of this paper is to study one natural way this can happen, namely through speculative trading by individual investors with access to private information about corporate decisions. The importance of information for stock market incentives has ...
Unlocking funding for European investment and growth
... Whilst some funding channels are currently working well (for large corporates for example), measures could be put in place to better meet demand through expanded capital markets funding. Other areas, particularly SME, infrastructure, commercial real estate and businesses in crisis-affected countries ...
... Whilst some funding channels are currently working well (for large corporates for example), measures could be put in place to better meet demand through expanded capital markets funding. Other areas, particularly SME, infrastructure, commercial real estate and businesses in crisis-affected countries ...
Financial Soundness Indicators: - svgfsa.com
... losses when compared to all delinquent loans over 12 months . ◦ Items Required: A-Allowance for Loan Loss (Balance Sheet); BPercentage of Allowance Required to cover delinquent Loans > 12 months and C – Loan Balances of all delinquent loans > 12 ...
... losses when compared to all delinquent loans over 12 months . ◦ Items Required: A-Allowance for Loan Loss (Balance Sheet); BPercentage of Allowance Required to cover delinquent Loans > 12 months and C – Loan Balances of all delinquent loans > 12 ...
Wells Fargo/BlackRock Short-Term Investment Fund Disclosure
... Counter-party risk. When the Fund enters into a repurchase agreement, an agreement where it buys a security in which the seller agrees to repurchase the security at an agreed upon price and time, the Fund is exposed to the risk that the other party will not fulfill its contract obligation. Similarly ...
... Counter-party risk. When the Fund enters into a repurchase agreement, an agreement where it buys a security in which the seller agrees to repurchase the security at an agreed upon price and time, the Fund is exposed to the risk that the other party will not fulfill its contract obligation. Similarly ...
Foreign Investment - Dubrovnik 2002
... parties and their fear to loose power, because now they have enormous, irrational power! But, political parties claim they are in favor of foreign investment and they speak about necessity of foreign investment! But, inside of their couches, they believe they need foreign investment in order to prov ...
... parties and their fear to loose power, because now they have enormous, irrational power! But, political parties claim they are in favor of foreign investment and they speak about necessity of foreign investment! But, inside of their couches, they believe they need foreign investment in order to prov ...
The informal investment context - Asociación española de ciencia
... 1999; Van Osnabrugge and Robinson, 2000). Once entrepreneurs have exhausted the funding available from the 3Fs (Family, Friends and Fools) that gap widens considerably, to between € 100,000 and € 2 million. This bracket is relatively unattractive to venture capital funds, which tend to opt for more ...
... 1999; Van Osnabrugge and Robinson, 2000). Once entrepreneurs have exhausted the funding available from the 3Fs (Family, Friends and Fools) that gap widens considerably, to between € 100,000 and € 2 million. This bracket is relatively unattractive to venture capital funds, which tend to opt for more ...
Going Public, Selling Stock, and Buying Liquidity
... the registration statement and the prospectus, it is illegal to sell shares that are part of the offering at any other price. Obviously, if it were possible for the underwriter to follow the market up and sell shares at higher prices as the market price rises, it would be tempting to do so. So why ...
... the registration statement and the prospectus, it is illegal to sell shares that are part of the offering at any other price. Obviously, if it were possible for the underwriter to follow the market up and sell shares at higher prices as the market price rises, it would be tempting to do so. So why ...
ANALYSIS OF FACTORS AFFECTING THE DEVELOPMENT OF AN
... The role of long-term capital in the economic development of a nation cannot be over emphasized. Most economic managers recognize that a well organized capital market is crucial for mobilizing both domestic and international capital. In many developing countries, however, capital has been a major co ...
... The role of long-term capital in the economic development of a nation cannot be over emphasized. Most economic managers recognize that a well organized capital market is crucial for mobilizing both domestic and international capital. In many developing countries, however, capital has been a major co ...
Forthcoming, Journal of Empirical Finance Measuring The Market
... market events. In some episodes, hedge funds had significant exposures and were in a position to exert substantial market impact. In other episodes, hedge fund exposures were insignificant, either in absolute terms or relative to other market participants. In all cases, we found no evidence of hedge ...
... market events. In some episodes, hedge funds had significant exposures and were in a position to exert substantial market impact. In other episodes, hedge fund exposures were insignificant, either in absolute terms or relative to other market participants. In all cases, we found no evidence of hedge ...
The Determinants of Bank Capital Structure
... capital for banks. They find that large increases in equity capital result in small long-term increases in borrowing costs faced by customers. On the other hand, substantially higher capital requirements could result in great benefits by reducing the risk of systemic banking crisis. Thakor (2014) pr ...
... capital for banks. They find that large increases in equity capital result in small long-term increases in borrowing costs faced by customers. On the other hand, substantially higher capital requirements could result in great benefits by reducing the risk of systemic banking crisis. Thakor (2014) pr ...
Russian BCS Holding International Ltd. Assigned
... conservative trading strategy, focusing on fairly liquid bonds rated 'B-' or above. Long equity positions accounted for 21% of the total portfolio at mid-year 2012. Single-name issuer concentrations are high, reflecting the limited number of available investments on the market, which in our view may ...
... conservative trading strategy, focusing on fairly liquid bonds rated 'B-' or above. Long equity positions accounted for 21% of the total portfolio at mid-year 2012. Single-name issuer concentrations are high, reflecting the limited number of available investments on the market, which in our view may ...
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.