SCA prepares for growth and higher margins
... “We have a mutually supportive product portfolio within the Group with our four business areas and we see strong advantages in this. Over the next few years, the aim is to further strengthen our positions. We will do this by being active both when it comes to opportunities to acquire companies, incl ...
... “We have a mutually supportive product portfolio within the Group with our four business areas and we see strong advantages in this. Over the next few years, the aim is to further strengthen our positions. We will do this by being active both when it comes to opportunities to acquire companies, incl ...
NBER WORKING PAPER SERIES TAXES, LEVERAGE AND THE NATIONAL RETURN ON OUTBOUND
... (including reinvested retained earnings). By contrast, there is virtually no foreign source debt in the financing of U.S. firms outside their foreign affiliates. 4Feldstein and Horioka (1980) showed that the saving generated in a country tends to stay in that country. That result has been verified f ...
... (including reinvested retained earnings). By contrast, there is virtually no foreign source debt in the financing of U.S. firms outside their foreign affiliates. 4Feldstein and Horioka (1980) showed that the saving generated in a country tends to stay in that country. That result has been verified f ...
Web Note 7.1: Mean Reversion
... For the case of long-term mean reversion, the principal case for its existence was made in two papers, both of which were published in 1988: Poterba and Summers (1988), and Fama and French (1988). Each paper models mean reversion slightly differently but ends up with the same conclusion: between 19 ...
... For the case of long-term mean reversion, the principal case for its existence was made in two papers, both of which were published in 1988: Poterba and Summers (1988), and Fama and French (1988). Each paper models mean reversion slightly differently but ends up with the same conclusion: between 19 ...
(See report).
... Asset flows during 2010 were mainly directed out of cash into bond funds – within corporate and emerging market bonds, in particular. For 2011, the game has changed. The upside has become more limited for corporate and emerging market bonds, as coupons will not rise in the event of higher inflation ...
... Asset flows during 2010 were mainly directed out of cash into bond funds – within corporate and emerging market bonds, in particular. For 2011, the game has changed. The upside has become more limited for corporate and emerging market bonds, as coupons will not rise in the event of higher inflation ...
Short Guide to Impact Investing
... Certainly, large public companies generate both negative and positive impacts, and it’s possible to steer portfolios away from the former and toward the latter. But the influence of impact investments is generally more directly felt in private companies, and we will focus on small and emerging compa ...
... Certainly, large public companies generate both negative and positive impacts, and it’s possible to steer portfolios away from the former and toward the latter. But the influence of impact investments is generally more directly felt in private companies, and we will focus on small and emerging compa ...
IFM7 Chapter 3
... The concept of fundamental betas was developed by Barr Rosenberg, a professor at Cal-Berkeley, to take account of the fact that fundamental conditions within companies change over time, and those changes might not be reflected in historical betas. For example, it is well recognized that the more fin ...
... The concept of fundamental betas was developed by Barr Rosenberg, a professor at Cal-Berkeley, to take account of the fact that fundamental conditions within companies change over time, and those changes might not be reflected in historical betas. For example, it is well recognized that the more fin ...
Comparison of regulatory capital and economic
... significantly different from the actual desirable capital level that is determined by sophisticated risk-based capital methodology. This can lead to significantly undercapitalized or overcapitalized companies if the companies’ actual capital is determined solely based on regulatory capital. There ar ...
... significantly different from the actual desirable capital level that is determined by sophisticated risk-based capital methodology. This can lead to significantly undercapitalized or overcapitalized companies if the companies’ actual capital is determined solely based on regulatory capital. There ar ...
Preview - American Economic Association
... always converge to a centralized-market equilibrium. Specifically, in the case without intermediary (i.e., the search cost is higher than a certain threshold), as the search speed goes to infinity, all equilibrium quantities (prices, volumes, and allocations) converge to their counterparts in the cent ...
... always converge to a centralized-market equilibrium. Specifically, in the case without intermediary (i.e., the search cost is higher than a certain threshold), as the search speed goes to infinity, all equilibrium quantities (prices, volumes, and allocations) converge to their counterparts in the cent ...
Large Cap Growth - Dahab Associates, Inc.
... Please ensure you name the RFP file accordingly, and if this file is reviewed by your firm’s compliance, make sure that they know to maintain the title and that the subject email is important as well. Do not add additional portions to the name (i.e. do not add a section number) o Email to rfp@dahab. ...
... Please ensure you name the RFP file accordingly, and if this file is reviewed by your firm’s compliance, make sure that they know to maintain the title and that the subject email is important as well. Do not add additional portions to the name (i.e. do not add a section number) o Email to rfp@dahab. ...
Recessions and balanced portfolio returns
... Note: Real returns were calculated using monthly nominal asset-class returns adjusted for inflation on the basis of monthly Consumer Price Index (CPI) data. We used both nominal and real monthly returns to calculate an annualized geometric return for the periods labeled either expansionary or recess ...
... Note: Real returns were calculated using monthly nominal asset-class returns adjusted for inflation on the basis of monthly Consumer Price Index (CPI) data. We used both nominal and real monthly returns to calculate an annualized geometric return for the periods labeled either expansionary or recess ...
Saving and Investment - Webster Elementary School
... so investment is unchanged. 2. If consumers save $50 billion and spend $150 billion, then national saving and investment each fall by $150 billion. ...
... so investment is unchanged. 2. If consumers save $50 billion and spend $150 billion, then national saving and investment each fall by $150 billion. ...
EY- Cash, capital and dividends
... • Risk margin unwind. For those insurers with policies that contain significant risks that cannot be hedged, the release of the risk margin over time will be material. Where the risk margin has been offset by the use of transitional measure technical provisions (such as in the UK), capital generati ...
... • Risk margin unwind. For those insurers with policies that contain significant risks that cannot be hedged, the release of the risk margin over time will be material. Where the risk margin has been offset by the use of transitional measure technical provisions (such as in the UK), capital generati ...
Bank Capital and Aggregate Credit
... This paper seeks to explain the role of bank capital in uctuations of lending and output. We build a continuous time model of an economy in which commercial banks nance their loans by deposits and equity, while facing issuance costs when they raise new equity. The dynamics of the loan rate and the ...
... This paper seeks to explain the role of bank capital in uctuations of lending and output. We build a continuous time model of an economy in which commercial banks nance their loans by deposits and equity, while facing issuance costs when they raise new equity. The dynamics of the loan rate and the ...
The Equity Premium Stock and Bond Returns since 1802
... option, which gave the federal government the right to redeem the principal in either gold or silver. This option may have biased the yields on federal government bonds upward.16 There is another reason why municipal bond yields should sometimes be substituted for federal government bonds. From the ...
... option, which gave the federal government the right to redeem the principal in either gold or silver. This option may have biased the yields on federal government bonds upward.16 There is another reason why municipal bond yields should sometimes be substituted for federal government bonds. From the ...
Corporate Diversification and the Cost of Capital
... model is that it is difficult or costly to write complete state-contingent contracts to transfer resources between cash-rich and cash-poor firms. Without this assumption, corporate diversification would offer no cost of capital benefit over what investors can achieve through portfolio diversificatio ...
... model is that it is difficult or costly to write complete state-contingent contracts to transfer resources between cash-rich and cash-poor firms. Without this assumption, corporate diversification would offer no cost of capital benefit over what investors can achieve through portfolio diversificatio ...
Foreign Institutional Investors and Corporate Governance in
... There is a wide variation in the size of funds, ranging from an average fund size of USD 19.5 billion for the two funds in New Zealand, to an average USD 187.5 billion in the US. Out a total of USD 1,211.3 billion AUM, the 17 funds hold a total of USD 501.7 billion in listed equity, or about 41 ...
... There is a wide variation in the size of funds, ranging from an average fund size of USD 19.5 billion for the two funds in New Zealand, to an average USD 187.5 billion in the US. Out a total of USD 1,211.3 billion AUM, the 17 funds hold a total of USD 501.7 billion in listed equity, or about 41 ...
An Evaluation of Money Market Fund Reform Proposals
... today’s stable NAV product. Third, in a crisis, incentives for investors to run before illiquid MMF assets have to be sold at a loss are likely to remain. Overall, our analysis suggests that reforms based solely on market forces may not be sufficient to address the instabilities associated with MMFs ...
... today’s stable NAV product. Third, in a crisis, incentives for investors to run before illiquid MMF assets have to be sold at a loss are likely to remain. Overall, our analysis suggests that reforms based solely on market forces may not be sufficient to address the instabilities associated with MMFs ...
Global Economics Weekly
... portfolio preferences. In a detailed analysis of the net asset positions of China and India, for example, economists Lane and Schmuckler (2006) show that the net investment positions of both are essentially ‘short equity, long debt’. Particularly following the 1997 Asian crisis, an increasing share ...
... portfolio preferences. In a detailed analysis of the net asset positions of China and India, for example, economists Lane and Schmuckler (2006) show that the net investment positions of both are essentially ‘short equity, long debt’. Particularly following the 1997 Asian crisis, an increasing share ...
Chapter 01 Introduction to Financial Management
... with the local bank but no other debt obligations. There are no specific loan covenants or assets pledged as security for the loan. Due to a sudden and unexpected downturn in the economy, the store is unable to generate sufficient funds to pay the loan payments due to the bank. Which of the followin ...
... with the local bank but no other debt obligations. There are no specific loan covenants or assets pledged as security for the loan. Due to a sudden and unexpected downturn in the economy, the store is unable to generate sufficient funds to pay the loan payments due to the bank. Which of the followin ...
The Case for Strategic Convertible Allocations
... he has pioneered investment strategies and techniques to help manage risk for major institutional and individual investors. With more than 45 years of investment industry experience, John has established research and investment processes centered around a team-based approach designed to deliver supe ...
... he has pioneered investment strategies and techniques to help manage risk for major institutional and individual investors. With more than 45 years of investment industry experience, John has established research and investment processes centered around a team-based approach designed to deliver supe ...
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.