Chapter 4
... – q = V/(pKK) market value V, pK is price of new capital – If market value V > replacement cost pKK, then firm should invest more – Tobin’s q = capital’s market value divided by its replacement cost • If q < 1, don’t invest • If q > 1, invest more ...
... – q = V/(pKK) market value V, pK is price of new capital – If market value V > replacement cost pKK, then firm should invest more – Tobin’s q = capital’s market value divided by its replacement cost • If q < 1, don’t invest • If q > 1, invest more ...
here - TIAA
... The TIAA-CREF Real Property Fund LP is a new, unregistered investment offering designed specifically to provide the activelymanaged TIAA-CREF Lifecycle Funds with exposure to directly-held real estate investments. The Lifecycle Funds are the only investors in the RPF, and the RPF is not open for sal ...
... The TIAA-CREF Real Property Fund LP is a new, unregistered investment offering designed specifically to provide the activelymanaged TIAA-CREF Lifecycle Funds with exposure to directly-held real estate investments. The Lifecycle Funds are the only investors in the RPF, and the RPF is not open for sal ...
Liberty Mutual Holding Company Inc. First Quarter 2016
... I, now referred to as SICAD. Additionally, the new exchange controls established the Marginal Foreign Exchange System (“SIMADI”), which is intended to be a free floating rate. As of September 30, 2015, the exchange rate of bolivars per U.S. dollar for CENCOEX, SICAD and SIMADI was 6.3, 13.5, and 198 ...
... I, now referred to as SICAD. Additionally, the new exchange controls established the Marginal Foreign Exchange System (“SIMADI”), which is intended to be a free floating rate. As of September 30, 2015, the exchange rate of bolivars per U.S. dollar for CENCOEX, SICAD and SIMADI was 6.3, 13.5, and 198 ...
UBL Money Market Fund
... Element of (income) / loss and capital (gains) / losses included in the prices of units sold less those in units redeemed - net Amortisation of preliminary expenses and floatation costs Provision for indirect duties and taxes Provision for Workers' Welfare Fund ...
... Element of (income) / loss and capital (gains) / losses included in the prices of units sold less those in units redeemed - net Amortisation of preliminary expenses and floatation costs Provision for indirect duties and taxes Provision for Workers' Welfare Fund ...
Use of Ratings in Insurance Industry
... Experience based on number of defaulted issues, rather than the par value of defaulted issues. “Select and Ultimate” experience was available; therefore, ratings transitions are reflected in the development of RBC factors. Expected loss severity assumes principal recovery for basic bonds based on Mo ...
... Experience based on number of defaulted issues, rather than the par value of defaulted issues. “Select and Ultimate” experience was available; therefore, ratings transitions are reflected in the development of RBC factors. Expected loss severity assumes principal recovery for basic bonds based on Mo ...
Tanguy Dehapiot
... (b) Gains or losses on liabilities of the institutions that are valued at fair value that result from changes in the own credit standing of the institution. (c) All fair value gains or losses arising from the institution’s own credit risks related to derivative liabilities. Institutions shall not of ...
... (b) Gains or losses on liabilities of the institutions that are valued at fair value that result from changes in the own credit standing of the institution. (c) All fair value gains or losses arising from the institution’s own credit risks related to derivative liabilities. Institutions shall not of ...
NBER WORKING PAPER SERIES LATIN AMERICA'S ACCESS TO INTERNATIONAL CAPITAL MARKETS:
... II. The Current Account and Net Capital Flows We first examine the evolution of net capital inflows and the current account since 1970. Figure 1 shows total capital flows as well as official capital flows to Latin America, with the difference between the two capturing private capital flows. As shown ...
... II. The Current Account and Net Capital Flows We first examine the evolution of net capital inflows and the current account since 1970. Figure 1 shows total capital flows as well as official capital flows to Latin America, with the difference between the two capturing private capital flows. As shown ...
PRESENTATION TO HE DARWISH ISMA`EEL ALI AL BALUSHI
... 1. Insufficient interest in & understanding of entrepreneurship 2. Inadequate understanding of cash flow, marketing, management 3. Market access: private customers and government tenders 4. Gaps in the delivery of finance: a. Availability - 200% collateral, delays kill opportunity b. Inadequate moni ...
... 1. Insufficient interest in & understanding of entrepreneurship 2. Inadequate understanding of cash flow, marketing, management 3. Market access: private customers and government tenders 4. Gaps in the delivery of finance: a. Availability - 200% collateral, delays kill opportunity b. Inadequate moni ...
448
... Doug Bernheim and Claire Christopherson for help with this research. Th1 views expressed here are the author1s and should not be attributed to any org~~ization. lIn 1978, the replacement value of private residential real estate was 1961.6 billion while the corresponding value of all private reproduc ...
... Doug Bernheim and Claire Christopherson for help with this research. Th1 views expressed here are the author1s and should not be attributed to any org~~ization. lIn 1978, the replacement value of private residential real estate was 1961.6 billion while the corresponding value of all private reproduc ...
Business concentration in the Hungarian food retail market
... industry indicator. Nearly 60 percent of total sales were concentrated in 28 large companies, accounting for only 0.1 percent of the number of employees. The 17,735 micro enterprises accounted for 95 percent of employees, but turnover was as little as 19 percent of total sales. Concentration within ...
... industry indicator. Nearly 60 percent of total sales were concentrated in 28 large companies, accounting for only 0.1 percent of the number of employees. The 17,735 micro enterprises accounted for 95 percent of employees, but turnover was as little as 19 percent of total sales. Concentration within ...
Liquidity Risk and Asset Pricing
... such as brokerage fees, order-processing costs, or transaction taxes. ...
... such as brokerage fees, order-processing costs, or transaction taxes. ...
NBER WORKING PAPER SERIES MACROECONOMICS WITH FINANCIAL FRICTIONS: A SURVEY Markus K. Brunnermeier
... when individuals only face (uninsurable) idiosyncratic shocks. Holding liquid assets, which can be sold with limited price impact, allows individuals to self-insure against their idiosyncratic shock when they hit their borrowing constraint. As a consequence, assets that pay off in all states, like a ...
... when individuals only face (uninsurable) idiosyncratic shocks. Holding liquid assets, which can be sold with limited price impact, allows individuals to self-insure against their idiosyncratic shock when they hit their borrowing constraint. As a consequence, assets that pay off in all states, like a ...
Subprime mortgage lending has grown tremendously
... investors as securities. It increases liquidity and funding to an industry both by reducing risk—through pooling—and by more efficiently allocating risk to the investors most willing to bear it. Investors had already become comfortable with securitized prime mortgage loans, and subprime mortgage loa ...
... investors as securities. It increases liquidity and funding to an industry both by reducing risk—through pooling—and by more efficiently allocating risk to the investors most willing to bear it. Investors had already become comfortable with securitized prime mortgage loans, and subprime mortgage loa ...
discount rates
... Risk through whose eyes? While risk is usually defined in terms of the variance of actual returns around an expected return, risk and return models in finance assume that the risk that should be rewarded (and thus built into the discount rate) in valuation should be the risk perceived by the mar ...
... Risk through whose eyes? While risk is usually defined in terms of the variance of actual returns around an expected return, risk and return models in finance assume that the risk that should be rewarded (and thus built into the discount rate) in valuation should be the risk perceived by the mar ...
CHAPTER 8 Stock Price Behavior and Market Efficiency
... candlestick chartist. We consider just a very few examples in Figure 8.3. The leftmost candlesticks in Figure 8.3 show a “dark cloud cover.” Here a white candle with a long body is followed by a longbodied black candle. When this occurs during a general uptrend, the possibility of a slowing or rever ...
... candlestick chartist. We consider just a very few examples in Figure 8.3. The leftmost candlesticks in Figure 8.3 show a “dark cloud cover.” Here a white candle with a long body is followed by a longbodied black candle. When this occurs during a general uptrend, the possibility of a slowing or rever ...
Glossary of the Capital Market
... (4) Risk arbitrage applies the principles of risk offset to mergers and other major corporate developments. The risk offsetting position(s) do not insulate the investor from certain event risks (such as termination of a merger agreement on the risk of completion of a transaction within a certain tim ...
... (4) Risk arbitrage applies the principles of risk offset to mergers and other major corporate developments. The risk offsetting position(s) do not insulate the investor from certain event risks (such as termination of a merger agreement on the risk of completion of a transaction within a certain tim ...
“Macroeconomics with Financial Frictions”
... when individuals only face (uninsurable) idiosyncratic shocks. Holding liquid assets, which can be sold with limited price impact, allows individuals to self-insure against their idiosyncratic shock when they hit their borrowing constraint. As a consequence, assets that pay off in all states, like a ...
... when individuals only face (uninsurable) idiosyncratic shocks. Holding liquid assets, which can be sold with limited price impact, allows individuals to self-insure against their idiosyncratic shock when they hit their borrowing constraint. As a consequence, assets that pay off in all states, like a ...
Proactive Financial Reporting Enforcement and Firm Value
... regulation has increased dramatically over the past two decades. Increased public oversight is typically justified by externalities and difficulties privately enforcing disclosure-policy commitments. In the presence of such frictions, a publicly-enforced, mandatory-reporting regime could increase ag ...
... regulation has increased dramatically over the past two decades. Increased public oversight is typically justified by externalities and difficulties privately enforcing disclosure-policy commitments. In the presence of such frictions, a publicly-enforced, mandatory-reporting regime could increase ag ...
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... This allows us to take a longer term view when assessing the contribution requirements for certain employers. As part of this valuation when looking to potentially stabilise contribution requirements we will consider whether we can build into the funding plan the following: ...
... This allows us to take a longer term view when assessing the contribution requirements for certain employers. As part of this valuation when looking to potentially stabilise contribution requirements we will consider whether we can build into the funding plan the following: ...
NBER WORKING PAPER SERIES JUNIOR IS RICH: BEQUESTS AS CONSUMPTION George Constantinides
... earlier. In the third and final period of their lives, as elderly, they consume out of their pension income and savings and themselves leave the residual as a bequest of securities, the value of which is modeled as directly providing them utility. We further refine the behavior of the elderly in a n ...
... earlier. In the third and final period of their lives, as elderly, they consume out of their pension income and savings and themselves leave the residual as a bequest of securities, the value of which is modeled as directly providing them utility. We further refine the behavior of the elderly in a n ...
instructions for preparing and publishing the annual
... premiums, discounts, issuance costs, difference between the carrying value and reacquisition cost of refunded debt). Accordingly, all other financing sources, uses, and expenditures associated with the issuance of debt should not be included in the government-wide statement of activities. Include do ...
... premiums, discounts, issuance costs, difference between the carrying value and reacquisition cost of refunded debt). Accordingly, all other financing sources, uses, and expenditures associated with the issuance of debt should not be included in the government-wide statement of activities. Include do ...
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.