Debt Structure and Financial Flexibility
... I measure flexibility in terms of both new issues of debt and equity and in terms of net external financing (new issues net of reductions). Furthermore, I exploit large, “proactive” increases in debt and equity (as identified and defined by Denis and McKeon 2012 and McKeon 2015) to obtain additional ...
... I measure flexibility in terms of both new issues of debt and equity and in terms of net external financing (new issues net of reductions). Furthermore, I exploit large, “proactive” increases in debt and equity (as identified and defined by Denis and McKeon 2012 and McKeon 2015) to obtain additional ...
Commercial Real Estate
... Economists worry that if there is a big enough financial shock, and global wealth decreases, there will be an ensuing reduction in the flow of capital into the US. This is compounded by the approximately $1.1 trillion in dollar-denominated bond debt owed by emerging-market economies that will be cha ...
... Economists worry that if there is a big enough financial shock, and global wealth decreases, there will be an ensuing reduction in the flow of capital into the US. This is compounded by the approximately $1.1 trillion in dollar-denominated bond debt owed by emerging-market economies that will be cha ...
capital budgeting
... 5. Financing costs are ignored: This may seem unrealistic, but it is not. Most of the time, analysts want to know the after-tax operating cash flows that result from a capital investment. Then these after-tax cash flows and the investment outlays are discounted at the required rate of return to find ...
... 5. Financing costs are ignored: This may seem unrealistic, but it is not. Most of the time, analysts want to know the after-tax operating cash flows that result from a capital investment. Then these after-tax cash flows and the investment outlays are discounted at the required rate of return to find ...
Essays on information asymmetry and the firm
... information; but mispricing may also be driven by private information.2 If mispricing is driven by private information, in addition to or rather than public information, then we would expect the wealth effects of OMRs to be more pronounced for relatively opaque firms. The intuition is as follows. Gi ...
... information; but mispricing may also be driven by private information.2 If mispricing is driven by private information, in addition to or rather than public information, then we would expect the wealth effects of OMRs to be more pronounced for relatively opaque firms. The intuition is as follows. Gi ...
1/N and Long Run Optimal Portfolios
... However, existing results concern the simple case in which an investor has a one-month horizon and meanvariance preferences. In this paper, we examine whether their result holds for longer investment horizons, when the asset menu includes bonds and real estate beyond stocks and cash, and when the in ...
... However, existing results concern the simple case in which an investor has a one-month horizon and meanvariance preferences. In this paper, we examine whether their result holds for longer investment horizons, when the asset menu includes bonds and real estate beyond stocks and cash, and when the in ...
The Stock Market, Credit, and Capital Formation
... in any meaning other than that which they have been assigned in the newest Keynesian language. The present book adheres to pre-Keynesian language, employing terms such as Saving and Hoarding in the traditional sense (corresponding most nearly to D. H. Bobertson's definitions). In order to avoid misu ...
... in any meaning other than that which they have been assigned in the newest Keynesian language. The present book adheres to pre-Keynesian language, employing terms such as Saving and Hoarding in the traditional sense (corresponding most nearly to D. H. Bobertson's definitions). In order to avoid misu ...
reinet investments sca
... In addition to investments funded since its formation, Reinet is committed to provide funding of € 763 million over the lives of its current investments. Details of the funding commitments outstanding at 31 March 2013 are given in the table on page 14 of this report. The increase in commitments duri ...
... In addition to investments funded since its formation, Reinet is committed to provide funding of € 763 million over the lives of its current investments. Details of the funding commitments outstanding at 31 March 2013 are given in the table on page 14 of this report. The increase in commitments duri ...
Cost of capital and earnings transparency
... We predict that earnings transparency is negatively associated with cost of capital. The basis for our prediction is the well-established positive relation between information asymmetry and cost of capital and our expectation that earnings transparency is negatively associated with information asymm ...
... We predict that earnings transparency is negatively associated with cost of capital. The basis for our prediction is the well-established positive relation between information asymmetry and cost of capital and our expectation that earnings transparency is negatively associated with information asymm ...
879_Paula Lopez Paper
... provider cannot by itself explain the puzzle since such a rare event would change behavior for high risk aversion coe¢ cients but a high risk aversion simultaneously makes annuity demand stronger. ...
... provider cannot by itself explain the puzzle since such a rare event would change behavior for high risk aversion coe¢ cients but a high risk aversion simultaneously makes annuity demand stronger. ...
as a PDF
... Corporate saving in the NIPAs is the undistributed profits of corporations (that is, after-tax profits less dividends paid to shareholders) plus an inventory valuation adjustment applied to the book value of inventories and a capital consumption adjustment applied to the book value of plant and equi ...
... Corporate saving in the NIPAs is the undistributed profits of corporations (that is, after-tax profits less dividends paid to shareholders) plus an inventory valuation adjustment applied to the book value of inventories and a capital consumption adjustment applied to the book value of plant and equi ...
6.5 Loan Portfolio
... and future strategies related to Banco do Brasil and its subsidiaries, associated companies and affiliates. Although these statements reflect management's current beliefs, they involve imprecisions and risks that are difficult to predict, and actual results and events may differ from those anticipat ...
... and future strategies related to Banco do Brasil and its subsidiaries, associated companies and affiliates. Although these statements reflect management's current beliefs, they involve imprecisions and risks that are difficult to predict, and actual results and events may differ from those anticipat ...
Geographic dispersion and stock returns
... The vast majority of firms file their annual report using SEC Form 10-K. If a firm has not filed the 10-K within a fiscal year, or we cannot identify the right sections, we check if the firm has made an amended filing on form 10-K/A, and we use this filing to count states. If neither of these two forms are ...
... The vast majority of firms file their annual report using SEC Form 10-K. If a firm has not filed the 10-K within a fiscal year, or we cannot identify the right sections, we check if the firm has made an amended filing on form 10-K/A, and we use this filing to count states. If neither of these two forms are ...
Phillips 66 - cloudfront.net
... incremental crude storage capacity under construction to be commissioned in the first quarter of 2017 and 1.2 million barrels of additional products storage expected to be available by mid-2017. In addition, we have initiated a variety of other projects aimed at increasing storage and throughput cap ...
... incremental crude storage capacity under construction to be commissioned in the first quarter of 2017 and 1.2 million barrels of additional products storage expected to be available by mid-2017. In addition, we have initiated a variety of other projects aimed at increasing storage and throughput cap ...
Table of Contents (1)
... for ANSI-41 Core Networks should be common to the largest extent possible. The results of the 3GPP2 work will form the basis of member contributions to the ITU in accordance with existing procedures. 3GPP2 will take account of emerging ITU recommendations on interworking between IMT-2000 family memb ...
... for ANSI-41 Core Networks should be common to the largest extent possible. The results of the 3GPP2 work will form the basis of member contributions to the ITU in accordance with existing procedures. 3GPP2 will take account of emerging ITU recommendations on interworking between IMT-2000 family memb ...
International Diversification Versus Domestic Diversification: Mean
... international diversification. Li, Sarkar, and Wang [32] reveal that the benefits of international diversification are substantial for US equity investors even though short selling is not allowed. Meyer and Rose [33] find that international diversi-fication can be advantageous and forms a means for ...
... international diversification. Li, Sarkar, and Wang [32] reveal that the benefits of international diversification are substantial for US equity investors even though short selling is not allowed. Meyer and Rose [33] find that international diversi-fication can be advantageous and forms a means for ...
Measuring and explaining the volatility of capital flows towards
... onwards the standard deviation of FDI is slightly larger than the corresponding standard deviation of portfolio flows. Finally, total capital flows on GDP exhibit excess skewness and kurtosis with respect to the normal distribution, suggesting the possibility of nonlinearities in the series under stud ...
... onwards the standard deviation of FDI is slightly larger than the corresponding standard deviation of portfolio flows. Finally, total capital flows on GDP exhibit excess skewness and kurtosis with respect to the normal distribution, suggesting the possibility of nonlinearities in the series under stud ...
Are Share Repurchases and Dividends Substitute
... end of 2001, the top marginal rate on long-term capital gains was only 20%, while the top marginal rate on ordinary income was 39.6%. Moreover, share repurchases have the advantage of allowing investors to postpone the realization of capital gains and thus the payment of taxes. Knowing whether manag ...
... end of 2001, the top marginal rate on long-term capital gains was only 20%, while the top marginal rate on ordinary income was 39.6%. Moreover, share repurchases have the advantage of allowing investors to postpone the realization of capital gains and thus the payment of taxes. Knowing whether manag ...
Are Pension Funds too Important to Fail?
... The Dutch pension sector was hit hard by the financial crises of 2008 and 2011. The effects of these crises combined with the structural problems of aging and longevity caused some pension funds to fail. This caused a public debate about the collective pension schemes in the Netherlands. It also rai ...
... The Dutch pension sector was hit hard by the financial crises of 2008 and 2011. The effects of these crises combined with the structural problems of aging and longevity caused some pension funds to fail. This caused a public debate about the collective pension schemes in the Netherlands. It also rai ...
Form 10-Q - Wells Fargo
... (1) Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, and goodwill and certain identifiable intangible assets (including goodwill and intangible assets associated with certain of our nonmarketable equity investments ...
... (1) Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, and goodwill and certain identifiable intangible assets (including goodwill and intangible assets associated with certain of our nonmarketable equity investments ...
Regulation and Market Liquidity - University of British Columbia
... This paper formally assesses the effect of the U.S. post-crisis regulatory intervention, encompassing the Dodd-Frank Act and Basel III, on market liquidity of a large portion of the U.S. fixedincome market. Our biggest empirical challenge is the unknown timing of regulatory impact due to the protrac ...
... This paper formally assesses the effect of the U.S. post-crisis regulatory intervention, encompassing the Dodd-Frank Act and Basel III, on market liquidity of a large portion of the U.S. fixedincome market. Our biggest empirical challenge is the unknown timing of regulatory impact due to the protrac ...
Market Chain Analysis of live Cattle in Borana Pastoral Area: the
... brokers. About 81% of the producers sold their cattle by the intermediary process role of brokers and only 19 percent sold their cattle directly. The live cattle traded in the chain are oxen, cows, bulls, heifers and calves and the market structure for all the cattle types is oligopoly. However, the ...
... brokers. About 81% of the producers sold their cattle by the intermediary process role of brokers and only 19 percent sold their cattle directly. The live cattle traded in the chain are oxen, cows, bulls, heifers and calves and the market structure for all the cattle types is oligopoly. However, the ...
citigroup`s 2008 annual report on form 10-k
... Citicorp net income of $3.7 billion in the second quarter of 2011 declined 2% from the prior-year period. Year-over-year, revenues declined less than 1%, and lower net credit losses and a higher net loan loss reserve release more than offset an increase in operating expenses. Citicorp‘s internationa ...
... Citicorp net income of $3.7 billion in the second quarter of 2011 declined 2% from the prior-year period. Year-over-year, revenues declined less than 1%, and lower net credit losses and a higher net loan loss reserve release more than offset an increase in operating expenses. Citicorp‘s internationa ...
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.