Determinants of capital structure
... Jensen and Meckling (1976), claim that the benefits of the debt tax shield at some point become offset by the direct and indirect costs of borrowing. Apart from the purely theoretical reasoning, a more practical line of research emerged which deviates from the static view of existence of a target ca ...
... Jensen and Meckling (1976), claim that the benefits of the debt tax shield at some point become offset by the direct and indirect costs of borrowing. Apart from the purely theoretical reasoning, a more practical line of research emerged which deviates from the static view of existence of a target ca ...
Tactical Asset Allocation with Macroeconomic Factors
... investing (Chong and Phillips [2012, 2013]), there is much that differs, thereby advancing the literature. For one, the asset of choice is ETFs instead of stocks. This has the advantage of diversification since an ETF consists of many stocks, which addresses the issues of portfolio size and diversif ...
... investing (Chong and Phillips [2012, 2013]), there is much that differs, thereby advancing the literature. For one, the asset of choice is ETFs instead of stocks. This has the advantage of diversification since an ETF consists of many stocks, which addresses the issues of portfolio size and diversif ...
Chapter 10 - Externalities
... – Self-interest of the relevant parties • Integrating different types of businesses ...
... – Self-interest of the relevant parties • Integrating different types of businesses ...
Externalities
... – Self-interest of the relevant parties • Integrating different types of businesses ...
... – Self-interest of the relevant parties • Integrating different types of businesses ...
chapter outline
... The important point to make here is that with a government budget deficit, public saving is negative and the public sector is thus “dissaving.” To make up for this shortfall, it must go to the loanable funds market and borrow the money. This will reduce the supply of loanable funds available for inv ...
... The important point to make here is that with a government budget deficit, public saving is negative and the public sector is thus “dissaving.” To make up for this shortfall, it must go to the loanable funds market and borrow the money. This will reduce the supply of loanable funds available for inv ...
pension funds and the u
... nutshell, if equities go up (either over a day, a year, or 100 years) then they go up whether they are held directly or indirectly. Value is not created (nor the cost of the DB promise reduced) by virtue of holding equities in a pension fund rather than holding the same assets on a company balance s ...
... nutshell, if equities go up (either over a day, a year, or 100 years) then they go up whether they are held directly or indirectly. Value is not created (nor the cost of the DB promise reduced) by virtue of holding equities in a pension fund rather than holding the same assets on a company balance s ...
Setting up a Sovereign Wealth Fund: Some Policy and
... This concept could be applied to understand how a country divides its pool of sovereign assets. For example, when a country discovers an oil reserve, it may trigger a process of considering the implications of such a new wealth. It may consider what is the “adequate” level of revenues so that the “e ...
... This concept could be applied to understand how a country divides its pool of sovereign assets. For example, when a country discovers an oil reserve, it may trigger a process of considering the implications of such a new wealth. It may consider what is the “adequate” level of revenues so that the “e ...
Financial Management
... In addition Conventional financial management tagged with Shriah rulings is termed as Islamic financial management. In this case data used whether historical or current and evaluation process for valuation of any asset remains the same, However investment strategy differs in some ways. 1. Managerial ...
... In addition Conventional financial management tagged with Shriah rulings is termed as Islamic financial management. In this case data used whether historical or current and evaluation process for valuation of any asset remains the same, However investment strategy differs in some ways. 1. Managerial ...
offering supplement - Active Return Capital
... Investor Shares are only open to Qualifying Investors. The Company can reject any demand for subscription. Before investing in the Sub-Fund, Qualifying Investors must sign the declaration referred to in the Qualifying Investor Declaration Form found as an Appendix to the Offering Supplement stating ...
... Investor Shares are only open to Qualifying Investors. The Company can reject any demand for subscription. Before investing in the Sub-Fund, Qualifying Investors must sign the declaration referred to in the Qualifying Investor Declaration Form found as an Appendix to the Offering Supplement stating ...
NBER WORKING PAPER SERIES AN EQUILIBRIUM BUSINESS CYCLE FRAMEWORK
... The pressing need to gain a better understanding of the Sudden Stops phenomenon has led to the development of an active research program seeking to build models that can deliver predictions consistent with this phenomenon (see, for example, the November, 1996 and June, 2000 symposia issues of the Jo ...
... The pressing need to gain a better understanding of the Sudden Stops phenomenon has led to the development of an active research program seeking to build models that can deliver predictions consistent with this phenomenon (see, for example, the November, 1996 and June, 2000 symposia issues of the Jo ...
Understanding Interactive Fund Factsheets
... PDF a summary of the important fund facts Interactive allows you to choose sections of content and perform tasks such as expanding and adding data. We aim to make this service as user-friendly as possible and have designed this “Guide to understanding interactive fund factsheets” to make sure that ...
... PDF a summary of the important fund facts Interactive allows you to choose sections of content and perform tasks such as expanding and adding data. We aim to make this service as user-friendly as possible and have designed this “Guide to understanding interactive fund factsheets” to make sure that ...
NBER WORKING PAPER SERIES CREDIT FRICTIONS AND
... The pressing need to gain a better understanding of the Sudden Stops phenomenon has led to the development of an active research program seeking to build models that can deliver predictions consistent with this phenomenon (see, for example, the November, 1996 and June, 2000 symposia issues of the Jo ...
... The pressing need to gain a better understanding of the Sudden Stops phenomenon has led to the development of an active research program seeking to build models that can deliver predictions consistent with this phenomenon (see, for example, the November, 1996 and June, 2000 symposia issues of the Jo ...
Market Discipline and Subordinated Debt: A Review of
... corporate governance problem. Furthermore, both equity holders and bondholders are harmed when the banks they invest in make poor investment decisions. (The appendix assesses the evidence concerning these two potential regulatory problems.) The idealized worldview underlying subordinated debt propos ...
... corporate governance problem. Furthermore, both equity holders and bondholders are harmed when the banks they invest in make poor investment decisions. (The appendix assesses the evidence concerning these two potential regulatory problems.) The idealized worldview underlying subordinated debt propos ...
Measuring the Benefits of Option Strategies For Portfolio Management
... supports a market equilibrium model that includes skewness. Friend and Westerfield (1980) find less evidence in support of the three-moment model, but Lim (1989) verifies the Kraus and Litzenberger (1976) result. More recently, Harvey and Siddique (1998) find that conditional skewness is priced in ...
... supports a market equilibrium model that includes skewness. Friend and Westerfield (1980) find less evidence in support of the three-moment model, but Lim (1989) verifies the Kraus and Litzenberger (1976) result. More recently, Harvey and Siddique (1998) find that conditional skewness is priced in ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... caused by the nontradability of human capital is that individuals cannot achieve their optimal life-cycle consumption program because early in life, when most of their wealth is in the form of human capital, they cannot consume as much as they would otherwise choose. This “forcedsaving” distortion o ...
... caused by the nontradability of human capital is that individuals cannot achieve their optimal life-cycle consumption program because early in life, when most of their wealth is in the form of human capital, they cannot consume as much as they would otherwise choose. This “forcedsaving” distortion o ...
View infographic
... For this eighteenth edition of UBS Investor Watch, we surveyed 2,025 investors from December 20 - 27, 2016 to assess their outlook and plans for 2017. Some are current UBS clients, though most are not. All respondents have at least $1 million in investable assets, including 412 with at least $5 mill ...
... For this eighteenth edition of UBS Investor Watch, we surveyed 2,025 investors from December 20 - 27, 2016 to assess their outlook and plans for 2017. Some are current UBS clients, though most are not. All respondents have at least $1 million in investable assets, including 412 with at least $5 mill ...
In The Vanguard Core Edition Summer 2012
... assume a substantially greater level of credit risk than with other types of bonds. ...
... assume a substantially greater level of credit risk than with other types of bonds. ...
Chapter 10 - Externalities
... – Self-interest of the relevant parties • Integrating different types of businesses ...
... – Self-interest of the relevant parties • Integrating different types of businesses ...
Leasing market
... Developing for sale The firming of yields helps improve the financial feasibility of industrial construction by increasing the end value of a project, allowing developers to give away all, or part of, the increase in the form of higher incentives and/or lower face rents. This provided developers wit ...
... Developing for sale The firming of yields helps improve the financial feasibility of industrial construction by increasing the end value of a project, allowing developers to give away all, or part of, the increase in the form of higher incentives and/or lower face rents. This provided developers wit ...
Word format - Parliament of Australia
... ii) create significant liquidity and long-term investment difficulties for funds that could see contributions being paid into the fund and being transferred out shortly thereafter. This ‘revolving door’ approach would make optimal investment allocation (and therefore enhanced returns for members) ve ...
... ii) create significant liquidity and long-term investment difficulties for funds that could see contributions being paid into the fund and being transferred out shortly thereafter. This ‘revolving door’ approach would make optimal investment allocation (and therefore enhanced returns for members) ve ...
IMPROVING THE EFFICIENCY OF THE ANGEL FINANCE MARKET
... The small businesses that have demonstrated a capacity to create a disproportionate amount of the macroeconomic growth,14 innovation,15 and net new jobs16 in the United States are the rapid-growth start-ups.17 The classification of a company as rapid-growth does not necessarily mean the company will ...
... The small businesses that have demonstrated a capacity to create a disproportionate amount of the macroeconomic growth,14 innovation,15 and net new jobs16 in the United States are the rapid-growth start-ups.17 The classification of a company as rapid-growth does not necessarily mean the company will ...
Macroeconomic Effects of Secondary Market
... the secondary market price is sufficiently high that some bankers begin originating low-quality assets, even as financiers earn positive returns on average. Investment efficiency falls and financial fragility grows in the aggregate. The root cause of this inefficiency is a pecuniary externality. Ind ...
... the secondary market price is sufficiently high that some bankers begin originating low-quality assets, even as financiers earn positive returns on average. Investment efficiency falls and financial fragility grows in the aggregate. The root cause of this inefficiency is a pecuniary externality. Ind ...
Lemons, Market Shutdowns and Learning
... productivity shocks increase current dividends, which increases the supply of savings and raises asset prices. This persuades more entrepreneurs to sell their nonlemons, improving the overall mix of projects that get sold and lowering the implicit tax on financial transactions. Shocks to the produc ...
... productivity shocks increase current dividends, which increases the supply of savings and raises asset prices. This persuades more entrepreneurs to sell their nonlemons, improving the overall mix of projects that get sold and lowering the implicit tax on financial transactions. Shocks to the produc ...
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.