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 ...
US P3 Market Slowly Builds on Four Fronts
... FAST Act will Increase Transportation Funding in General, but TIFIA Cuts May Limit P3 Projects State departments of transportation have more certainty about their federal highway funding given the passage of the five-year FAST Act. FAST will increase transportation funding by 15% over the next 15 ye ...
... FAST Act will Increase Transportation Funding in General, but TIFIA Cuts May Limit P3 Projects State departments of transportation have more certainty about their federal highway funding given the passage of the five-year FAST Act. FAST will increase transportation funding by 15% over the next 15 ye ...
Australian REITs - Regulation and market trends
... Stock Exchange Limited (ASX) and now account for around 10% of total market capitalisation, a much higher level than other Asian markets. Since the first LPT was listed in the early 1970s, the size of the market has steadily grown with 69 LPTs being listed on the ASX as at 30 June 2007. Australia ha ...
... Stock Exchange Limited (ASX) and now account for around 10% of total market capitalisation, a much higher level than other Asian markets. Since the first LPT was listed in the early 1970s, the size of the market has steadily grown with 69 LPTs being listed on the ASX as at 30 June 2007. Australia ha ...
RESEARCH DISCUSSION PAPER A Survey of Housing
... share doing so typically ranging from one-third to two-thirds. The share is likely to vary with economic and financial conditions, as a greater number of US refinancers increased their loan in 2002, following strong house prices gains, than did so in 1999 (Canner et al 2002). Third, the UK surveys f ...
... share doing so typically ranging from one-third to two-thirds. The share is likely to vary with economic and financial conditions, as a greater number of US refinancers increased their loan in 2002, following strong house prices gains, than did so in 1999 (Canner et al 2002). Third, the UK surveys f ...
Conference Program
... pension fund performance evaluation. He was elected Assistant Treasurer in February 1976, overseeing the financial modeling, market research, economics, pension, and math research districts. After an assignment at AT&T, Dick joined Merrill Lynch Capital Markets in 1981, assuming the investment con ...
... pension fund performance evaluation. He was elected Assistant Treasurer in February 1976, overseeing the financial modeling, market research, economics, pension, and math research districts. After an assignment at AT&T, Dick joined Merrill Lynch Capital Markets in 1981, assuming the investment con ...
Pensions and Investments Trends in Emerging
... potential changes to fundamentals are part of this analysis. “Within our investment universe, corporate governance and the quality of a company [are] very significant,” he said, resulting in investments in strong companies and possibilities for superior returns with lower absolute risk. Emerging mar ...
... potential changes to fundamentals are part of this analysis. “Within our investment universe, corporate governance and the quality of a company [are] very significant,” he said, resulting in investments in strong companies and possibilities for superior returns with lower absolute risk. Emerging mar ...
Market liquidity and stress - Bank for International Settlements
... The relationship between market and cash liquidity is a multifaceted one. Some of the links are obvious. For instance, selling an asset in a market or unwinding a profitable position is one way of raising cash. Others, however, are less apparent. In particular, it will be argued below that access to ...
... The relationship between market and cash liquidity is a multifaceted one. Some of the links are obvious. For instance, selling an asset in a market or unwinding a profitable position is one way of raising cash. Others, however, are less apparent. In particular, it will be argued below that access to ...
FAQs ON INVESTMENT REGULATIONS
... requirements, the investment in the insurance policy will be deemed to satisfy those same requirements. Thus, for instance, a typical managed fund is well diversified and primarily invested in equities and bonds. A policy linked to such a fund would satisfy the regulations. On the other hand, were a ...
... requirements, the investment in the insurance policy will be deemed to satisfy those same requirements. Thus, for instance, a typical managed fund is well diversified and primarily invested in equities and bonds. A policy linked to such a fund would satisfy the regulations. On the other hand, were a ...
Accounting Quality and Catastrophic Market Events.
... also consistent with this intuition. For example, Botosan (1997) examines the association between disclosure level and the cost of equity capital. Her results indicate that greater disclosure is associated with a lower cost of equity capital for firms that attract a low analyst following. Easley, Hv ...
... also consistent with this intuition. For example, Botosan (1997) examines the association between disclosure level and the cost of equity capital. Her results indicate that greater disclosure is associated with a lower cost of equity capital for firms that attract a low analyst following. Easley, Hv ...
Capital Markets Union
... of EU economies are showing signs of convergence. Correlations of stock market returns for EU countries compared to returns of the benchmark country have increased over time, showing that stock markets are becoming increasingly connected to each other. However, distressed economies, such as Greece a ...
... of EU economies are showing signs of convergence. Correlations of stock market returns for EU countries compared to returns of the benchmark country have increased over time, showing that stock markets are becoming increasingly connected to each other. However, distressed economies, such as Greece a ...
Benefits Accruing to Companies Listed at the
... stocks that are already highly liquid show little reaction to listing. This is because exchange listing provides little liquidity benefit to stocks that are highly liquid before listing. Along the same line of reasoning, Grammatikos and Papaioannou (1986b) propose that listing conveys little informa ...
... stocks that are already highly liquid show little reaction to listing. This is because exchange listing provides little liquidity benefit to stocks that are highly liquid before listing. Along the same line of reasoning, Grammatikos and Papaioannou (1986b) propose that listing conveys little informa ...
What Matters for Financial Development? Capital Controls
... mitigate financial repression in protected financial markets, allowing the (real) interest rate to rise to its competitive market equilibrium (McKinnon, 1973; Shaw, 1973). Second, removing capital controls allows domestic and foreign investors to engage in more portfolio diversification. These two p ...
... mitigate financial repression in protected financial markets, allowing the (real) interest rate to rise to its competitive market equilibrium (McKinnon, 1973; Shaw, 1973). Second, removing capital controls allows domestic and foreign investors to engage in more portfolio diversification. These two p ...
Practice Set 1
... demand for loanable funds to the: A. left and increase the interest rate. B. left and decrease the interest rate. C. right and increase the interest rate. D. right and decrease the interest rate. E. right and have no impact on the interest rate. ____ 13. Use the “Market for Loanable Funds II” Figure ...
... demand for loanable funds to the: A. left and increase the interest rate. B. left and decrease the interest rate. C. right and increase the interest rate. D. right and decrease the interest rate. E. right and have no impact on the interest rate. ____ 13. Use the “Market for Loanable Funds II” Figure ...
2016 Projection Assumption Guidelines
... An important facet of the financial planner’s work is to make a variety of projections (retirement needs and retirement income, insurance needs, children’s education funding needs, etc.). In making projections, financial planners are bound by method, rather than results. The purpose of this document ...
... An important facet of the financial planner’s work is to make a variety of projections (retirement needs and retirement income, insurance needs, children’s education funding needs, etc.). In making projections, financial planners are bound by method, rather than results. The purpose of this document ...
Efficient market hypothesis: is the Croatian stock market as (in
... Fifield et al. (2008) examined moving average rules for 15 emerging and 3 developed markets over the period of 1989-2003. Their results indicate that the return behavior of emerging markets differed markedly from that of their developed market counterparts; moving average rules were more profitable wh ...
... Fifield et al. (2008) examined moving average rules for 15 emerging and 3 developed markets over the period of 1989-2003. Their results indicate that the return behavior of emerging markets differed markedly from that of their developed market counterparts; moving average rules were more profitable wh ...
PL00142-1055_Exact Market Cash Fund PDS
... The distribution amount depends on the Fund’s distributable income. The amount you receive will be proportionate to the number of units your Service operator holds on your behalf relative to the number of units on issue at the end of the distribution period. The amount will vary and sometimes there ...
... The distribution amount depends on the Fund’s distributable income. The amount you receive will be proportionate to the number of units your Service operator holds on your behalf relative to the number of units on issue at the end of the distribution period. The amount will vary and sometimes there ...
Model Uncertainty, Limited Market Participation, and Asset Prices
... model. Section 2 describes investors’ portfolio choices and their participation decisions. Section 3 analyzes how the limited market participation relates to equity premium, while Section 4 extends the model to allow for two stocks and investigates the relation between limited participation and the ...
... model. Section 2 describes investors’ portfolio choices and their participation decisions. Section 3 analyzes how the limited market participation relates to equity premium, while Section 4 extends the model to allow for two stocks and investigates the relation between limited participation and the ...
Emerging Market Volatility - Columbia Threadneedle ETF
... low, wealth managers often respond that volatility is too high. This view is based on the performance of the conventional broad EM benchmarks that form the basis of many EM equity strategies. Ninety percent of U.S.-listed broad global EM equity exchangetraded fund (ETF) assets track either the MSCI ...
... low, wealth managers often respond that volatility is too high. This view is based on the performance of the conventional broad EM benchmarks that form the basis of many EM equity strategies. Ninety percent of U.S.-listed broad global EM equity exchangetraded fund (ETF) assets track either the MSCI ...
STOCK Beta
... about how risky that security is if held in isolation—you need to measure its market risk, and that boils down to measuring how sensitive it is to market movements. • This sensitivity is called beta (B). ...
... about how risky that security is if held in isolation—you need to measure its market risk, and that boils down to measuring how sensitive it is to market movements. • This sensitivity is called beta (B). ...
Limit Orders and the Intraday Behavior of Market Liquidity
... the other hand, are executed with certainty at the bid and ask prices established through previously placed limit orders. However, the execution price may not be favorable. ...
... the other hand, are executed with certainty at the bid and ask prices established through previously placed limit orders. However, the execution price may not be favorable. ...
Capital Account Liberalization, Institutions and Financial Development:
... sum of currency outside the banking system, plus demand and interest bearing liabilities of the banking system. This measure, however, does not distinguish between allocation to private and public sector entities, and hence could misleadingly indicate that a country with directed lending to state ow ...
... sum of currency outside the banking system, plus demand and interest bearing liabilities of the banking system. This measure, however, does not distinguish between allocation to private and public sector entities, and hence could misleadingly indicate that a country with directed lending to state ow ...
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.