AEC-54
... on the co-op's books (or in many cases by various types of certificates), and these equities are used to conduct the business. Except for a limited number of co-ops having a fixed revolving period, members' equities are returned to them periodically in the order in which they were provided. This ret ...
... on the co-op's books (or in many cases by various types of certificates), and these equities are used to conduct the business. Except for a limited number of co-ops having a fixed revolving period, members' equities are returned to them periodically in the order in which they were provided. This ret ...
Marginal leverage ratio as a monitoring tool of
... banking system. […] During the most severe part of the crisis, the banking sector was forced to reduce its leverage in a manner that amplified downward pressure on asset prices, further exacerbating the positive feedback loop between losses, declines in bank capital, and the contraction in credit av ...
... banking system. […] During the most severe part of the crisis, the banking sector was forced to reduce its leverage in a manner that amplified downward pressure on asset prices, further exacerbating the positive feedback loop between losses, declines in bank capital, and the contraction in credit av ...
Risk analysis of the proxy life-cycle investments in the second pillar
... members are also able to change the risk profile of a fund in general, it is necessary to define the conditions under such change can be done. Note that in both cases the change in the riskiness of a fund induces a risk of switching at an unfavorable moment, i.e. during periods of falling prices in ...
... members are also able to change the risk profile of a fund in general, it is necessary to define the conditions under such change can be done. Note that in both cases the change in the riskiness of a fund induces a risk of switching at an unfavorable moment, i.e. during periods of falling prices in ...
Understanding Short-termism: the Role of Corporate Governance.
... This report to the Glasshouse Forum will outline a theoretical framework for understanding short-termism and its relation to corporate governance. Social scientific approaches to short-termism have been hindered by a number of conceptual, methodological, and empirical barriers. This report will revi ...
... This report to the Glasshouse Forum will outline a theoretical framework for understanding short-termism and its relation to corporate governance. Social scientific approaches to short-termism have been hindered by a number of conceptual, methodological, and empirical barriers. This report will revi ...
Decision Criteria for New Technology Investment
... what is the optimal capital stock for a given company at a given time? This is the question that business executives confront almost daily, particularly in the increasingly capital-intensive, rapidly globalizing manufacturing sector. Why is this such a complex question? Consider the many variables t ...
... what is the optimal capital stock for a given company at a given time? This is the question that business executives confront almost daily, particularly in the increasingly capital-intensive, rapidly globalizing manufacturing sector. Why is this such a complex question? Consider the many variables t ...
Asset Pricing Theory with an Imprecise Information Set
... future cash-flow shocks, investors demand a return premium for a positive exposure (factor loading) with respect to information imprecision. I.e., the information-quality risk factor is priced. While there is some empirical evidence that an information-precision factor is systematic and priced, ther ...
... future cash-flow shocks, investors demand a return premium for a positive exposure (factor loading) with respect to information imprecision. I.e., the information-quality risk factor is priced. While there is some empirical evidence that an information-precision factor is systematic and priced, ther ...
SME Access to External Finance BIS ECONOMICS PAPER NO. 16 JANUARY 2012
... stage businesses with the highest potential for growth. However, the venture capital market has been heavily affected by economic conditions with a 31% decrease in the value of investment in 2010 compared to the previous year. ...
... stage businesses with the highest potential for growth. However, the venture capital market has been heavily affected by economic conditions with a 31% decrease in the value of investment in 2010 compared to the previous year. ...
Does Investor Identity Matter in Equity Issues
... abnormal returns when matched to non-issuing firms. We additionally compare the postissue performance of firms that place equity privately with the post-issue performance of matched firms that issue public equity to examine whether the apparent inconsistency between announcement period and long-term ...
... abnormal returns when matched to non-issuing firms. We additionally compare the postissue performance of firms that place equity privately with the post-issue performance of matched firms that issue public equity to examine whether the apparent inconsistency between announcement period and long-term ...
Liquidity and Asset Prices
... In a companion paper (Kiyotaki and Moore, 2001), we consider an economy in which the only liquid asset is cash, and we address the determination of the nominal price level. In some popular monetary frameworks, such as the cash-in-advance model or the dynamic sticky-price model, the circulation of mo ...
... In a companion paper (Kiyotaki and Moore, 2001), we consider an economy in which the only liquid asset is cash, and we address the determination of the nominal price level. In some popular monetary frameworks, such as the cash-in-advance model or the dynamic sticky-price model, the circulation of mo ...
FDI and Stock Market Development - Inter
... stock markets linking markets closer. In particular, remote access to trading systems is now ubiquitous, implying that the services offered by stock markets can now be easily accessed from anywhere, including firms having their stocks traded on foreign markets and still be accessible to local invest ...
... stock markets linking markets closer. In particular, remote access to trading systems is now ubiquitous, implying that the services offered by stock markets can now be easily accessed from anywhere, including firms having their stocks traded on foreign markets and still be accessible to local invest ...
Editable Agenda - Mortgage Bankers Association
... New Member Lunch (By Invitation Only) Location: Astor Ballroom, 7th Floor Press Lunch (Credentialed Media Only) Location: Music Box/Winter Garden, 6th Floor General Session: Update on the Single Security & Common Securitization Platform Location: Broadway Ballroom, 6th Floor The common securitizatio ...
... New Member Lunch (By Invitation Only) Location: Astor Ballroom, 7th Floor Press Lunch (Credentialed Media Only) Location: Music Box/Winter Garden, 6th Floor General Session: Update on the Single Security & Common Securitization Platform Location: Broadway Ballroom, 6th Floor The common securitizatio ...
A new architecture for public investment in Europe
... established and widely respected institutions. Some might own magnificent collections of art pieces, be located in prestigious historical buildings in their country’s capitals, and have financial stakes in the “jewels” of national industries. Their senior staff might belong to the national elite, an ...
... established and widely respected institutions. Some might own magnificent collections of art pieces, be located in prestigious historical buildings in their country’s capitals, and have financial stakes in the “jewels” of national industries. Their senior staff might belong to the national elite, an ...
Document
... and weakness in France's large economy are likely to keep European GDP only modestly positive. ...
... and weakness in France's large economy are likely to keep European GDP only modestly positive. ...
The Importance of Asset Management
... ultimately dependent upon the asset management industry. Direct holdings of individuals In quantitative terms, individuals are the most important users of those services. They are significant holders of UCITS and other categories of investment funds, and even more through their accumulated capital i ...
... ultimately dependent upon the asset management industry. Direct holdings of individuals In quantitative terms, individuals are the most important users of those services. They are significant holders of UCITS and other categories of investment funds, and even more through their accumulated capital i ...
NBER WORKING PAPER SERIES CAPITAL ACCOUNT LIBERALIZATION, INSTITUTIONS AND FINANCIAL
... 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 ...
ARTICLES FOR ESTABLISHING THE ENDOWMENT FUND AND
... safe return for the overall fund principal. e) To establish, maintain, invest, and make available through direction of the Session, the investment accounts into which all the Trust fund will be deposited and held. f) To manage the various gifts listed and other gifts received in the future, to make ...
... safe return for the overall fund principal. e) To establish, maintain, invest, and make available through direction of the Session, the investment accounts into which all the Trust fund will be deposited and held. f) To manage the various gifts listed and other gifts received in the future, to make ...
Developments and Issues in the Canadian Market
... firms with an alternative source of funding, potentially at lower cost than traditional sources. The alternatives include traditional commercial paper and bankers’ acceptances. Commercial ...
... firms with an alternative source of funding, potentially at lower cost than traditional sources. The alternatives include traditional commercial paper and bankers’ acceptances. Commercial ...
Budgeting for Investment
... investments, and the evidence for their contribution to economic growth, is summarized by the Council of Economic Advisers (CEA) in the 2016 Economic Report to the President. As the Obama Administration CEA put it, “well-targeted infrastructure investments increase the economy’s long-run growth pote ...
... investments, and the evidence for their contribution to economic growth, is summarized by the Council of Economic Advisers (CEA) in the 2016 Economic Report to the President. As the Obama Administration CEA put it, “well-targeted infrastructure investments increase the economy’s long-run growth pote ...
Systemic banks, capital composition and CoCo bonds issuance: The
... This paper analyzes the effect of regulatory capital requirements for systemic banks on their capital structure. Since 2008, the regulation has tightened across all banks, with the introduction of stricter capital requirements for financial institutions. This was based on the idea that policymakers ...
... This paper analyzes the effect of regulatory capital requirements for systemic banks on their capital structure. Since 2008, the regulation has tightened across all banks, with the introduction of stricter capital requirements for financial institutions. This was based on the idea that policymakers ...
View/Open
... reports the quantities of all farm animals -- cattle, sheep, pigs, poultry, etc. The value of these individual components is aggregated to obtain the livestock. Ideally observations on live animal sales prices would be used to value local herds, but these data were not consistently available. In the ...
... reports the quantities of all farm animals -- cattle, sheep, pigs, poultry, etc. The value of these individual components is aggregated to obtain the livestock. Ideally observations on live animal sales prices would be used to value local herds, but these data were not consistently available. In the ...
13 - Finance
... ROE = EAT equity = $13,500 $90,000 = 15% EPS = EAT number of shares = $13,500 9,000,000 = $1.50 The treasurer feels debt can be traded for equity without immediately affecting the price of the stock or the rate at which the firm can borrow. Management believes it is in the best interest of t ...
... ROE = EAT equity = $13,500 $90,000 = 15% EPS = EAT number of shares = $13,500 9,000,000 = $1.50 The treasurer feels debt can be traded for equity without immediately affecting the price of the stock or the rate at which the firm can borrow. Management believes it is in the best interest of t ...
New risks. New insights.
... Holdings-based analysis, a pillar of BlackRock’s risk-first approach, helps us better understand the real-time risk profile of the portfolio — based on current holdings instead of past returns. This technique is designed to complement other returns-based methodologies and help advisors in two keys w ...
... Holdings-based analysis, a pillar of BlackRock’s risk-first approach, helps us better understand the real-time risk profile of the portfolio — based on current holdings instead of past returns. This technique is designed to complement other returns-based methodologies and help advisors in two keys w ...
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.