DOCUMENTOS DE TRABAJO Serie Economía CAPITAL CONTROLS AND THE COST OF DEBT
... heterogeneities that are suggestive of a causal interpretation of the estimated effects. We explore four primary dimensions through which capital controls could have a differentiated effect on corporate credit spreads: time to maturity, firm size, domestic financial development, and global financial ...
... heterogeneities that are suggestive of a causal interpretation of the estimated effects. We explore four primary dimensions through which capital controls could have a differentiated effect on corporate credit spreads: time to maturity, firm size, domestic financial development, and global financial ...
The Evolution of Diversification
... Fuelled by a strong desire for economic expansion, many emerging markets are increasingly opening their doors to foreign investment. These countries have continued to develop trading relationships with the rest of the world and are in the process of unleashing the economic drive of young, skilled an ...
... Fuelled by a strong desire for economic expansion, many emerging markets are increasingly opening their doors to foreign investment. These countries have continued to develop trading relationships with the rest of the world and are in the process of unleashing the economic drive of young, skilled an ...
Active Management Performance Cycles
... Fee assumptions are based on eVestment Alliance peer group median given the mandate size of $500 million for US large cap, core fixed income, and non-US large cap, and $200 million for US small cap and emerging markets. For clients with smaller mandates, the excess return would be reduced as a resul ...
... Fee assumptions are based on eVestment Alliance peer group median given the mandate size of $500 million for US large cap, core fixed income, and non-US large cap, and $200 million for US small cap and emerging markets. For clients with smaller mandates, the excess return would be reduced as a resul ...
XPP-PDF Support Utility
... Designation of Liquidity Program Administrator. The Liquidity Rule requires a fund’s board to approve the designation of the fund’s investment adviser, officer, or officers (which may not be solely portfolio managers of the fund) responsible for administering the fund’s Liquidity Program (the Progra ...
... Designation of Liquidity Program Administrator. The Liquidity Rule requires a fund’s board to approve the designation of the fund’s investment adviser, officer, or officers (which may not be solely portfolio managers of the fund) responsible for administering the fund’s Liquidity Program (the Progra ...
GAAP - Office of Superintendent of Public Instruction
... to Title 28A Revised Code of Washington (RCW) for the purpose of providing public school services. Oversight responsibility for the district’s operations is vested with the independently elected board of directors. Management of the district is appointed by and is accountable to the board of directo ...
... to Title 28A Revised Code of Washington (RCW) for the purpose of providing public school services. Oversight responsibility for the district’s operations is vested with the independently elected board of directors. Management of the district is appointed by and is accountable to the board of directo ...
Why napkin math may not add up: Arithmetic and geometric means
... 8.3% is the GM. For a portfolio with more than one asset class, there are two reasons for the difference between the means. One is the volatility of the portfolio, as discussed above, and the other is the effect of ...
... 8.3% is the GM. For a portfolio with more than one asset class, there are two reasons for the difference between the means. One is the volatility of the portfolio, as discussed above, and the other is the effect of ...
Paper-14: Advanced Financial Management
... At equilibrium, the required rate of return is equal to the expected rate of return. 0.16 = [2.60 (1.08) / P o] + 0.08 Or, 0.08Po = 2.808 Or, Po = 2.808/0.08 = ` 35.10 Hence the price should be increased by ` 5.10 (35.10 – 30.00) or 17.00% So that it is at equilibrium. ...
... At equilibrium, the required rate of return is equal to the expected rate of return. 0.16 = [2.60 (1.08) / P o] + 0.08 Or, 0.08Po = 2.808 Or, Po = 2.808/0.08 = ` 35.10 Hence the price should be increased by ` 5.10 (35.10 – 30.00) or 17.00% So that it is at equilibrium. ...
Why napkin math may not add up: Arithmetic and geometric means
... 8.3% is the GM. For a portfolio with more than one asset class, there are two reasons for the difference between the means. One is the volatility of the portfolio, as discussed above, and the other is the effect of ...
... 8.3% is the GM. For a portfolio with more than one asset class, there are two reasons for the difference between the means. One is the volatility of the portfolio, as discussed above, and the other is the effect of ...
WITAN INVESTMENT TRUST
... Please remember, past performance is not a guide to future performance and the value of shares and the income from them can rise and fall, so investors may not get back the amount originally invested. This marketing communication is provided for informational purposes only and should not be construe ...
... Please remember, past performance is not a guide to future performance and the value of shares and the income from them can rise and fall, so investors may not get back the amount originally invested. This marketing communication is provided for informational purposes only and should not be construe ...
Mackenzie Strategic Bond Fund – Series O
... If you purchased Series O through Mackenzie's Portfolio Architecture Service (PAS), you will be required to pay directly to Mackenzie an annual portfolio service fee of 0.15% on all assets in your PAS. See below for description of advisor service fee. ...
... If you purchased Series O through Mackenzie's Portfolio Architecture Service (PAS), you will be required to pay directly to Mackenzie an annual portfolio service fee of 0.15% on all assets in your PAS. See below for description of advisor service fee. ...
fund accounting training
... Since endowment principals are generally kept in perpetuity, cash gifts are generally invested in long‐term instruments. When non‐cash instruments such as stocks or bonds are donated to establish an endowment, the asset is valued at market value as of the gift date. Income earned on endowments i ...
... Since endowment principals are generally kept in perpetuity, cash gifts are generally invested in long‐term instruments. When non‐cash instruments such as stocks or bonds are donated to establish an endowment, the asset is valued at market value as of the gift date. Income earned on endowments i ...
Chapter 11 PPT - McGraw Hill Higher Education
... The bulk of the dealers’ operating capital is obtained through borrowings from commercial banks and other institutions. The two most heavily used sources of dealer funds are demand loans from the largest banks and repurchase agreements with banks and other lenders. A demand loan may be called ...
... The bulk of the dealers’ operating capital is obtained through borrowings from commercial banks and other institutions. The two most heavily used sources of dealer funds are demand loans from the largest banks and repurchase agreements with banks and other lenders. A demand loan may be called ...
strategic management- chapter six
... either related (similar to existing business) or unrelated (different from existing business); allows a firm to create value by productively using excess resources ■ The diversified firm operates in several different and unique product markets and likely in several businesses; it forms two types of ...
... either related (similar to existing business) or unrelated (different from existing business); allows a firm to create value by productively using excess resources ■ The diversified firm operates in several different and unique product markets and likely in several businesses; it forms two types of ...
perspectives on dynamic asset allocation
... what extent is the pension fund willing to take on illiquid assets to increase its Sharpe ratio? Likewise, does the pension fund believe in active management and, if so, how much should be allocated to it to increase the Sharpe ratio? Finally, a pure funding ratio put is hardly ever used in practice ...
... what extent is the pension fund willing to take on illiquid assets to increase its Sharpe ratio? Likewise, does the pension fund believe in active management and, if so, how much should be allocated to it to increase the Sharpe ratio? Finally, a pure funding ratio put is hardly ever used in practice ...
Ambiguous Growth and Asset Prices in Production Economies
... Firms are fully owned by the representative household. Each firm issues a single stock which is traded. Firms choose labor inputs (which are exogenously given), the amount of investment expenditure and capital stock to maximize the present value of all future profits. The first-order conditions for ...
... Firms are fully owned by the representative household. Each firm issues a single stock which is traded. Firms choose labor inputs (which are exogenously given), the amount of investment expenditure and capital stock to maximize the present value of all future profits. The first-order conditions for ...
Mutual fund
... Discuss types of funds available to investors and the different kinds of investors services offered by mutual funds and exchange traded funds. Gain an understanding of the variables that should be considered when selecting funds for investment purposes. Identify the sources of return and calculate r ...
... Discuss types of funds available to investors and the different kinds of investors services offered by mutual funds and exchange traded funds. Gain an understanding of the variables that should be considered when selecting funds for investment purposes. Identify the sources of return and calculate r ...
CHAPTER 3 Financial Statement Analysis
... revenue from assets? (Sales is important, at least from your marketing class:) Profitability: Is the firm sufficiently profitable as reflected in PM, ROE, and ROA? Debt management: is the firm using the right mix of debt and equity? Market value: Do investors like the form’s earnings and future grow ...
... revenue from assets? (Sales is important, at least from your marketing class:) Profitability: Is the firm sufficiently profitable as reflected in PM, ROE, and ROA? Debt management: is the firm using the right mix of debt and equity? Market value: Do investors like the form’s earnings and future grow ...
Testing for imperfect competition at the Fulton fish market - U
... years (Raab, 1991). According to investigations, Mafia activity is primarily present in the unloading activities and the parking arrangements of the customers:. The whiting market. I chose whiting for this study for three reasons. First, more transactions take place in whiting than almost any other ...
... years (Raab, 1991). According to investigations, Mafia activity is primarily present in the unloading activities and the parking arrangements of the customers:. The whiting market. I chose whiting for this study for three reasons. First, more transactions take place in whiting than almost any other ...
Public –Private Partnerships A New Catalyst for Economic
... in countries experiencing rapid population growth and urbanization, may not be equipped to make the necessary investments. In response, many government organizations are tapping the private sector for capital, technology, and expertise to finance, develop, and manage public-sector infrastructure pro ...
... in countries experiencing rapid population growth and urbanization, may not be equipped to make the necessary investments. In response, many government organizations are tapping the private sector for capital, technology, and expertise to finance, develop, and manage public-sector infrastructure pro ...
The Hedge Fund Landscape
... With the emergence of the managed fund service, we recognize that a number of our reservations regarding MAPs may in theory have eased. In particular, the ability to dictate the structure of the managed fund enables the investor to more closely mimic the guidelines, structure and counterparties of t ...
... With the emergence of the managed fund service, we recognize that a number of our reservations regarding MAPs may in theory have eased. In particular, the ability to dictate the structure of the managed fund enables the investor to more closely mimic the guidelines, structure and counterparties of t ...
ECFS845
... We would combine DFA with an investment in an indexed Large Cap fund (proportions optimised to maximize the portfolio’s Sharpe ratio). DFA would fit into our equities bucket which is benchmarked against the S&P 500 Index. We would rebalance the portfolio using futures, so that funds with DFA would b ...
... We would combine DFA with an investment in an indexed Large Cap fund (proportions optimised to maximize the portfolio’s Sharpe ratio). DFA would fit into our equities bucket which is benchmarked against the S&P 500 Index. We would rebalance the portfolio using futures, so that funds with DFA would b ...
A Lost Art Is active management doomed?
... Opportunities for active investors The perceived shift from active to passive has been a popular topic of press comment in recent years. For example, in June 2010, ‘The Financial Times’ cited a report by Citigroup, Principal Global Investors and Create Research forecasting that the investment indust ...
... Opportunities for active investors The perceived shift from active to passive has been a popular topic of press comment in recent years. For example, in June 2010, ‘The Financial Times’ cited a report by Citigroup, Principal Global Investors and Create Research forecasting that the investment indust ...
CMD 2012 Matti Alahuhta
... The new equipment markets are expected to continue to grow in Asia-Pacific, but at a significantly lower rate than in 2011, and there is uncertainty related to the development in the second half of the year. The markets in Central and North Europe are expected to remain relatively stable or declin ...
... The new equipment markets are expected to continue to grow in Asia-Pacific, but at a significantly lower rate than in 2011, and there is uncertainty related to the development in the second half of the year. The markets in Central and North Europe are expected to remain relatively stable or declin ...
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.