CHAP17
... depreciation cost is measured using current price of capital, and the CIT would not affect investment But, the legal definition uses the historical price of capital. If PK rises over time, then the legal definition understates the true cost and overstates profit, so firms could be taxed even if ...
... depreciation cost is measured using current price of capital, and the CIT would not affect investment But, the legal definition uses the historical price of capital. If PK rises over time, then the legal definition understates the true cost and overstates profit, so firms could be taxed even if ...
Risk-taking behavior of Commodity Trading Advisors
... behavior is not significant as both types of fund managers avoid risk-shifting. This finding is consistent with previously documented arguments that survivorship concerns mitigate moral hazard. By quantitatively modeling the outcome of hedge fund risk-shifting, we estimate the average benefit to a m ...
... behavior is not significant as both types of fund managers avoid risk-shifting. This finding is consistent with previously documented arguments that survivorship concerns mitigate moral hazard. By quantitatively modeling the outcome of hedge fund risk-shifting, we estimate the average benefit to a m ...
Throwing the Spanner in the Works: The Mixed Blessing of FDI
... complement the argument made here, but stress dierent mechanisms. The former argues that possible entrepreneurs in developing countries prefer to leave the risk of investment to foreign investors and instead work in foreign companies for lower, but safe wage income. Risk sharing is no objective in ...
... complement the argument made here, but stress dierent mechanisms. The former argues that possible entrepreneurs in developing countries prefer to leave the risk of investment to foreign investors and instead work in foreign companies for lower, but safe wage income. Risk sharing is no objective in ...
Semi-Annual Report
... compared to the 3.84% return for the benchmark. Stock selection in the Industrials and Healthcare sectors contributed the most to the Fund’s relative performance, while stock selection in the Financials sector detracted from the Fund’s relative performance. The Fund also benefited from underweight p ...
... compared to the 3.84% return for the benchmark. Stock selection in the Industrials and Healthcare sectors contributed the most to the Fund’s relative performance, while stock selection in the Financials sector detracted from the Fund’s relative performance. The Fund also benefited from underweight p ...
INTERNATIONAL Route des Morillons 15 Tel: (41 22) 929 88 88 CO
... Although co-operative legislations can be very different from one country to another, cooperative member shares have common characteristics. Member shares are recognized by members as risk capital. In the unfortunate incidence of a bankruptcy, member shares participate in losses if the co-operative’ ...
... Although co-operative legislations can be very different from one country to another, cooperative member shares have common characteristics. Member shares are recognized by members as risk capital. In the unfortunate incidence of a bankruptcy, member shares participate in losses if the co-operative’ ...
LIQUIDITY PAPER v4 - Institute and Faculty of Actuaries
... and with minimal impact on price, but most corporate bonds tend to be thinly traded and large sales may only achieved at a significant discount. Equity liquidity will vary with market capitalisation and market conditions but will be less than that for gilts. Standard Life was able in early 2004 to s ...
... and with minimal impact on price, but most corporate bonds tend to be thinly traded and large sales may only achieved at a significant discount. Equity liquidity will vary with market capitalisation and market conditions but will be less than that for gilts. Standard Life was able in early 2004 to s ...
The Stock Market and Capital Accumulation
... statistics. There is a large discrepancy between the market value of corporate assets and the purchase or reproduction cost of recorded produced capital. This point is well known from research in the framework of Tobins q. When securities markets record an increase in the firms quantity of capita ...
... statistics. There is a large discrepancy between the market value of corporate assets and the purchase or reproduction cost of recorded produced capital. This point is well known from research in the framework of Tobins q. When securities markets record an increase in the firms quantity of capita ...
Asian Market Drives Record Investment in Unlisted
... 2016 remained consistent with recent years, the aggregate deal value surpassed all previous years. In total, 1,772 deals were completed for infrastructure assets equalling $413bn, although Preqin expects these figures to rise by up to 5% as more information becomes available. This marks an increase ...
... 2016 remained consistent with recent years, the aggregate deal value surpassed all previous years. In total, 1,772 deals were completed for infrastructure assets equalling $413bn, although Preqin expects these figures to rise by up to 5% as more information becomes available. This marks an increase ...
Practice Problems Ch. 10 Loanable Funds Mkt
... 14. If consumers decide to be more frugal and save more out of their income, then this will cause A) a shift in the supply curve for loanable funds to the right. B) a shift in the supply curve for loanable funds to the left. C) a movement to the right along the supply curve for loanable funds. D) a ...
... 14. If consumers decide to be more frugal and save more out of their income, then this will cause A) a shift in the supply curve for loanable funds to the right. B) a shift in the supply curve for loanable funds to the left. C) a movement to the right along the supply curve for loanable funds. D) a ...
Submission to the Treasury on the exposure draft of amendments to
... difference should be counted toward the minimum distribution requirement of the AF. If below market rentals are charged for community housing, the differential in rental rates should be calculated towards the minimum distribution requirement. In this way, AFs could be more encouraged to participate ...
... difference should be counted toward the minimum distribution requirement of the AF. If below market rentals are charged for community housing, the differential in rental rates should be calculated towards the minimum distribution requirement. In this way, AFs could be more encouraged to participate ...
Mutual Funds
... • In theory, the board can fire the fund manager and hire anyone they choose. For instance, the board for the Fidelity Magellan Fund can fire Fidelity. Of course, if the board hires a non-Fidelity management team, the fund will probably lose its name, and possibly its reputation along with it. ...
... • In theory, the board can fire the fund manager and hire anyone they choose. For instance, the board for the Fidelity Magellan Fund can fire Fidelity. Of course, if the board hires a non-Fidelity management team, the fund will probably lose its name, and possibly its reputation along with it. ...
Capital Budgeting for Small Businesses
... the same firm will pay significantly more, 20.5% (16% ^ (1-0.22)), for an issue of only $1 million. Because of these costs, small businesses with smaller capital requirements typically rely upon owners' equity and com mercial banks as their main sources of capital instead of primary capital markets ...
... the same firm will pay significantly more, 20.5% (16% ^ (1-0.22)), for an issue of only $1 million. Because of these costs, small businesses with smaller capital requirements typically rely upon owners' equity and com mercial banks as their main sources of capital instead of primary capital markets ...
comparatible analysys of the capital structure
... and a firm's equity. Third, leverage is defined as a ratio of the sum of short-term liabilities and long-term liabilities to the sum of the numerator and a firm's equity. Finally, leverage is defied as the ratio of total debt to capital. Another important point regarding the definition of leverage i ...
... and a firm's equity. Third, leverage is defined as a ratio of the sum of short-term liabilities and long-term liabilities to the sum of the numerator and a firm's equity. Finally, leverage is defied as the ratio of total debt to capital. Another important point regarding the definition of leverage i ...
Presentation
... These findings are all consistent with the presence of payoff complementarities among corporate bond-fund investors driven by the illiquidity of their assets. ...
... These findings are all consistent with the presence of payoff complementarities among corporate bond-fund investors driven by the illiquidity of their assets. ...
A guide to your with-profits investment and how we manage
... regular bonus rates at least once a year. We calculate your share of the fund in units. We add the bonus to your pension fund by increasing the price of the units you have. This means that the number of units you hold stays the same, but the value of these units increases and reflects the bonus rate ...
... regular bonus rates at least once a year. We calculate your share of the fund in units. We add the bonus to your pension fund by increasing the price of the units you have. This means that the number of units you hold stays the same, but the value of these units increases and reflects the bonus rate ...
Wespath`s Hedge Fund Strategy— The Path Not Followed
... returns. After conducting thorough due diligence, we are willing to be early adopters of an investment strategy—if justified by our analysis. In 1991, Wespath was an early investor in positive social purpose loans and in 1998 we invested in U.S. Treasury Inflation Protected Securities—approximately ...
... returns. After conducting thorough due diligence, we are willing to be early adopters of an investment strategy—if justified by our analysis. In 1991, Wespath was an early investor in positive social purpose loans and in 1998 we invested in U.S. Treasury Inflation Protected Securities—approximately ...
Quarterly International Investment Position and External Debt - Background Notes
... Reinvested earnings within Direct Investment consist of the offsetting entry to the direct investor’s share of earnings not distributed as dividends by subsidiaries or associates and earnings of branches not remitted to the direct investor, but recorded under investment income. Other capital within ...
... Reinvested earnings within Direct Investment consist of the offsetting entry to the direct investor’s share of earnings not distributed as dividends by subsidiaries or associates and earnings of branches not remitted to the direct investor, but recorded under investment income. Other capital within ...
Draft Policy Statement to Regulation 81
... The disclosure in the valuation of the scope of review should include a description of any limitation on the scope of the review and the implications of the ...
... The disclosure in the valuation of the scope of review should include a description of any limitation on the scope of the review and the implications of the ...
NBER WORKING PAPER SERIES TAXES, REGULATIONS, AND ASSET PRICES Ellen R. McGrattan
... equity held by non-tax-paying entities. The percentage of corporate equity held by these entities — namely pension funds, individual retirement accounts, and nonprofit organizations — increased from a few percent in 1962 to around 50 percent in 2000. In the early 1960s virtually no equity was held ...
... equity held by non-tax-paying entities. The percentage of corporate equity held by these entities — namely pension funds, individual retirement accounts, and nonprofit organizations — increased from a few percent in 1962 to around 50 percent in 2000. In the early 1960s virtually no equity was held ...
SPDR® Bloomberg Barclays Short Term High Yield
... not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser). The Fund may use derivatives, including credit default swaps and credit default index swaps, to obtain investm ...
... not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser). The Fund may use derivatives, including credit default swaps and credit default index swaps, to obtain investm ...
Operating Conditions Applicable to the Firm
... – A requirement for AIFM managing open-ended AIFs to identify, manage and monitor for conflicts between redeeming and continuing investors and conflicts between the AIFM’s incentive to invest in illiquid assets and the AIF’s redemption policy. – The AIFM must develop strategies for determining when ...
... – A requirement for AIFM managing open-ended AIFs to identify, manage and monitor for conflicts between redeeming and continuing investors and conflicts between the AIFM’s incentive to invest in illiquid assets and the AIF’s redemption policy. – The AIFM must develop strategies for determining when ...
On the Cross-Section of Expected Returns of German Stocks: A Re
... Jegadeesh and S. Titman, “Returns to Buying Winners and Selling Losers,” JF 48 (1993): 6591; G. Dissanaike, “Do Stock Market Investors Overreact?” JBFA 24 (1997): 32 ff; W. De Bondt and R. Thaler, ”Does the Stock Market Overreact?” JF 40 (1985): 793-805. For evidence on the German market refer to D. ...
... Jegadeesh and S. Titman, “Returns to Buying Winners and Selling Losers,” JF 48 (1993): 6591; G. Dissanaike, “Do Stock Market Investors Overreact?” JBFA 24 (1997): 32 ff; W. De Bondt and R. Thaler, ”Does the Stock Market Overreact?” JF 40 (1985): 793-805. For evidence on the German market refer to D. ...
The Economics of Primary Markets
... the IPO process as having two types of investors: informed and uninformed. Informed investors know the “true” value of the shares and only buy when the offer price is below the value of the shares while uninformed investors bid in every IPO. If shares are rationed in better offerings, the uninformed ...
... the IPO process as having two types of investors: informed and uninformed. Informed investors know the “true” value of the shares and only buy when the offer price is below the value of the shares while uninformed investors bid in every IPO. If shares are rationed in better offerings, the uninformed ...
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.