How Deep is the Annuity Market Participation Puzzle
... of received annuity income. The questionnaire gives a de…nition of annuity income, which should prevent any misinterpretation: “Annuity income is when you make a lump sum payment to a …nancial institution and in return they give you a regular income for the rest of your life.”17 Detailed descriptive ...
... of received annuity income. The questionnaire gives a de…nition of annuity income, which should prevent any misinterpretation: “Annuity income is when you make a lump sum payment to a …nancial institution and in return they give you a regular income for the rest of your life.”17 Detailed descriptive ...
Accruals, Financial Distress, and Debt Covenants Troy D. Janes
... This paper documents that accruals provide information that is useful for predicting financial distress and examines the use of this information by commercial lenders in setting debt covenants. Controlling for the level of earnings, firms with extreme accruals are more likely to experience financial ...
... This paper documents that accruals provide information that is useful for predicting financial distress and examines the use of this information by commercial lenders in setting debt covenants. Controlling for the level of earnings, firms with extreme accruals are more likely to experience financial ...
Voluntary disclosures and information production by analysts
... when strategically disclosing information. Traditional models of voluntary disclosure assume that firms can credibly disclose information (when they choose to disclose), and disclosures are thus accurate at all times.2 This assumption, however, does not admit a role for financial analysts as there is ...
... when strategically disclosing information. Traditional models of voluntary disclosure assume that firms can credibly disclose information (when they choose to disclose), and disclosures are thus accurate at all times.2 This assumption, however, does not admit a role for financial analysts as there is ...
The relationship between government bond yields and the market
... The obvious difference between the prevailing market conditions and the average historical market conditions is that government bond yields are currently at historical lows. In our view, the AER’s approach of applying a fixed risk premium should be replaced with an approach of estimating a risk prem ...
... The obvious difference between the prevailing market conditions and the average historical market conditions is that government bond yields are currently at historical lows. In our view, the AER’s approach of applying a fixed risk premium should be replaced with an approach of estimating a risk prem ...
Essays on government debt financing costs
... their government debt / gross domestic product quotients dynamics were not sustainable. The most important factors in this process were smaller growth, bad structural balance of the budget, and high financing costs of the government debt, which is related to the increasing sovereign yields. These th ...
... their government debt / gross domestic product quotients dynamics were not sustainable. The most important factors in this process were smaller growth, bad structural balance of the budget, and high financing costs of the government debt, which is related to the increasing sovereign yields. These th ...
united states securities and exchange commission - corporate
... named Metalico, Inc., which continues today as our holding company. Our common stock began trading on the American Stock Exchange (now known as NYSE MKT) on March 15, 2005 under the symbol “MEA.” We have historically maintained a small corporate team that sets our strategic goals and overall strateg ...
... named Metalico, Inc., which continues today as our holding company. Our common stock began trading on the American Stock Exchange (now known as NYSE MKT) on March 15, 2005 under the symbol “MEA.” We have historically maintained a small corporate team that sets our strategic goals and overall strateg ...
FORM 10-Q - 10K Wizard
... all entities included in our condensed consolidated financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 29, 2013, are not necessar ...
... all entities included in our condensed consolidated financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 29, 2013, are not necessar ...
Understanding trading and investment warrants
... price (sometimes referred to as the exercise level) and the value of the underlying instrument at expiry is paid on settlement. The exercise price is generally fixed when the warrants are issued. However, the exercise price could be variable. For example the exercise price of self-funding instalment ...
... price (sometimes referred to as the exercise level) and the value of the underlying instrument at expiry is paid on settlement. The exercise price is generally fixed when the warrants are issued. However, the exercise price could be variable. For example the exercise price of self-funding instalment ...
ipg photonics corporation
... present in person or represented by proxy at the meeting. As far as we know, the only matters to be brought before the annual meeting are those referred to in this proxy statement. If any additional matters are presented at the annual meeting, the persons named as proxies may vote your shares in the ...
... present in person or represented by proxy at the meeting. As far as we know, the only matters to be brought before the annual meeting are those referred to in this proxy statement. If any additional matters are presented at the annual meeting, the persons named as proxies may vote your shares in the ...
Notice of Annual Meeting
... The Board of Directors set May 2, 2011 as the record date for determining the stockholders entitled to notice of and to vote at the annual meeting. On April 22, 2011, 845,838,651 shares of Delta common stock, par value $0.0001 per share, were outstanding. Delta expects the number of outstanding shar ...
... The Board of Directors set May 2, 2011 as the record date for determining the stockholders entitled to notice of and to vote at the annual meeting. On April 22, 2011, 845,838,651 shares of Delta common stock, par value $0.0001 per share, were outstanding. Delta expects the number of outstanding shar ...
3.6 The Advantages and Disadvantages of Income Smoothing
... and income smoothing. Within the financial accounting research topic of earnings management, researchers have always been very interested in studying income smoothing. Bao and Bao (2004) stated that in general the study of income smoothing has been very successful compared to the study of other for ...
... and income smoothing. Within the financial accounting research topic of earnings management, researchers have always been very interested in studying income smoothing. Bao and Bao (2004) stated that in general the study of income smoothing has been very successful compared to the study of other for ...
Evaluation of Active Management of the Norwegian Government
... for the Fund, it is important to reach a view on both the theoretical basis and empirical support for the EMH. The second contains a detailed empirical analysis of NBIM’s active performance in managing the Fund, identifying both the average returns in excess of benchmarks and the risks to which ...
... for the Fund, it is important to reach a view on both the theoretical basis and empirical support for the EMH. The second contains a detailed empirical analysis of NBIM’s active performance in managing the Fund, identifying both the average returns in excess of benchmarks and the risks to which ...
MBB Update- HOLD
... This report is provided for information purposes only. ACBS makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to any data included in this report. ACBS will not treat unauthorized recipients of th ...
... This report is provided for information purposes only. ACBS makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to any data included in this report. ACBS will not treat unauthorized recipients of th ...
Volatility and Fixed Income Asset Class Comparison
... Where k is the mean reversion parameter, a is the long-term mean, rt is the instantaneous interest rate, Vt is the instantaneous level of implied volatility, σ is the volatility of rates and the volatility of implied volatility (for each equation, respectively), and dWt is a standard Brownian motion ...
... Where k is the mean reversion parameter, a is the long-term mean, rt is the instantaneous interest rate, Vt is the instantaneous level of implied volatility, σ is the volatility of rates and the volatility of implied volatility (for each equation, respectively), and dWt is a standard Brownian motion ...
matrix service company - Investor Relations Solutions
... the likely impact of new or existing regulations or market forces on the demand for our services; ...
... the likely impact of new or existing regulations or market forces on the demand for our services; ...
Feed-in-Tariff with Contract for Difference
... system which both controls the impact on consumer bills (in line with the budgetary constraints that DECC has to operate within) and ensures that the commitments made under the scheme can be honoured. 3. Certainty and stability are crucial for investors to be able to make their decisions. Therefore ...
... system which both controls the impact on consumer bills (in line with the budgetary constraints that DECC has to operate within) and ensures that the commitments made under the scheme can be honoured. 3. Certainty and stability are crucial for investors to be able to make their decisions. Therefore ...
Management of Construction and Real Estate Under Conditions of
... scientists from Lithuania and abroad, housing policy models in different countries analysed, the determinants of housing market fluctuations considered, the housing affordability and sustainability indicators analysed. Using the data of the European Union’s Statistical Office (Eurostat), the State E ...
... scientists from Lithuania and abroad, housing policy models in different countries analysed, the determinants of housing market fluctuations considered, the housing affordability and sustainability indicators analysed. Using the data of the European Union’s Statistical Office (Eurostat), the State E ...
material
... fiscal policy, monetary policy, and economic growth and structural change. He has also prepared research reports for Canadian industry and government agencies and authored numerous working papers. He completed his PhD at McGill University, and has held visiting appointments at the University of Camb ...
... fiscal policy, monetary policy, and economic growth and structural change. He has also prepared research reports for Canadian industry and government agencies and authored numerous working papers. He completed his PhD at McGill University, and has held visiting appointments at the University of Camb ...
Full Year Results 2015
... one of the world’s leading life insurers with 126 years of history and a strong focus on the customer. As part of the partnership NAB will enter a 20 year distribution agreement to provide life insurance products through its owned and aligned distribution networks. NAB will retain existing ownership ...
... one of the world’s leading life insurers with 126 years of history and a strong focus on the customer. As part of the partnership NAB will enter a 20 year distribution agreement to provide life insurance products through its owned and aligned distribution networks. NAB will retain existing ownership ...
Debt Refinancing and Equity Returns∗
... leverage and refinancing intensity and the link of both to expected equity returns becomes more complex. For a given refinancing intensity, expected stock returns increase with leverage. Similarly, for given leverage, expected stock returns increase with refinancing intensity. Hence, neither levera ...
... leverage and refinancing intensity and the link of both to expected equity returns becomes more complex. For a given refinancing intensity, expected stock returns increase with leverage. Similarly, for given leverage, expected stock returns increase with refinancing intensity. Hence, neither levera ...
Net Cash Flow from Operating Activities
... 1. Cash payments to acquire or construct long-term fixed assets such as plant and machinery, vehicles, equipment, etc. 2. Cash receipts from sale of PPE and intangible assets such as buildings, copyrights, etc. 3. Cash payments to purchase bonds or shares of other companies (subsidiaries, associates ...
... 1. Cash payments to acquire or construct long-term fixed assets such as plant and machinery, vehicles, equipment, etc. 2. Cash receipts from sale of PPE and intangible assets such as buildings, copyrights, etc. 3. Cash payments to purchase bonds or shares of other companies (subsidiaries, associates ...
Government Money Fund (formerly T. Rowe Price Prime Reserve
... Credit risks An issuer of a debt security could suffer an adverse change in financial condition that results in a payment default, rating downgrade, or inability to meet a financial obligation. The credit quality of the securities held by the fund may change rapidly in certain market environments, w ...
... Credit risks An issuer of a debt security could suffer an adverse change in financial condition that results in a payment default, rating downgrade, or inability to meet a financial obligation. The credit quality of the securities held by the fund may change rapidly in certain market environments, w ...
Can Risks Be Reduced in the Derivatives Market
... the planning and undertaking of securities that can satisfy both investors and the company. Therefore, an investment bank needs the ability to plan various securities, along with a systematic base for doing so. As the OTC derivatives can create various designed-structured securities via a combinatio ...
... the planning and undertaking of securities that can satisfy both investors and the company. Therefore, an investment bank needs the ability to plan various securities, along with a systematic base for doing so. As the OTC derivatives can create various designed-structured securities via a combinatio ...
ACE Limited - cloudfront.net
... If your shares are held in a stock brokerage account or by a bank or other nominee, you are considered the beneficial owner of shares held in street name, and these proxy materials are being forwarded to you by your broker, bank or other nominee who is considered, with respect to those shares, the s ...
... If your shares are held in a stock brokerage account or by a bank or other nominee, you are considered the beneficial owner of shares held in street name, and these proxy materials are being forwarded to you by your broker, bank or other nominee who is considered, with respect to those shares, the s ...