Stock Splits, Liquidity and Limit Orders
... We find that daily share volume decreases by about 9% following a stock split. This result is consistent with Copeland (1979), Lamoureux and Poon (1987) though it differs from Desai, Nimalendran and Venkataraman (1998), who find no significant change. We find no evidence, however, of a change in to ...
... We find that daily share volume decreases by about 9% following a stock split. This result is consistent with Copeland (1979), Lamoureux and Poon (1987) though it differs from Desai, Nimalendran and Venkataraman (1998), who find no significant change. We find no evidence, however, of a change in to ...
Governance Quality and Information Asymmetry
... what are the governance mechanisms that encourage the monitoring of managers and what is their relation with asymmetric information? Do these mechanisms lead to improvements informational environment? Our study is motivated by the theoretical work of Diamond (1985) and Diamond and Verrecchia (1991), ...
... what are the governance mechanisms that encourage the monitoring of managers and what is their relation with asymmetric information? Do these mechanisms lead to improvements informational environment? Our study is motivated by the theoretical work of Diamond (1985) and Diamond and Verrecchia (1991), ...
Innovation and productivity growth in the EU services sector
... the engine of prosperity in Europe for much of the past century. Even today, European countries pride themselves on their manufacturing heritage and retain a global technological lead in many industries. But when we look more closely at economic growth in Europe, we see that manufacturing has long t ...
... the engine of prosperity in Europe for much of the past century. Even today, European countries pride themselves on their manufacturing heritage and retain a global technological lead in many industries. But when we look more closely at economic growth in Europe, we see that manufacturing has long t ...
The Impact of the French Securities Transaction Tax on Market
... capacity of the market to absorb exogenous supply risk, but at the same time it adds noise and endogenous trading risk. The competitive entry equilibrium is characterized by excessive market entry and excessively volatile prices. A positive tax on entrants can decrease trader participation and volat ...
... capacity of the market to absorb exogenous supply risk, but at the same time it adds noise and endogenous trading risk. The competitive entry equilibrium is characterized by excessive market entry and excessively volatile prices. A positive tax on entrants can decrease trader participation and volat ...
developing expected return and risk assumptions
... A key tenet underpinning the strategic allocation decision-making process is that diversification across major strategic asset classes (asset classes with exposure to distinct compensated risk factors) can enhance a portfolio’s risk-adjusted returns. As a result, within our modeling process, we deve ...
... A key tenet underpinning the strategic allocation decision-making process is that diversification across major strategic asset classes (asset classes with exposure to distinct compensated risk factors) can enhance a portfolio’s risk-adjusted returns. As a result, within our modeling process, we deve ...
working papers - Berkeley Research Group
... to distribute to shareholders and how much to use internally will depend on the extent to which the firm is capital constrained. A tax reduction on repatriations effectively reduces the cost to a participating firm of using its internal capital held abroad to invest in profitable economic activitie ...
... to distribute to shareholders and how much to use internally will depend on the extent to which the firm is capital constrained. A tax reduction on repatriations effectively reduces the cost to a participating firm of using its internal capital held abroad to invest in profitable economic activitie ...
Investment Guide - REST Industry Super
... SuperRatings Fund Crediting Survey – SR 50 Balanced (60-76) Index, June 2016. Ratings, awards or investment returns are only one factor that you should consider when deciding how to invest your super. Past performance is not an indicator of future performance. ...
... SuperRatings Fund Crediting Survey – SR 50 Balanced (60-76) Index, June 2016. Ratings, awards or investment returns are only one factor that you should consider when deciding how to invest your super. Past performance is not an indicator of future performance. ...
VALUE -OR iE NTED iN VESTMENTMANAGEMENT Fox Asset
... There have been no enforcement actions of any kind, including criminal, civil or administrative proceedings, taken against our firm, its officers, directors or investment professionals, by the Securities and Exchange Commission (“SEC”), other regulatory bodies, or other legal authorities since the i ...
... There have been no enforcement actions of any kind, including criminal, civil or administrative proceedings, taken against our firm, its officers, directors or investment professionals, by the Securities and Exchange Commission (“SEC”), other regulatory bodies, or other legal authorities since the i ...
EASTMAN CHEMICAL CO (Form: 8-K/A, Received
... converted automatically into the right to receive, in accordance with the terms of the Merger Agreement, $26.00 in cash (the "Consideration"). Also at the Effective Time, each outstanding option to acquire shares of Taminco common stock issued under any of Taminco's equity incentive plans, whether o ...
... converted automatically into the right to receive, in accordance with the terms of the Merger Agreement, $26.00 in cash (the "Consideration"). Also at the Effective Time, each outstanding option to acquire shares of Taminco common stock issued under any of Taminco's equity incentive plans, whether o ...
HigH Performance green Building - International Living Future Institute
... by the term value. Often, the two groups are using the same words but speaking different languages. The primary purpose of this study is to help bridge the gap in understanding between these two distinct but interrelated communities by providing information about the valuation of high performance gr ...
... by the term value. Often, the two groups are using the same words but speaking different languages. The primary purpose of this study is to help bridge the gap in understanding between these two distinct but interrelated communities by providing information about the valuation of high performance gr ...
Disgorge the Cash - Roosevelt Institute
... This paper will use data on investment, shareholder payouts, cash flow from operations, and borrowing to make sense of this puzzle. As we will see, it turns out that the businesses that have been borrowing the most since the end of the recession have not been those with the highest levels of investm ...
... This paper will use data on investment, shareholder payouts, cash flow from operations, and borrowing to make sense of this puzzle. As we will see, it turns out that the businesses that have been borrowing the most since the end of the recession have not been those with the highest levels of investm ...
Information Asymmetry and Discretionary Accounting in
... other industries (Morgan, 2002; Iannotta, 2006). From a market perspective, this means that an increase in information asymmetry would generate a higher uncertainty for banks than in other industries. Consequently, banks and regulators have greater incentive to increase the quality of information to ...
... other industries (Morgan, 2002; Iannotta, 2006). From a market perspective, this means that an increase in information asymmetry would generate a higher uncertainty for banks than in other industries. Consequently, banks and regulators have greater incentive to increase the quality of information to ...
NBER WORKING PAPER SERIES QUANTITATIVE IMPLICATION OF A DEBT-DEFLATION
... constraints. The paper develops a numerical solution method to explore these nonlinear dynamics using a recursive representation of the model’s competitive equilibrium. The quantitative results show that a baseline scenario calibrated to Mexican data and with minimal trading costs can produce revers ...
... constraints. The paper develops a numerical solution method to explore these nonlinear dynamics using a recursive representation of the model’s competitive equilibrium. The quantitative results show that a baseline scenario calibrated to Mexican data and with minimal trading costs can produce revers ...
Paper on Speculative evidience
... markets may be on the long or on short side of any single such transaction, but in aggregate their commitments must offset any net imbalance of the long and short hedger‟s positions. An common view of speculation is ordinarily understood to mean the purchase of a good for later resale rather than f ...
... markets may be on the long or on short side of any single such transaction, but in aggregate their commitments must offset any net imbalance of the long and short hedger‟s positions. An common view of speculation is ordinarily understood to mean the purchase of a good for later resale rather than f ...
Supply Constraints Are Not Valid Instrumental Variables for Home
... the difficulty of a control variable approach. Finance and labor researchers commonly instrument for price growth with a metropolitan-level measure of housing supply elasticity presented in Saiz (2010). Saiz’s elasticity measure is a nonlinear combination of supply constraints, including: land lost ...
... the difficulty of a control variable approach. Finance and labor researchers commonly instrument for price growth with a metropolitan-level measure of housing supply elasticity presented in Saiz (2010). Saiz’s elasticity measure is a nonlinear combination of supply constraints, including: land lost ...
ESG integration in high yield portfolios
... both positive ESG integration and negative screening into our analysis. We believe the amount of leverage used by high yield issuers makes bondholders a critical source of capital alongside equity owners and can provide meaningful opportunities for engagement with company management teams. This prov ...
... both positive ESG integration and negative screening into our analysis. We believe the amount of leverage used by high yield issuers makes bondholders a critical source of capital alongside equity owners and can provide meaningful opportunities for engagement with company management teams. This prov ...
Statement of Cash Flows
... a. Add to net income any increases in current liabilities and decreases in noncash current assets. b. Deduct from net income any decreases in current liabilities and increases in noncash current assets. c. Add to or deduct from net income the remaining net income items that do not affect cash flows. ...
... a. Add to net income any increases in current liabilities and decreases in noncash current assets. b. Deduct from net income any decreases in current liabilities and increases in noncash current assets. c. Add to or deduct from net income the remaining net income items that do not affect cash flows. ...
2014 Annual Report
... This Management’s Discussion and Analysis (“MD&A”) provides a review of the significant developments that have impacted CanWel Building Materials Group Ltd. (the “Company”) in the quarter and year ended December 31, 2014 relative to 2013. This discussion of the financial condition and results of ope ...
... This Management’s Discussion and Analysis (“MD&A”) provides a review of the significant developments that have impacted CanWel Building Materials Group Ltd. (the “Company”) in the quarter and year ended December 31, 2014 relative to 2013. This discussion of the financial condition and results of ope ...
Corporate Finance, 3e (Berk/DeMarzo) Chapter 2 Introduction to
... 5) What are the four financial statements that all public companies must produce? Answer: 1. Balance Sheet 2. Income Statement 3. Statement of Cash Flows 4. Statement of Stockholder's Equity Diff: 2 Section: 2.1 Firms' Disclosure of Financial Information Skill: Conceptual 2.2 The Balance Sheet 1) W ...
... 5) What are the four financial statements that all public companies must produce? Answer: 1. Balance Sheet 2. Income Statement 3. Statement of Cash Flows 4. Statement of Stockholder's Equity Diff: 2 Section: 2.1 Firms' Disclosure of Financial Information Skill: Conceptual 2.2 The Balance Sheet 1) W ...
Risks in Hedge Fund Strategies: Case of Convertible Arbitrage
... convertible bond’s risks that are fairly priced leaving himself with the highest expected reward for placing capital at risk. 4 A convertible arbitrage strategy (“C AS” for short) usually involves buying a portfolio of convertible securities and hedging equity risk by short-selling the underlying s ...
... convertible bond’s risks that are fairly priced leaving himself with the highest expected reward for placing capital at risk. 4 A convertible arbitrage strategy (“C AS” for short) usually involves buying a portfolio of convertible securities and hedging equity risk by short-selling the underlying s ...