Futures - HSBC Broking Services
... 3. Margin trading can involve a high degree of risk. Price changes in the underlying asset can result in substantial losses to you that may in some instances exceed the amount of your initial margin funds, cash and other assets deposited as collateral with HSBC Broking Futures. You should not part ...
... 3. Margin trading can involve a high degree of risk. Price changes in the underlying asset can result in substantial losses to you that may in some instances exceed the amount of your initial margin funds, cash and other assets deposited as collateral with HSBC Broking Futures. You should not part ...
Equilibrium Commodity Prices with Irreversible Investment and Non-Linear Technologies ∗
... Empirical evidence suggests that commodity prices behave differently than standard financial asset prices. The evidence also suggests that there are marked differences across types of commodities. This paper presents an equilibrium model of commodity spot and futures prices for a commodity whose pri ...
... Empirical evidence suggests that commodity prices behave differently than standard financial asset prices. The evidence also suggests that there are marked differences across types of commodities. This paper presents an equilibrium model of commodity spot and futures prices for a commodity whose pri ...
Do firms in countries with poor protection of investor rights hold more
... controlling shareholder simply took a substantial sum from the firm’s accounts, i.e., the firm’s liquid assets. The court did not force him to give the money back after he was sued by the minority shareholders. Fixed assets can be traced - a plant cannot disappear, but cash can. We construct a model ...
... controlling shareholder simply took a substantial sum from the firm’s accounts, i.e., the firm’s liquid assets. The court did not force him to give the money back after he was sued by the minority shareholders. Fixed assets can be traced - a plant cannot disappear, but cash can. We construct a model ...
Characterizing world market integration through time
... Aside from the numerous single country studies, explicit tests based on segmented capital markets include Stehle (1977) and Errunza and Losq (1985). Thus, most past studies investigated the polar cases of full integration and/or complete segmentation although it is well recognized that markets do no ...
... Aside from the numerous single country studies, explicit tests based on segmented capital markets include Stehle (1977) and Errunza and Losq (1985). Thus, most past studies investigated the polar cases of full integration and/or complete segmentation although it is well recognized that markets do no ...
Full text - Toulouse School of Economics
... that are irrelevant in the banking sector. If policyholders have themselves a long-term perspective for their saving, it is important that these financial intermediaries get the right incentives to select assets portfolios that fit best their customers’ interests, both in risk and in maturity. The c ...
... that are irrelevant in the banking sector. If policyholders have themselves a long-term perspective for their saving, it is important that these financial intermediaries get the right incentives to select assets portfolios that fit best their customers’ interests, both in risk and in maturity. The c ...
SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
... estimate that is particularly susceptible to significant change in the near term. In connection with the determination of the allowance for loan losses management obtains independent appraisals for significant properties. Net income per common share is computed based on the weighted average number o ...
... estimate that is particularly susceptible to significant change in the near term. In connection with the determination of the allowance for loan losses management obtains independent appraisals for significant properties. Net income per common share is computed based on the weighted average number o ...
Do Interactions between Finance and Labor Market Institutions
... strong consequences on the wage distribution. Roe (2003) shows that countries with weak scores of Gini coefficient of national income inequality are more likely to have a high degree of ownership separation reflecting weakly developed stock markets. Beyond the direct impact of financial development ...
... strong consequences on the wage distribution. Roe (2003) shows that countries with weak scores of Gini coefficient of national income inequality are more likely to have a high degree of ownership separation reflecting weakly developed stock markets. Beyond the direct impact of financial development ...
Reflections on Recent Target Date Glide-Path
... easily accommodated by the optimization process. Yet investor behavior is a key contributor to the success or failure of an individual’s retirement savings program. Examples of poor behavior include performance chasing and panic selling. Thus, glide-path design should not be thought of simply as an ...
... easily accommodated by the optimization process. Yet investor behavior is a key contributor to the success or failure of an individual’s retirement savings program. Examples of poor behavior include performance chasing and panic selling. Thus, glide-path design should not be thought of simply as an ...
Introducing the J.P. Morgan Emerging Markets Bond Index Global
... flagship index – is determined by dividing the issue’s market capitalization by the total market capitalization for all instruments in the index. The result represents the weight of the issue expressed as a percentage of the EMBI Global. Country weights for the EMBI Global are easily calculated by a ...
... flagship index – is determined by dividing the issue’s market capitalization by the total market capitalization for all instruments in the index. The result represents the weight of the issue expressed as a percentage of the EMBI Global. Country weights for the EMBI Global are easily calculated by a ...
Untitled
... compulsion to buy, sell or transfer property or the right to use property, and both having reasonable knowledge of the relevant facts). Section 53.4958-6(a) of the regulations provides that a transfer of property, or the right to use property, is presumed to be at fair market value if several condit ...
... compulsion to buy, sell or transfer property or the right to use property, and both having reasonable knowledge of the relevant facts). Section 53.4958-6(a) of the regulations provides that a transfer of property, or the right to use property, is presumed to be at fair market value if several condit ...
Inventory Subsystem
... 9 Inventory revaluation loss loss Inventory loss (for revaluation of inventory to net realisable value below historical cost) ...
... 9 Inventory revaluation loss loss Inventory loss (for revaluation of inventory to net realisable value below historical cost) ...
Investments in rental apartments
... Planning conclude that the entire Swedish housing market is imbalanced (Boverket, 2014b p.3). Moreover, they conclude that it will be impossible to build up with the housing deficit in ...
... Planning conclude that the entire Swedish housing market is imbalanced (Boverket, 2014b p.3). Moreover, they conclude that it will be impossible to build up with the housing deficit in ...
PowerPoint Presentation - Fisher College of Business
... - Inputs relatively consistent across industry - Several dominate global brands - High level of preproduction costs, fuels price competition ...
... - Inputs relatively consistent across industry - Several dominate global brands - High level of preproduction costs, fuels price competition ...
Collateral and Credit Issues in Derivatives Pricing
... The main focus of this paper is to show how the arguments used to calculate the no-default value of a derivative can be extended to incorporate changing contractual arrangements. Previous research in this area includes Piterbarg (2010, 2012), Kjaer (2011), Burgard and Kjaer (2011a, 2011b, 2012), an ...
... The main focus of this paper is to show how the arguments used to calculate the no-default value of a derivative can be extended to incorporate changing contractual arrangements. Previous research in this area includes Piterbarg (2010, 2012), Kjaer (2011), Burgard and Kjaer (2011a, 2011b, 2012), an ...
Electronic Market-Makers: Empirical Comparison
... is that the market-maker uses the information conveyed in trades to update its beliefs about the true value of the stock, and then it sets buy/ask prices based on these beliefs. The market-maker maintains a probability density estimate over the true price of the stock. There are two key steps involv ...
... is that the market-maker uses the information conveyed in trades to update its beliefs about the true value of the stock, and then it sets buy/ask prices based on these beliefs. The market-maker maintains a probability density estimate over the true price of the stock. There are two key steps involv ...
information memorandum of anubhav industrial resources
... RISK ENVISAGED BY THE MANAGEMENT An investment in equity securities involves a high degree of risk. Before investing in our Equity Shares, you should carefully consider all the information in this Document, including the risks and uncertainties described below and in the sections “Management’s Discu ...
... RISK ENVISAGED BY THE MANAGEMENT An investment in equity securities involves a high degree of risk. Before investing in our Equity Shares, you should carefully consider all the information in this Document, including the risks and uncertainties described below and in the sections “Management’s Discu ...
Optimal Placement in a Limit Order Book
... There is also a price impact issue in the optimal placement problem. The major modeling hypothesis on price impact is that any trading strategy, especially that involves a large amount of buying and selling within a short period of time, will have an impact on the stock price: too many large orders ...
... There is also a price impact issue in the optimal placement problem. The major modeling hypothesis on price impact is that any trading strategy, especially that involves a large amount of buying and selling within a short period of time, will have an impact on the stock price: too many large orders ...
RIT Consolidated Financial Statements - June 30, 2011 and 2010
... Cash and cash equivalents are carried at fair value and include cash on deposit with financial institutions and money market funds with maturities of three months or less when purchased. Cash and cash equivalents on deposit with bond trustees include cash, money market funds and U.S. government secu ...
... Cash and cash equivalents are carried at fair value and include cash on deposit with financial institutions and money market funds with maturities of three months or less when purchased. Cash and cash equivalents on deposit with bond trustees include cash, money market funds and U.S. government secu ...
Bond markets
... companies and pension funds, the obligations of which could be predicted far in advance. Since the late 70s, the reasons for investing in bonds have changed. Many investors now actively trade bonds to take advantage of price differences, rather than holding them over the long term. Two developments ...
... companies and pension funds, the obligations of which could be predicted far in advance. Since the late 70s, the reasons for investing in bonds have changed. Many investors now actively trade bonds to take advantage of price differences, rather than holding them over the long term. Two developments ...
Cross-sectional volatility and return dispersion
... portfolio managers held securities that were in the benchmark in whatever weights they chose, clearly the returns of all active portfolios and the benchmark would be identical. This example is quite unrealistic, of course, but it illustrates how the active risks in portfolios are functions of both t ...
... portfolio managers held securities that were in the benchmark in whatever weights they chose, clearly the returns of all active portfolios and the benchmark would be identical. This example is quite unrealistic, of course, but it illustrates how the active risks in portfolios are functions of both t ...
140225_Presentation_Intro_Update
... Sit alongside: Other vehicles accessing the same underlying asset ...
... Sit alongside: Other vehicles accessing the same underlying asset ...