The Case for shorT-MaTuriTy, higher QualiTy, high yield
... given the turmoil in the financial markets in 2008. We believe these companies are in a good position to pay off their outstanding short-term debt as it comes due. Market Risk: Periods of extreme market stress can lead to disruptive price volatility, even in short-maturity bonds. In late 2008, sys ...
... given the turmoil in the financial markets in 2008. We believe these companies are in a good position to pay off their outstanding short-term debt as it comes due. Market Risk: Periods of extreme market stress can lead to disruptive price volatility, even in short-maturity bonds. In late 2008, sys ...
catalytic first-loss capital - Global Impact Investing Network
... guarantees spurring business growth. There are many examples. In the US, the Small Business Administration (SBA) runs a program that guarantees up to 85% of commercial loans made to small businesses.2 Elsewhere, government sponsored enterprises, such as Fannie Mae and Freddie Mac aim to enhance the ...
... guarantees spurring business growth. There are many examples. In the US, the Small Business Administration (SBA) runs a program that guarantees up to 85% of commercial loans made to small businesses.2 Elsewhere, government sponsored enterprises, such as Fannie Mae and Freddie Mac aim to enhance the ...
MARKET SEGMENTATION AND THE COST OF CAPITAL IN
... However, they argue that changes in dividend yield should be used to proxy for changes in the cost of capital. Based on this measure, they report a decline of five to 90 basis points in dividend yield from the pre to the post periods. Using similar data from 12 EMs, Henry (1998) focuses on the reval ...
... However, they argue that changes in dividend yield should be used to proxy for changes in the cost of capital. Based on this measure, they report a decline of five to 90 basis points in dividend yield from the pre to the post periods. Using similar data from 12 EMs, Henry (1998) focuses on the reval ...
Consolidated Profit and Loss Account
... by 8.2% to 301.9 cent (2014: 278.9 cent). The Board recommends a final dividend of 35 cent per share, an increase of 11.1% on the 2014 final dividend. Together with the interim dividend of 15 cent per share, this brings the total dividend for the year to 50 cent, an increase of 11.1% on 2014. Expend ...
... by 8.2% to 301.9 cent (2014: 278.9 cent). The Board recommends a final dividend of 35 cent per share, an increase of 11.1% on the 2014 final dividend. Together with the interim dividend of 15 cent per share, this brings the total dividend for the year to 50 cent, an increase of 11.1% on 2014. Expend ...
QFI CORE Model Solutions Fall 2014
... models, and their effectiveness in assessing financial strategies. Commentary on Question: Candidates are expected to list key characteristics of both the Gaussian (nonscalable) and fractal (scalable) models. Several candidates mentioned the same characteristic multiple times using different phrasin ...
... models, and their effectiveness in assessing financial strategies. Commentary on Question: Candidates are expected to list key characteristics of both the Gaussian (nonscalable) and fractal (scalable) models. Several candidates mentioned the same characteristic multiple times using different phrasin ...
Capital Account Liberalization, Institutions and Financial Development:
... there are only about 140 annual observations on long-term private debt issues, while there are over 1900 on the liquid liabilities measures. When the specification involves five year growth rates, the number of observations is so small that we are unable to obtain any interesting results for this pa ...
... there are only about 140 annual observations on long-term private debt issues, while there are over 1900 on the liquid liabilities measures. When the specification involves five year growth rates, the number of observations is so small that we are unable to obtain any interesting results for this pa ...
Capital Structure of Private Pharmaceutical Companies in Russia
... free in their financial decisions. As usual, such companies finance their operations through government subsidies. When preparing the sample, a common problem for panel data has been appeared. It is a decrease in the number of objects under observation due to nonsystematic reasons. This is mainly in ...
... free in their financial decisions. As usual, such companies finance their operations through government subsidies. When preparing the sample, a common problem for panel data has been appeared. It is a decrease in the number of objects under observation due to nonsystematic reasons. This is mainly in ...
smart beta in the limelight
... Investors in securities essentially take two forms of risk: systematic factor risk and idiosyncratic security-specific risk. It is the former that can be isolated and targeted in specific investment strategies. While some individual factors have shown persistence and produced positive returns over t ...
... Investors in securities essentially take two forms of risk: systematic factor risk and idiosyncratic security-specific risk. It is the former that can be isolated and targeted in specific investment strategies. While some individual factors have shown persistence and produced positive returns over t ...
investment banking outline
... a. long-term investmt w/high leverage 1. better when mrkt is going up - leads to high return on equity 2. can borrow even more w/hedging b/c will have short position w/every long position 3. investmts in bonds instead of equity b/c less volatile b. private c. limited to accredited investors - net wo ...
... a. long-term investmt w/high leverage 1. better when mrkt is going up - leads to high return on equity 2. can borrow even more w/hedging b/c will have short position w/every long position 3. investmts in bonds instead of equity b/c less volatile b. private c. limited to accredited investors - net wo ...
Financialization and the nonfinancial corporation
... fixed investment. Stockhammer (2004) finds that rising rentiers’ income explains roughly one third of a slowdown in capital accumulation in the U.S. (p. 736), and Van Treeck (2008) argues that rising rentier incomes are responsible for a diversion of funds from physical investment into consumption e ...
... fixed investment. Stockhammer (2004) finds that rising rentiers’ income explains roughly one third of a slowdown in capital accumulation in the U.S. (p. 736), and Van Treeck (2008) argues that rising rentier incomes are responsible for a diversion of funds from physical investment into consumption e ...
How Much in Reserve Funds Should Your Nonprofit Have?
... What Should You Do? Nonprofits should analyze their cash flow for seasonal factors, potential opportunities, and the stability and predictability of cash flow items. For nonprofits that have less than 6 months of Working Capital at the low point in the year, we suggest an intermediate term goal to i ...
... What Should You Do? Nonprofits should analyze their cash flow for seasonal factors, potential opportunities, and the stability and predictability of cash flow items. For nonprofits that have less than 6 months of Working Capital at the low point in the year, we suggest an intermediate term goal to i ...
Slides 1
... Log of Stock Market Return Index Country and Year Effects? Sample Period Observations Countries R-squared ...
... Log of Stock Market Return Index Country and Year Effects? Sample Period Observations Countries R-squared ...
Q4 2016 Earnings Release - Primerica Investor Relations
... invested assets are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an invested asset matures or is sold. The definitions of these non-GAAP financial measures may differ from the definitions ...
... invested assets are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an invested asset matures or is sold. The definitions of these non-GAAP financial measures may differ from the definitions ...
IAS33 suggestions
... (d) a reverse share split (consolidation of shares). 28. In a capitalisation or bonus issue or a share split, ordinary shares are issued to existing shareholders for no additional consideration. Therefore, the number of ordinary shares outstanding is increased without an increase in resources. The n ...
... (d) a reverse share split (consolidation of shares). 28. In a capitalisation or bonus issue or a share split, ordinary shares are issued to existing shareholders for no additional consideration. Therefore, the number of ordinary shares outstanding is increased without an increase in resources. The n ...
Northrop Grumman Financial Security and Savings - corporate
... International Equity Fund — The International Equity Fund consists of stocks of a diversified group of companies in developed countries outside of the U.S. The fund’s objectives are capital appreciation over the long term, along with current income (dividends). Small Cap Fund — The Small Cap Fund co ...
... International Equity Fund — The International Equity Fund consists of stocks of a diversified group of companies in developed countries outside of the U.S. The fund’s objectives are capital appreciation over the long term, along with current income (dividends). Small Cap Fund — The Small Cap Fund co ...
What have the Capital Markets ever done for us?
... it can be most effectively deployed. The capital markets industry is large and complex, and can be confusing. While the industry is often described collectively as ‘bankers’ or ‘the City’, different market participants play very different roles. Fig.1 is a simplified diagram of the main participants ...
... it can be most effectively deployed. The capital markets industry is large and complex, and can be confusing. While the industry is often described collectively as ‘bankers’ or ‘the City’, different market participants play very different roles. Fig.1 is a simplified diagram of the main participants ...
The impact of Agency Problem in Firm value and the Greek Stock
... hypothesis examined is twofold. Firstly the nature of the agency problem that Greek listed firms faced is examined. Was it the classical conflict of interests caused by the separation of ownership and control as Bearle and Means identified in 1932, or the expropriation of minority shareholders from ...
... hypothesis examined is twofold. Firstly the nature of the agency problem that Greek listed firms faced is examined. Was it the classical conflict of interests caused by the separation of ownership and control as Bearle and Means identified in 1932, or the expropriation of minority shareholders from ...
Growing Appetite for Dim Sum Bonds – The Global Rise of the
... RMB) had risen to become the second most-used trade financing currency in the world. In November 2014, the RMB entered the top five of world payment currencies, and now takes position behind the Japanese Yen, British pound, Euro and US dollar. These developments are results of the long-awaited steps ...
... RMB) had risen to become the second most-used trade financing currency in the world. In November 2014, the RMB entered the top five of world payment currencies, and now takes position behind the Japanese Yen, British pound, Euro and US dollar. These developments are results of the long-awaited steps ...
Ch 16
... • Debt-to-equity ratios vary across industries. • Factors in Target D/E Ratio – Taxes • If corporate tax rates are higher than bondholder tax rates, there is an advantage to debt. – Types of Assets • The costs of financial distress depend on the types of assets the firm has. – Uncertainty of Operati ...
... • Debt-to-equity ratios vary across industries. • Factors in Target D/E Ratio – Taxes • If corporate tax rates are higher than bondholder tax rates, there is an advantage to debt. – Types of Assets • The costs of financial distress depend on the types of assets the firm has. – Uncertainty of Operati ...