Who We Are and What We Do
... robust, with a total of 16.2 million contracts traded, 37% higher than the year before. ...
... robust, with a total of 16.2 million contracts traded, 37% higher than the year before. ...
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... subsequent growth in the value of equities provides a retirement income. This is a position endorsed by the World Bank and IMF (e.g. World Bank, 1994). Further aspects of the argument are that the tax burden on the state, the tax level on the individual, and the contribution and administrative burde ...
... subsequent growth in the value of equities provides a retirement income. This is a position endorsed by the World Bank and IMF (e.g. World Bank, 1994). Further aspects of the argument are that the tax burden on the state, the tax level on the individual, and the contribution and administrative burde ...
Pseudo Market Timing and the Long-Run Underperformance of IPOs
... In a seminal study, Ritter (1991) shows that initial public offerings (IPOs) underperform relative to indices and matching stocks in the three to five years after going public. Similar underperformance following seasoned offerings is reported by Loughran and Ritter (1995), Spiess and Affleck-Grave ...
... In a seminal study, Ritter (1991) shows that initial public offerings (IPOs) underperform relative to indices and matching stocks in the three to five years after going public. Similar underperformance following seasoned offerings is reported by Loughran and Ritter (1995), Spiess and Affleck-Grave ...
Derivatives and the Modern Prudent Investor Rule: Too Risky or Too Necessary?
... course, the cost of mistakes by fiduciaries, whether they take on too much risk or even not enough risk, can be tragic. This being said, legal scholarship by those in related disciplines, such as finance and economics, must seek to fill the void that still confounds those who are earnestly trying to ...
... course, the cost of mistakes by fiduciaries, whether they take on too much risk or even not enough risk, can be tragic. This being said, legal scholarship by those in related disciplines, such as finance and economics, must seek to fill the void that still confounds those who are earnestly trying to ...
long-term portfolio guide - Responsible Investment Association
... and change practices on their own initiative. However, there is only so much they can do by themselves. Broader issues of regulation and governance of institutional investors must continue to be addressed.6 While beyond the scope of this paper, our views can be summarized as follows: • Regulator ...
... and change practices on their own initiative. However, there is only so much they can do by themselves. Broader issues of regulation and governance of institutional investors must continue to be addressed.6 While beyond the scope of this paper, our views can be summarized as follows: • Regulator ...
State of the Markets
... the securities described herein should be made after reviewing the Offering Circular, conducting such investigations as the investor deems necessary and consulting the investor’s own legal, accounting and tax advisors in order to make an independent determination of the suitability and consequences ...
... the securities described herein should be made after reviewing the Offering Circular, conducting such investigations as the investor deems necessary and consulting the investor’s own legal, accounting and tax advisors in order to make an independent determination of the suitability and consequences ...
The Market for Corporate Control and the Cost of Debt
... …rms with imperfectly correlated cash ‡ows combine, bondholders may bene…t from a reduction in total risk. In support of this hypothesis, Billett, King, and Mauer (2004) …nd that target bondholders earn an average excess return of 1.09 percent around takeover announcements; they also …nd a much bigg ...
... …rms with imperfectly correlated cash ‡ows combine, bondholders may bene…t from a reduction in total risk. In support of this hypothesis, Billett, King, and Mauer (2004) …nd that target bondholders earn an average excess return of 1.09 percent around takeover announcements; they also …nd a much bigg ...
Chapter 27 The Theory of Active Portfolio Management
... E. some portfolio managers have produced sequences of abnormal returns that are difficult to label as lucky outcomes; the "noise" in the realized returns is enough to prevent the rejection of the hypothesis that some money managers have outperformed a passive strategy by a statistically small, yet e ...
... E. some portfolio managers have produced sequences of abnormal returns that are difficult to label as lucky outcomes; the "noise" in the realized returns is enough to prevent the rejection of the hypothesis that some money managers have outperformed a passive strategy by a statistically small, yet e ...
ISSUE OF DEBENTURES A debenture is a written
... instalments. When this instalments are paid they are debited to the debentures account while the cash book is credited. If the debentures had been issued at a discount, the discount is written off in either of two ways over the life of the debentures: a. On a straight line basis; or b. Proportionate ...
... instalments. When this instalments are paid they are debited to the debentures account while the cash book is credited. If the debentures had been issued at a discount, the discount is written off in either of two ways over the life of the debentures: a. On a straight line basis; or b. Proportionate ...
uncloaking cape: a new look at an old valuation ratio
... breakdown point of 29.3% in large samples, which is lower than that of the median, but which is still adequate for many purposes. In a sample of size 10, it is robust to 2 outliers. Its efficiency is 0.95 for normally distributed random variables, and it does not get stuck at the central observation ...
... breakdown point of 29.3% in large samples, which is lower than that of the median, but which is still adequate for many purposes. In a sample of size 10, it is robust to 2 outliers. Its efficiency is 0.95 for normally distributed random variables, and it does not get stuck at the central observation ...
Saudi Capital Market Overview
... Real Estate Investment Traded Funds (REITS): Real Estate Investment Traded Funds, or REITs, are financial instruments that allow all types of investors to obtain investment exposure to the Real Estate Market. This is achieved through collective ownership of constructed developed real estate qualifie ...
... Real Estate Investment Traded Funds (REITS): Real Estate Investment Traded Funds, or REITs, are financial instruments that allow all types of investors to obtain investment exposure to the Real Estate Market. This is achieved through collective ownership of constructed developed real estate qualifie ...
Pairs Trading in the UK Equity Market Risk and Return
... are the returns from following such strategies in the UK? Is there a difference in performance and if so, can it be explained by the different characteristics of the two markets? In this paper we attempt to address these questions by examining the returns and risk of one type of hedge fund strategy ...
... are the returns from following such strategies in the UK? Is there a difference in performance and if so, can it be explained by the different characteristics of the two markets? In this paper we attempt to address these questions by examining the returns and risk of one type of hedge fund strategy ...
Correlated Trading and Returns
... Why do individual investors move together? Answering this question requires understanding why individuals actively trade stocks and voluntarily take on idiosyncratic risk and high transaction costs. Knowing the investor’s identity, characteristics of his trades, and his stock, bond, fund, and option ...
... Why do individual investors move together? Answering this question requires understanding why individuals actively trade stocks and voluntarily take on idiosyncratic risk and high transaction costs. Knowing the investor’s identity, characteristics of his trades, and his stock, bond, fund, and option ...
Client Bill of Rights
... 2. You have the responsibility to understand and acknowledge that all investments have some degree of risk and it is possible to lose money on any investment. 3. You have the responsibility to review all statements and trade confirmations in their entirety, ensuring that your instructions were car ...
... 2. You have the responsibility to understand and acknowledge that all investments have some degree of risk and it is possible to lose money on any investment. 3. You have the responsibility to review all statements and trade confirmations in their entirety, ensuring that your instructions were car ...
LOOMIS SAYLES VALUE FUND Supplement dated April 19, 2017 to
... the applicable rules of the SEC, the Board reserves the right to modify the exchange privilege at any time. Except as otherwise permitted by SEC rule, shareholders will receive at least 60 days’ advance notice of any material change to the exchange privilege. Effective July 1, 2017, the 5th sentence ...
... the applicable rules of the SEC, the Board reserves the right to modify the exchange privilege at any time. Except as otherwise permitted by SEC rule, shareholders will receive at least 60 days’ advance notice of any material change to the exchange privilege. Effective July 1, 2017, the 5th sentence ...
JP Morgan Securities LLC | Wrap Fee Program Brochure | Advisory
... securities for certain Investment Strategies (“Model Managers”). SAS is only available to Clients of IARs who service Chase Private Clients. There are two types of SAS Investment Strategies: (1) single-manager strategies (the “Single-Manager Strategies”) for which JPMPI seeks to invest in individua ...
... securities for certain Investment Strategies (“Model Managers”). SAS is only available to Clients of IARs who service Chase Private Clients. There are two types of SAS Investment Strategies: (1) single-manager strategies (the “Single-Manager Strategies”) for which JPMPI seeks to invest in individua ...
Herman J. Bierens - Personal.psu.edu
... Appendix B). Existing studies on the dynamics of individual bond credit spreads have mostly focused on monthly prices of investment grade bonds because of data constraints (e.g., Duffee, 1999). A study of high-yield indices may help understand the general dynamics of credit spreads in the high-yield ...
... Appendix B). Existing studies on the dynamics of individual bond credit spreads have mostly focused on monthly prices of investment grade bonds because of data constraints (e.g., Duffee, 1999). A study of high-yield indices may help understand the general dynamics of credit spreads in the high-yield ...
Technical Analysis
... use and development of modern technical analysis from the end of the 19th century. Other pioneers of analysis techniques include Ralph Nelson Elliott, William Delbert Gann and Richard Wyckoff who developed their respective techniques in the early 20th century. Many more technical tools and theories ...
... use and development of modern technical analysis from the end of the 19th century. Other pioneers of analysis techniques include Ralph Nelson Elliott, William Delbert Gann and Richard Wyckoff who developed their respective techniques in the early 20th century. Many more technical tools and theories ...
DOCX - World bank documents
... identification. Each company must assess its risk profile, risk appetite and business strategy and ensure the three are aligned. Through the Supervisory Review Process, the supervisor will evaluate the system of governance and risk management and will have the power to require companies to remedy an ...
... identification. Each company must assess its risk profile, risk appetite and business strategy and ensure the three are aligned. Through the Supervisory Review Process, the supervisor will evaluate the system of governance and risk management and will have the power to require companies to remedy an ...
New Evidence on Cyclical and Structural Sources of Unemployment
... present, it now includes the recessions of 2001 and 2007-2009. We also test if, as seems reasonable, the impact of structural shocks is greater for long-term unemployment than for short-term unemployment. We also extend our results to a new data set, the sample of 12 developed economies listed earli ...
... present, it now includes the recessions of 2001 and 2007-2009. We also test if, as seems reasonable, the impact of structural shocks is greater for long-term unemployment than for short-term unemployment. We also extend our results to a new data set, the sample of 12 developed economies listed earli ...
The Impact of Risk Controls and Strategy-Specific Risk Diversification on Extreme Risk
... in the observed stock returns which is also known as sample risk and it can be relatively bigger or smaller depending on how many parameters need to be estimated and of what type. From an investor perspective, however, it makes sense to try to diversify away this risk as much as possible by combinin ...
... in the observed stock returns which is also known as sample risk and it can be relatively bigger or smaller depending on how many parameters need to be estimated and of what type. From an investor perspective, however, it makes sense to try to diversify away this risk as much as possible by combinin ...
Successful Activist Board Engagement
... fund created positive abnormal returns (alpha) for all shareholders during short term event windows and for a five year period ex post the activist joining the target firm board. Additionally, those target firms increased certain operating performance measures that are commonly used by financial eco ...
... fund created positive abnormal returns (alpha) for all shareholders during short term event windows and for a five year period ex post the activist joining the target firm board. Additionally, those target firms increased certain operating performance measures that are commonly used by financial eco ...
Westfield Form ADV Part 2A - Westfield Capital Management
... Advisors Act”) in accordance with the available exemptions thereunder, including the exemption set forth in Rule 205-3. In measuring clients' assets for the calculation of performance-based fees, Westfield will include realized and unrealized capital gains and losses. Performance-based fee arrangeme ...
... Advisors Act”) in accordance with the available exemptions thereunder, including the exemption set forth in Rule 205-3. In measuring clients' assets for the calculation of performance-based fees, Westfield will include realized and unrealized capital gains and losses. Performance-based fee arrangeme ...
Scheme Information Document IDFC Dynamic Bond Fund
... To generate optimal returns with high liquidity by active management of the portfolio, by investing in high quality money market & debt instruments. However there is no assurance that the investment objective of the scheme will be realized. Units of the Scheme may be purchased or redeemed on all Bus ...
... To generate optimal returns with high liquidity by active management of the portfolio, by investing in high quality money market & debt instruments. However there is no assurance that the investment objective of the scheme will be realized. Units of the Scheme may be purchased or redeemed on all Bus ...
Unleashing the Potential of US Foundation Endowments
... investment discipline that considers environmental, social and corporate governance criteria to generate long-term competitive financial returns and positive societal impact. The US SIF Foundation, in its 2012 survey of US institutional asset owners and asset managers, identified 95 foundations that ...
... investment discipline that considers environmental, social and corporate governance criteria to generate long-term competitive financial returns and positive societal impact. The US SIF Foundation, in its 2012 survey of US institutional asset owners and asset managers, identified 95 foundations that ...