Growth and strategies of large, lead firms - Remgro Ltd
... its three-year put option in its ownership of Zam Chick’s shares to divest of its shares in Zam Chick in exchange for cash or shares in Zambeef (Remgro, 2016). RCL exercised the option with the expectation of receiving shares in Zambeef. Zambeef shareholders chose to complete the transaction using c ...
... its three-year put option in its ownership of Zam Chick’s shares to divest of its shares in Zam Chick in exchange for cash or shares in Zambeef (Remgro, 2016). RCL exercised the option with the expectation of receiving shares in Zambeef. Zambeef shareholders chose to complete the transaction using c ...
The required return on equity under a foundation model
... In the context of the current Rules, we have previously proposed what has become known as a “multi-model approach,” whereby each relevant model is estimated and the resulting estimates of the required return on equity are distilled into a single allowed return on equity by taking a weighted-average, ...
... In the context of the current Rules, we have previously proposed what has become known as a “multi-model approach,” whereby each relevant model is estimated and the resulting estimates of the required return on equity are distilled into a single allowed return on equity by taking a weighted-average, ...
Uncertainty in Executive Compensation and Capital Investment: A Panel Study
... reduction in firm value (Stulz (1988)). Since the CEO knows the nature of his compensation contract, future compensation provides an unbiased estimate of the CEO’s expected future earnings. Managers with high earnings uncertainty, due to being tied to firm performance, will seek to hedge through red ...
... reduction in firm value (Stulz (1988)). Since the CEO knows the nature of his compensation contract, future compensation provides an unbiased estimate of the CEO’s expected future earnings. Managers with high earnings uncertainty, due to being tied to firm performance, will seek to hedge through red ...
Venture Capitalists on the Seed Stage Arena
... Method: Empirical information from seed stage investing venture capital organizations have been collected in the form of face-to-face interviews, email- questionnaires and a telephone interview. Organizations from Sweden, Denmark and Germany are included in the study. Result: Several factors make se ...
... Method: Empirical information from seed stage investing venture capital organizations have been collected in the form of face-to-face interviews, email- questionnaires and a telephone interview. Organizations from Sweden, Denmark and Germany are included in the study. Result: Several factors make se ...
Estimating the required return on equity
... a) The ERA’s criteria are not part of the Rules. The Rules do not state that the Fama-French model must be considered if it satisfies the ERA’s criteria, the Rules state that the FamaFrench model must be considered if it is relevant. That is, the question is not whether the Fama-French model is the ...
... a) The ERA’s criteria are not part of the Rules. The Rules do not state that the Fama-French model must be considered if it satisfies the ERA’s criteria, the Rules state that the FamaFrench model must be considered if it is relevant. That is, the question is not whether the Fama-French model is the ...
Why do foreign firms leave US equity markets?
... to be valid is the existence of a benefit from cross-listing that decreases for some firms because of competitive reasons. For such firms, cross-listing becomes a net cost rather than a net benefit. We explicitly test the loss of competitiveness hypothesis in the context of the passage of SOX, but s ...
... to be valid is the existence of a benefit from cross-listing that decreases for some firms because of competitive reasons. For such firms, cross-listing becomes a net cost rather than a net benefit. We explicitly test the loss of competitiveness hypothesis in the context of the passage of SOX, but s ...
volatility as an asset class
... leverage effect: A decline in the value of a company’s equity results in an increase of the company’s balance sheet leverage, making its equity more risky and hence increasing the volatility of its share price. ...
... leverage effect: A decline in the value of a company’s equity results in an increase of the company’s balance sheet leverage, making its equity more risky and hence increasing the volatility of its share price. ...
Optimal Asset Location and Allocation with Taxable and Tax
... between the taxable and tax-deferred accounts is largely ignored. The ability to invest on a tax-deferred basis is valuable to investors because it allows them to earn the pre-tax return on assets. However, because assets differ in terms of the tax liabilities they create for investors, the value of ...
... between the taxable and tax-deferred accounts is largely ignored. The ability to invest on a tax-deferred basis is valuable to investors because it allows them to earn the pre-tax return on assets. However, because assets differ in terms of the tax liabilities they create for investors, the value of ...
OECD - Business Angels Netzwerk Deutschland eV
... outside equity financing for start-ups in a number of countries, yet it is frequently overlooked as angel investors are often not visible. Following the recent financial crisis and continued difficult economic environment, angel investors have been playing an important role in filling financing gaps ...
... outside equity financing for start-ups in a number of countries, yet it is frequently overlooked as angel investors are often not visible. Following the recent financial crisis and continued difficult economic environment, angel investors have been playing an important role in filling financing gaps ...
Required Documents and Guidance Notes for Investment
... 3. Juridical persons applying for its change of name are not required to attach new Power of Attorney (POA) Certificates in its new name. 4. Detailing preconditions for non-ROC enterprises to be an eligible participant of merger and acquisition: (1) Enterprises with substantial business operations. ...
... 3. Juridical persons applying for its change of name are not required to attach new Power of Attorney (POA) Certificates in its new name. 4. Detailing preconditions for non-ROC enterprises to be an eligible participant of merger and acquisition: (1) Enterprises with substantial business operations. ...
Extending the Resource-Based View to Explain Venture Capital
... to the venture capital industry, namely financing stage preference, industry relatedness, and geographic proximity. Venture capital firm networks are assessed at the syndicate and constellation levels (within and between industries) and bounded by membership in the National Venture Capital Associati ...
... to the venture capital industry, namely financing stage preference, industry relatedness, and geographic proximity. Venture capital firm networks are assessed at the syndicate and constellation levels (within and between industries) and bounded by membership in the National Venture Capital Associati ...
FAQs by Issuers
... A CRISIL IPO Grading is a one-time assessment and reflects CRISIL's current opinion on the fundamentals of the graded equity issue in relation to other listed equity securities in India. A CRISIL IPO Grading is neither an audit of the issuer by CRISIL nor is it a credit rating. Every CRISIL IPO Grad ...
... A CRISIL IPO Grading is a one-time assessment and reflects CRISIL's current opinion on the fundamentals of the graded equity issue in relation to other listed equity securities in India. A CRISIL IPO Grading is neither an audit of the issuer by CRISIL nor is it a credit rating. Every CRISIL IPO Grad ...
Towards Efficient Benchmarks for Infrastructure Equity Investments
... utilities own tangible assets outright and in perpetuity, but as discussed earlier, an implicit contractual relationship with the public sector (eminent domain), to which an explicit regulatory framework may be added, conditions the value of the investment. The first proposition can be considered as ...
... utilities own tangible assets outright and in perpetuity, but as discussed earlier, an implicit contractual relationship with the public sector (eminent domain), to which an explicit regulatory framework may be added, conditions the value of the investment. The first proposition can be considered as ...
Political connections, founder-managers, and
... JEL classification: G32; G34 Keywords: Tunneling; Political connection; Founder-manager; Chairman; CEO ...
... JEL classification: G32; G34 Keywords: Tunneling; Political connection; Founder-manager; Chairman; CEO ...
Do Shareholder Preferences Affect Corporate
... policies, it differs from Cronqvist and Fahlenbrach (2007) in several different ways. First, the methodology used in this paper provides a benchmark that can be used to quantify the relationship between investors’ preferences and future changes in firm policies. Second, the wide availability of inst ...
... policies, it differs from Cronqvist and Fahlenbrach (2007) in several different ways. First, the methodology used in this paper provides a benchmark that can be used to quantify the relationship between investors’ preferences and future changes in firm policies. Second, the wide availability of inst ...
Essays on Capital Structure Stability - cerge-ei
... The Russian financial crisis occurred in August, 1998 and mostly hit the countries heavily dependent on the export of raw materials. All the former USSR countries were affected by the crisis. First, export and import firms suffered from the crisis due to a decline in trade and exchange rate pressure ...
... The Russian financial crisis occurred in August, 1998 and mostly hit the countries heavily dependent on the export of raw materials. All the former USSR countries were affected by the crisis. First, export and import firms suffered from the crisis due to a decline in trade and exchange rate pressure ...
DRAFT Not for Citation or Distribution
... The past decade has witnessed the emergence of a large volume of literature on the informal sector. The literature is quite diverse, covering informal labor (Almeida, 2005; Chen, 2004), tax policy (Ihrig and Moe, 2004; Emram and Stiglitz, 2004), as well as corruption (Johnson et al, 1998; Marcouille ...
... The past decade has witnessed the emergence of a large volume of literature on the informal sector. The literature is quite diverse, covering informal labor (Almeida, 2005; Chen, 2004), tax policy (Ihrig and Moe, 2004; Emram and Stiglitz, 2004), as well as corruption (Johnson et al, 1998; Marcouille ...
Family Control of Firms and Industries
... of family control to positive shocks would be consistent with a tunneling (i.e., private benefits appropriation) explanation. Conversely, a lower sensitivity to negative shocks would be consistent with a competitive advantage explanation. As Friedman, Johnson, and Mitton (2003) argue, controlling sh ...
... of family control to positive shocks would be consistent with a tunneling (i.e., private benefits appropriation) explanation. Conversely, a lower sensitivity to negative shocks would be consistent with a competitive advantage explanation. As Friedman, Johnson, and Mitton (2003) argue, controlling sh ...
Download paper (PDF)
... increasing market value. Indeed, I show that, from the perspective of managers, firms disclose if and only if such a disclosure reduces their cost of capital, consistent with the common use of the statement in the empirical literature (although not with prior analytical work in this area). In summar ...
... increasing market value. Indeed, I show that, from the perspective of managers, firms disclose if and only if such a disclosure reduces their cost of capital, consistent with the common use of the statement in the empirical literature (although not with prior analytical work in this area). In summar ...
The Changing Chemistry Between Hedge Funds and Investors
... the hedge fund industry today and in the future? Why do investors continue to invest in hedge funds, despite the negative perceptions and performance issues cited in the media? Where is the upside for hedge funds in this current climate? In a crowded marketplace, how do hedge funds differentiate the ...
... the hedge fund industry today and in the future? Why do investors continue to invest in hedge funds, despite the negative perceptions and performance issues cited in the media? Where is the upside for hedge funds in this current climate? In a crowded marketplace, how do hedge funds differentiate the ...
collective investment schemes in emerging markets
... pool resources of many small savers, generating a large pool of resources which they then invest in a variety of assets like shares, bonds, futures and property with the sole purpose of generating high returns. Consequently, CIS have been instrumental in raising the financial sophistication of the p ...
... pool resources of many small savers, generating a large pool of resources which they then invest in a variety of assets like shares, bonds, futures and property with the sole purpose of generating high returns. Consequently, CIS have been instrumental in raising the financial sophistication of the p ...
Did Stop Signs Stop Investor Trading?
... given that individuals tend to weigh stimuli that are more easily available (Tversky and Kahneman 1973; Kruschke and Johansen 1999), the introduction of such an easily available graphic should cause individuals to more heavily consider disclosure practices. And lastly, because limited attention inve ...
... given that individuals tend to weigh stimuli that are more easily available (Tversky and Kahneman 1973; Kruschke and Johansen 1999), the introduction of such an easily available graphic should cause individuals to more heavily consider disclosure practices. And lastly, because limited attention inve ...
Appendix 6(ii) Investor`s Statement (legal person) First name and
... 1) a natural person or natural persons who own or control the Investor, 2) a natural person or natural persons who are members or shareholders or hold voting rights at the shareholders’ meeting in excess of 50% in the legal person concerned, including through bearer share holdings, other than compan ...
... 1) a natural person or natural persons who own or control the Investor, 2) a natural person or natural persons who are members or shareholders or hold voting rights at the shareholders’ meeting in excess of 50% in the legal person concerned, including through bearer share holdings, other than compan ...
Book CHI IPE 141 13628.indb
... to raise $100,000, promising contributors a watch for every $120 (approximately) they pledged. To his surprise, he raised the required capital in two hours. After 37 days he closed his campaign, having raised more than $10 million from 68,929 people and committed to producing 85,000 watches with exp ...
... to raise $100,000, promising contributors a watch for every $120 (approximately) they pledged. To his surprise, he raised the required capital in two hours. After 37 days he closed his campaign, having raised more than $10 million from 68,929 people and committed to producing 85,000 watches with exp ...
Victory Capital Management Inc ADV Part 2A
... SMA clients are charged a single, all-inclusive fee by the wrap sponsor, which covers services provided by both the wrap sponsor and the investment adviser. The wrap fee is based upon a percentage of the market value of the SMA client’s account. Victory Capital receives a portion of the fee charged ...
... SMA clients are charged a single, all-inclusive fee by the wrap sponsor, which covers services provided by both the wrap sponsor and the investment adviser. The wrap fee is based upon a percentage of the market value of the SMA client’s account. Victory Capital receives a portion of the fee charged ...
History of private equity and venture capital
The history of private equity and venture capital and the development of these asset classes has occurred through a series of boom and bust cycles since the middle of the 20th century. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel, although interrelated tracks.Since the origins of the modern private equity industry in 1946, there have been four major epochs marked by three boom and bust cycles. The early history of private equity—from 1946 through 1981—was characterized by relatively small volumes of private equity investment, rudimentary firm organizations and limited awareness of and familiarity with the private equity industry. The first boom and bust cycle, from 1982 through 1993, was characterized by the dramatic surge in leveraged buyout activity financed by junk bonds and culminating in the massive buyout of RJR Nabisco before the near collapse of the leveraged buyout industry in the late 1980s and early 1990s. The second boom and bust cycle (from 1992 through 2002) emerged from the ashes of the savings and loan crisis, the insider trading scandals, the real estate market collapse and the recession of the early 1990s. This period saw the emergence of more institutionalized private equity firms, ultimately culminating in the massive Dot-com bubble in 1999 and 2000. The third boom and bust cycle (from 2003 through 2007) came in the wake of the collapse of the Dot-com bubble—leveraged buyouts reach unparalleled size and the institutionalization of private equity firms is exemplified by the Blackstone Group's 2007 initial public offering.In its early years through roughly the year 2000, the history of the private equity and venture capital asset classes is best described through a narrative of developments in the United States as private equity in Europe consistently lagged behind the North American industry. With the second private equity boom in the mid-1990s and liberalization of regulation for institutional investors in Europe, the emergence of a mature European private equity market has occurred.