What Explains the Industrial Revolution in East Asia? Evidence
... This paper presents dual estimates of total factor productivity growth (TFPG) for East Asian countries. While the dual estimates of TFPG for Korea and Hong Kong are similar to the primal estimates, they exceed the primal estimates by 1 percent a year for Taiwan and by more than 2 percent for Singapo ...
... This paper presents dual estimates of total factor productivity growth (TFPG) for East Asian countries. While the dual estimates of TFPG for Korea and Hong Kong are similar to the primal estimates, they exceed the primal estimates by 1 percent a year for Taiwan and by more than 2 percent for Singapo ...
Market and Public Liquidity
... that satisfies these inequalities. For θ = .35 the immediate and delayed trading equilibrium are such that (Mi∗ , m∗i ) = (.0169, .9358) and (Md∗ , m∗d ) = (.0540, .4860), respectively. Moreover, although both equilibria are interim efficient, it can be shown that the delayed trading equilibrium (we ...
... that satisfies these inequalities. For θ = .35 the immediate and delayed trading equilibrium are such that (Mi∗ , m∗i ) = (.0169, .9358) and (Md∗ , m∗d ) = (.0540, .4860), respectively. Moreover, although both equilibria are interim efficient, it can be shown that the delayed trading equilibrium (we ...
EVA VERSUS TRADITIONAL ACCOUNTING MEASURES OF
... the results were not very different. Grant studied the relationship between MVA divided by capital and EVA divided by capital for 983 companies selected from the Stern Stewart Performance 1000 for 1993 and 1994. The results for 1993 showed a correlation of 32% for all the companies. For the 50 large ...
... the results were not very different. Grant studied the relationship between MVA divided by capital and EVA divided by capital for 983 companies selected from the Stern Stewart Performance 1000 for 1993 and 1994. The results for 1993 showed a correlation of 32% for all the companies. For the 50 large ...
Efficiency of Financial Intermediation: An
... On the other hand, interest rate spread based on the gap between (average) lending and deposit rates is also unable to quantify COFI accurately. In practice, banks do not charge a single rate to all borrowers nor do they offer a uniform rate to all depositors. Banks’ lending and deposit rates vary o ...
... On the other hand, interest rate spread based on the gap between (average) lending and deposit rates is also unable to quantify COFI accurately. In practice, banks do not charge a single rate to all borrowers nor do they offer a uniform rate to all depositors. Banks’ lending and deposit rates vary o ...
Alternative risk premia investing: from theory to practice
... Trend-following can be applied as a fully systematic strategy using liquid instruments, and some popular CTA managers – whose returns can mostly be explained by trend-following techniques – are now proposing alternative risk premia versions of their strategies. An important point to note is that com ...
... Trend-following can be applied as a fully systematic strategy using liquid instruments, and some popular CTA managers – whose returns can mostly be explained by trend-following techniques – are now proposing alternative risk premia versions of their strategies. An important point to note is that com ...
Report of the High-level Expert Group on reforming the structure of
... necessary to require legal separation of certain particularly risky financial activities from deposittaking banks within the banking group. The activities to be separated would include proprietary trading of securities and derivatives, and certain other activities closely linked with securities and ...
... necessary to require legal separation of certain particularly risky financial activities from deposittaking banks within the banking group. The activities to be separated would include proprietary trading of securities and derivatives, and certain other activities closely linked with securities and ...
GLOBAL INSIGHT
... Dominion Securities Inc., which is a foreign affiliate of RBC Capital Markets, LLC. This report has been prepared by RBC Capital Markets, LLC which is an indirect wholly-owned subsidiary of the Royal Bank of Canada and, as such, is a related issuer of Royal Bank of Canada. Non-U.S. Analyst Disclosur ...
... Dominion Securities Inc., which is a foreign affiliate of RBC Capital Markets, LLC. This report has been prepared by RBC Capital Markets, LLC which is an indirect wholly-owned subsidiary of the Royal Bank of Canada and, as such, is a related issuer of Royal Bank of Canada. Non-U.S. Analyst Disclosur ...
securities trading policy
... viii. make an investment in, or trade in units of, a fund or other scheme (other than a scheme only investing in the Securities of the Company) where the assets of the fund or other scheme are invested at the discretion of a third party; ix. where a restricted person is a trustee, trade in the Secur ...
... viii. make an investment in, or trade in units of, a fund or other scheme (other than a scheme only investing in the Securities of the Company) where the assets of the fund or other scheme are invested at the discretion of a third party; ix. where a restricted person is a trustee, trade in the Secur ...
2015 Annual Report - For Investors
... new product introductions, raw material costs, expected pricing levels, expected outcomes of pending litigation, competitive conditions and general economic conditions. These assumptions could prove inaccurate. Although we believe that the estimates and projections reflected in the forward-looking s ...
... new product introductions, raw material costs, expected pricing levels, expected outcomes of pending litigation, competitive conditions and general economic conditions. These assumptions could prove inaccurate. Although we believe that the estimates and projections reflected in the forward-looking s ...
Carry out the ideal future life
... but not limited to reinsurance arrangement. When appropriate, BOC Life may use derivatives to manage our risk exposure such as currency risk. Philosophy in Deciding Dividends: Participating insurance plans provide policy owners an opportunity to receive a share of profits attributable to the partici ...
... but not limited to reinsurance arrangement. When appropriate, BOC Life may use derivatives to manage our risk exposure such as currency risk. Philosophy in Deciding Dividends: Participating insurance plans provide policy owners an opportunity to receive a share of profits attributable to the partici ...
Ratio of the Month: Working Capital
... Welcome to the fourth installment our series on Ratio of the Month. This month we will be looking at two ratios; “Farm Equity to Asset Ratio” and “Farm Debt to Equity Ratio”. They are algebraically related to the ratio from last month, “Farm Debt to Asset Ratio”. They all look at the solvency area o ...
... Welcome to the fourth installment our series on Ratio of the Month. This month we will be looking at two ratios; “Farm Equity to Asset Ratio” and “Farm Debt to Equity Ratio”. They are algebraically related to the ratio from last month, “Farm Debt to Asset Ratio”. They all look at the solvency area o ...
the optimal portfolio - Vista Capital Partners
... properties, warehouse facilities, and retail establishments. The return potential and risk U.S. stocks, which are an ownership stake in characteristics of REITs fall somewhere between corporate America, provide that of stocks and bonds. In portfolio growth. No other offering investors bond-like asse ...
... properties, warehouse facilities, and retail establishments. The return potential and risk U.S. stocks, which are an ownership stake in characteristics of REITs fall somewhere between corporate America, provide that of stocks and bonds. In portfolio growth. No other offering investors bond-like asse ...
Chapter 10 The Basics of Capital Budgeting: Evaluating Cash Flows
... reinvested at the cost of capital while the IRR method assumes reinvestment at the IRR. Since project cash flows can be replaced by new external capital which costs r, the proper reinvestment rate assumption is the cost of capital, and thus the best capital budget decision rule is NPV. The post-audi ...
... reinvested at the cost of capital while the IRR method assumes reinvestment at the IRR. Since project cash flows can be replaced by new external capital which costs r, the proper reinvestment rate assumption is the cost of capital, and thus the best capital budget decision rule is NPV. The post-audi ...
Corporate Performance and Military Production in
... Brzoska & Lock (1992) and Wulf (1993) provide surveys. The defence industrial sector can be defined as a number of industries that have the economic, as well as the military, characteristics of strategic industries. The economic characteristics of defence companies include: decreasing costs reflecti ...
... Brzoska & Lock (1992) and Wulf (1993) provide surveys. The defence industrial sector can be defined as a number of industries that have the economic, as well as the military, characteristics of strategic industries. The economic characteristics of defence companies include: decreasing costs reflecti ...
general assessment of the macroeconomic situation
... moving to locations in the EU that reflect economic conditions rather than other differences. The new surge of asylum seekers into the European Union comes on top of an already-sizeable number of economic migrants into the area, although both are small relative to aggregate EU population (see figure ...
... moving to locations in the EU that reflect economic conditions rather than other differences. The new surge of asylum seekers into the European Union comes on top of an already-sizeable number of economic migrants into the area, although both are small relative to aggregate EU population (see figure ...
PROSPECTUS DATED 17 JANUARY 2014 BUREAU
... risk and generally includes all statements preceded by, followed by or that include the words "believe", "expect", "project", "anticipate", "seek", "estimate" or similar expressions. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and act ...
... risk and generally includes all statements preceded by, followed by or that include the words "believe", "expect", "project", "anticipate", "seek", "estimate" or similar expressions. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and act ...
Margin Credit and Stock Return Predictability
... Consider, investor P who wants to buy 10 shares of Apple at USD 100 each. She opens a margin account with broker B, who has a margin requirement of 60% and maintenance margin of 25%. P will need to invest 60% of the value of the position using her own money and can borrow remaining 40% from B. When ...
... Consider, investor P who wants to buy 10 shares of Apple at USD 100 each. She opens a margin account with broker B, who has a margin requirement of 60% and maintenance margin of 25%. P will need to invest 60% of the value of the position using her own money and can borrow remaining 40% from B. When ...
NuvoAR12_Cover_OUT_Layout 1
... of skin lesions. Synera uses Nuvo’s proprietary Controlled Heat Assisted Drug Deliver (CHADD™) technology. In early February 2012, we launched Synera in the U.S. with a small contract sales force. When sales did not materialize as anticipated, we terminated the sales force and refocused our resource ...
... of skin lesions. Synera uses Nuvo’s proprietary Controlled Heat Assisted Drug Deliver (CHADD™) technology. In early February 2012, we launched Synera in the U.S. with a small contract sales force. When sales did not materialize as anticipated, we terminated the sales force and refocused our resource ...
Financialization
Financialization is a term sometimes used in discussions of the financial capitalism that has developed over the decades between 1980 and 2010, in which financial leverage tended to override capital (equity), and financial markets tended to dominate over the traditional industrial economy and agricultural economics.Financialization describes an economic system or process that attempts to reduce all value that is exchanged (whether tangible or intangible, future or present promises, etc.) into a financial instrument. The intent of financialization is to be able to reduce any work product or service to an exchangeable financial instrument, like currency, and thus make it easier for people to trade these financial instruments.Workers, through a financial instrument such as a mortgage, may trade their promise of future work or wages for a home. The financialization of risk sharing is what makes possible all insurance. The financialization of a government's promises (e.g., US government bonds) is what makes possible all government deficit spending. Financialization also makes economic rents possible.