Stock Prices and Implied Abnormal Earnings Growth
... ABSTRACT: In terms of corporate valuation, the frequently used heuristics are Price Earnings or Price Earnings to Growth ratios. The development of a valuation model of type Abnormal Earnings Growth Model including modeling of expected rents evolution, conditions compatible with perfect competition, ...
... ABSTRACT: In terms of corporate valuation, the frequently used heuristics are Price Earnings or Price Earnings to Growth ratios. The development of a valuation model of type Abnormal Earnings Growth Model including modeling of expected rents evolution, conditions compatible with perfect competition, ...
Annual Report 2004 ¦ Zurich Financial Services
... Zurich announces its intention to raise fixed rate senior debt in the Euro market for refinancing and general corporate purposes. The transaction raises EUR 1 billion and is more than three times over-subscribed. ...
... Zurich announces its intention to raise fixed rate senior debt in the Euro market for refinancing and general corporate purposes. The transaction raises EUR 1 billion and is more than three times over-subscribed. ...
dick`s sporting goods, inc. - Morningstar Document Research
... The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded ...
... The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded ...
Securitisation-Markets
... mortgages from the lenders that had originated them, with the interest payments on the mortgages serving to repay the government. Then in the 1960s, investment bankers hit upon an idea for tapping private investment by turning mortgages into securities, rather than buying and selling individual mort ...
... mortgages from the lenders that had originated them, with the interest payments on the mortgages serving to repay the government. Then in the 1960s, investment bankers hit upon an idea for tapping private investment by turning mortgages into securities, rather than buying and selling individual mort ...
The Price Impact of Institutional Herding!
... reputational motivation and o¤er to trade with him at prices that are above expected liquidation values based on available information. In turn, the manager is willing to buy at such excessively high prices because buying provides him with an expected reputational reward. When a number of traders ha ...
... reputational motivation and o¤er to trade with him at prices that are above expected liquidation values based on available information. In turn, the manager is willing to buy at such excessively high prices because buying provides him with an expected reputational reward. When a number of traders ha ...
Access to Refinancing and Mortgage Interest Rates
... as part of the origination process, such as borrower’s income, assets, and house value, is truthful. This certification is known as representations and warranties (R&W) and it obligates the originator to buy back any mortgage found to be in violation of its R&W. Particularly in the aftermath of the ...
... as part of the origination process, such as borrower’s income, assets, and house value, is truthful. This certification is known as representations and warranties (R&W) and it obligates the originator to buy back any mortgage found to be in violation of its R&W. Particularly in the aftermath of the ...
Equilibrium asset prices with undiversifiable labor income risk
... A consumer’s realized second-period endowment is assumed to be private information. As a consequence, insurance contracts contingent on unobservable realizations of F cannot be written, and second-period endowment risk cannot be pooled in a decentralized economy. This feature of the model should be, ...
... A consumer’s realized second-period endowment is assumed to be private information. As a consequence, insurance contracts contingent on unobservable realizations of F cannot be written, and second-period endowment risk cannot be pooled in a decentralized economy. This feature of the model should be, ...
Housing Finance: The Case of Botswana
... of housing finance has grown in many developing countries, the share of housing investment financed through formal financial intermediaries remains very small and housing finance accounts for only a small share of financial assets (Porteous, 2006). Botswana is one of the countries that has experienc ...
... of housing finance has grown in many developing countries, the share of housing investment financed through formal financial intermediaries remains very small and housing finance accounts for only a small share of financial assets (Porteous, 2006). Botswana is one of the countries that has experienc ...
How different is the regulatory capital from the economic capital
... Register data and firms’ ratings histories of more than 160.000 French firms, including a large proportion of Small and Medium sized firms, to compute capital requirements in business loans portfolios of French banking groups. Using Credit Register information and ratings provided by the Banque de F ...
... Register data and firms’ ratings histories of more than 160.000 French firms, including a large proportion of Small and Medium sized firms, to compute capital requirements in business loans portfolios of French banking groups. Using Credit Register information and ratings provided by the Banque de F ...
Glossary of terms used in the trading of oil and gas, utilities
... The risk that the cash-futures spread will widen or narrow between the times at which a hedge position is implemented and liquidated. There are various types of basis risk: • Locational: (eg,) A heating oil wholesaler that sells its product in Baltimore will be exposed to basis risk if it hedges usi ...
... The risk that the cash-futures spread will widen or narrow between the times at which a hedge position is implemented and liquidated. There are various types of basis risk: • Locational: (eg,) A heating oil wholesaler that sells its product in Baltimore will be exposed to basis risk if it hedges usi ...
Valuation of Corporate Loans: A Credit Migration Approach
... Consequently, their value is not highly sensitive to changes in interest rates. Second, loans are typically prepayable. For loans, an improvement in credit quality is a principal driver of the prepayment decision. Consequently, a model of credit migration is required to credibly model the embedded o ...
... Consequently, their value is not highly sensitive to changes in interest rates. Second, loans are typically prepayable. For loans, an improvement in credit quality is a principal driver of the prepayment decision. Consequently, a model of credit migration is required to credibly model the embedded o ...
Loved Ones Matter: Family Effects and Stock
... results of Li (2013) indicate its potential significance. Li (2013) does, for example, find that the likelihood of stock market entry for a household investor is about 20 to 30 percent higher if his or her parents had entered the stock market during the previous five years. A novelty in our study is ...
... results of Li (2013) indicate its potential significance. Li (2013) does, for example, find that the likelihood of stock market entry for a household investor is about 20 to 30 percent higher if his or her parents had entered the stock market during the previous five years. A novelty in our study is ...
The Role of the Bank for International Settlements in Shaping the
... their central banks regulatory responsibilities and twenty-one do not.1 2 Clearly, the United States has taken a strong pro-regulatory position since its Federal Reserve System ("FRS," the U.S. central bank) regulates a major share of the American financial system including national banks and all ba ...
... their central banks regulatory responsibilities and twenty-one do not.1 2 Clearly, the United States has taken a strong pro-regulatory position since its Federal Reserve System ("FRS," the U.S. central bank) regulates a major share of the American financial system including national banks and all ba ...
Credit Risk Credit Risk Management System Management System
... Credit risk is the risk that a financial institution will incur losses because the financial position of a borrower has deteriorated to the point that the value of an asset (including off-balance-sheet assets) is reduced or extinguished. Among credit risks, the risk that the financial institution wi ...
... Credit risk is the risk that a financial institution will incur losses because the financial position of a borrower has deteriorated to the point that the value of an asset (including off-balance-sheet assets) is reduced or extinguished. Among credit risks, the risk that the financial institution wi ...
Stock characteristics and market myopia
... Efficient Market Hypothesis (EMH), in well-organized and liquid markets, market prices are considered the best proxy for the fair value of an asset or liability2 (see Hitz, 2007). The main basis for the conclusion is that this type of market conditions are sufficient to ensure the reliability of mar ...
... Efficient Market Hypothesis (EMH), in well-organized and liquid markets, market prices are considered the best proxy for the fair value of an asset or liability2 (see Hitz, 2007). The main basis for the conclusion is that this type of market conditions are sufficient to ensure the reliability of mar ...
Outlook for 2017: Paradigm Shift
... my KKR colleague Ken Mehlman describes as a “political bull market.” From 2008-2015, this “political bull market” took the form of more regulation, higher taxes, and heightened industry scrutiny. Many governments also promoted fiscal austerity, multilateral trade and aggressive monetary stimulus. Ho ...
... my KKR colleague Ken Mehlman describes as a “political bull market.” From 2008-2015, this “political bull market” took the form of more regulation, higher taxes, and heightened industry scrutiny. Many governments also promoted fiscal austerity, multilateral trade and aggressive monetary stimulus. Ho ...
NBER WORKING PAPER SERIES FINANCIAL DISTRESS IN THE GREAT DEPRESSION Sonali Hazarika
... effects of an economic downturn. Some argue that the bias in the tax system towards debt encourages companies to use excessive debt, and this exacerbates economic contractions. For example, Jason Furman, deputy director of President Obama's National Economic Council, told a congressional panel in 20 ...
... effects of an economic downturn. Some argue that the bias in the tax system towards debt encourages companies to use excessive debt, and this exacerbates economic contractions. For example, Jason Furman, deputy director of President Obama's National Economic Council, told a congressional panel in 20 ...
What caused the collapse of Lehman Brothers?
... Many experts have blamed these failures on the alleged unethical actions arising from the amalgamation of commercial and investment banking. In their paper, Altınkılıç, et al. (2007) found that investment banks’ governance has responded to the deregulation of commercial bank entry into investment ba ...
... Many experts have blamed these failures on the alleged unethical actions arising from the amalgamation of commercial and investment banking. In their paper, Altınkılıç, et al. (2007) found that investment banks’ governance has responded to the deregulation of commercial bank entry into investment ba ...
COM SEC(2009)
... Concentration of the banking sector in the new Member States, 20012007 Foreign ownership in the banking sector in the new Member States Stock market liquidity, 2000-2007 Structure of the debt securities markets, 2006 Distribution of total financial assets, 2007 Lending and deposit rate spreads, 1998 ...
... Concentration of the banking sector in the new Member States, 20012007 Foreign ownership in the banking sector in the new Member States Stock market liquidity, 2000-2007 Structure of the debt securities markets, 2006 Distribution of total financial assets, 2007 Lending and deposit rate spreads, 1998 ...
Time-Consistent Fiscal Policy in a Debt Crisis - e
... We show that optimal fiscal policies depend crucially on the debt regime and distinguish between “normal times,” financial autarky, and “debt crisis.” In financial autarky (which occurs after a default) and in “normal times” (when the default premium is moderate and stable), the government sets proc ...
... We show that optimal fiscal policies depend crucially on the debt regime and distinguish between “normal times,” financial autarky, and “debt crisis.” In financial autarky (which occurs after a default) and in “normal times” (when the default premium is moderate and stable), the government sets proc ...
the macerich company - corporate
... In September Macerich officially opened the expanded Broadway Plaza in San Francisco's upscale East Bay. The major redevelopment of this iconic open-air center added 235,000 square feet of mall shop space as well as new parking structures and a new slate of shopper amenities. New tenants include Arh ...
... In September Macerich officially opened the expanded Broadway Plaza in San Francisco's upscale East Bay. The major redevelopment of this iconic open-air center added 235,000 square feet of mall shop space as well as new parking structures and a new slate of shopper amenities. New tenants include Arh ...
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... discusses the limitations of the model. The conclusion is presented in Section 7. 2. Corporate governance: the issues and the role of the board 2.1 The issues Agents or managers may not always act in the best interest of shareholders when the control of a company is separate from its ownership. In J ...
... discusses the limitations of the model. The conclusion is presented in Section 7. 2. Corporate governance: the issues and the role of the board 2.1 The issues Agents or managers may not always act in the best interest of shareholders when the control of a company is separate from its ownership. In J ...
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.