Why is long-horizon equity less risky? A duration-based
... Wang, and Xia (2004) and Brennan and Xia (2006) and is closely related to essentially affine term structure models (Dai and Singleton (2003), Duffee (2002)). As Brennan et al. show, their model for the stochastic discount factor implies that claims to single dividend payments are exponential-affine ...
... Wang, and Xia (2004) and Brennan and Xia (2006) and is closely related to essentially affine term structure models (Dai and Singleton (2003), Duffee (2002)). As Brennan et al. show, their model for the stochastic discount factor implies that claims to single dividend payments are exponential-affine ...
Land Leverage and House Prices
... It thus seems important to take into account land leverage in analyses of house price cycles. One approach to this is to consider both components of a property separately and to analyze the determining factors for each component (Davis and Heathcote, 2007). Research in this area, however, is hampere ...
... It thus seems important to take into account land leverage in analyses of house price cycles. One approach to this is to consider both components of a property separately and to analyze the determining factors for each component (Davis and Heathcote, 2007). Research in this area, however, is hampere ...
Chapter 7
... From the corporation’s viewpoint, one important factor in establishing a sinking fund is that its own bonds generally have a higher yield than do government bonds; hence, the company saves more interest by retiring its own bonds than it could earn by buying government bonds. This factor causes firms ...
... From the corporation’s viewpoint, one important factor in establishing a sinking fund is that its own bonds generally have a higher yield than do government bonds; hence, the company saves more interest by retiring its own bonds than it could earn by buying government bonds. This factor causes firms ...
Horizons US 7-10 Year Treasury Bond CAD
... With the evolution of the investment landscape in Canada bringing greater fee transparency and fewer tax-efficient products available to the retail investor, we’ve focused on expanding our line-up of Total Return Index (“TRI”) ETFs. This includes the launch of the Horizons Cdn High Dividend Index ET ...
... With the evolution of the investment landscape in Canada bringing greater fee transparency and fewer tax-efficient products available to the retail investor, we’ve focused on expanding our line-up of Total Return Index (“TRI”) ETFs. This includes the launch of the Horizons Cdn High Dividend Index ET ...
Heterogeneity and Portfolio Choice: Theory and
... Data on households’ financial behavior points to considerable heterogeneity in portfolio allocations. The majority of households hold neither common stock nor other risky financial securities. Others invest in stocks almost exclusively. The extent to which risky asset holdings are diversified also v ...
... Data on households’ financial behavior points to considerable heterogeneity in portfolio allocations. The majority of households hold neither common stock nor other risky financial securities. Others invest in stocks almost exclusively. The extent to which risky asset holdings are diversified also v ...
stronger - Merck KGaA
... including the Report on Risks and Opportunities Section of the most recent annual report and quarterly report of Merck KGaA, Darmstadt, Germany, and the Risk Factors section of SigmaAldrich’s most recent reports on Form 10-K and Form 10-Q. Any forward-looking statements made in this communication ar ...
... including the Report on Risks and Opportunities Section of the most recent annual report and quarterly report of Merck KGaA, Darmstadt, Germany, and the Risk Factors section of SigmaAldrich’s most recent reports on Form 10-K and Form 10-Q. Any forward-looking statements made in this communication ar ...
The Macroeconomics of Shadow Banking Alan Moreira Alexi Savov July 2014
... and Pennacchi, 1990): A security is liquid if its expected payoff does not depend too much on private information about the state of the economy. This makes it immune to adverse selection and allows it to trade without incurring price impact or other costs. Liquidity provision is constrained by the ...
... and Pennacchi, 1990): A security is liquid if its expected payoff does not depend too much on private information about the state of the economy. This makes it immune to adverse selection and allows it to trade without incurring price impact or other costs. Liquidity provision is constrained by the ...
SCHULMAN A INC - Nasdaq`s INTEL Solutions
... During fiscal 2010, the Company completed the purchase of McCann Color, Inc. (“McCann Color”), a producer of high-quality color concentrates, based in North Canton, Ohio. The business provides specially formulated color concentrates to match precise customer specifications. Its products are used in ...
... During fiscal 2010, the Company completed the purchase of McCann Color, Inc. (“McCann Color”), a producer of high-quality color concentrates, based in North Canton, Ohio. The business provides specially formulated color concentrates to match precise customer specifications. Its products are used in ...
NBER WORKING PAPER SERIES THE INDUSTRY ORIGINS OF JAPANESE ECONOMIC GROWTH
... Our objective in this paper is to quantify the sources of Japanese economic growth for 1960-2000, using data for individual industries. Industry-level data enable us to trace the sources of Japanese economic growth to its industry origins. A novel feature of these data is that we include the IT-prod ...
... Our objective in this paper is to quantify the sources of Japanese economic growth for 1960-2000, using data for individual industries. Industry-level data enable us to trace the sources of Japanese economic growth to its industry origins. A novel feature of these data is that we include the IT-prod ...
Morningstar`s 2016 Fundamentals for Investors
... U.S. Market Recovery After Financial Crises Cumulative return of all-stock portfolio after various events ...
... U.S. Market Recovery After Financial Crises Cumulative return of all-stock portfolio after various events ...
Preference Actions?
... The defendant should present evidence demonstrating that the payments sought to be recovered were made in a time frame which is consistent with the industry standard. This frequently requires the use of experts and industry source materials. Accordingly, defendants who are sued frequently for prefer ...
... The defendant should present evidence demonstrating that the payments sought to be recovered were made in a time frame which is consistent with the industry standard. This frequently requires the use of experts and industry source materials. Accordingly, defendants who are sued frequently for prefer ...
Value Accounts Investment Funds 2016
... Welcome to the 2016 edition of the Investment Funds financial reporting publication in our VALUE ACCOUNTS series. This publication is designed to help you prepare financial statements for investment funds in line with Australian Accounting Standards. It illustrates the major elements of the financia ...
... Welcome to the 2016 edition of the Investment Funds financial reporting publication in our VALUE ACCOUNTS series. This publication is designed to help you prepare financial statements for investment funds in line with Australian Accounting Standards. It illustrates the major elements of the financia ...
The size and composition of government debt in - ECB
... countries: Belgium, Estonia, Cyprus, Malta and Austria on the one hand are experiencing relatively minor increases in their government debt-to-GDP ratios, but increases over the period 2007-12 are expected to be huge in Ireland (roughly 93 p.p. of GDP), Greece (about 61 p.p. of GDP), Portugal (aroun ...
... countries: Belgium, Estonia, Cyprus, Malta and Austria on the one hand are experiencing relatively minor increases in their government debt-to-GDP ratios, but increases over the period 2007-12 are expected to be huge in Ireland (roughly 93 p.p. of GDP), Greece (about 61 p.p. of GDP), Portugal (aroun ...
Incentive Plans Within Real Estate Firms – A Partial Review of
... The fulfilment of this latter condition is said to lead to the existence of a clear ‘line of sight’ between performance and reward. ‘Line of sight’ describes the employee’s ability to see how effort translates to higher performance and ultimately greater rewards (Zobal, 1999). Milgrom and Roberts (1 ...
... The fulfilment of this latter condition is said to lead to the existence of a clear ‘line of sight’ between performance and reward. ‘Line of sight’ describes the employee’s ability to see how effort translates to higher performance and ultimately greater rewards (Zobal, 1999). Milgrom and Roberts (1 ...
The Yield Curve`s Ability to Predict a Recession in the US and Abroad
... exposure to interest rate risk—capital gains and ...
... exposure to interest rate risk—capital gains and ...
Ambac Receives Consent to Extend Period to Satisfy Condition to
... Reorganization Plan NEW YORK--(BUSINESS WIRE)--Mar. 7, 2013-- Ambac Financial Group, Inc. (“Ambac”) has received consent from the United States Department of Justice on behalf of the Internal Revenue Service (the “IRS”) to extend the date by which a condition to the effectiveness of Ambac’s Fifth Am ...
... Reorganization Plan NEW YORK--(BUSINESS WIRE)--Mar. 7, 2013-- Ambac Financial Group, Inc. (“Ambac”) has received consent from the United States Department of Justice on behalf of the Internal Revenue Service (the “IRS”) to extend the date by which a condition to the effectiveness of Ambac’s Fifth Am ...
Spain and the euro. The first ten years
... economic stimulation entailed by euro area membership. The paper then highlighted the consequences of euro area membership for the Spanish economy. Fiscal consolidation under way, and subsequently that imposed by EMU fiscal rules, helped drive down the risk premia associated with Spanish assets. The ...
... economic stimulation entailed by euro area membership. The paper then highlighted the consequences of euro area membership for the Spanish economy. Fiscal consolidation under way, and subsequently that imposed by EMU fiscal rules, helped drive down the risk premia associated with Spanish assets. The ...
Liquidity and Market Crashes
... cost also limits the flow of capital into the market to provide liquidity, the price deviation only recovers slowly. Although information may well play an important role in exacerbating the initial selling demand and amplifying market crashes, we identify a unique mechanism that can explain the sud ...
... cost also limits the flow of capital into the market to provide liquidity, the price deviation only recovers slowly. Although information may well play an important role in exacerbating the initial selling demand and amplifying market crashes, we identify a unique mechanism that can explain the sud ...
Nicaragua: 2015 Article IV
... Overall balance, before grants Overall balance, after grants Money and credit Broad money Credit to the private sector Net domestic assets of the banking system External sector Current account of which: oil imports Capital and financial account of which: FDI Gross reserves (U.S.$ million)2/ In month ...
... Overall balance, before grants Overall balance, after grants Money and credit Broad money Credit to the private sector Net domestic assets of the banking system External sector Current account of which: oil imports Capital and financial account of which: FDI Gross reserves (U.S.$ million)2/ In month ...
Intermediate Accounting
... so that their balances reflect the amounts that would have existed under the newly adopted accounting principle. An offsetting adjustment is made to the beginning balance of Retained Earnings for the cumulative effect of the change (net of taxes). Step 3. Adjust the financial statements of the curre ...
... so that their balances reflect the amounts that would have existed under the newly adopted accounting principle. An offsetting adjustment is made to the beginning balance of Retained Earnings for the cumulative effect of the change (net of taxes). Step 3. Adjust the financial statements of the curre ...
FDI
... can also support corruption indirectly. Relying on windfalls creates weak state structures that make corrupt practices significantly easier. If the power of bureaucratic caucus rises which is the usual development in resource based economies, the risk of corruption is even more aggravated. Internati ...
... can also support corruption indirectly. Relying on windfalls creates weak state structures that make corrupt practices significantly easier. If the power of bureaucratic caucus rises which is the usual development in resource based economies, the risk of corruption is even more aggravated. Internati ...
The Real Sterling Crisis
... gain that puts the long-term stability of the financial system at risk. • Interestingly, although such reasoning is now widely accepted in relation to the equity and property markets, recently no one seems to have made these points about foreign exchange markets – until now. • This would be surprisi ...
... gain that puts the long-term stability of the financial system at risk. • Interestingly, although such reasoning is now widely accepted in relation to the equity and property markets, recently no one seems to have made these points about foreign exchange markets – until now. • This would be surprisi ...
The Composition of Capital Flows: Is South Africa Different? -
... Early investigations of portfolio flows analyzed whether they were driven by push or pull factors. Based on quarterly portfolio data (both equity and debt) during 1989-93 for a panel of 13 middle-income countries, Fernandez-Arias (1996) find that the increase in capital inflows to most countries was ...
... Early investigations of portfolio flows analyzed whether they were driven by push or pull factors. Based on quarterly portfolio data (both equity and debt) during 1989-93 for a panel of 13 middle-income countries, Fernandez-Arias (1996) find that the increase in capital inflows to most countries was ...
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.