Money, Banking, and the Financial System
... Fear the Black Swan! • The table below illustrates the trade-off between risk and return. ...
... Fear the Black Swan! • The table below illustrates the trade-off between risk and return. ...
Paper: "From NIC to TIC to RAY: Calculating True Lifetime Cost of
... market is approximately $4 trillion, representing roughly 2% of the world’s financial assets.2 Over the last ten years municipal borrowers have issued an average of $379.5 billion in long term fixed rate bonds per year.3 Despite the size and significance of the market, the primary cost of capital me ...
... market is approximately $4 trillion, representing roughly 2% of the world’s financial assets.2 Over the last ten years municipal borrowers have issued an average of $379.5 billion in long term fixed rate bonds per year.3 Despite the size and significance of the market, the primary cost of capital me ...
Assessing High House Prices: Bubbles, Fundamentals and
... In this paper, we explain how to assess the state of house prices— both whether there is a bubble and what underlying factors support housing demand—in a way that is grounded in economic theory. In doing so, we correct four common fallacies about the costliness of the housing market. First, the pric ...
... In this paper, we explain how to assess the state of house prices— both whether there is a bubble and what underlying factors support housing demand—in a way that is grounded in economic theory. In doing so, we correct four common fallacies about the costliness of the housing market. First, the pric ...
ARIZONA PUBLIC SERVICE CO (Form: 8-K
... retail and wholesale power markets; the duration and severity of the economic decline in Arizona and current real estate market conditions; the cost of debt and equity capital and the ability to access capital markets when required; changes to our credit ratings; the investment performance of the as ...
... retail and wholesale power markets; the duration and severity of the economic decline in Arizona and current real estate market conditions; the cost of debt and equity capital and the ability to access capital markets when required; changes to our credit ratings; the investment performance of the as ...
(vcm) in the derivatives market
... of securities and derivatives markets. Many international exchanges have implemented some form of volatility control mechanisms to control extreme price volatility. In the case of HKEX’s VCM, if the price deviates more than a predefined percentage within a specific time frame, it will trigger a cool ...
... of securities and derivatives markets. Many international exchanges have implemented some form of volatility control mechanisms to control extreme price volatility. In the case of HKEX’s VCM, if the price deviates more than a predefined percentage within a specific time frame, it will trigger a cool ...
- Interroll
... Customers and Business Partners, Interroll closed financial year 2015 with significant growth rates in order intake, sales and profit. All regions developed very well. The distribution of revenue in the three regions has continued to improve, and we are generating an increasing share of sales outsid ...
... Customers and Business Partners, Interroll closed financial year 2015 with significant growth rates in order intake, sales and profit. All regions developed very well. The distribution of revenue in the three regions has continued to improve, and we are generating an increasing share of sales outsid ...
Estimating the Expected Marginal Rate of Substitution: Exploiting
... appropriate short-term riskless interest rate. 2 That is, the EMRS is simply equated with e.g., the Treasury-bill rate; it is not estimated at all. While this simplifies empirical work considerably, this assumes integration between stock and money markets, one of the very assumptions we wish to test ...
... appropriate short-term riskless interest rate. 2 That is, the EMRS is simply equated with e.g., the Treasury-bill rate; it is not estimated at all. While this simplifies empirical work considerably, this assumes integration between stock and money markets, one of the very assumptions we wish to test ...
Analysis and comparison of methods of risk
... Bonds (NBS 2016). Mařík et al. (2011) also considers it necessary to determine return on government bonds with longer maturity – 10 years or more. If there is a number of government bonds at the market with a similar maturity, it is appropriate to use average return to maturity. In these days academ ...
... Bonds (NBS 2016). Mařík et al. (2011) also considers it necessary to determine return on government bonds with longer maturity – 10 years or more. If there is a number of government bonds at the market with a similar maturity, it is appropriate to use average return to maturity. In these days academ ...
Enhancing our platform for the future
... This annual report contains forward-looking statements about the future plans, strategies, beliefs and performance of the Daicel Group as a whole and its individual consolidated companies. These forward-looking statements are not historical facts. They are expectations, estimates, forecasts and proj ...
... This annual report contains forward-looking statements about the future plans, strategies, beliefs and performance of the Daicel Group as a whole and its individual consolidated companies. These forward-looking statements are not historical facts. They are expectations, estimates, forecasts and proj ...
Stubbs
... in foreign direct investment by the U.S. in Mexico. Facilitating these benefits were provisions in the NAFTA treaty providing for the rights of investors.36 Chapter Eleven outlines two options for an international investor who has suffered expropriation or a breach of a NAFTA obligation by a member ...
... in foreign direct investment by the U.S. in Mexico. Facilitating these benefits were provisions in the NAFTA treaty providing for the rights of investors.36 Chapter Eleven outlines two options for an international investor who has suffered expropriation or a breach of a NAFTA obligation by a member ...
Liquidity, Quantitative Easing and Optimal Monetary Policy
... may be an important cause of business cycles. According to these studies, private …nancial assets becomes much less liquid when the shock hits the economy, as witnessed during the 2008 …nancial crisis. A reduction in the liquidity of …nancial assets restrict both …rms liquidity and their ability to ...
... may be an important cause of business cycles. According to these studies, private …nancial assets becomes much less liquid when the shock hits the economy, as witnessed during the 2008 …nancial crisis. A reduction in the liquidity of …nancial assets restrict both …rms liquidity and their ability to ...
PDF
... literature, concluded that the real rate of return on long-term assets- in the US is about 10 percent. This rate of return. however. cannot be directly used as the relevant rate of interest. Gardner (1979. p. 126) suggested that the appropriate discount rate must reflect a post-tax rate of return 6 ...
... literature, concluded that the real rate of return on long-term assets- in the US is about 10 percent. This rate of return. however. cannot be directly used as the relevant rate of interest. Gardner (1979. p. 126) suggested that the appropriate discount rate must reflect a post-tax rate of return 6 ...
Perspectives on Global Real Interest Rates
... return to the average level observed during the mid2000s (that is, about 2 percent). Within this global picture, however, there may well be some countries that will see higher real rates than in the early 2000s because of higher sovereign risk premiums. The conclusions here apply to the risk-free ra ...
... return to the average level observed during the mid2000s (that is, about 2 percent). Within this global picture, however, there may well be some countries that will see higher real rates than in the early 2000s because of higher sovereign risk premiums. The conclusions here apply to the risk-free ra ...
OPTIMAL CAPITAL STRUCTURE
... the cost of debt may be information provided by banks or financial markets, but the required return on equity is an estimate. Market value of debt and equity. In a perpetuity, the debt’s market value (line 11) is equal to the annual interest payments, divided by the required return on debt (I/Kd). L ...
... the cost of debt may be information provided by banks or financial markets, but the required return on equity is an estimate. Market value of debt and equity. In a perpetuity, the debt’s market value (line 11) is equal to the annual interest payments, divided by the required return on debt (I/Kd). L ...
Benefits and Costs of a Higher Bank Leverage Ratio
... Treasury securities or mortgages and mortgage-backed securities, the 20 percent optimal leverage ratio translates to a 47 percent ratio of capital to risk-weighted assets. To estimate the benefits of a higher capital-to-asset leverage ratio for the United States, we make assumptions similar to thos ...
... Treasury securities or mortgages and mortgage-backed securities, the 20 percent optimal leverage ratio translates to a 47 percent ratio of capital to risk-weighted assets. To estimate the benefits of a higher capital-to-asset leverage ratio for the United States, we make assumptions similar to thos ...
ISSAI 1260 Practice Note revised
... governance are involved in managing an entity, and for listed entities. The ISA does not establish requirements regarding the auditor’s communication with an entity’s management or owners unless they are also charged with a governance role. Recognizing the importance of effective two-way communicati ...
... governance are involved in managing an entity, and for listed entities. The ISA does not establish requirements regarding the auditor’s communication with an entity’s management or owners unless they are also charged with a governance role. Recognizing the importance of effective two-way communicati ...
AIG - Rajeev Dhawan
... (2) Includes claims adjusters, third party administrators of insurance funds and other service personnel such as advisory and insurance ratemaking services. Source: U.S. Department of Labor, Bureau of Labor Statistics. ...
... (2) Includes claims adjusters, third party administrators of insurance funds and other service personnel such as advisory and insurance ratemaking services. Source: U.S. Department of Labor, Bureau of Labor Statistics. ...
Income as the Source of Long-Term Returns
... of $100.1 The primary method of analysis measures results over a period using rolling windows (e.g., five or 20 years) from the starting date of the series, then advances one year and repeats the process until the whole data set is included.2 These results are then averaged across the whole period. ...
... of $100.1 The primary method of analysis measures results over a period using rolling windows (e.g., five or 20 years) from the starting date of the series, then advances one year and repeats the process until the whole data set is included.2 These results are then averaged across the whole period. ...
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.