Corporate Investments and Stock Returns: International Evidence*
... find that the value premium is larger for stocks with higher idiosyncratic risk, higher transaction costs, and lower analyst following. They interpret their findings to be consistent with the mispricing with limits-to-arbitrage argument. The above empirical studies from the U.S. market are inconclus ...
... find that the value premium is larger for stocks with higher idiosyncratic risk, higher transaction costs, and lower analyst following. They interpret their findings to be consistent with the mispricing with limits-to-arbitrage argument. The above empirical studies from the U.S. market are inconclus ...
Lending Booms, Reserves and the Sustainability of Short
... East Asian borrowers have dominated the international loan market. Of the 5,115 loans issued between 1991 and 1997, 3,373 were to East Asia, followed by Latin America and the Caribbean with 543, and Eastern Europe, Middle East and North Africa, and South Asia each with about 350 loans.3 Table 2 show ...
... East Asian borrowers have dominated the international loan market. Of the 5,115 loans issued between 1991 and 1997, 3,373 were to East Asia, followed by Latin America and the Caribbean with 543, and Eastern Europe, Middle East and North Africa, and South Asia each with about 350 loans.3 Table 2 show ...
Market newsletter 1/2015
... requirements than the stock exchange list. In 2014, FINFSA approved a total of five prospectuses for initial public offering on First North Finland. In addition, the shares of one company and bonds of two companies were listed on First North Finland in 2014 with company prospectuses approved by the ...
... requirements than the stock exchange list. In 2014, FINFSA approved a total of five prospectuses for initial public offering on First North Finland. In addition, the shares of one company and bonds of two companies were listed on First North Finland in 2014 with company prospectuses approved by the ...
Table of regulatory documents
... expertise (e.g. lawyers and academics) and at least one ASIC staff member. The Panel would make administrative decisions on certain matters relating to financial services and credit activities. We are seeking your feedback on how the Panel would enhance the impact of ASIC’s administrative decisions, ...
... expertise (e.g. lawyers and academics) and at least one ASIC staff member. The Panel would make administrative decisions on certain matters relating to financial services and credit activities. We are seeking your feedback on how the Panel would enhance the impact of ASIC’s administrative decisions, ...
Capital and Risk Management Pillar 3 Disclosures for the
... portfolios. It also monitors compliance with both regulatory requirements and the Group’s internal policies and procedures relating to the management of these risks. Group Credit Risk Management - This unit is responsible for the adjudication and oversight of credit risks associated with our retail ...
... portfolios. It also monitors compliance with both regulatory requirements and the Group’s internal policies and procedures relating to the management of these risks. Group Credit Risk Management - This unit is responsible for the adjudication and oversight of credit risks associated with our retail ...
A Comparison of Two Cycles in the World Economy: 1989-2007 Introduction
... “hard” landing). It turned out that “the correction” started from the US economy and evolved into an international crisis of major proportions. It was the attraction of US financial assets that enabled rising imbalances to be financed: The dollar’s position as the de facto reserve currency of the wo ...
... “hard” landing). It turned out that “the correction” started from the US economy and evolved into an international crisis of major proportions. It was the attraction of US financial assets that enabled rising imbalances to be financed: The dollar’s position as the de facto reserve currency of the wo ...
Do Interactions between Finance and Labor Market Institutions
... invest in human capital; second, bank deregulation reduces the cost of capital, which has two opposite effects: a substitution effect of capital for labor and an output effect. In the latter case, bank deregulation can increase the demand for labor only if the output effect dominates. However, to us ...
... invest in human capital; second, bank deregulation reduces the cost of capital, which has two opposite effects: a substitution effect of capital for labor and an output effect. In the latter case, bank deregulation can increase the demand for labor only if the output effect dominates. However, to us ...
PDF
... tical digest, reported a new all-time record volume of cur rency trading. According to the BIS numbers, in September ...
... tical digest, reported a new all-time record volume of cur rency trading. According to the BIS numbers, in September ...
“How to create a more symmetrical system that provides a... control of international liquidities” Christian Ghymers
... In fact the entire above macro-monetary aspects and mechanisms share exactly the very same logics observed at national level (into any single economy) between the potentially conflicting choices of its “n” different economic agents (or local banks) with respect to liquidity (demand for money): the n ...
... In fact the entire above macro-monetary aspects and mechanisms share exactly the very same logics observed at national level (into any single economy) between the potentially conflicting choices of its “n” different economic agents (or local banks) with respect to liquidity (demand for money): the n ...
LIQUIDITY PAPER v4 - Institute and Faculty of Actuaries
... Listed bonds and equities can usually be sold quickly to raise cash, but the price attained will depend on the type of security and the amount sold, both in absolute terms and as a proportion of the total issue of that particular security. Listed asset prices are usually quoted on the basis of a cer ...
... Listed bonds and equities can usually be sold quickly to raise cash, but the price attained will depend on the type of security and the amount sold, both in absolute terms and as a proportion of the total issue of that particular security. Listed asset prices are usually quoted on the basis of a cer ...
Bank Asia Annual Report 2015
... Mr. A M Nurul Islam is one of the Independent Directors of Bank Asia Ltd. He started his career as a lecturer in the University of Dhaka in 1961. Then he joined Civil Services of Pakistan (CSP). He worked at different capacity with the then Pakistan Government and after liberation with Bangladesh Go ...
... Mr. A M Nurul Islam is one of the Independent Directors of Bank Asia Ltd. He started his career as a lecturer in the University of Dhaka in 1961. Then he joined Civil Services of Pakistan (CSP). He worked at different capacity with the then Pakistan Government and after liberation with Bangladesh Go ...
Is Fair Value Equal to Fair Market Value?
... Highest and Best Use The use of an asset by market participants that would maximize its value or the value of the group of assets in which those market participants would use it. An asset is valued using one of the following premises: 1. In use. This premise is used if the maximum value would be pr ...
... Highest and Best Use The use of an asset by market participants that would maximize its value or the value of the group of assets in which those market participants would use it. An asset is valued using one of the following premises: 1. In use. This premise is used if the maximum value would be pr ...
The Transmission mechanism of monetary policy
... securities, such as bonds and equities. The price of bonds is inversely related to the long-term interest rate, so a rise in long-term interest rates lowers bond prices, and vice versa for a fall in long rates. If other things are equal (especially inflation expectations), higher interest rates also ...
... securities, such as bonds and equities. The price of bonds is inversely related to the long-term interest rate, so a rise in long-term interest rates lowers bond prices, and vice versa for a fall in long rates. If other things are equal (especially inflation expectations), higher interest rates also ...
Market Timing and the Debt-Equity Choice.
... does not allow us to determine whether the mispricing is caused by irrationality of the market or asymmetric information between the market and managers. To tackle this issue, we repeat our tests using a valuation model in which all the inputs are publicly available at the time of the issuance (spe ...
... does not allow us to determine whether the mispricing is caused by irrationality of the market or asymmetric information between the market and managers. To tackle this issue, we repeat our tests using a valuation model in which all the inputs are publicly available at the time of the issuance (spe ...
sale of goods - Wright State University
... Article 2, have been under debate for over 5 years but are approaching final state. $5,000 vs. $500 Recognize web transactions ...
... Article 2, have been under debate for over 5 years but are approaching final state. $5,000 vs. $500 Recognize web transactions ...
Statement of Cash Flows
... recorded according to economic change in wealth (the rules are discussed later on in this clinic). Can be manipulated by the changing the recognition rules. ...
... recorded according to economic change in wealth (the rules are discussed later on in this clinic). Can be manipulated by the changing the recognition rules. ...
Lemons, Market Shutdowns and Learning
... In reality, asymmetric information does not mean that relatively uninformed parties do not know anything. Instead, it can be a matter of degree. In order to investigate how the degree of asymmetry could vary endogenously, I extend the baseline model by introducing public information about the qualit ...
... In reality, asymmetric information does not mean that relatively uninformed parties do not know anything. Instead, it can be a matter of degree. In order to investigate how the degree of asymmetry could vary endogenously, I extend the baseline model by introducing public information about the qualit ...
Market-Consistent Valuation of Long-Term
... In this paper, we contribute to the latter approach and evaluate portfolios of insurance contracts. We focus on the market-consistent embedded value (MCEV) methodology as proposed by the European Chief Financial O cer Forum (see CFO Forum, 2009). Market-consistent embedded value calculations are the ...
... In this paper, we contribute to the latter approach and evaluate portfolios of insurance contracts. We focus on the market-consistent embedded value (MCEV) methodology as proposed by the European Chief Financial O cer Forum (see CFO Forum, 2009). Market-consistent embedded value calculations are the ...
Bank Capital and Stock Performance around the Subprime
... Our analysis focus on stock returns from the largest listed US commercial banks and savings and loans institutions during the three months following the Lehman Brothers Holdings Inc. collapse on the 15th September 2008. We investigate the relationship between different measures of bank capital and ...
... Our analysis focus on stock returns from the largest listed US commercial banks and savings and loans institutions during the three months following the Lehman Brothers Holdings Inc. collapse on the 15th September 2008. We investigate the relationship between different measures of bank capital and ...
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.