Leverage and Corporate Performance: Evidence from Unsuccessful
... their shareholders, reducing the book value of their equity by 37.54 percent on average. In Panel C, we report mean values for special dividends and share repurchases for the same group of targets. Over years 0 and +1, targets that increase leverage the most pay out about 5 percent of the market val ...
... their shareholders, reducing the book value of their equity by 37.54 percent on average. In Panel C, we report mean values for special dividends and share repurchases for the same group of targets. Over years 0 and +1, targets that increase leverage the most pay out about 5 percent of the market val ...
hussman strategic dividend value fund
... In general, the stock selection approach of the investment manager focuses on securities having dividend yields that exceed the average dividend yield of stocks comprising the Standard & Poor’s 500 Index, coupled with consideration of additional measures of financial stability and favorable valuatio ...
... In general, the stock selection approach of the investment manager focuses on securities having dividend yields that exceed the average dividend yield of stocks comprising the Standard & Poor’s 500 Index, coupled with consideration of additional measures of financial stability and favorable valuatio ...
Chapter VIII (pdf format)
... are also difficult to forecast. The uncertainty about the future value of exchange rates makes uncertain the home currency value of a multinational firm’s cash flows. Take, again, the case of Swiss Cruises, with headquarters in Switzerland. The owners of Swiss Cruises only care about CHF cash flows. ...
... are also difficult to forecast. The uncertainty about the future value of exchange rates makes uncertain the home currency value of a multinational firm’s cash flows. Take, again, the case of Swiss Cruises, with headquarters in Switzerland. The owners of Swiss Cruises only care about CHF cash flows. ...
Annual Report 2016
... At the time of writing, the transaction is going through the regulatory processes and good progress is being made. However, until AB InBev’s offer is made to and approved by shareholders, and the transaction completes, the board remains focused on the need for our business to continue to perform str ...
... At the time of writing, the transaction is going through the regulatory processes and good progress is being made. However, until AB InBev’s offer is made to and approved by shareholders, and the transaction completes, the board remains focused on the need for our business to continue to perform str ...
KBR, INC. (Form: 10-K, Received: 02/26/2016 06:33
... Forward-Looking and Cautionary Statements This Annual Report on Form 10-K contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, a ...
... Forward-Looking and Cautionary Statements This Annual Report on Form 10-K contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, a ...
Debt committee report March 2001
... than a science. The first important, and more subjective step is to specify the norms for prudent levels of borrowing in terms of one or more indicators of debt burden. The second more technic al but fundamental step is to develop guidelines based on the relationship between key economic variables, ...
... than a science. The first important, and more subjective step is to specify the norms for prudent levels of borrowing in terms of one or more indicators of debt burden. The second more technic al but fundamental step is to develop guidelines based on the relationship between key economic variables, ...
Like milk or wine: Does firm performance improve with age? by Alex
... contain any direct information on firm age), but age is calculated indirectly by considering the first time a firm is included in the national statistical office records – which essentially corresponds to the first time a firm passes the 20 employee threshold above which firms are ...
... contain any direct information on firm age), but age is calculated indirectly by considering the first time a firm is included in the national statistical office records – which essentially corresponds to the first time a firm passes the 20 employee threshold above which firms are ...
Demystifying Responsible Investment Performance
... It has been 15 years since 28 banks and their USD 2 trillion in assets gathered in New York to sign a United Nations Environment Programme commitment to sound environmental management. Since then, the commitment between UNEP and those original 28 banks has grown into a unique public-private partners ...
... It has been 15 years since 28 banks and their USD 2 trillion in assets gathered in New York to sign a United Nations Environment Programme commitment to sound environmental management. Since then, the commitment between UNEP and those original 28 banks has grown into a unique public-private partners ...
FORM 10-K - Investis
... From time to time, we and our representatives may provide information, whether orally or in writing, including certain statements in this Annual Report on Form 10-K, which are deemed to be "forward-looking" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Litigation R ...
... From time to time, we and our representatives may provide information, whether orally or in writing, including certain statements in this Annual Report on Form 10-K, which are deemed to be "forward-looking" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Litigation R ...
Policy options in preparation for the post
... effective policies are undertaken. This thesis seeks to elucidate a post-hydrocarbon scenario and various simulated policy options to revive some economic growth. This is proposed through further stimulus of selected industries under current diversification efforts and productivity growth. A recursi ...
... effective policies are undertaken. This thesis seeks to elucidate a post-hydrocarbon scenario and various simulated policy options to revive some economic growth. This is proposed through further stimulus of selected industries under current diversification efforts and productivity growth. A recursi ...
Introduction to Share Buyback Valuation
... This paper presents the main aspects of the formal theory for share buyback valuation from [1], which is referred to here as the treatise and gives more detailed mathematical proofs, valuation and equilibrium formulas for more share buyback scenarios, more case studies, discussions, etc. The prevale ...
... This paper presents the main aspects of the formal theory for share buyback valuation from [1], which is referred to here as the treatise and gives more detailed mathematical proofs, valuation and equilibrium formulas for more share buyback scenarios, more case studies, discussions, etc. The prevale ...
liberty broadband corporation - Morningstar Document Research
... margin loans entered into prior to the completion of the Broadband Spin-Off. These financial statements refer to the combination of the aforementioned subsidiary, investments, and financial instruments as “Liberty Broadband,” “the Company,” “us,” “we” and “our” in the notes to the condensed consolid ...
... margin loans entered into prior to the completion of the Broadband Spin-Off. These financial statements refer to the combination of the aforementioned subsidiary, investments, and financial instruments as “Liberty Broadband,” “the Company,” “us,” “we” and “our” in the notes to the condensed consolid ...
AON CORP (Form: 10-K, Received: 03/01/2007 17
... Explanatory Note Regarding Restatement Related to Stock Option Expense ("Explanatory Note.") In accordance with guidance provided by the Staff of the Securities and Exchange Commission ("SEC") in January 2007, Aon Corporation ("Aon" or the "Company") is restating in this Annual Report on Form 10-K, ...
... Explanatory Note Regarding Restatement Related to Stock Option Expense ("Explanatory Note.") In accordance with guidance provided by the Staff of the Securities and Exchange Commission ("SEC") in January 2007, Aon Corporation ("Aon" or the "Company") is restating in this Annual Report on Form 10-K, ...
Do Cash Flows of Growth Stocks Really Grow Faster?
... Zhang (2008) find that rebalanced portfolios of value stocks have higher dividend growth rates but suggest that their finding is consistent with conventional wisdom, and that their results are driven by the fact that value stocks have higher capital gains. I show that cash-flow growth rates of buy-and- ...
... Zhang (2008) find that rebalanced portfolios of value stocks have higher dividend growth rates but suggest that their finding is consistent with conventional wisdom, and that their results are driven by the fact that value stocks have higher capital gains. I show that cash-flow growth rates of buy-and- ...
Ethical standards and cultural assimilation in financial services
... An agent in our model is more ethical to the extent that he places a higher weight upon the Benthamite utilitarian welfare measure, and a lower weight upon his own concerns. We model ethical choice in this way for two reasons. First, it is easy to incorporate in an economic model in which actors max ...
... An agent in our model is more ethical to the extent that he places a higher weight upon the Benthamite utilitarian welfare measure, and a lower weight upon his own concerns. We model ethical choice in this way for two reasons. First, it is easy to incorporate in an economic model in which actors max ...
The Gains from Resolving Debt Overhang: Evidence from a
... firm makes production decisions using a constant returns-to-scale technology in labor. Each period, the firm enters with a productivity level, investment opportunities, and a coupon level. It has some probability of exiting exogenously. If it survives, equity holders alone decide whether or not to g ...
... firm makes production decisions using a constant returns-to-scale technology in labor. Each period, the firm enters with a productivity level, investment opportunities, and a coupon level. It has some probability of exiting exogenously. If it survives, equity holders alone decide whether or not to g ...
Voluntary exchange offer to acquire all issued and outstanding
... purpose of an offer of, or solicitation for, any securities in any jurisdiction or circumstances in which such offer or solicitation would be unlawful or unauthorised. BW Offshore intends to apply for and expects to receive consent under the Bermuda Exchange Control Act 1972 (and its related regulat ...
... purpose of an offer of, or solicitation for, any securities in any jurisdiction or circumstances in which such offer or solicitation would be unlawful or unauthorised. BW Offshore intends to apply for and expects to receive consent under the Bermuda Exchange Control Act 1972 (and its related regulat ...
Template Prospectus/Offer document
... [Guarantee shall mean a guarantee issued by the Guarantor on or prior to the Issue Date pursuant to the terms and conditions of the Guarantee agreement No. [●] deemed as collateral for [all the obligations arising from the Bonds]/[amount and volume of Bonds covered by the guarantee].] Interest shall ...
... [Guarantee shall mean a guarantee issued by the Guarantor on or prior to the Issue Date pursuant to the terms and conditions of the Guarantee agreement No. [●] deemed as collateral for [all the obligations arising from the Bonds]/[amount and volume of Bonds covered by the guarantee].] Interest shall ...
Lyxor Index Fund December 2014
... States Investment Company Act of 1940, as amended (the “Investment Company Act”). Based on interpretations of the Investment Company Act by the staff of the United States Securities and Exchange Commission (the “SEC”) relating to foreign investment companies, if the Company has more than one hundred ...
... States Investment Company Act of 1940, as amended (the “Investment Company Act”). Based on interpretations of the Investment Company Act by the staff of the United States Securities and Exchange Commission (the “SEC”) relating to foreign investment companies, if the Company has more than one hundred ...
The value of creditor control in corporate bonds
... constructed by Nini, Smith, and Sufi (2012). An advantage of analyzing covenant violations is that because firms often do not default right after a violation, the CDS contracts continue to trade both before and after the event. The influence of creditors around these events has been previously shown, a ...
... constructed by Nini, Smith, and Sufi (2012). An advantage of analyzing covenant violations is that because firms often do not default right after a violation, the CDS contracts continue to trade both before and after the event. The influence of creditors around these events has been previously shown, a ...
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.