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Untitled
Untitled

... however, continues to be how to achieve more rapid underlying rates of output growth, and break the decade-long pattern of anemic performance interspersed with recession. This cannot be achieved by macroeconomic policies alone, but requires decisive action to deal with long-standing structural imped ...
the fragile capital structure of hedge funds and the
the fragile capital structure of hedge funds and the

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Release 1Q16
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FIT FOR THE FUTURE - N Brown Group plc
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... well down on the $841 per ounce reported in the prior year.  The  lower  AISC  in  2016  was  due  mainly  to  the  lower  unit  Cash  Operating  Cost  and  reduced  sustaining  capital  expenditure.    Total  Cash  Operating  Costs  at  Gwalia  of  $162,704,000  were  higher  compared  with  the  p ...
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An Equity Valuation and Analysis of Havertys Furniture Companies

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... a pecuniary externality associated with a collateral constraint plays a central role: it makes an economic expansion increase the value of borrowers’ collateral and leads to excessive borrowing. A tax on debt can then make borrowers internalize the externality.5 Benigno et al. (2011) add monetary po ...
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PDF Download

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... focus mainly on perfect risk sharing for investors. Second, the mechanism is quite different. We study a channel of fire sales, in which both asset prices and quantities of assets adjust endogenously to exogenous shocks, while they focus only on the quantity adjustment of assets. Another related pa ...
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... flight of financial capital and partly through the emigration of educated people. In this paper we analyze this exodus within an integrating framework of portfolio decisions taken by families. Families can decide both what proportion of their financial wealth, and what proportion of their educated m ...
Outlook for 2017: Paradigm Shift
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... governments also promoted fiscal austerity, multilateral trade and aggressive monetary stimulus. However, last year’s U.K. Brexit vote and U.S. election of President Donald Trump likely presage a new chapter in this bull market story. Specifically, many nations are definitely now viewing trade and f ...
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Global saving glut

Global saving glut (also global savings glut, GSG, cash hoarding, dead cash, dead money, glut of excess intended saving, shortfall of investment intentions), describes a situation in which desired saving exceeds desired investment. By 2005 Ben Bernanke, chairman of the Federal Reserve, the central bank of the United States, expressed concern about the ""significant increase in the global supply of saving"" and its implications for monetary policies, particularly in the United States. Although Bernanke's analyses focused on events in 2003 to 2007 that led to the 2007–2009 financial crisis, regarding GSG countries and the United States, excessive saving by the non-financial corporate sector (NFCS) is an ongoing phenomenon, affecting many countries. Bernanke's ""celebrated (if sometimes disputed)"" global saving glut (GSG) hypothesis argued that increased capital inflows to the United States from GSG countries were an important reason that U.S. longer-term interest rates from 2003 to 2007 were lower than expected.Alan Greenspan testifying at the Financial Crisis Inquiry Commission in 2010 explained, ""Whether it was a glut of excess intended saving, or a shortfall of investment intentions, the result was the same: a fall in global real long-term interest rates and their associated capitalization rates. Asset prices, particularly house prices, in nearly two dozen countries accordingly moved dramatically higher. U.S. house price gains were high by historical standards but no more than average compared to other countries.""An 2007 Organisation for Economic Co-operation and Development (OECD) report noted that the ""excess of gross saving over fixed investment (i.e. net lending) in the ""aggregate OECD corporate sector"" had been unusually large since 2002. In a 2006 International Monetary Fund report, it was observed that, ""since the bursting of the equity marketbubble in the early 2000s, companies in many industrial countries have moved from their traditional position of borrowing funds to finance their capital expenditures to running financial surpluses that they are now lending to other sectors of the economy."" David Wessell in a Wall Street Journal article observed that, ""[c]ompanies, which normally borrow other folks’ savings in order to invest, have turned thrifty. Even companies enjoying strong profits and cash flow are building cash hoards, reducing debt and buying back their own shares—instead of making investment bets."" Although the hypothesis of excess cash holdings or cash hoarding has been used by the Organisation for Economic Co-operation and Development (OECD), the International Monetary Fund and the media Wall Street Journal, Forbes, Canadian Broadcasting Corporation, the concept itself has been disputed and criticized as conceptually flawed in articles and reports published by the Hoover Institute, the Max-Planck Institute and the CATO Institute among others. Ben Bernanke used the phrase ""global savings glut"" in 2005 linking it to the U.S. current account deficit.In their July 2012 report Standard and Poors described the ""fragile equilibrium that currently exists in the global corporate credit landscape."" U.S. nonfinancial corporate sector NFCS firms continued to hoard a ""record amount of cash"" with large profitable investment-grade companies and technology and health care industries (with significant amounts of cash overseas), holding most of the wealth.By January 2013, NFCS firms in Europe had over 1 trillion euros of cash on their balance sheets, a record high in nominal terms.
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