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Poland
Poland

AVENTINE RENEWABLE ENERGY HOLDINGS INC
AVENTINE RENEWABLE ENERGY HOLDINGS INC

... requirements of comprehensive income to improve the comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. ASU 2011-05 requires that all non-owner changes in stockholders’ equity be presented either in a sin ...
Download paper (PDF)
Download paper (PDF)

... of consumption to the shock is therefore quite large and gets larger the further in the future the interest rate shocks occurs. It is the cumulative response of consumption (with some discounting) that determines the response of current inflation in the basic New Keynesian model. So, the further in ...
Performance Evaluation
Performance Evaluation

... Actual purchases are likely to lead to higher costs due to • Commissions • “Bid-Ask” Spread – the prior trade may have been at a bid, while your trade may be at the ask price (reverse if selling) • Market trend – are prices moving higher? • Liquidity impact – your demand may exceed share available a ...
the field of capital mobility and the gravitation of profit
the field of capital mobility and the gravitation of profit

Performance Evaluation
Performance Evaluation

... Actual purchases are likely to lead to higher costs due to • Commissions • “Bid-Ask” Spread – the prior trade may have been at a bid, while your trade may be at the ask price (reverse if selling) • Market trend – are prices moving higher? • Liquidity impact – your demand may exceed share available a ...
Financial Ratio Medians-2015.indd
Financial Ratio Medians-2015.indd

... Ziegler Research is pleased to present this annual study of 19 financial ratio median and quartile values we deem important for analyzing the credit quality of not-for-profit Continuing Care Retirement Communities (CCRCs). These ratios address profitability, liquidity, cash flow, and capital structu ...
US dividends for the long term
US dividends for the long term

... were divided into three groups based on whether the stocks’ indicated yields were in the highest, middle or lowest third of the universe; the stocks within these groups were further split into three groups based on their historical dividend payout ratios. The lines represent the cumulative returns o ...
COVENTRY GROUP LTD ANNUAL REPORT
COVENTRY GROUP LTD ANNUAL REPORT

... and people from nationalities and local groups which are under-represented in our workforce. To that end I conducted a number of focus group sessions with female employees at major locations across Australia to ascertain how the Company’s female workforce was being managed and how to ensure that the ...
ESTIMATINg pROBABILITY Of DEfAULT AND COMpARINg IT TO
ESTIMATINg pROBABILITY Of DEfAULT AND COMpARINg IT TO

... borrowers into five credit grades, from A to E. The two main criteria that they should consider in classification are the financial health and credit overdue of a firm. Collateral can be used in the assessment only if it is best-quality. All the firms which pledged bestquality collateral can be clas ...
The Bear Stearns Companies Inc.
The Bear Stearns Companies Inc.

... Energy L.P.; and Bear Hunter Holdings LLC. The Company participates, through Bear Hunter Holdings LLC, in specialist activities on the New York Stock Exchange (“NYSE”), American Stock Exchange (“AMEX”) and International Securities Exchange (“ISE”). Basis of Presentation The Condensed Consolidated Fi ...
Institutions, Public Debt and Foreign Finance
Institutions, Public Debt and Foreign Finance

... basic features of recent sovereign debt crises (IMF 2002, Sturzenegger and Zettelmeyer 2005). First, government defaults typically hurt the balance sheets of domestic banks, which in emerging economies hold large amounts of government bonds. Second, these adverse balance sheet effects lead to drops ...
Global Views 02-07-14
Global Views 02-07-14

... Source: Federal Reserve Board, Freddie Mac, Scotiabank period even lower. Therefore, whereas it appears as though Canadians withdrew about $280 billion in equity from their homes Chart 3 Canadian Household Credit and over the past seven years (numbers are only available through Withdrawals 2007), th ...
Financial Flows to Developing Countries: Recent Trends and Prospects
Financial Flows to Developing Countries: Recent Trends and Prospects

... made slow progress in fulfilling their commitments to enrich development assistance. Although private capital flows to developing countries have surged over the past few years, most of the flows have gone to just a few large countries. Many developing countries still depend heavily on concessionary ...
BSTDB: Navigating Through Uncertainty in the Black Sea Region
BSTDB: Navigating Through Uncertainty in the Black Sea Region

... For the Black Sea Trade and Development Bank, 2013 represented another solid year of progress operationally and institutionally. In line with the revised Medium-Term Strategy and Business Plan for the 2011-2014 period, approvals of new operations by the Bank’s Board of Directors reached EUR 266.9 mi ...
Japan`s Experience in the Late 1980s and the Lessons
Japan`s Experience in the Late 1980s and the Lessons

... Japan’s economy has experienced substantial fluctuations since the latter half of the 1980s. From the latter half of the 1980s to the early 1990s when the bubble emerged and expanded, we saw a rapid and large surge in asset prices, a sizable increase in money supply and credit, and the expansion of ...
united states securities and exchange commission - corporate
united states securities and exchange commission - corporate

... During the third quarter of 2016, management determined that the frequency with which we settle our U.S. inter-company payable balances with foreign subsidiaries over the past several years created deemed dividends under Section 956 of the U.S. Internal Revenue Code of 1986, as amended ("Section 956 ...
Do Corporate Managers Time Stock Repurchases Effectively?
Do Corporate Managers Time Stock Repurchases Effectively?

... shareholders, which may include repurchasing company shares when they are considered to be undervalued, and issuing shares when values are deemed to be high. Managers who make timing mistakes risk repurchasing shares when valuations are high. They instead could be using the cash to make positive net ...
here - Levy Economics Institute of Bard College
here - Levy Economics Institute of Bard College

... and markets within the context of Minsky’s path-breaking work on financial crises. In 2008–09, the world experienced its worst financial and economic crisis since the Great Depression. Global employment and output collapsed, and an estimated 84 million people fell into extreme poverty. Given the fra ...
pdf · 209.2 KB
pdf · 209.2 KB

Stand alone income statement
Stand alone income statement

... The stand alone financial statements have been prepared under the historical cost convention except as disclosed in the accounting policies below. For example, trading and available-for-sale investment securities have been measured at fair value. These stand alone financial statements are presented ...
SW Umwelttechnik: Clear increase of turnover, but market situation
SW Umwelttechnik: Clear increase of turnover, but market situation

... the previous year when they amounted to EUR 70.7 m. Fixed assets were reduced, but instead investment property is declared in the third quarter 2010. Short-term assets show no significant change to the previous year and the optimised stock and claims management has been kept up successfully. A balan ...
1 VALUING PRIVATE FIRMS So far in this book, we
1 VALUING PRIVATE FIRMS So far in this book, we

... If we choose to value equity, we discount cashflows to equity at the cost of equity, whereas if we choose to value the firm, we discount cashflows at the cost of capital. While the fundamental definitions of these costs have not changed, the process of estimating them may have to be changed given th ...
united states securities and exchange commission
united states securities and exchange commission

... Management believes these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. Further, forward-looking statements speak only as of the date they are made, and management undertakes no obli ...
Economic differences after the dissolution of Czechoslovakia
Economic differences after the dissolution of Czechoslovakia

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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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