Margin Credit and Stock Return Predictability
... debt capacity margin credit (details in Section 2). Over our sample period of 31 years from 1984 to 2014, we find that a higher margin credit predicts lower future market returns. We compare margin credit with other popular predictors and find that margin credit is the strongest predictor to date of ...
... debt capacity margin credit (details in Section 2). Over our sample period of 31 years from 1984 to 2014, we find that a higher margin credit predicts lower future market returns. We compare margin credit with other popular predictors and find that margin credit is the strongest predictor to date of ...
Part I – Introduction - LSA
... rate of interest; usually because owner will lend to own company at such a nominal rate (like parents lend to kids). This looks more like equity; it looks like something an owner and not a third party would do). Note that there are debts with no interest An e.g. is zero coupon bonds – buy them f ...
... rate of interest; usually because owner will lend to own company at such a nominal rate (like parents lend to kids). This looks more like equity; it looks like something an owner and not a third party would do). Note that there are debts with no interest An e.g. is zero coupon bonds – buy them f ...
Financial Statements Mott Community College Flint, Michigan
... Funds. Revenues and expenses are recorded and recognized when incurred or earned, similar to how most corporate businesses account for transactions. When revenues and other support exceed expenses, the result is an increase in net assets—one indication that the College as a whole is better off finan ...
... Funds. Revenues and expenses are recorded and recognized when incurred or earned, similar to how most corporate businesses account for transactions. When revenues and other support exceed expenses, the result is an increase in net assets—one indication that the College as a whole is better off finan ...
disaggregated impacts of agricultural policy reform on
... producers potentially gain from higher food prices, only a small proportion of households fall into this category (probably around 25)5 the majority of (particularly poorer) farming households who are net purchasers of food lose out from higher food prices – unless wages rise. However there have be ...
... producers potentially gain from higher food prices, only a small proportion of households fall into this category (probably around 25)5 the majority of (particularly poorer) farming households who are net purchasers of food lose out from higher food prices – unless wages rise. However there have be ...
The Macroeconomic Effects of Large-Scale Asset Purchase Programs
... 3 bp (annualised). The corresponding effect on the level of GDP is estimated to be very long lasting—six years after the start of the program the level of GDP is still 0.07% above the path that would have prevailed in the absence of the LSAP program. Counterfactual simulations suggest that the commi ...
... 3 bp (annualised). The corresponding effect on the level of GDP is estimated to be very long lasting—six years after the start of the program the level of GDP is still 0.07% above the path that would have prevailed in the absence of the LSAP program. Counterfactual simulations suggest that the commi ...
the relationship betweeen financial leverage and
... This study sought to establish the relationship between financial leverage and profitability of firms listed at the Nairobi Securities Exchange. To achieve this objective a descriptive research design was used. The study considered firms that have been listed on the NSE for the past five years and u ...
... This study sought to establish the relationship between financial leverage and profitability of firms listed at the Nairobi Securities Exchange. To achieve this objective a descriptive research design was used. The study considered firms that have been listed on the NSE for the past five years and u ...
CHAPTER 2
... At December 31, 2011 Tootsie Roll’s largest current asset was Cash and Cash Equivalents of $78,612, its largest current liability is accrued liabilities of $43,069 and its largest item under other assets was trademarks of $175,024. (Note: amounts are in thousands) ...
... At December 31, 2011 Tootsie Roll’s largest current asset was Cash and Cash Equivalents of $78,612, its largest current liability is accrued liabilities of $43,069 and its largest item under other assets was trademarks of $175,024. (Note: amounts are in thousands) ...
The influence of macroeconomic developments on Austrian banks
... This paper aims to assess the effects of macroeconomic developments on risk provisions and earnings of Austrian banks for the 1990s. It seeks to detect economic indicators of potential instability in the banking system. The underlying theory is that bank earnings are to some extent directly (eg via ...
... This paper aims to assess the effects of macroeconomic developments on risk provisions and earnings of Austrian banks for the 1990s. It seeks to detect economic indicators of potential instability in the banking system. The underlying theory is that bank earnings are to some extent directly (eg via ...
form 6-k securities and exchange commission - corporate
... 2 ROAE: Return on Average Equity = Net income distributable to shareholders divided by average shareholders’ equity 3. Net operating profit from reporting segments: Net interest income + Net fee and commission income + total financial transactions, net - provision for loan losses. These results excl ...
... 2 ROAE: Return on Average Equity = Net income distributable to shareholders divided by average shareholders’ equity 3. Net operating profit from reporting segments: Net interest income + Net fee and commission income + total financial transactions, net - provision for loan losses. These results excl ...
Why Has Home Ownership Fallen Among the Young?
... the evidence, Moffitt and Gottschalk (2009) conclude that there has been a substantial rise in earnings uncertainty after 1980 compared to the 1970s, and that much of this increase occurred in the early part of the 1980s. There are differences depending on educational attainment and whether income ...
... the evidence, Moffitt and Gottschalk (2009) conclude that there has been a substantial rise in earnings uncertainty after 1980 compared to the 1970s, and that much of this increase occurred in the early part of the 1980s. There are differences depending on educational attainment and whether income ...
IMF Staff Report 2016 Article IV Consultation Curacao and Sint
... including a high level of development, good infrastructure, and relatively low public debt. However, preserving these going forward will require surmounting some critical challenges. GDP per capita is already at high-income country levels, but the islands must combat lackluster growth and high unemp ...
... including a high level of development, good infrastructure, and relatively low public debt. However, preserving these going forward will require surmounting some critical challenges. GDP per capita is already at high-income country levels, but the islands must combat lackluster growth and high unemp ...
Valuation: Part I Discounted Cash Flow Valuation
... where CFt is the expected cash flow in period t, r is the discount rate appropriate given the riskiness of the cash flow and n is the life of the asset." Proposition 1: For an asset to have value, the expected cash flows have to be positive some time over the life of the asset.! Proposition 2: Asset ...
... where CFt is the expected cash flow in period t, r is the discount rate appropriate given the riskiness of the cash flow and n is the life of the asset." Proposition 1: For an asset to have value, the expected cash flows have to be positive some time over the life of the asset.! Proposition 2: Asset ...
The Budget 1990
... Economic opportunities have been increased. Poverty has been reduced by the best kind of social policy — more jobs. The actions in this budget will ensure that we make continued progress in the years ahead by facing squarely the twin problems of high deficits and high inflation. I am proposing a two ...
... Economic opportunities have been increased. Poverty has been reduced by the best kind of social policy — more jobs. The actions in this budget will ensure that we make continued progress in the years ahead by facing squarely the twin problems of high deficits and high inflation. I am proposing a two ...
Characteristics and Hardships Associated with Bank Account
... to financial capability.1 Having a bank account is one important way for households to securely accumulate savings, build credit, and earn interest on assets.2 Households without accounts cannot use them to build credit, and many turn to alternative financial services in the absence of other banking ...
... to financial capability.1 Having a bank account is one important way for households to securely accumulate savings, build credit, and earn interest on assets.2 Households without accounts cannot use them to build credit, and many turn to alternative financial services in the absence of other banking ...
APPLE INC (Form: 424B2, Received: 11/04/2014 06:07:42)
... uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Forward-looking statements can also be identified by words such as “future,” “anticipates,” ...
... uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Forward-looking statements can also be identified by words such as “future,” “anticipates,” ...
Credit Access and Social Welfare in France and America
... forward. The problem with the life-cycle theory is the very high cost of consumer borrowing. Households would have to expect extraordinary wage growth in order for a typical 15%-20% real interest rate to increase their household utility. Moreover, real wage growth had declined or even stagnated by t ...
... forward. The problem with the life-cycle theory is the very high cost of consumer borrowing. Households would have to expect extraordinary wage growth in order for a typical 15%-20% real interest rate to increase their household utility. Moreover, real wage growth had declined or even stagnated by t ...
ASTRAZENECA PLC (Form: F-3ASR, Received: 11/22/2016 11:52:39)
... can also be no assurance regarding the ability of holders of our debt securities to sell their debt securities or the price at which such holders may be able to sell their debt securities. If a trading market were to develop, the debt securities could trade at prices that may be higher or lower than ...
... can also be no assurance regarding the ability of holders of our debt securities to sell their debt securities or the price at which such holders may be able to sell their debt securities. If a trading market were to develop, the debt securities could trade at prices that may be higher or lower than ...
Hot debt market - Adverse selection costs as a debt issue driver
... Often less in the spotlight of business news, debt financing is of an undisputable importance in the global financial market. In 2010, global nonfinancial corporate bond issuance amounted to USD 1.3 trillion (McKinsey Global Institute, 2011). Despite the lower media hype than equity financing with a ...
... Often less in the spotlight of business news, debt financing is of an undisputable importance in the global financial market. In 2010, global nonfinancial corporate bond issuance amounted to USD 1.3 trillion (McKinsey Global Institute, 2011). Despite the lower media hype than equity financing with a ...
Dynamic Fiscal Policy - University of Pennsylvania
... percent of total GDP, with roughly 60% of this coming from purchases of US states and roughly 40% stemming from purchases of the federal government. Thus an important point to notice about US government activity is that, due to its federal structure, in this country a large share of government spend ...
... percent of total GDP, with roughly 60% of this coming from purchases of US states and roughly 40% stemming from purchases of the federal government. Thus an important point to notice about US government activity is that, due to its federal structure, in this country a large share of government spend ...
Access to Refinancing and Mortgage Interest Rates
... behavior of interest rates around the eligibility threshold in three distinct policy regimes: prior to HARP (Jan 2005-Feb 2009) when lender treatment was symmetric; under the initial formulation of the program, the so-called HARP 1.0 (Mar 2009-Dec 2011), when existing lenders enjoyed some advantage ...
... behavior of interest rates around the eligibility threshold in three distinct policy regimes: prior to HARP (Jan 2005-Feb 2009) when lender treatment was symmetric; under the initial formulation of the program, the so-called HARP 1.0 (Mar 2009-Dec 2011), when existing lenders enjoyed some advantage ...
Whither growth in central and eastern Europe? Policy lessons
... Torbjörn Becker has been Director of the Stockholm Institute of Transition Economics at the Stockholm School of Economics since August 2006. He is also a board member of the Swedish International Development Cooperation Agency, chairman of the board of the Kyiv Economics Institute (Ukraine) and CenE ...
... Torbjörn Becker has been Director of the Stockholm Institute of Transition Economics at the Stockholm School of Economics since August 2006. He is also a board member of the Swedish International Development Cooperation Agency, chairman of the board of the Kyiv Economics Institute (Ukraine) and CenE ...
Household debt
Household debt is defined as the amount of money that all adults in the household owe financial institutions. It includes consumer debt and mortgage loans. A significant rise in the level of this debt coincides historically with many severe economic crises and was a cause of the U.S. and subsequent European economic crises of 2007–2012. Several economists have argued that lowering this debt is essential to economic recovery in the U.S. and selected Eurozone countries.