Do Tests of Capital Structure Theory Mean What They Say? ∗
... costs can explain these findings. Over a one year horizon, there is almost a one-to-one relation between leverage and the implied debt ratio, a variable whose change is entirely determined by one-year stock returns. This result seems surprising in an empirical context since it implies that corporati ...
... costs can explain these findings. Over a one year horizon, there is almost a one-to-one relation between leverage and the implied debt ratio, a variable whose change is entirely determined by one-year stock returns. This result seems surprising in an empirical context since it implies that corporati ...
designated market makers - The New York Stock Exchange
... • DMMs are core liquidity providers – DMMs are dedicated market makers that provide liquidity in a given NYSE or NYSE MKT security by assuming risk and displaying quotes in the exchange limit order book. In 2015, DMMs accounted for about 12% of liquidity adding volume in NYSE-listed securities, on ...
... • DMMs are core liquidity providers – DMMs are dedicated market makers that provide liquidity in a given NYSE or NYSE MKT security by assuming risk and displaying quotes in the exchange limit order book. In 2015, DMMs accounted for about 12% of liquidity adding volume in NYSE-listed securities, on ...
report on the macro-prudential research network (mars)
... macro-prudential regulatory policy instruments). Its main objectives were: to develop theoretical and empirical frameworks that integrate realistic characterisations of widespread financial instability into models of the aggregate economy; to allow analysis of transmission channels between financial i ...
... macro-prudential regulatory policy instruments). Its main objectives were: to develop theoretical and empirical frameworks that integrate realistic characterisations of widespread financial instability into models of the aggregate economy; to allow analysis of transmission channels between financial i ...
Successful Activist Board Engagement
... viewed the two-tier trigger structure as “discriminatory” — differentiating between activist and passive investors — the court found that Sotheby’s had a reasonable basis to believe that Third Point posed a threat of exercising disproportionate control and influence over major decisions. The court ...
... viewed the two-tier trigger structure as “discriminatory” — differentiating between activist and passive investors — the court found that Sotheby’s had a reasonable basis to believe that Third Point posed a threat of exercising disproportionate control and influence over major decisions. The court ...
Portfolio Selection with Parameter and Model Uncertainty: A Multi
... to ambiguity (Ellsberg (1961)), it is important to consider investors with multiple-priors who are averse to this ambiguity,2 and hence, desire robust portfolio rules that work well for a set of possible models.3 In this paper, we examine the normative implications of parameter and model uncertainty ...
... to ambiguity (Ellsberg (1961)), it is important to consider investors with multiple-priors who are averse to this ambiguity,2 and hence, desire robust portfolio rules that work well for a set of possible models.3 In this paper, we examine the normative implications of parameter and model uncertainty ...
Financial Accounting: Assets Question 1 (30 marks) Multiple choice
... not to control those decisions. That influence can be achieved, under certain circumstances, with any level of ownership. f. 2) Cost is normally defined as the fair value of the consideration given up to acquire the asset. g. 4) Under the equity method of accounting for investments in associates, d ...
... not to control those decisions. That influence can be achieved, under certain circumstances, with any level of ownership. f. 2) Cost is normally defined as the fair value of the consideration given up to acquire the asset. g. 4) Under the equity method of accounting for investments in associates, d ...
PUF Investment Policy
... the U. T. Board in investment of the PUF. The Fund shall be managed through The University of Texas Investment Management Company ("UTIMCO") which shall a) recommend investment policy for the Fund, b) determine specific asset allocation targets, ranges and performance benchmarks consistent with Fund ...
... the U. T. Board in investment of the PUF. The Fund shall be managed through The University of Texas Investment Management Company ("UTIMCO") which shall a) recommend investment policy for the Fund, b) determine specific asset allocation targets, ranges and performance benchmarks consistent with Fund ...
Financial distress and firm performance: Evidence from the Asian
... The Asian Financial Crisis of 1997-1998 led to sharp declines in the currencies and stock market prices of a number of Asian countries/economies; it also caused repercussions to the global economy (International Monetary Fund, 2008). Prior research has studied the relationship between financial leve ...
... The Asian Financial Crisis of 1997-1998 led to sharp declines in the currencies and stock market prices of a number of Asian countries/economies; it also caused repercussions to the global economy (International Monetary Fund, 2008). Prior research has studied the relationship between financial leve ...
e - Homework Minutes
... Therefore, better governance would mean that an investor’s fund would be better used to give excess returns to shareholders. The returns may be in the form of dividends and/or increased market value. In either way, it means that governance achieves this excess by operating performance. Those firms w ...
... Therefore, better governance would mean that an investor’s fund would be better used to give excess returns to shareholders. The returns may be in the form of dividends and/or increased market value. In either way, it means that governance achieves this excess by operating performance. Those firms w ...
Are Executive Stock Option Exercises Driven by Private Information
... the null findings of Carpenter and Remmers (2001). Rather than focus only on option exercises as in the prior literature, we also examine non-exercise of options conjecturing that delaying option exercises may also be a strategy for exploiting private good news. Given that insiders are under-diversi ...
... the null findings of Carpenter and Remmers (2001). Rather than focus only on option exercises as in the prior literature, we also examine non-exercise of options conjecturing that delaying option exercises may also be a strategy for exploiting private good news. Given that insiders are under-diversi ...
Financial Planning Model - Sollenberger Associates
... Distinguishing between strategic goals and other forecasting targets. There are only a few strategic financial goals – maybe a half dozen, certainly 10 or less. But, to forecast balance sheets and income statements, many more forecast variables are needed. For example, loan growth may be a strategic ...
... Distinguishing between strategic goals and other forecasting targets. There are only a few strategic financial goals – maybe a half dozen, certainly 10 or less. But, to forecast balance sheets and income statements, many more forecast variables are needed. For example, loan growth may be a strategic ...
Indicators for Bubble Formation in Housing Markets
... indicators will be necessary and that each one will require adjustment depending on the specific conditions that exist in the investigated market (Lind, 2008). But the use of a set of indicators is, also, not expected to give sufficient information unless psychological factors, like the motivation o ...
... indicators will be necessary and that each one will require adjustment depending on the specific conditions that exist in the investigated market (Lind, 2008). But the use of a set of indicators is, also, not expected to give sufficient information unless psychological factors, like the motivation o ...
Pension Liabilities: Fear Tactics and Serious Policy
... develop a logic whereby individual workers are better situated to bear the timing risk associated with equities than state and local governments. The focus of this paper is on the second point, the appropriate rule for pension funds to use in assessing their funding situation. This paper argues that ...
... develop a logic whereby individual workers are better situated to bear the timing risk associated with equities than state and local governments. The focus of this paper is on the second point, the appropriate rule for pension funds to use in assessing their funding situation. This paper argues that ...
Risk measures and robust optimization problems
... losses (P&L) are described by a real-valued function X on some set Ω of possible scenarios ω. The basic asymmetry in the P&L interpretation of X will be taken into account by requiring a property of monotonicity. Convexity of the risk measure will make sure that diversification of portfolios will de ...
... losses (P&L) are described by a real-valued function X on some set Ω of possible scenarios ω. The basic asymmetry in the P&L interpretation of X will be taken into account by requiring a property of monotonicity. Convexity of the risk measure will make sure that diversification of portfolios will de ...
Capital structure and volatility of risk
... to account for the capital structure of the firm in that year by scaling by Et/(Et+Dt), where Et is the market value of firms equity as of the end of the fiscal year and Dt is the book value of debt, and use the standard deviation of the monthly volatility estimates as another proxy for volatility o ...
... to account for the capital structure of the firm in that year by scaling by Et/(Et+Dt), where Et is the market value of firms equity as of the end of the fiscal year and Dt is the book value of debt, and use the standard deviation of the monthly volatility estimates as another proxy for volatility o ...
China`s new monetary policy framework
... tools. Taylor’s rule was the most common guidance in setting interest rates. Introduced by economist John Taylor in 1993, the rule provides guideline to set interest rates in relation to changes in inflation, output gap and other economic conditions that will stabilize the economy in the short term ...
... tools. Taylor’s rule was the most common guidance in setting interest rates. Introduced by economist John Taylor in 1993, the rule provides guideline to set interest rates in relation to changes in inflation, output gap and other economic conditions that will stabilize the economy in the short term ...
Document
... private labelling scheme is launched if it is profitable for the companies participating and the companies voluntarily joining the scheme. This type of labelling does not necessarily lead to the maximisation of total welfare. Instead, private labelling is meant to differentiate the market so as to ...
... private labelling scheme is launched if it is profitable for the companies participating and the companies voluntarily joining the scheme. This type of labelling does not necessarily lead to the maximisation of total welfare. Instead, private labelling is meant to differentiate the market so as to ...
18-43 18.7 Forward Rate Agreements (FRAs)
... management of an interest rate risk exposure It is an agreement between two parties on an interest rate level that will apply at a specified future date Allows the lender and borrower to lock-in interest rates Unlike a loan, no exchange of principal occurs Payment between the parties involve ...
... management of an interest rate risk exposure It is an agreement between two parties on an interest rate level that will apply at a specified future date Allows the lender and borrower to lock-in interest rates Unlike a loan, no exchange of principal occurs Payment between the parties involve ...
DOC - Gentex Investor Relations
... Rear Camera Display (RCD) and Full Display (FDM) interior mirrors, CMOS imager based video cameras for rear vision with high dynamic range, proprietary exterior turn signals, side blind zone indicators and various other exterior mirror features that improve safety and field of view. Automotive Rearv ...
... Rear Camera Display (RCD) and Full Display (FDM) interior mirrors, CMOS imager based video cameras for rear vision with high dynamic range, proprietary exterior turn signals, side blind zone indicators and various other exterior mirror features that improve safety and field of view. Automotive Rearv ...
THE REAL EFFECTS OF POLITICAL UNCERTAINTY: ELECTIONS, CAPITAL ALLOCATION, AND PERFORMANCE
... information quality of stock prices. Prior work shows that in making investment decisions, managers rely on stock prices more as the amount of private firm-specific information contained in prices increases (Durnev et al. (2004) and Chen et al. (2007)). If uncertainty about election outcomes and fut ...
... information quality of stock prices. Prior work shows that in making investment decisions, managers rely on stock prices more as the amount of private firm-specific information contained in prices increases (Durnev et al. (2004) and Chen et al. (2007)). If uncertainty about election outcomes and fut ...
Bondch6s
... Rates of return on government securities depend, in part, on the size and growth of federal government debt. If federal deficits are increasing over time, then the Treasury will be constantly trying to raise funds in the financial market. As we discussed in Chapter 3, the Treasury sells a number of ...
... Rates of return on government securities depend, in part, on the size and growth of federal government debt. If federal deficits are increasing over time, then the Treasury will be constantly trying to raise funds in the financial market. As we discussed in Chapter 3, the Treasury sells a number of ...