LASERS Asset Allocation Follow Up
... • Structured with fixed coupon rate set at the time of original issuance – Represents the real rate of return required by investors at that time – Bond’s principal is adjusted upward based on changes to CPI – With fixed coupon rate applied to the growing principal balance, interest payments rise wit ...
... • Structured with fixed coupon rate set at the time of original issuance – Represents the real rate of return required by investors at that time – Bond’s principal is adjusted upward based on changes to CPI – With fixed coupon rate applied to the growing principal balance, interest payments rise wit ...
Developing a strong risk appetite program
... • Acknowledge commonalities. It is very important that risk, operations and finance collaborate closely when developing the strategic plan and the risk appetite statement. The bank should avoid the perception that either document is “owned” by a specific function or narrowly defined group. Hence th ...
... • Acknowledge commonalities. It is very important that risk, operations and finance collaborate closely when developing the strategic plan and the risk appetite statement. The bank should avoid the perception that either document is “owned” by a specific function or narrowly defined group. Hence th ...
The cultural revolution in risk management
... and behaviors, rather than risk policy. This was most recently demonstrated by the financial crisis, when market turmoil revealed the latent cultural issues that had been developing under the preceding period of economic growth. Inappropriate risk-taking behavior is now commonly recognized as one of ...
... and behaviors, rather than risk policy. This was most recently demonstrated by the financial crisis, when market turmoil revealed the latent cultural issues that had been developing under the preceding period of economic growth. Inappropriate risk-taking behavior is now commonly recognized as one of ...
The Economics of Solicited and Unsolicited Credit Ratings
... • The paper tackles an important and interesting institutional feature of information intermediation in financial markets • After years of observation, which firm, Moody’s or S&P, is the ethical one? – Tongue-in-cheek, but perhaps give more guidance about how to relate the model to current financial ...
... • The paper tackles an important and interesting institutional feature of information intermediation in financial markets • After years of observation, which firm, Moody’s or S&P, is the ethical one? – Tongue-in-cheek, but perhaps give more guidance about how to relate the model to current financial ...
CPDO – Managed Trades
... • To capture the much larger diversity in asset portfolios and roll mechanics the modeling of asset ratings must be done using a transition model and not just a default model • Thus each asset in the portfolio is transitioned on a timely basis according to a transition matrix • If there are no subst ...
... • To capture the much larger diversity in asset portfolios and roll mechanics the modeling of asset ratings must be done using a transition model and not just a default model • Thus each asset in the portfolio is transitioned on a timely basis according to a transition matrix • If there are no subst ...
going further to go farther
... Look for growth stocks that are large, liquid, high quality and predictable with strong balance sheets that are less economically sensitive. We believe they should also have high sustainable return on invested capital and a record of dividend growth and/or share buybacks. Having some cash may make s ...
... Look for growth stocks that are large, liquid, high quality and predictable with strong balance sheets that are less economically sensitive. We believe they should also have high sustainable return on invested capital and a record of dividend growth and/or share buybacks. Having some cash may make s ...
Global Imbalances – Fractures in the world monetary system
... unwinding is far from being completed. This leads us to the conundrum of how the US managed to maintain a positive return on a negative portfolio of net foreign assets. We find a variety of means that allow the US to maintain a net foreign asset position, which is less negative than their cumulative ...
... unwinding is far from being completed. This leads us to the conundrum of how the US managed to maintain a positive return on a negative portfolio of net foreign assets. We find a variety of means that allow the US to maintain a net foreign asset position, which is less negative than their cumulative ...
What Matters for Financial Development? Capital Controls
... which include private credit creation (PCGDP), stock market capitalization (SMKC), stock market total value (SMTV), all measured as a ratio of GDP, and stock market turnover (SMTO). Also for the series of regressions with different financial development measures, we also include each of the nine leg ...
... which include private credit creation (PCGDP), stock market capitalization (SMKC), stock market total value (SMTV), all measured as a ratio of GDP, and stock market turnover (SMTO). Also for the series of regressions with different financial development measures, we also include each of the nine leg ...
Derivatives And Risk Management In The Petroleum, Natural Gas
... • Discussion of the impediments to the development of energy risk management tools • Analysis of energy price volatility relative to other commodities • Review of the current regulatory structure for energy derivatives markets ...
... • Discussion of the impediments to the development of energy risk management tools • Analysis of energy price volatility relative to other commodities • Review of the current regulatory structure for energy derivatives markets ...
Europe`s ETF Primary Market
... Fund that tracks a benchmark (index) Represents a stake in the tracked benchmark • e.g. 1 unit (share) of a EuroStoxx 50 ETF represents 50 index shares: 0.0547 unit TOTAL, 0.0503 unit SIEMENS... A listed, open-ended collective investment vehicle Almost all European ETFs are UCITS Fundamental structu ...
... Fund that tracks a benchmark (index) Represents a stake in the tracked benchmark • e.g. 1 unit (share) of a EuroStoxx 50 ETF represents 50 index shares: 0.0547 unit TOTAL, 0.0503 unit SIEMENS... A listed, open-ended collective investment vehicle Almost all European ETFs are UCITS Fundamental structu ...
Risk Analysis of Collateralized Debt Obligations
... are preferable to agency ratings, which are often based on the first moment only. Estimating a stochastic point process model of portfolio default timing under the actual probability measure presents unique challenges. Most importantly, inference must be based on historical default timing data, rath ...
... are preferable to agency ratings, which are often based on the first moment only. Estimating a stochastic point process model of portfolio default timing under the actual probability measure presents unique challenges. Most importantly, inference must be based on historical default timing data, rath ...
LKQ CORP - TheStreet
... LKQ CORP's gross profit margin for the first quarter of its fiscal year 2017 is essentially unchanged when compared to the same period a year ago. The company managed to grow both sales and net income at a faster pace than the average competitor in its industry this quarter as compared to the same q ...
... LKQ CORP's gross profit margin for the first quarter of its fiscal year 2017 is essentially unchanged when compared to the same period a year ago. The company managed to grow both sales and net income at a faster pace than the average competitor in its industry this quarter as compared to the same q ...
control premiums and the eeeectiveness oe corporate governance
... transfers could be observed and quantified, it would be relatively easy, at least where such transfers are illegal, for non-controlling shareholders to stop them.) Financial economists have come up with two methods of estimating the size of private benefits. One is to look at differences across firm ...
... transfers could be observed and quantified, it would be relatively easy, at least where such transfers are illegal, for non-controlling shareholders to stop them.) Financial economists have come up with two methods of estimating the size of private benefits. One is to look at differences across firm ...
Financial Market Infrastructure Ordinance
... Securities suitable for mass standardised trading encompass certificated and uncertificated securities, derivatives, and intermediated securities which are publicly offered for sale in the same structure and denomination or are placed with more than 20 clients, insofar as they have not been created ...
... Securities suitable for mass standardised trading encompass certificated and uncertificated securities, derivatives, and intermediated securities which are publicly offered for sale in the same structure and denomination or are placed with more than 20 clients, insofar as they have not been created ...
KIMBERLY-CLARK CORPORATION 401(K)
... To the Plan Administrator and Participants of Kimberly-Clark Corporation 401(k) and Profit Sharing Plan: We have audited the accompanying statements of net assets available for benefits of the Kimberly-Clark Corporation 401(k) and Profit Sharing Plan (the “Plan”) as of December 31, 2014 and 2013, an ...
... To the Plan Administrator and Participants of Kimberly-Clark Corporation 401(k) and Profit Sharing Plan: We have audited the accompanying statements of net assets available for benefits of the Kimberly-Clark Corporation 401(k) and Profit Sharing Plan (the “Plan”) as of December 31, 2014 and 2013, an ...
World Asset Markets and the Global Financial Cycle
... who have large capital market operations and are classified as systemically important banks), on cross-border credit flows and on credit growth worldwide. It also has a powerful effect on the global factor and on measures of the risk premium and the term spread. At the same time, we find textbook re ...
... who have large capital market operations and are classified as systemically important banks), on cross-border credit flows and on credit growth worldwide. It also has a powerful effect on the global factor and on measures of the risk premium and the term spread. At the same time, we find textbook re ...
annual report
... line, were weak due to lower capital investment in pharmaceutical and chemical markets. Consequently, overall sales decreased. On the other hand, we delivered food radiation inspection systems to Fukushima Prefecture and elsewhere, which we had released for the purpose of inspecting whole bags of ri ...
... line, were weak due to lower capital investment in pharmaceutical and chemical markets. Consequently, overall sales decreased. On the other hand, we delivered food radiation inspection systems to Fukushima Prefecture and elsewhere, which we had released for the purpose of inspecting whole bags of ri ...
The Impact of Prices on Takeovers - Wharton Finance
... These results cast doubt on the received wisdom that market valuations create a takeover threat that forces managers to improve firm performance. We argue that there is a fundamental challenge to finding a relation between market prices and takeover activity in the data. While markets may exhibit a ...
... These results cast doubt on the received wisdom that market valuations create a takeover threat that forces managers to improve firm performance. We argue that there is a fundamental challenge to finding a relation between market prices and takeover activity in the data. While markets may exhibit a ...
In The Vanguard Core Edition Summer 2012
... or good. Bond prices would fall, but holders of money market funds and short-term bond funds would see their income go up fairly quickly, and yields of all bond funds would rise. If you’re a longer-term bond fund investor, the immediate pain may eventually subside if your time horizon matches or exc ...
... or good. Bond prices would fall, but holders of money market funds and short-term bond funds would see their income go up fairly quickly, and yields of all bond funds would rise. If you’re a longer-term bond fund investor, the immediate pain may eventually subside if your time horizon matches or exc ...