pre-listing pricing efficiency and stock price reaction
... year before listing were $599 million and $18 million, respectively, which indicate that large and profitable firms get listed on the NYSE. The average sales of these firms were $357 million, average long-term debt obligations were $63 million, and average size of common equity was $116 million. ...
... year before listing were $599 million and $18 million, respectively, which indicate that large and profitable firms get listed on the NYSE. The average sales of these firms were $357 million, average long-term debt obligations were $63 million, and average size of common equity was $116 million. ...
NBER WORKING PAPER SERIES THE INTERTEMPORAL APPROACH TO THE CURRENT ACCOUNT Maurice Obstfeld
... consumption. This particular offshoot of the intertemporal approach is the 'complete-markets' model. Because complete-markets models fit more naturally into Marianne Baxter's chapter in this Handbook, they are summarized only briefly here. We reserve the term 'intertemporal approach'—as well as the ...
... consumption. This particular offshoot of the intertemporal approach is the 'complete-markets' model. Because complete-markets models fit more naturally into Marianne Baxter's chapter in this Handbook, they are summarized only briefly here. We reserve the term 'intertemporal approach'—as well as the ...
Nonlinear Phenomena in a Growing Economy with Convex Adjustment Costs
... on the field of financial mathematics, it is widely used for modeling open economies, given that on aggregate, the national income identity can be matched by the individual budget constraints2 . We assume that agents in our economy face two nonlinear mechanisms, defined by convex risk premium on bo ...
... on the field of financial mathematics, it is widely used for modeling open economies, given that on aggregate, the national income identity can be matched by the individual budget constraints2 . We assume that agents in our economy face two nonlinear mechanisms, defined by convex risk premium on bo ...
focused on building a leading vertically integrated diamond
... value you have disclosed on regulatory new release? ...
... value you have disclosed on regulatory new release? ...
DSGE models for policy analysis at central banks
... and Velasco (2004)). The financial accelerator has been employed to capture firms´ balance sheet the effects on investment by relying on a one-period stochastic optimal debt contract with costly-state verification. The key aspect is that such setting endogenously determines a risk premium above the ...
... and Velasco (2004)). The financial accelerator has been employed to capture firms´ balance sheet the effects on investment by relying on a one-period stochastic optimal debt contract with costly-state verification. The key aspect is that such setting endogenously determines a risk premium above the ...
Financial Development: A Broader Perspective
... distortions. An associated issue is to what extent regulatory reforms—together with more effective supervision—can improve that balance by strengthening market safeguards.” 1 To address these issues, the first part of this chapter attempts to set out an up-to-date framework for classifying financial ...
... distortions. An associated issue is to what extent regulatory reforms—together with more effective supervision—can improve that balance by strengthening market safeguards.” 1 To address these issues, the first part of this chapter attempts to set out an up-to-date framework for classifying financial ...
stock prices and macroeconomic variables in vietnam: an empirical
... Efficient market hypothesis (EMH) has been at the center of debates in financial literature for several years. The term efficiency is used to describe a market in which all relevant information is impounded into the price of financial assets. If the capital market is sufficiently efficient, investor ...
... Efficient market hypothesis (EMH) has been at the center of debates in financial literature for several years. The term efficiency is used to describe a market in which all relevant information is impounded into the price of financial assets. If the capital market is sufficiently efficient, investor ...
COMPARING SHARE VALUATION MODELS IN BOOM AND RECESSION
... sum of the present values of all expected future cash flows associated with the share. These cash flows can be classified as dividends, free cash flow or residual income. The discounted cash flow-based approach comprises of three discounted cash flow valuation (DCF) models, namely dividend discount ...
... sum of the present values of all expected future cash flows associated with the share. These cash flows can be classified as dividends, free cash flow or residual income. The discounted cash flow-based approach comprises of three discounted cash flow valuation (DCF) models, namely dividend discount ...
Aggregation of risks and Allocation of capital
... level) to arrive at capital requirements and risk measurement that take into account the interactions between the risks being aggregated (for example, the interaction between two lines of business, say annuities and mortality products). Ultimately, all the capital requirements are aggregated to arri ...
... level) to arrive at capital requirements and risk measurement that take into account the interactions between the risks being aggregated (for example, the interaction between two lines of business, say annuities and mortality products). Ultimately, all the capital requirements are aggregated to arri ...
04.06.2016Dividend policy
... dividends or repurchase shares. • The amount of money involved in payment suggests payout decision is a significant issue in many companies operation. • Retained earnings are the most significant internal source of financing. Dividend is a cash outflow to the company. On the other hand, dividend inc ...
... dividends or repurchase shares. • The amount of money involved in payment suggests payout decision is a significant issue in many companies operation. • Retained earnings are the most significant internal source of financing. Dividend is a cash outflow to the company. On the other hand, dividend inc ...
Inflation Breakeven Rate
... rate and ex ante nominal rate, is central to the transmission of information about future inflation. In a competitive market, real rates and nominal rates must be set by markets so that the spread summarizes information about expected inflation rate and possibly the inflation risk premium. If the sp ...
... rate and ex ante nominal rate, is central to the transmission of information about future inflation. In a competitive market, real rates and nominal rates must be set by markets so that the spread summarizes information about expected inflation rate and possibly the inflation risk premium. If the sp ...
The Level, Slope and Curve Factor Model for Stocks
... and high minus low (value). When using principal components to extract common factors from individual stocks, he finds no evidence of common variation due to differences in size and book to market (Connor and Korajczyk, 1986, 1988), but when using principal components analysis on a 10 by 10 portfol ...
... and high minus low (value). When using principal components to extract common factors from individual stocks, he finds no evidence of common variation due to differences in size and book to market (Connor and Korajczyk, 1986, 1988), but when using principal components analysis on a 10 by 10 portfol ...
Study on Prevention of the American Sub-prime Mortgage Loan Risk
... member of Lloyd’s, recently asserted that it could hardly count the investment amount in the sub-prime mortgage loan market, but it was forecasted that it would not affect its return on investment on sub-prime mortgage loan bonds. 3.4 Impact of American sub-prime mortgage loan crisis spread From the ...
... member of Lloyd’s, recently asserted that it could hardly count the investment amount in the sub-prime mortgage loan market, but it was forecasted that it would not affect its return on investment on sub-prime mortgage loan bonds. 3.4 Impact of American sub-prime mortgage loan crisis spread From the ...
Real Regulatory Capital Management and Dividend Payout
... impairment rules) and show that investors acted as if the potential negative effects of FVA out-weighed any benefits associated with having more timely and transparent mark-to-market data for decision making. Plantin et al. (2008) explain how FVA generates excessive volatility in prices, by degradin ...
... impairment rules) and show that investors acted as if the potential negative effects of FVA out-weighed any benefits associated with having more timely and transparent mark-to-market data for decision making. Plantin et al. (2008) explain how FVA generates excessive volatility in prices, by degradin ...
Switzerland - Swiss National Bank
... on mortgage lending is expected to work primarily through the relative change in capital requirements associated with residential mortgage loans, but also through limiting the overall potential for lending, given the capital currently available. Due to its targeted nature, the sectoral CCB should ha ...
... on mortgage lending is expected to work primarily through the relative change in capital requirements associated with residential mortgage loans, but also through limiting the overall potential for lending, given the capital currently available. Due to its targeted nature, the sectoral CCB should ha ...
here - Levy Economics Institute of Bard College
... 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 fragility and uneven progress of the economic recovery, social conditions are expected ...
... 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 fragility and uneven progress of the economic recovery, social conditions are expected ...
Eurozone - Doing Business | DOINGBUSINESS.RO
... Looking more broadly across financial services, the prospect of three more years of a very low interest rate environment will pose a serious challenge to firms across the Eurozone. The longer rates remain low, the greater the pressure they put on investment returns and balance sheets. Insurers and l ...
... Looking more broadly across financial services, the prospect of three more years of a very low interest rate environment will pose a serious challenge to firms across the Eurozone. The longer rates remain low, the greater the pressure they put on investment returns and balance sheets. Insurers and l ...
Testing the Elasticity of Corporate Yield Spreads
... Instead, he finds that the negative relationship between credit spreads and interest rates is much weaker once the call option effects are removed from the data. Note that Campbell and Taksler (2003) show that since idiosyncratic firm-level volatility affects credit spreads, it could also affect any ...
... Instead, he finds that the negative relationship between credit spreads and interest rates is much weaker once the call option effects are removed from the data. Note that Campbell and Taksler (2003) show that since idiosyncratic firm-level volatility affects credit spreads, it could also affect any ...
International spill-overs of uncertainty shocks
... fall in credit growth and asset prices. In response to the fall in inflation and domestic activity the US policy rate falls. These responses, in particular the dynamics of output and inflation, suggest that uncertainty shocks can be characterised as a negative demand shock in the US as suggested by Le ...
... fall in credit growth and asset prices. In response to the fall in inflation and domestic activity the US policy rate falls. These responses, in particular the dynamics of output and inflation, suggest that uncertainty shocks can be characterised as a negative demand shock in the US as suggested by Le ...