NBER WORKING PAPER SERIES MARKET SELECTION Leonid Kogan Stephen Ross
... the agents in the economy, but they do not change how those risk attitudes affect survival or price impact. We are therefore able to apply the necessary and sufficient conditions for the validity of the MSH to models with state-dependent preferences that are commonly used in the literature. This aspect ...
... the agents in the economy, but they do not change how those risk attitudes affect survival or price impact. We are therefore able to apply the necessary and sufficient conditions for the validity of the MSH to models with state-dependent preferences that are commonly used in the literature. This aspect ...
Chapter 1 Monopoly
... According to Hicks (1935), “the best of all monopoly profits is a quiet life”, reflecting the idea that an avid young entrepreneur is bound to become a bourgeois once he has achieved industrial success.8 Leibenstein (1966) takes on this simple observation to introduce the loose concept of X-efficien ...
... According to Hicks (1935), “the best of all monopoly profits is a quiet life”, reflecting the idea that an avid young entrepreneur is bound to become a bourgeois once he has achieved industrial success.8 Leibenstein (1966) takes on this simple observation to introduce the loose concept of X-efficien ...
The Introduction of Economic Value Added (EVA ) in the Greek
... Relative information content approach revealed that in the Greek stock market earnings levels and earnings changes are associated with stock returns and outperform EVA in explaining stock returns. These results are consistent to those reported for various international markets. Easton and Harris (19 ...
... Relative information content approach revealed that in the Greek stock market earnings levels and earnings changes are associated with stock returns and outperform EVA in explaining stock returns. These results are consistent to those reported for various international markets. Easton and Harris (19 ...
Gold Price Modeling Using System Dynamics
... Dollar Index ties to oil price negatively. When the dollar falls, oil prices rise because investors are more likely to transfer their investments toward more on oil (and gold as described earlier). In terms of chaos factor, whenever there is war or political issues in oil production countries, it me ...
... Dollar Index ties to oil price negatively. When the dollar falls, oil prices rise because investors are more likely to transfer their investments toward more on oil (and gold as described earlier). In terms of chaos factor, whenever there is war or political issues in oil production countries, it me ...
Financial Development and Economic Growth: Views and
... growth. This paper narrows its conceptual focus by studying the financial services available to an economy regardless 4 Also, the theoretical review focuses on purely real economies and essentially ignores work on finance and growth in monetary economies. ...
... growth. This paper narrows its conceptual focus by studying the financial services available to an economy regardless 4 Also, the theoretical review focuses on purely real economies and essentially ignores work on finance and growth in monetary economies. ...
Ijara by Zubair Usmani
... Anything which cannot be used without consuming cannot be leased out; e.g., money, wheat etc. ...
... Anything which cannot be used without consuming cannot be leased out; e.g., money, wheat etc. ...
Stock market boom and the productivity gains of the 1990s
... relationship can go in both directions, in this paper we will emphasize the channel going from asset prices to labor productivity. Financing boom for new firms: Figure 4 illustrates the financing boom for new firms with the evolution of the Nasdaq composite index and the amount of venture capital i ...
... relationship can go in both directions, in this paper we will emphasize the channel going from asset prices to labor productivity. Financing boom for new firms: Figure 4 illustrates the financing boom for new firms with the evolution of the Nasdaq composite index and the amount of venture capital i ...
The Financialization of Commodity Markets
... to hedge spot-price risk inherent in their commercial activities. Non-commercial traders, such as hedge funds or other managed money vehicles, invest others’ money on a discretionary basis in commodities, commodity futures, and options on futures, and make extensive use of leverage. Over the past de ...
... to hedge spot-price risk inherent in their commercial activities. Non-commercial traders, such as hedge funds or other managed money vehicles, invest others’ money on a discretionary basis in commodities, commodity futures, and options on futures, and make extensive use of leverage. Over the past de ...
The 2008 Cotton Price Spike and Extraordinary Hedging Costs
... driven in part by merchants buying futures to unwind the short positions on which they had incurred large losses the previous day. Futures trading is highly leveraged because traders post ”margin” typically equal to 5–10% of the futures con tract value. At the end of each trading day, futures posit ...
... driven in part by merchants buying futures to unwind the short positions on which they had incurred large losses the previous day. Futures trading is highly leveraged because traders post ”margin” typically equal to 5–10% of the futures con tract value. At the end of each trading day, futures posit ...
How critical the built up of estate is in participating fund and how
... IRDAI (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002 defines FFA as “The FFA shall represent all funds, the allocation of which, either to the policyholders or to the shareholders, has not been determined by the end of the financial year”. Estate ...
... IRDAI (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002 defines FFA as “The FFA shall represent all funds, the allocation of which, either to the policyholders or to the shareholders, has not been determined by the end of the financial year”. Estate ...
The Existence of Corporate Bond Clawbacks
... is possible that once the project has been “revealed”, bondholder’s benefit at the expense of stockholders, as they receive above average rates of interest although the risk has been revealed to be much lower than anticipated. This expropriation of wealth by bondholders reduces the benefits that flo ...
... is possible that once the project has been “revealed”, bondholder’s benefit at the expense of stockholders, as they receive above average rates of interest although the risk has been revealed to be much lower than anticipated. This expropriation of wealth by bondholders reduces the benefits that flo ...
income income income income income income
... This document is provided for information purposes only and is intended to be read as a companion to the Dynamic Premium Yield Fund advisor brochure. This document is intended to provide supplemental information regarding the investment concepts and strategies employed by the Dynamic Premium Yield ...
... This document is provided for information purposes only and is intended to be read as a companion to the Dynamic Premium Yield Fund advisor brochure. This document is intended to provide supplemental information regarding the investment concepts and strategies employed by the Dynamic Premium Yield ...
Use SWIFT solutions to reduce your liquidity risk
... • Identify your SWIFT market share from a value or currency ...
... • Identify your SWIFT market share from a value or currency ...
capital structure and dividend policy
... of shares of common stock that are outstanding); and, in combination, when DTL = 4.20, a 10 percent decrease (increase) in sales will cause a 42 percent decrease (increase) in EPS. The concept of leverage can be used to determine the impact that a change in capital structure will have on the riskine ...
... of shares of common stock that are outstanding); and, in combination, when DTL = 4.20, a 10 percent decrease (increase) in sales will cause a 42 percent decrease (increase) in EPS. The concept of leverage can be used to determine the impact that a change in capital structure will have on the riskine ...
Chapter 6
... payments only occur for 5 periods throughout the 40 quarters, this problem cannot be immediately solved as an annuity problem. The problem can be solved in two steps: 1. Discount the $1,432.02 back to the end of Quarter 5 to obtain the PV of that future amount at Quarter 5. Input the following into ...
... payments only occur for 5 periods throughout the 40 quarters, this problem cannot be immediately solved as an annuity problem. The problem can be solved in two steps: 1. Discount the $1,432.02 back to the end of Quarter 5 to obtain the PV of that future amount at Quarter 5. Input the following into ...
ONE SIZE DOES NOT FIT ALL - PGIM Real Estate Finance
... participants benefit, but this model is about to change. Why the change? The residential mortgage market disrupted the U.S. economy. However, the disruption did not stem from the TBA market itself; rather the disruption was caused by the quality of the residential loans that backed the securities. N ...
... participants benefit, but this model is about to change. Why the change? The residential mortgage market disrupted the U.S. economy. However, the disruption did not stem from the TBA market itself; rather the disruption was caused by the quality of the residential loans that backed the securities. N ...
Chapter 15
... Determining Beta For a stock, beta determined statistically For a factory, determining beta is more difficult Firms often use the company cost of capital as nominal discount rate Weighted average of he expected return on a company’s stock and the interest rate that it pays for debt. Can dep ...
... Determining Beta For a stock, beta determined statistically For a factory, determining beta is more difficult Firms often use the company cost of capital as nominal discount rate Weighted average of he expected return on a company’s stock and the interest rate that it pays for debt. Can dep ...
Gideon I: the FTC equity strategy
... As promised, FTC’s trend-following fund-of-funds strategy has survived the crisis months on the world markets since 2008 much better in comparison with conventional equity funds. Since February 2009, FTC has been applying an additional longshort overlay in Gideon I. Read this issue of FTC.update to ...
... As promised, FTC’s trend-following fund-of-funds strategy has survived the crisis months on the world markets since 2008 much better in comparison with conventional equity funds. Since February 2009, FTC has been applying an additional longshort overlay in Gideon I. Read this issue of FTC.update to ...
PDF
... data. Section 4 presents a non-structural approach – the tracking portfolio approach – that does not involve specification of a particular asset pricing model and allows us to test two of the hypotheses, while Section 5 tests a third hypothesis and provides quantitative results in a structural conte ...
... data. Section 4 presents a non-structural approach – the tracking portfolio approach – that does not involve specification of a particular asset pricing model and allows us to test two of the hypotheses, while Section 5 tests a third hypothesis and provides quantitative results in a structural conte ...
Predicting Failures of Large U.S. Commercial Banks
... Since 2007 several banks have fallen into bankruptcy in the U.S. What is historically notable in this situation is the amount of assets lost in bankruptcies that are already measured in hundreds of billions of dollars. Since financial institutions magnitude to the current economic system is crucial, ...
... Since 2007 several banks have fallen into bankruptcy in the U.S. What is historically notable in this situation is the amount of assets lost in bankruptcies that are already measured in hundreds of billions of dollars. Since financial institutions magnitude to the current economic system is crucial, ...