PeteKyle_TaoLin_2002..
... information, we can think of them as published analysts’ forecasts of dividend growth. Otherwise, we can think of them as private forecasts of dividend growth. The forecasts are unbiased if w0 1 . The assumption that w1 w2 0 captures the idea that each trader has a “favorite” analyst, whose fo ...
... information, we can think of them as published analysts’ forecasts of dividend growth. Otherwise, we can think of them as private forecasts of dividend growth. The forecasts are unbiased if w0 1 . The assumption that w1 w2 0 captures the idea that each trader has a “favorite” analyst, whose fo ...
Money as Friction: Conceptual Dissonance in
... It ensures that [the budget constraint] holds for each household i. A symptom of the onceandforall trading arrangement is that each household faces one budget constraint that accounts for all trades across dates and histories. The frictionless model is therefore a model of p ...
... It ensures that [the budget constraint] holds for each household i. A symptom of the onceandforall trading arrangement is that each household faces one budget constraint that accounts for all trades across dates and histories. The frictionless model is therefore a model of p ...
US P3 Market Slowly Builds on Four Fronts
... states, which was required in the past couple of years. While the TIFIA cuts may seem significant on the surface, the impact may be less than expected given TIFIA has historically reached financial close on only a handful of P3 projects annually. That being said, TIFIA loans are an integral part of ...
... states, which was required in the past couple of years. While the TIFIA cuts may seem significant on the surface, the impact may be less than expected given TIFIA has historically reached financial close on only a handful of P3 projects annually. That being said, TIFIA loans are an integral part of ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... rapidly than world interest rates over a long horizon. In a dynamically efficient world economy, such a situation represents the expectation of a higher future standard of living owing to expected investment income from abroad. The aggregate generational current account thus uses two standard techni ...
... rapidly than world interest rates over a long horizon. In a dynamically efficient world economy, such a situation represents the expectation of a higher future standard of living owing to expected investment income from abroad. The aggregate generational current account thus uses two standard techni ...
mmi11 DeNicolo 15074636 en
... from other policies. Financial liberalization is usually tracked by de-jure measures, while few studies use de-facto measures. In this paper we examine the distinct impact of de-facto measures of financial integration and globalization on several dimensions of real activity. Here, advances in financ ...
... from other policies. Financial liberalization is usually tracked by de-jure measures, while few studies use de-facto measures. In this paper we examine the distinct impact of de-facto measures of financial integration and globalization on several dimensions of real activity. Here, advances in financ ...
Sovereign yield spreads during the Euro-crisis
... ). Unfortunately, no market based measure of exit probabilities for individual EMU is available. However, we use the probability that at least one member country will declare its exit from the monetary union by the end of 2013 (see Chart 2) which is derived from the internet platform INTRADE – a vir ...
... ). Unfortunately, no market based measure of exit probabilities for individual EMU is available. However, we use the probability that at least one member country will declare its exit from the monetary union by the end of 2013 (see Chart 2) which is derived from the internet platform INTRADE – a vir ...
2015 Full Year Financial Report for Lend Lease Trust
... Rule 12 of the Trust’s Constitution provides for indemnification in favour of each of the Directors named on page one of this Report; the officers of the Responsible Entity or of wholly owned subsidiaries or related entities of the Responsible Entity (‘Officers’) to the extent permitted by the Corpo ...
... Rule 12 of the Trust’s Constitution provides for indemnification in favour of each of the Directors named on page one of this Report; the officers of the Responsible Entity or of wholly owned subsidiaries or related entities of the Responsible Entity (‘Officers’) to the extent permitted by the Corpo ...
() - ETF Securities
... Globally, economic growth is becoming more broad-based, although growth rates remain well below their 40 year average in the developed world. US interest rates are beginning a steady rate hike path. Core inflationary pressures in the rest of the developed world are broadly rising, suggesting other c ...
... Globally, economic growth is becoming more broad-based, although growth rates remain well below their 40 year average in the developed world. US interest rates are beginning a steady rate hike path. Core inflationary pressures in the rest of the developed world are broadly rising, suggesting other c ...
Fallacy of the Log-Normal Approximation to
... and Stiglitz (1970). and Samuelson (1967a). Alonn with mean-variance analysis, the theory of portfolio select-ion when the distributions are Pareto-Levy ...
... and Stiglitz (1970). and Samuelson (1967a). Alonn with mean-variance analysis, the theory of portfolio select-ion when the distributions are Pareto-Levy ...
Effects of inappropriate financial regulation
... in order to achieve what it feels to be the best cost-benefit balance, taking into account its risk aversion, preference for the present, etc. What is required is “not just ‘more’ or ‘tougher’ regulation, but smarter requirements combined with betterfunded supervisors, independent of industry and po ...
... in order to achieve what it feels to be the best cost-benefit balance, taking into account its risk aversion, preference for the present, etc. What is required is “not just ‘more’ or ‘tougher’ regulation, but smarter requirements combined with betterfunded supervisors, independent of industry and po ...
The European Union, the Euro, and equity market integration
... control for these biases in a regression analysis, which is what we do in this article. Note that our measure requires nothing more than industry-level valuation ratios which are observed at every point in time. This contrasts with the standard approach in the international finance literature that e ...
... control for these biases in a regression analysis, which is what we do in this article. Note that our measure requires nothing more than industry-level valuation ratios which are observed at every point in time. This contrasts with the standard approach in the international finance literature that e ...
Pension Reform and Financial Markets: Encouraging Household
... Financial education and awareness particularly if given choice of portfolio Greater need if low-income savers Dynamic default portfolio for passive investors Public information including availability of simulation models to analyze potential net replacement rates at ...
... Financial education and awareness particularly if given choice of portfolio Greater need if low-income savers Dynamic default portfolio for passive investors Public information including availability of simulation models to analyze potential net replacement rates at ...
NBER WORKING PAPER SERIES AGGREGATE CONSEQUENCES OF LIMITED CONTRACT ENFORCEABILITY Thomas Cooley
... contract has been signed, the entrepreneur has the ability to start a new investment project by entering into a new contractual relationship. Therefore, the value of repudiation is endogenous in our model and it depends on all the general equilibrium conditions. This is an important difference resp ...
... contract has been signed, the entrepreneur has the ability to start a new investment project by entering into a new contractual relationship. Therefore, the value of repudiation is endogenous in our model and it depends on all the general equilibrium conditions. This is an important difference resp ...
When and how US dollar shortages evolved into the full crisis
... structural USD shortages, European financial institutions were heavily reliant on the cross-currency swap market to obtain such USD funding.4 Under these circumstances, soon after the subprime problem emerged in August 2007, European financial institutions attempted to secure USD funding to support ...
... structural USD shortages, European financial institutions were heavily reliant on the cross-currency swap market to obtain such USD funding.4 Under these circumstances, soon after the subprime problem emerged in August 2007, European financial institutions attempted to secure USD funding to support ...
Pushing further in search of return: The new private equity model
... This requires them to generate more value from the asset to meet their return objectives, which takes longer – holding periods have increased – and demands more investment in efficiency, channel effectiveness and other forms of operational improvement. In this paper, we look at how funding, value ge ...
... This requires them to generate more value from the asset to meet their return objectives, which takes longer – holding periods have increased – and demands more investment in efficiency, channel effectiveness and other forms of operational improvement. In this paper, we look at how funding, value ge ...
The Bear Stearns Companies Inc.
... Similar Entity When the Limited Partners Have Certain Rights.” The EITF consensus requires a general partner in a limited partnership to consolidate the limited partnership unless the presumption of control is overcome. The general partner may overcome this presumption of control and not consolidate ...
... Similar Entity When the Limited Partners Have Certain Rights.” The EITF consensus requires a general partner in a limited partnership to consolidate the limited partnership unless the presumption of control is overcome. The general partner may overcome this presumption of control and not consolidate ...
structured products: are you aware of what is in your back book?
... Risks and rewards Structured investments, also frequently referred to as Guaranteed Equity Bonds or Protected Investment Bonds, are an investment where the returns are based on the performance of an instrument such as the FTSE 100. There are many varieties but, commonly, there are two underlying inv ...
... Risks and rewards Structured investments, also frequently referred to as Guaranteed Equity Bonds or Protected Investment Bonds, are an investment where the returns are based on the performance of an instrument such as the FTSE 100. There are many varieties but, commonly, there are two underlying inv ...