The Role of Debt and Equity Financing over the Business Cycle
... • Dividends are pro-cyclical across firms • Aggregate results affected by largest top 1 to 5% and by leveraged buyouts • If you take out mergers – (Net) Equity issuance is pro-cyclical for most firms – (Net) Equity issuance counter-cyclical for top 1% – No clear pattern with aggregate data ...
... • Dividends are pro-cyclical across firms • Aggregate results affected by largest top 1 to 5% and by leveraged buyouts • If you take out mergers – (Net) Equity issuance is pro-cyclical for most firms – (Net) Equity issuance counter-cyclical for top 1% – No clear pattern with aggregate data ...
HKCE Macroeconomics
... tend to spend a higher proportion of their expenditure on necessities, such as food. The higher expenditure group households tend to spend a higher proportion of their expenditure on housing, clothing and footwear and transportation. Since the expenditure weightings of different expenditure grou ...
... tend to spend a higher proportion of their expenditure on necessities, such as food. The higher expenditure group households tend to spend a higher proportion of their expenditure on housing, clothing and footwear and transportation. Since the expenditure weightings of different expenditure grou ...
NBER WORKING PAPER SERIES PARETO IMPROVING SOCIAL SECURITY REFORM
... partly as a response to the impoverishment of an entire generation during the great depression, the biggest negative aggregate shock the US economy has experienced so far. In the current political debate about social security reform one of the major concerns cited by the opponents of a reform toward ...
... partly as a response to the impoverishment of an entire generation during the great depression, the biggest negative aggregate shock the US economy has experienced so far. In the current political debate about social security reform one of the major concerns cited by the opponents of a reform toward ...
Loan Securitization and the Monetary Transmission Mechanism
... from the business sector to the households, and Γ is the income share from renting the fixed amount of capital available in the economy to firms. In addition, [ | ] is the chance that the households will default on the loans used for purchases of goods for which they have credit score . This ...
... from the business sector to the households, and Γ is the income share from renting the fixed amount of capital available in the economy to firms. In addition, [ | ] is the chance that the households will default on the loans used for purchases of goods for which they have credit score . This ...
The long run discount rate controversy Christian Gollier Toulouse
... discounted (or present) value of a future benefit is the immediate benefit that is considered to be socially equivalent to that future benefit. An action is considered desirable if its Net Present Value (NPV), i.e., the sum of the present value of the benefits and costs that the action generates, is ...
... discounted (or present) value of a future benefit is the immediate benefit that is considered to be socially equivalent to that future benefit. An action is considered desirable if its Net Present Value (NPV), i.e., the sum of the present value of the benefits and costs that the action generates, is ...
capital - International Actuarial Association
... between balance sheet capital which just reflects the excess value of assets over liabilities9 and “required capital”. Required capital is the minimum amount of admissible regulatory capital that has to be held to offset and safeguard against significant adverse events, including the potential inad ...
... between balance sheet capital which just reflects the excess value of assets over liabilities9 and “required capital”. Required capital is the minimum amount of admissible regulatory capital that has to be held to offset and safeguard against significant adverse events, including the potential inad ...
A Model of Monetary Policy and Risk Premia
... of potentially greater instability in the long run. We further analyze how the model’s asset pricing implications affect macroeconomic outcomes. To do so, we extend the baseline model in two ways. The first is by adding production, which allows us to look at investment and economic growth. The secon ...
... of potentially greater instability in the long run. We further analyze how the model’s asset pricing implications affect macroeconomic outcomes. To do so, we extend the baseline model in two ways. The first is by adding production, which allows us to look at investment and economic growth. The secon ...
Chapter 7
... • Result in a ‘head and shoulders’ pattern – Three successive rallies and reactions, the second rally being stronger than the first and third rallies Left shoulder—formed by volume-strong rally on uptrend, followed by reduced-volume reaction Head—second rally increases price before reaction move ...
... • Result in a ‘head and shoulders’ pattern – Three successive rallies and reactions, the second rally being stronger than the first and third rallies Left shoulder—formed by volume-strong rally on uptrend, followed by reduced-volume reaction Head—second rally increases price before reaction move ...
IFRS 9 Financial Instruments
... IAS 32 deals with the presentation of financial instruments and especially their classification as debt or equity whilst IAS 39 deals with recognition, derecognition, measurement and hedge accounting. IFRS 7 Financial Instruments: Disclosures is the subject of a separate workbook. These three standa ...
... IAS 32 deals with the presentation of financial instruments and especially their classification as debt or equity whilst IAS 39 deals with recognition, derecognition, measurement and hedge accounting. IFRS 7 Financial Instruments: Disclosures is the subject of a separate workbook. These three standa ...
National Grid Company plc Annual Report and Accounts 2003/04
... a price control is reset). In respect of pension costs, Ofgem has indicated that it sees these as a normal operating cost of the business. Furthermore, Ofgem has suggested that, with effect from 1 April 2002, any over or underfunding by NGC of its pension schemes as compared to those assumptions mad ...
... a price control is reset). In respect of pension costs, Ofgem has indicated that it sees these as a normal operating cost of the business. Furthermore, Ofgem has suggested that, with effect from 1 April 2002, any over or underfunding by NGC of its pension schemes as compared to those assumptions mad ...
Your House Just Doubled in Value?
... a $150,000 home with 20 percent equity ($30,000). The household does not have any other financial wealth, and it lives on a budget. Suppose that the price of the house increased 10 percent. The household now has $15,000 more in home equity. The couple may decide to cash out $900—through refinancing, ...
... a $150,000 home with 20 percent equity ($30,000). The household does not have any other financial wealth, and it lives on a budget. Suppose that the price of the house increased 10 percent. The household now has $15,000 more in home equity. The couple may decide to cash out $900—through refinancing, ...
DNB Bank International Bond Portfolio
... consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the Note, even if advised of the possibility of such damages. Any opinions expressed herein reflect the Bank’s judgment at th ...
... consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the Note, even if advised of the possibility of such damages. Any opinions expressed herein reflect the Bank’s judgment at th ...
Emerging Market Equity Fund Investor: SEMNX SEMNX | Advisor: SEMVX SEMVX
... Important Information: Source: Schroders. Morningstar: The Investor Shares of the Emerging Market Equity Fund was rated 4 stars overall (out of 591 funds), 3 stars for the 3 year period (out of 591 funds), 3 stars for the 5 year period (out of 410 funds), 4 stars for the 10 year period (out of 179 f ...
... Important Information: Source: Schroders. Morningstar: The Investor Shares of the Emerging Market Equity Fund was rated 4 stars overall (out of 591 funds), 3 stars for the 3 year period (out of 591 funds), 3 stars for the 5 year period (out of 410 funds), 4 stars for the 10 year period (out of 179 f ...
Diversification, Pricing, Policy and Credit Union Risk
... coefficient of variation of earnings and return on assets, the standard deviation of the return on assets, the probability of bankruptcy model as in Boyd et al (1993), and De Young and Roland’s (2001) degree of total leverage model. However, we extend the existing literature by incorporating a fifth ...
... coefficient of variation of earnings and return on assets, the standard deviation of the return on assets, the probability of bankruptcy model as in Boyd et al (1993), and De Young and Roland’s (2001) degree of total leverage model. However, we extend the existing literature by incorporating a fifth ...
Valuation - Ohio University College of Business
... cash flows and then determine the value of those cash flows. Without some competencies in this art, the rest of this module, while technically correct, will be of little value. We will discuss some basic elements of the art the next section and will suggest some readings in this area in Section 3. O ...
... cash flows and then determine the value of those cash flows. Without some competencies in this art, the rest of this module, while technically correct, will be of little value. We will discuss some basic elements of the art the next section and will suggest some readings in this area in Section 3. O ...
Chapter 4
... If nothing else changes, a larger government deficit and thus borrowing shifts the bond supply curve to the right, resulting in a higher interest rate. In 2012, bond interest rates remained low despite record deficits. When the government runs a deficit, households may begin to increasing saving in ...
... If nothing else changes, a larger government deficit and thus borrowing shifts the bond supply curve to the right, resulting in a higher interest rate. In 2012, bond interest rates remained low despite record deficits. When the government runs a deficit, households may begin to increasing saving in ...
() - ETF Securities
... monetary policy is likely to lead to volatility in markets, as was witnessed when the US Federal Reserve initiated its first rate hike in December 2015. The longer loose monetary policy continues, the more volatile the unwind is likely to be as it increases investor perception that central banks are ...
... monetary policy is likely to lead to volatility in markets, as was witnessed when the US Federal Reserve initiated its first rate hike in December 2015. The longer loose monetary policy continues, the more volatile the unwind is likely to be as it increases investor perception that central banks are ...
