Investor protection
... Keeping your assets safe Rigorous regulatory oversight encompasses all aspects of how the industry operates and how your assets are protected and ring fenced. All your Vanguard fund assets are securely held and overseen by an independent third-party depositary, whether you invest in a UK or Irelandd ...
... Keeping your assets safe Rigorous regulatory oversight encompasses all aspects of how the industry operates and how your assets are protected and ring fenced. All your Vanguard fund assets are securely held and overseen by an independent third-party depositary, whether you invest in a UK or Irelandd ...
Chapter 1: An Introduction to Corporate Finance
... • If PV(benefits) > PV(costs), then NPV > 0 and the project is acceptable because it will add value • If PV(benefits) < PV(costs), then NPV < 0 and the project should not be accepted because it will destroy value • NPV is an absolute measure, expressed in present dollars, of the net incremental bene ...
... • If PV(benefits) > PV(costs), then NPV > 0 and the project is acceptable because it will add value • If PV(benefits) < PV(costs), then NPV < 0 and the project should not be accepted because it will destroy value • NPV is an absolute measure, expressed in present dollars, of the net incremental bene ...
Safe Assets
... In a Lucas-tree world (Lucas, 1978), the aggregate risk reflects the uncertainty in the process for GDP, which corresponds to the fruit that drops from the tree. This process may include rare macroeconomic disasters, which correspond to sharp and possibly permanent drops in the productivity or numbe ...
... In a Lucas-tree world (Lucas, 1978), the aggregate risk reflects the uncertainty in the process for GDP, which corresponds to the fruit that drops from the tree. This process may include rare macroeconomic disasters, which correspond to sharp and possibly permanent drops in the productivity or numbe ...
Aalborg Universitet Mortgage Finance and Security of Collateral Haldrup, Karin
... stringent provisions on maximum LTVs and conservative appraisal rules, and capital coverage requirements, previously in mortgage associations also by elements of solidarity coverage. The system is strictly regulated through the Mortgage Credit Act dedicated to protecting investors in mortgage securi ...
... stringent provisions on maximum LTVs and conservative appraisal rules, and capital coverage requirements, previously in mortgage associations also by elements of solidarity coverage. The system is strictly regulated through the Mortgage Credit Act dedicated to protecting investors in mortgage securi ...
MUNICIPAL DEBT AND MARGINAL TAX RATES: IS
... product of a fixed cash flow and 1 − τt (which is just the aftertax value of that cash flow) can be significantly larger than its expected value discounted at the riskless rate. To understand the reason for this negative risk premium, observe that marginal tax rates are very procyclical because of the p ...
... product of a fixed cash flow and 1 − τt (which is just the aftertax value of that cash flow) can be significantly larger than its expected value discounted at the riskless rate. To understand the reason for this negative risk premium, observe that marginal tax rates are very procyclical because of the p ...
Alternative Legal Institutions, Xinfang and Finance
... • We also provides an explanation of a long-standing puzzle that despite their weak legal institutions, some eastern countries can still grow their financial markets at an enormous rate. We show that alternative legal institutions that previously been ignored have a positive impact on financial mark ...
... • We also provides an explanation of a long-standing puzzle that despite their weak legal institutions, some eastern countries can still grow their financial markets at an enormous rate. We show that alternative legal institutions that previously been ignored have a positive impact on financial mark ...
NBER WORKING PAPER SERIES LEVERAGE CONSTRAINTS AND THE INTERNATIONAL TRANSMISSION OF SHOCKS
... The paper’s main contribution is to compare how macro shocks are transmitted under different financial market structures. We do not attempt to provide an integrated explanation of the recent crisis, or a full quantitative calibration, but instead highlight how the joint process of balance sheet con ...
... The paper’s main contribution is to compare how macro shocks are transmitted under different financial market structures. We do not attempt to provide an integrated explanation of the recent crisis, or a full quantitative calibration, but instead highlight how the joint process of balance sheet con ...
NBER WORKING PAPER SERIES BELIEFS ARE HETEROGENEOUS
... In a heterogeneous and temperate2 world, savings and savings motives are also highly sensitive to endowment fluctuations: they increase when economic prospects dim and endowments shrink. This phenomenon is consistent with the observed extraordinarily low real interest rates observed in most develope ...
... In a heterogeneous and temperate2 world, savings and savings motives are also highly sensitive to endowment fluctuations: they increase when economic prospects dim and endowments shrink. This phenomenon is consistent with the observed extraordinarily low real interest rates observed in most develope ...
Firm Risk and Leverage-Based Business Cycles
... productivity risk is consistent with or a bit larger than other existing microeconomic estimates, and is on the same order of magnitude compared to recent macroeconomic estimates. Moreover, average productivity and the cross-sectional standard deviation of idiosyncratic productivity are highly count ...
... productivity risk is consistent with or a bit larger than other existing microeconomic estimates, and is on the same order of magnitude compared to recent macroeconomic estimates. Moreover, average productivity and the cross-sectional standard deviation of idiosyncratic productivity are highly count ...
A new approach to assessing risks to financial stability
... on the functioning of the financial system as a whole and in feedback effects to the real economy (indicated by the dotted line in Chart 2) should financial intermediation be materially impaired. In the quantitative work reported in the July 2006 FSR, the focus was on a summary indicator of system-w ...
... on the functioning of the financial system as a whole and in feedback effects to the real economy (indicated by the dotted line in Chart 2) should financial intermediation be materially impaired. In the quantitative work reported in the July 2006 FSR, the focus was on a summary indicator of system-w ...
Download (PDF)
... through factor-augmented quantile regressions, where the quantile of each variable at every forecast horizon is a linear function of the principal component factors extracted at the forecasting date. As is well known, a potential advantage of these models is that they do not require assumptions abou ...
... through factor-augmented quantile regressions, where the quantile of each variable at every forecast horizon is a linear function of the principal component factors extracted at the forecasting date. As is well known, a potential advantage of these models is that they do not require assumptions abou ...
The Credit Market Model with Three Parameters
... enter several factors. The right half of the graph represents the investment magically triangle from the credit supply side. First risk equals interest rate, second the yield on the loan and credit liquidity contract then. After the projection through the third quadrant, the line of 45° we are able ...
... enter several factors. The right half of the graph represents the investment magically triangle from the credit supply side. First risk equals interest rate, second the yield on the loan and credit liquidity contract then. After the projection through the third quadrant, the line of 45° we are able ...
The Conditional Relationship between Risk and Return in Iran`s
... unsystematic risk (or diversifiable risk) and systematic risk. Unsystematic risk is specific to a portfolio and it is controllable and reducible by diversification, but systematic is due to external factors and is not reducible by diversification. The systematic risk-return trade-off in the stock ma ...
... unsystematic risk (or diversifiable risk) and systematic risk. Unsystematic risk is specific to a portfolio and it is controllable and reducible by diversification, but systematic is due to external factors and is not reducible by diversification. The systematic risk-return trade-off in the stock ma ...
Sample chapter - McGraw Hill Higher Education
... The characteristics of a risk-averse investor warrant closer examination, as risk aversion is the standard assumption in finance theory. Assume that a risk-averse investor has wealth of $W * and has the opportunity of participating in the following game: a fair coin is tossed and if it falls tails ...
... The characteristics of a risk-averse investor warrant closer examination, as risk aversion is the standard assumption in finance theory. Assume that a risk-averse investor has wealth of $W * and has the opportunity of participating in the following game: a fair coin is tossed and if it falls tails ...
Will the Global Crisis Lead to Global Transformations?
... 1. In many respects subjects of the international economy (because of a lack of development in the financial regulation of international law) behave in a similarly uncontrolled and anarchic manner as was observed earlier with respect to subjects of a national market (i.e., because of lack of develop ...
... 1. In many respects subjects of the international economy (because of a lack of development in the financial regulation of international law) behave in a similarly uncontrolled and anarchic manner as was observed earlier with respect to subjects of a national market (i.e., because of lack of develop ...
Document
... Inflation and Interest Rates Nominal interest rate is not an adequate measure of the real return on an interestbearing financial asset unless there is ...
... Inflation and Interest Rates Nominal interest rate is not an adequate measure of the real return on an interestbearing financial asset unless there is ...
PDF
... running a budget surplus. While there are many items of good news, there are still people in poverty or homeless, layoffs still occur and consumer debt is high. Where do we go from here? Most economists are optimistic when discussing the future direction of the U.S. economy. The typical forecast is ...
... running a budget surplus. While there are many items of good news, there are still people in poverty or homeless, layoffs still occur and consumer debt is high. Where do we go from here? Most economists are optimistic when discussing the future direction of the U.S. economy. The typical forecast is ...
Case Objectives - Trinity University
... Eurodollar interest-rate options are somewhat different in that they can be settled net for cash and need not require physical delivery notes themselves. These are traded in the International Money Market (IMM) of the CME. This FloorIT Bank case focuses on the purchase of call options in the IMM. Ca ...
... Eurodollar interest-rate options are somewhat different in that they can be settled net for cash and need not require physical delivery notes themselves. These are traded in the International Money Market (IMM) of the CME. This FloorIT Bank case focuses on the purchase of call options in the IMM. Ca ...
The Portfolio Management Process
... Asset Allocation Summary • Policy statement determines types of assets to include in portfolio • Asset allocation determines portfolio return more than stock selection • Over long time periods sizable allocation to equity will improve results • Risk of a strategy depends on the investor’s goals and ...
... Asset Allocation Summary • Policy statement determines types of assets to include in portfolio • Asset allocation determines portfolio return more than stock selection • Over long time periods sizable allocation to equity will improve results • Risk of a strategy depends on the investor’s goals and ...
Document
... A rise in the general price level resulting from an increase in the cost of production ...
... A rise in the general price level resulting from an increase in the cost of production ...
Document
... A rise in the general price level resulting from an increase in the cost of production ...
... A rise in the general price level resulting from an increase in the cost of production ...
Recent Accounting Pronouncements — Not Yet Adopted
... net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting fr ...
... net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting fr ...