Did the recent financial crisis affect credibility of credit rating agencies?
... As mentioned earlier, the purpose of credit rating agencies is to close the information gap existing between lenders and borrowers by providing independent ratings. Next to that, Sylla (2001) mentions the agency theory as one of the explanations for importance of rating corporates. The principal-age ...
... As mentioned earlier, the purpose of credit rating agencies is to close the information gap existing between lenders and borrowers by providing independent ratings. Next to that, Sylla (2001) mentions the agency theory as one of the explanations for importance of rating corporates. The principal-age ...
Adverse Selection in Reinsurance Markets
... tends to have “focused” versus diffuse contractual relationships with external reinsurers. In order to capture this effect, we construct a Herfindahl index for each year and then average these values over the six three-year windows described above, resulting in a variable which we call “RHERF”. Thu ...
... tends to have “focused” versus diffuse contractual relationships with external reinsurers. In order to capture this effect, we construct a Herfindahl index for each year and then average these values over the six three-year windows described above, resulting in a variable which we call “RHERF”. Thu ...
Inception Report - Adviser on Public Finance Accounting
... Each state, and the European Commission as a separate entity, has reacted to changing economic, fiscal, and financial needs in part by implementing changes in their generation, reporting, and use of economic, fiscal, and financial information. This is reflected in changes in financial reporting and ...
... Each state, and the European Commission as a separate entity, has reacted to changing economic, fiscal, and financial needs in part by implementing changes in their generation, reporting, and use of economic, fiscal, and financial information. This is reflected in changes in financial reporting and ...
HOW STOCKBROKERS COULD REDUCE THEIR
... To take the analysis further. Under the system a broker could convert any scrip in deliverable form into cash at current market rates. In order that brokers should support the system in accordance with their use of it, it is assumed that brokers pay (say) 4% under the usual overdraft rate calculated ...
... To take the analysis further. Under the system a broker could convert any scrip in deliverable form into cash at current market rates. In order that brokers should support the system in accordance with their use of it, it is assumed that brokers pay (say) 4% under the usual overdraft rate calculated ...
2015 Annual Report - Deutsche Post DHL Group
... around 20 individuals. Working groups were formed so that a variety of topics, including IT, pharmaceuticals legislation, security, customs clearance and finances, could be addressed at the same time. HR was also brought into the fold as the changes would directly affect employees. Heinisch continu ...
... around 20 individuals. Working groups were formed so that a variety of topics, including IT, pharmaceuticals legislation, security, customs clearance and finances, could be addressed at the same time. HR was also brought into the fold as the changes would directly affect employees. Heinisch continu ...
Nonparametric Triangular Simultaneous Equations Models with
... and sometimes bias. Fourth, the strength of instruments can be improved by having a nonparametric reduced form, so that the nonlinear relationship between the endogenous variable and instruments is fully exploited. Although a linear …rst-stage reduced form is commonly used in applied research,3 it ...
... and sometimes bias. Fourth, the strength of instruments can be improved by having a nonparametric reduced form, so that the nonlinear relationship between the endogenous variable and instruments is fully exploited. Although a linear …rst-stage reduced form is commonly used in applied research,3 it ...
Glove Manufacturers
... Pressures on average selling prices (ASPs) to ease.. As the supply-demand mismatch narrows, glove players’ bargaining power should improve. This was seen in recent months as glove players were able to raise ASPs to offset higher raw material costs. Margins to stabilise.. With demand catching up to s ...
... Pressures on average selling prices (ASPs) to ease.. As the supply-demand mismatch narrows, glove players’ bargaining power should improve. This was seen in recent months as glove players were able to raise ASPs to offset higher raw material costs. Margins to stabilise.. With demand catching up to s ...
WESTPAC BANKING CORP (Form: 6-K, Received
... Controlling and managing risk Westpac manages the risks that affect our business as they influence our performance, reputation and future success. Effective risk management involves taking an integrated approach to risk and reward, and enables us to both increase financial growth opportunities and m ...
... Controlling and managing risk Westpac manages the risks that affect our business as they influence our performance, reputation and future success. Effective risk management involves taking an integrated approach to risk and reward, and enables us to both increase financial growth opportunities and m ...
The Treasury Bill Auction and the When-Issued
... market. This will increase the when-issued ask price and, consequently, encourage aggressive bidding in the auction. In contrast, if she bids for a large quantity in the auction this private information will be revealed only after the auction. Therefore, a primary dealer with a large demand is bette ...
... market. This will increase the when-issued ask price and, consequently, encourage aggressive bidding in the auction. In contrast, if she bids for a large quantity in the auction this private information will be revealed only after the auction. Therefore, a primary dealer with a large demand is bette ...
University of Groningen Behavioral corporate governance van der
... factor in the expected disobedience and decide not to hire an agent in the first place, implying that economic rents would not be realized. In a second-best world, investors provide the agent with incentives to act in line with the shareholder’s demands. These incentives are, for example, contained ...
... factor in the expected disobedience and decide not to hire an agent in the first place, implying that economic rents would not be realized. In a second-best world, investors provide the agent with incentives to act in line with the shareholder’s demands. These incentives are, for example, contained ...
Essays on information asymmetry and the firm
... information; but mispricing may also be driven by private information.2 If mispricing is driven by private information, in addition to or rather than public information, then we would expect the wealth effects of OMRs to be more pronounced for relatively opaque firms. The intuition is as follows. Gi ...
... information; but mispricing may also be driven by private information.2 If mispricing is driven by private information, in addition to or rather than public information, then we would expect the wealth effects of OMRs to be more pronounced for relatively opaque firms. The intuition is as follows. Gi ...
Capital resources
... In a total balance sheet approach to solvency assessment, the impact of risks associated with all balance sheet items should be taken into account. There are two aspects to the elements of capital that need to be considered as part of this process – the appropriate allowance for the quality of the e ...
... In a total balance sheet approach to solvency assessment, the impact of risks associated with all balance sheet items should be taken into account. There are two aspects to the elements of capital that need to be considered as part of this process – the appropriate allowance for the quality of the e ...
united states securities and exchange commission - corporate
... In this Annual Report on Form 10-K, unless the context indicates otherwise, references to “Vicor®,” “the Company,” “our company,” “we,” “us,” “our,” and similar references, refer to Vicor Corporation and subsidiaries. This Annual Report on Form 10-K contains forward-looking statements within the mea ...
... In this Annual Report on Form 10-K, unless the context indicates otherwise, references to “Vicor®,” “the Company,” “our company,” “we,” “us,” “our,” and similar references, refer to Vicor Corporation and subsidiaries. This Annual Report on Form 10-K contains forward-looking statements within the mea ...
Deutsche AM Flagship Fund Reporting
... When the custodian sets the price on the last trading day of the month there can be a difference of up to ten hours between the times at which the fund price and the benchmark are calculated. In the event of strong market movements during this period, this may result in the over- or understatement o ...
... When the custodian sets the price on the last trading day of the month there can be a difference of up to ten hours between the times at which the fund price and the benchmark are calculated. In the event of strong market movements during this period, this may result in the over- or understatement o ...
Balance of Payments Manual
... The fifth edition of the Balance of Payments Manual (the Manual) continues the series of international standards that have been issued by the International Monetary Fund (IMF) for providing guidance to member countries in the compilation of balance of payments and related data on the international i ...
... The fifth edition of the Balance of Payments Manual (the Manual) continues the series of international standards that have been issued by the International Monetary Fund (IMF) for providing guidance to member countries in the compilation of balance of payments and related data on the international i ...
Consumption Commitments: Neoclassical Foundations for Habit
... As we discuss below, the time-dependent framework is a better description of the adjustment process for some consumption goods, while the state-dependent framework is more suitable for others. The main aggregation results are similar in both models. In the time dependent model, agents are permitted ...
... As we discuss below, the time-dependent framework is a better description of the adjustment process for some consumption goods, while the state-dependent framework is more suitable for others. The main aggregation results are similar in both models. In the time dependent model, agents are permitted ...
Influencing Control: Jawboning in Risk Arbitrage
... in the literature.1 In conventional, or “passive,” risk arbitrage, a speculator takes a long position in the target company (the speculator may also take a simultaneous short position in the acquirer in stock deals) right after the announcement of an acquisition—this was the strategy employed by CR ...
... in the literature.1 In conventional, or “passive,” risk arbitrage, a speculator takes a long position in the target company (the speculator may also take a simultaneous short position in the acquirer in stock deals) right after the announcement of an acquisition—this was the strategy employed by CR ...
Filed pursuant to Rule 424(b)(5) Registration No. 333
... related to the notes. A credit rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time. Hedging activities may affect your return at maturity and the market value of the notes. Hedging activities may affect trading in the notes. ...
... related to the notes. A credit rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time. Hedging activities may affect your return at maturity and the market value of the notes. Hedging activities may affect trading in the notes. ...
Rare Element Resources Ltd.
... This Annual Report contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, and within the meaning of applicable Canadian securities laws, with respect to our business prospect ...
... This Annual Report contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, and within the meaning of applicable Canadian securities laws, with respect to our business prospect ...
Investment Appraisal of an Animal Feed Plant in South
... plant is going to enter the existing industry where a number of domestic manufacturers already compete for the consumer. The most likely impact on the industry will be a reduction in the market share held by the existing feed producers. From the banker’s perspective, the feed plant would be an accep ...
... plant is going to enter the existing industry where a number of domestic manufacturers already compete for the consumer. The most likely impact on the industry will be a reduction in the market share held by the existing feed producers. From the banker’s perspective, the feed plant would be an accep ...
barrick gold corporation
... Core: a drilling method that uses a rotating barrel and an annular-shaped, diamond-impregnated rock-cutting bit to produce cylindrical rock cores and lift such cores to the surface, where they may be collected, examined and assayed. Reverse circulation: a drilling method that uses a rotating cutting ...
... Core: a drilling method that uses a rotating barrel and an annular-shaped, diamond-impregnated rock-cutting bit to produce cylindrical rock cores and lift such cores to the surface, where they may be collected, examined and assayed. Reverse circulation: a drilling method that uses a rotating cutting ...
Free Full Text ( Final Version , 1mb )
... values (represented by earnings) and the market values (for example stock prices). This valuation method of accounting information usefulness is often used to measure the impact of new accounting practices. If the accounting value stated in the financial statement correlates to the market valuation, ...
... values (represented by earnings) and the market values (for example stock prices). This valuation method of accounting information usefulness is often used to measure the impact of new accounting practices. If the accounting value stated in the financial statement correlates to the market valuation, ...