The Cost of Immediacy for Corporate Bonds
... give up on large trades altogether. In fact, measured trading costs might decrease, leading to erroneous conclusions about recent regulations. To use an analogy, rules increasing the cost of air travel will induce more travelers to use the bus. By discouraging air travel, such regulation might well ...
... give up on large trades altogether. In fact, measured trading costs might decrease, leading to erroneous conclusions about recent regulations. To use an analogy, rules increasing the cost of air travel will induce more travelers to use the bus. By discouraging air travel, such regulation might well ...
The Regulation of Financial Holding Companies
... causing losses at the holding company level and if those losses led holding companies to change the manner in which subsidiary institutions were operated, then risk-taking at the holding company level could have an effect on subsidiary institutions. Reasoning of this sort often underlies assertions ...
... causing losses at the holding company level and if those losses led holding companies to change the manner in which subsidiary institutions were operated, then risk-taking at the holding company level could have an effect on subsidiary institutions. Reasoning of this sort often underlies assertions ...
The market impact of large trading orders
... that much of this variation comes about because these studies in fact measure different things. Some of them measure the market impact of a single trade made in an order book, some measure the aggregate impact of sequential trades in an order book, some of them measure block trades, and many of them ...
... that much of this variation comes about because these studies in fact measure different things. Some of them measure the market impact of a single trade made in an order book, some measure the aggregate impact of sequential trades in an order book, some of them measure block trades, and many of them ...
Growth Expectations, Dividend Yields, and Future Stock Returns
... See Basu (1983), Fama and Schwert (1977), Campbell and Shiller (1988), Fama and French (1988) among many others. See also Ball (1978) for a general discussion of yield proxies as predictors of future stock returns. ...
... See Basu (1983), Fama and Schwert (1977), Campbell and Shiller (1988), Fama and French (1988) among many others. See also Ball (1978) for a general discussion of yield proxies as predictors of future stock returns. ...
The Financial Structure of Startup Firms: The Role of
... more likely to be financed by self, family and friends, and importantly through credit cards, as these have both highly specific assets and information opacity. More educated founders and non-African American founders are more likely to be financed by external sources. Controlling for other attribut ...
... more likely to be financed by self, family and friends, and importantly through credit cards, as these have both highly specific assets and information opacity. More educated founders and non-African American founders are more likely to be financed by external sources. Controlling for other attribut ...
HAMISH FRASER MT CECIL, HUNTER 1RD KELLOGG'S RURAL LEADERSHIP PROGRAMME 2013
... assets that return more than the interest on the debt, or in finance terms debt is a means of using anticipated income and future purchasing power in the present before it has actually been earned. This use of debt magnifies potential profits but conversely can magnify potential losses. The ratio of ...
... assets that return more than the interest on the debt, or in finance terms debt is a means of using anticipated income and future purchasing power in the present before it has actually been earned. This use of debt magnifies potential profits but conversely can magnify potential losses. The ratio of ...
The Elusive Gains from International Financial Integration
... Our results are consistent with the recent developments in the literature on growth and convergence in international perspective. In contrast with early papers that stressed factor accumulation as a source of growth (Mankiw, Romer and Weil, 1992; Barro, Mankiw and Sala-i-Martin, 1995), the literatur ...
... Our results are consistent with the recent developments in the literature on growth and convergence in international perspective. In contrast with early papers that stressed factor accumulation as a source of growth (Mankiw, Romer and Weil, 1992; Barro, Mankiw and Sala-i-Martin, 1995), the literatur ...
DIVIDEND POLICY MODELS Cezary Mech * RESEARCH PAPER
... Miller and Modigliani principle. The modern theory of dividend policy started with Miller and Modigliani’s Dividend policy, growth, and the valuation of shares, published in 1961. In this paper they laid the foundations, showing under what conditions dividend policy is irrelevant. Their basic assump ...
... Miller and Modigliani principle. The modern theory of dividend policy started with Miller and Modigliani’s Dividend policy, growth, and the valuation of shares, published in 1961. In this paper they laid the foundations, showing under what conditions dividend policy is irrelevant. Their basic assump ...
What explains developments in business investment?
... the lack of profitable investment opportunities has restrained investment growth in the G7 countries in the post-crisis period. A growing body of literature shows that investment decisions are also influenced by factors other than the expected profitability of new investment, contrary to the well-k ...
... the lack of profitable investment opportunities has restrained investment growth in the G7 countries in the post-crisis period. A growing body of literature shows that investment decisions are also influenced by factors other than the expected profitability of new investment, contrary to the well-k ...
A Theory of Repurchase Agreements, Collateral Re-use
... in this case. Since re-use generates a multiplier effect, the benefits are larger when the asset is scarce. Even though re-use relaxes the borrowing constraint, it may still increase the liquidity premium of the asset used as collateral because the properties of the repo contract traded in equilibri ...
... in this case. Since re-use generates a multiplier effect, the benefits are larger when the asset is scarce. Even though re-use relaxes the borrowing constraint, it may still increase the liquidity premium of the asset used as collateral because the properties of the repo contract traded in equilibri ...
Cheap Credit, Collateral and the Boom-Bust Cycle
... is to provide liquidity services and therefore monetary policy is very effective in reducing the recession driven by decline in house prices. Guerrieri and Lorenzoni (2011) studies a heterogeneous-agent model with durable goods and argue an increase in credit spreads, and not a shock to credit limit ...
... is to provide liquidity services and therefore monetary policy is very effective in reducing the recession driven by decline in house prices. Guerrieri and Lorenzoni (2011) studies a heterogeneous-agent model with durable goods and argue an increase in credit spreads, and not a shock to credit limit ...
Statement on Standards for Valuation Services
... of value; the conclusion may be either a single amount or a range. b. Calculation engagement. A valuation analyst performs a calculation engagement when (1) the valuation analyst and the client agree on the valuation approaches and methods the valuation analyst will use and the extent of procedures ...
... of value; the conclusion may be either a single amount or a range. b. Calculation engagement. A valuation analyst performs a calculation engagement when (1) the valuation analyst and the client agree on the valuation approaches and methods the valuation analyst will use and the extent of procedures ...
The Inflation Puzzle - VBA beleggingsprofessionals
... and a hit to equities as profits got squeezed and economies stagnated. The expected return on commodities was broken down in the spot return, backwardation and a cash yield, which were all assumed to be positive over the long haul. However, money market rates came down to ever lower levels, backward ...
... and a hit to equities as profits got squeezed and economies stagnated. The expected return on commodities was broken down in the spot return, backwardation and a cash yield, which were all assumed to be positive over the long haul. However, money market rates came down to ever lower levels, backward ...
The impact of land supply on prices: A sub
... at all as developers will be unwilling to risk an investment that might be devalued by competing developments that might well exceed demand. There are also convincing demand side arguments for the apparent housing affordability problems. Richards (2008) notes that since 1972 nationwide house prices ...
... at all as developers will be unwilling to risk an investment that might be devalued by competing developments that might well exceed demand. There are also convincing demand side arguments for the apparent housing affordability problems. Richards (2008) notes that since 1972 nationwide house prices ...
IFRS - World Bank Group
... – interest (application of interest to defined benefit obligation) – expected return on plan assets – amortisation of past service costs – recognised actuarial gains and losses ...
... – interest (application of interest to defined benefit obligation) – expected return on plan assets – amortisation of past service costs – recognised actuarial gains and losses ...
