Essays on Dynamic Macroeconomics - Institute for International
... low, and vice versa. Since equity and wage income are highly correlated, the young find equity to be a worse hedge in economies with social security, since it does not pay off when really needed. Their marginal valuation of equity will therefore be lower and the result is a lower equilibrium price an ...
... low, and vice versa. Since equity and wage income are highly correlated, the young find equity to be a worse hedge in economies with social security, since it does not pay off when really needed. Their marginal valuation of equity will therefore be lower and the result is a lower equilibrium price an ...
Consensus and Contention in the Food-Versus
... The food-versus-fuel debate has engaged policy makers, policy interest groups, and researchers since the 2000s, when fuel production from feedstocks grown on agricultural land began increasing significantly. Global biofuel production expanded from 20 billion L/year in the 1990s to more than 40 billio ...
... The food-versus-fuel debate has engaged policy makers, policy interest groups, and researchers since the 2000s, when fuel production from feedstocks grown on agricultural land began increasing significantly. Global biofuel production expanded from 20 billion L/year in the 1990s to more than 40 billio ...
Mortgage Choices and Housing Speculation
... with a larger share of mortgages whose loan-to-value ratio exceeds 80%. Their analysis is motivated by the work of Stein (1995) on down-payment constraints. In his model, house prices reflect fundamentals. Downpayment constraints impede the efficient allocation of houses and make the fundamentals mo ...
... with a larger share of mortgages whose loan-to-value ratio exceeds 80%. Their analysis is motivated by the work of Stein (1995) on down-payment constraints. In his model, house prices reflect fundamentals. Downpayment constraints impede the efficient allocation of houses and make the fundamentals mo ...
Contagion of Sovereign Default Risk: the Role of Two Financial
... The interaction of credit conditions for sovereign borrowers and lenders associated with the two financial frictions is a key mechanism for contagion of sovereign default in the model. Contagion occurs in the following way. Suppose that a bad income shock hits a country (Greece), which leads to an ...
... The interaction of credit conditions for sovereign borrowers and lenders associated with the two financial frictions is a key mechanism for contagion of sovereign default in the model. Contagion occurs in the following way. Suppose that a bad income shock hits a country (Greece), which leads to an ...
Dreyfus Variable Investment Fund: International Value Portfolio
... An investment in the fund is not a bank deposit. It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. It is not a complete investment program. The fund's share price fluctuates, sometimes dramatically, which means you could lose money. • ...
... An investment in the fund is not a bank deposit. It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. It is not a complete investment program. The fund's share price fluctuates, sometimes dramatically, which means you could lose money. • ...
Chapter 7 The modified golden rule
... by a reallocation of resources between two periods or between two generations. This is taken care of by the Euler equations (7.6) and (7.7).3 Second, there should be nothing of value leftover after the “last period”, whether the horizon is finite or infinite. This is taken care of by a transversalit ...
... by a reallocation of resources between two periods or between two generations. This is taken care of by the Euler equations (7.6) and (7.7).3 Second, there should be nothing of value leftover after the “last period”, whether the horizon is finite or infinite. This is taken care of by a transversalit ...
Distress Anomaly and Shareholder Risk: International Evidence Assaf Eisdorfer
... 0.17% to 0.63% a month (measured by excess return and alphas from factor models).1 In emerging markets, however, no such effect is found. In fact, in some specifications, results for emerging markets indicate that returns to distressed stocks are higher than those on solvent stocks. We verify this r ...
... 0.17% to 0.63% a month (measured by excess return and alphas from factor models).1 In emerging markets, however, no such effect is found. In fact, in some specifications, results for emerging markets indicate that returns to distressed stocks are higher than those on solvent stocks. We verify this r ...
Tax and Liquidity Effects in Pricing Government Bonds
... Our arbitrage tests provide evidence that tax timing options do have value, and we also discuss the shortcomings of procedures to estimate the tax rate of the marginal investor. Nonetheless, we find the effects of both liquidity and taxes to be quite small, which suggests that a broader sample can b ...
... Our arbitrage tests provide evidence that tax timing options do have value, and we also discuss the shortcomings of procedures to estimate the tax rate of the marginal investor. Nonetheless, we find the effects of both liquidity and taxes to be quite small, which suggests that a broader sample can b ...
The Performance of Firms Post Dividend Announcement: A
... on the firms who have significant announcement of increased dividends throughout the selected years of study. Though the current work resembles the work of [15] in utilising the criteria of the increased dividend announcement, nevertheless, the work of [15] used the event study methodology to determ ...
... on the firms who have significant announcement of increased dividends throughout the selected years of study. Though the current work resembles the work of [15] in utilising the criteria of the increased dividend announcement, nevertheless, the work of [15] used the event study methodology to determ ...
Public Debt sustainability
... Public debt is a basic instrument for optimally distributing public policies over time. Through public indebtedness, the provision of public goods can be temporally disassociated from the taxation process required to fund it. For the debt instrument to fulfill its role, debt holders must believe tha ...
... Public debt is a basic instrument for optimally distributing public policies over time. Through public indebtedness, the provision of public goods can be temporally disassociated from the taxation process required to fund it. For the debt instrument to fulfill its role, debt holders must believe tha ...
Models for Evaluating the Effectiveness of Internal Controls
... developed and improved upon by several researchers (e.g., Grimlund 1982; Srivastava and Ward 1983; Srivastava 1986). Unfortunately, research on IC assessment methods has been somewhat scarce in the past decade. And, in our view, none of the cited approaches provide an appropriate basis for SOX 404 a ...
... developed and improved upon by several researchers (e.g., Grimlund 1982; Srivastava and Ward 1983; Srivastava 1986). Unfortunately, research on IC assessment methods has been somewhat scarce in the past decade. And, in our view, none of the cited approaches provide an appropriate basis for SOX 404 a ...
A New Approach to Equity Premium Prediction: Economic
... direct way of pooling information by constructing a “super”model, which nests each of the models that condition on a single predictor. This approach is distinct from but comparable to combined forecasts, which are designed to pool forecasts rather than pool information. Note that commonly used forec ...
... direct way of pooling information by constructing a “super”model, which nests each of the models that condition on a single predictor. This approach is distinct from but comparable to combined forecasts, which are designed to pool forecasts rather than pool information. Note that commonly used forec ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... more appropriate ratios, and probably are more familiar, their use should be avoided if the other ratios are available. The ratio of financial intermediaries' net claims against business ' These ratios disregard the fact that the assets of linanclid intermediaries are based on book values for all fi ...
... more appropriate ratios, and probably are more familiar, their use should be avoided if the other ratios are available. The ratio of financial intermediaries' net claims against business ' These ratios disregard the fact that the assets of linanclid intermediaries are based on book values for all fi ...
Regulatory Capital Requirements under FTK and
... the chapter we will discuss the future perspective of the Financial Assessment Framework. In chapter 3, the Solvency II legislation will be introduced. The standard model which can be used in order to determine the Regulatory Capital Requirement under Solvency II will be explained in more detail. Th ...
... the chapter we will discuss the future perspective of the Financial Assessment Framework. In chapter 3, the Solvency II legislation will be introduced. The standard model which can be used in order to determine the Regulatory Capital Requirement under Solvency II will be explained in more detail. Th ...
ask investment managers private limited
... businesses that are easy to understand, quality management with a clear vision and focus on business in which it has strengths and at reasonable valuations that can be best described as ‘growth at reasonable price’. ASKIM believes that Wealth is nothing without Wisdom. Types of Services Investment ...
... businesses that are easy to understand, quality management with a clear vision and focus on business in which it has strengths and at reasonable valuations that can be best described as ‘growth at reasonable price’. ASKIM believes that Wealth is nothing without Wisdom. Types of Services Investment ...
Using out-of-sample errors in portfolio optimization
... “Those who cannot remember the past are condemned to repeat it.” George Santayana, The Life of Reason ...
... “Those who cannot remember the past are condemned to repeat it.” George Santayana, The Life of Reason ...
THE CHARLOTTE-MECKLENBURG HOSPITAL AUTHORITY
... Our responsibility is to express opinions on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance abo ...
... Our responsibility is to express opinions on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance abo ...
capital budgeting
... that, although Project B generates less total cash flow over its life (that is, $1,700 compared to $2,600 for Project A), the cash flows are received sooner than for Project A. As a result, the cash flows can be reinvested to produce a higher rate of return, which is evidenced by the fact that IRRB ...
... that, although Project B generates less total cash flow over its life (that is, $1,700 compared to $2,600 for Project A), the cash flows are received sooner than for Project A. As a result, the cash flows can be reinvested to produce a higher rate of return, which is evidenced by the fact that IRRB ...
Overview of the Consumer Financial Protection Bureau
... be uncertainty regarding what rules the CFPB will draft or the types of financial products and services the bureau will examine, one thing is certain: the CFPB is here to stay. Despite the controversy surrounding the recess appointment of Cordray and the continued debate in Congress over how to incr ...
... be uncertainty regarding what rules the CFPB will draft or the types of financial products and services the bureau will examine, one thing is certain: the CFPB is here to stay. Despite the controversy surrounding the recess appointment of Cordray and the continued debate in Congress over how to incr ...
Free Bird
... Like all other businesses in the Western Division, the year started off as a recovery period for us after the devastating TC Winston left a trail of disaster with power and water outages. However, we did not let this dampen our spirit and with the backing of a strong and resilient Management team, w ...
... Like all other businesses in the Western Division, the year started off as a recovery period for us after the devastating TC Winston left a trail of disaster with power and water outages. However, we did not let this dampen our spirit and with the backing of a strong and resilient Management team, w ...
Foreign Institutional Investors and Corporate Governance in
... launched to encourage and convince institutional investors to play a more active role. However, not enough is known about how institutional investors utilize CG in their investment decisions, in particular in emerging markets, where funding needs are high and investor protection standards often stil ...
... launched to encourage and convince institutional investors to play a more active role. However, not enough is known about how institutional investors utilize CG in their investment decisions, in particular in emerging markets, where funding needs are high and investor protection standards often stil ...
Grade 2 Module 3 Topic E Lesson 11 Teacher Notes Objective
... T: When you read this story, what do you see? T: Can you draw something to represent the pencils? ...
... T: When you read this story, what do you see? T: Can you draw something to represent the pencils? ...
Heartland Group, Inc.
... UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCEHDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act File number: 811-04982 ...
... UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCEHDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act File number: 811-04982 ...