Joint Dynamics of House Prices and Foreclosures
... prepay the mortgage in any period, and they can also reduce the mortgage principal more than the amount implied by the contract. We also do not allow mortgage holders to save in the risk-free asset.13 Homeowners can leave their houses by two means. They can either sell their houses, or they can defa ...
... prepay the mortgage in any period, and they can also reduce the mortgage principal more than the amount implied by the contract. We also do not allow mortgage holders to save in the risk-free asset.13 Homeowners can leave their houses by two means. They can either sell their houses, or they can defa ...
Whatsdrivingreturnonequity
... programs, a sort of corporate cannibalism with its own simple, self-reinforcing logic. It works like this: A company buys back stock; shareholders' equity declines; return on equity increases; future buybacks become even more alluring. Since 1990, General Electric has engaged in two such bouts of st ...
... programs, a sort of corporate cannibalism with its own simple, self-reinforcing logic. It works like this: A company buys back stock; shareholders' equity declines; return on equity increases; future buybacks become even more alluring. Since 1990, General Electric has engaged in two such bouts of st ...
Long Term Capital Gains Tax Strategies
... position (virtually impossible), and the correlated security must have put options available. If an investor can find a perfectly correlated investment, then two potential results are possible depending on the size of the capital gain and the cost of the put option to protect the investment. The fir ...
... position (virtually impossible), and the correlated security must have put options available. If an investor can find a perfectly correlated investment, then two potential results are possible depending on the size of the capital gain and the cost of the put option to protect the investment. The fir ...
International Financial Stability - International Center for Monetary
... Hartmann was awarded the first CEPR/European Summer Institute Prize for the best central bank research paper. He holds a Doctorat en Sciences Economiques from the Ecole des Hautes Etudes en Sciences Sociales in Paris. Fabio Panetta is Head of the Department for Economic Outlook and Monetary Policy o ...
... Hartmann was awarded the first CEPR/European Summer Institute Prize for the best central bank research paper. He holds a Doctorat en Sciences Economiques from the Ecole des Hautes Etudes en Sciences Sociales in Paris. Fabio Panetta is Head of the Department for Economic Outlook and Monetary Policy o ...
Mandatory IFRS adoption and the cost of equity
... alternative methods, and they find that after controlling for firm size and market beta, more timely disclosure is associated with a lower cost of capital. Hail (2002), shows a negative and highly significant relation between the cost of equity capital and disclosure. Leuz and Verrecchia (2000) find ...
... alternative methods, and they find that after controlling for firm size and market beta, more timely disclosure is associated with a lower cost of capital. Hail (2002), shows a negative and highly significant relation between the cost of equity capital and disclosure. Leuz and Verrecchia (2000) find ...
Confronting Financial Crisis: Dodd
... economic catastrophe. The proposed SEIF requires large financial firms to mutually self-insure against outbreaks of systemic distress, and it gives regulators the power to tailor their intervention. Part I of this Article argues that systemic crises are inevitable, notwithstanding good faith regulat ...
... economic catastrophe. The proposed SEIF requires large financial firms to mutually self-insure against outbreaks of systemic distress, and it gives regulators the power to tailor their intervention. Part I of this Article argues that systemic crises are inevitable, notwithstanding good faith regulat ...
Systemic Risk in Hedge Funds
... high rewards can not be achieved without the commensurate systemic risk. Systemic risk should not be confused with systematic risk, which implies the market risk that affects all financial assets and cannot be avoided through diversification. “Systemic risk is commonly used to describe the possibili ...
... high rewards can not be achieved without the commensurate systemic risk. Systemic risk should not be confused with systematic risk, which implies the market risk that affects all financial assets and cannot be avoided through diversification. “Systemic risk is commonly used to describe the possibili ...
A Pyrrhic Victory? – Bank Bailouts and Sovereign Credit Risk
... http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=am1bJ0LntiO8). And, finally, as the uncer- ...
... http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=am1bJ0LntiO8). And, finally, as the uncer- ...
ESG: How not to tick the box in 401(k)
... Impact of Corporate Sustainability on Organizational Processes and Performance” analyzed the performance of 90 companies which had voluntarily adopted sustainability policies by 1993 compared with a control group of comparable companies which had adopted almost none of these policies. Investing $1 i ...
... Impact of Corporate Sustainability on Organizational Processes and Performance” analyzed the performance of 90 companies which had voluntarily adopted sustainability policies by 1993 compared with a control group of comparable companies which had adopted almost none of these policies. Investing $1 i ...
Preview
... Business Model and the Transnational Corporation from Lazonick (2005; 2010) and Serfati (2008), I argue that the most dominant corporations in the American pharmaceutical industry have taken on an intangible characteristic, emphasizing profits through the accumulation of rentgenerating intangible as ...
... Business Model and the Transnational Corporation from Lazonick (2005; 2010) and Serfati (2008), I argue that the most dominant corporations in the American pharmaceutical industry have taken on an intangible characteristic, emphasizing profits through the accumulation of rentgenerating intangible as ...
Key Credit Factors For The Regulated Utilities
... It operates in a regulatory environment that is less transparent, less predictable, and less consistent from a credit perspective. ...
... It operates in a regulatory environment that is less transparent, less predictable, and less consistent from a credit perspective. ...
Islamic Financial Services Unit | Annual Report 2013/14
... inflation receded to lower single digits. The monetary policy continued to be eased, setting the pace for market interest rates to fall and private sector credit to improve; although the response was sluggish given the lagged effect from the tight stance of 2012. ...
... inflation receded to lower single digits. The monetary policy continued to be eased, setting the pace for market interest rates to fall and private sector credit to improve; although the response was sluggish given the lagged effect from the tight stance of 2012. ...
Monetary Policy Expectations at the Zero Lower Bound
... Instead, to assess the expected time of short-rate liftoff, one needs to consider the modal path—the most-likely path for future short rate rates. In a shadow-rate model, this modal path corresponds to the expected path of future shadow short rates (or to zero when the expected shadow short rate is ...
... Instead, to assess the expected time of short-rate liftoff, one needs to consider the modal path—the most-likely path for future short rate rates. In a shadow-rate model, this modal path corresponds to the expected path of future shadow short rates (or to zero when the expected shadow short rate is ...
Methodology Book
... • M is the number of months remaining before the fiscal year end • The fiscal year 1 corresponds to the fiscal year following the last fiscal year for which the company has made its results publicly available For cases where EPS2 is not available and M is greater than or equal to 8, EPS1 is used as ...
... • M is the number of months remaining before the fiscal year end • The fiscal year 1 corresponds to the fiscal year following the last fiscal year for which the company has made its results publicly available For cases where EPS2 is not available and M is greater than or equal to 8, EPS1 is used as ...
foreword - Port Phillip Publishing
... its means for years. It was supposed to stop on 12 July. The Greeks had voted not to accept Germany’s terms. The credit was supposed to run out on 12 July. So, I went to see what the end of the world looked like. As it turned out, they worked out a last minute deal, proving that Greeks can kick the ...
... its means for years. It was supposed to stop on 12 July. The Greeks had voted not to accept Germany’s terms. The credit was supposed to run out on 12 July. So, I went to see what the end of the world looked like. As it turned out, they worked out a last minute deal, proving that Greeks can kick the ...
Guaranteed returns with the benefit of Tax-Deferral
... • Competitive rates. Your returns are predictable and fixed for the selected term, even if market rates rise or fall. ...
... • Competitive rates. Your returns are predictable and fixed for the selected term, even if market rates rise or fall. ...
Corporate Finance (Book 1)
... ROA • Since the first two terms are ROA, ROE must therefore mean: ...
... ROA • Since the first two terms are ROA, ROE must therefore mean: ...
PDF - Deutsche Bank
... Common Equity Tier 1 ratio (fully loaded) Risk-weighted assets (fully loaded, in EUR bn) Leverage ratio (adjusted fully loaded)(4) Exposure (in EUR bn)(5) ...
... Common Equity Tier 1 ratio (fully loaded) Risk-weighted assets (fully loaded, in EUR bn) Leverage ratio (adjusted fully loaded)(4) Exposure (in EUR bn)(5) ...
Cumulative impact of financial regulation in Sweden
... The large Swedish banks have some of the highest capital adequacy ratios among their global peers. In 2015, the average capital (CET1) ratio of the largest Swedish banks was 19%, which is higher than that of the German, Dutch and French banks. Stress tests from the European Banking Authority show th ...
... The large Swedish banks have some of the highest capital adequacy ratios among their global peers. In 2015, the average capital (CET1) ratio of the largest Swedish banks was 19%, which is higher than that of the German, Dutch and French banks. Stress tests from the European Banking Authority show th ...
Are European equity markets efficient? New
... are positively correlated, or long-range dependent. The Efficient Market Hypothesis (EMH) is violated for any H ≠ 0.5. An extensive literature examines whether the EMH correctly represents the behavior of stock returns, using fractal analysis. If the EMH is rejected, the FMH provides an alternative a ...
... are positively correlated, or long-range dependent. The Efficient Market Hypothesis (EMH) is violated for any H ≠ 0.5. An extensive literature examines whether the EMH correctly represents the behavior of stock returns, using fractal analysis. If the EMH is rejected, the FMH provides an alternative a ...
relatório e contas de 2003
... when compared with the first half of 2013. Table 4 details the main items that have contributed to changes in net fees and commissions during the first half of the year, which were, on the negative side, fees and commissions on lending transactions with 1.5 million euros less, -18.5%, and, on the po ...
... when compared with the first half of 2013. Table 4 details the main items that have contributed to changes in net fees and commissions during the first half of the year, which were, on the negative side, fees and commissions on lending transactions with 1.5 million euros less, -18.5%, and, on the po ...