Do Dividend Initiations Signal Firm Prosperity?
... imply that dividend payment is economically logical, and generate hypotheses about the announcement effects of dividends that have been observed empirically. These arguments, which call for economic justification of dividends – as a governance and signaling mechanism – are convincing, but empirical ...
... imply that dividend payment is economically logical, and generate hypotheses about the announcement effects of dividends that have been observed empirically. These arguments, which call for economic justification of dividends – as a governance and signaling mechanism – are convincing, but empirical ...
Debt Maturity and the Dynamics of Leverage
... this option when it is at or in the money, i.e. if the value of the firms assets is already close to or less than the face value of debt. In this case the equityholders are willing to roll over maturing debt, even if the new bonds can only be issued at a low price. Hovakimian, Opler, and Titman (200 ...
... this option when it is at or in the money, i.e. if the value of the firms assets is already close to or less than the face value of debt. In this case the equityholders are willing to roll over maturing debt, even if the new bonds can only be issued at a low price. Hovakimian, Opler, and Titman (200 ...
January 31, 2017 - Tortoise Index Solutions
... may involve greater risk than is normally associated with large cap companies, and as a result may be more volatile and less liquid than the securities of large-cap companies, and may have returns that vary substantially from the overall securities markets. RIC Compliance Risk. The Fund has elected ...
... may involve greater risk than is normally associated with large cap companies, and as a result may be more volatile and less liquid than the securities of large-cap companies, and may have returns that vary substantially from the overall securities markets. RIC Compliance Risk. The Fund has elected ...
Annual Report 2016
... in a different direction. The acquisitions of 2016 have been conducive to achieving the strategic goal of making us the market-leader for complete sensing systems in our selected target markets, and to moving away from being solely a supplier of individual sensor ICs. In this context, the ability to ...
... in a different direction. The acquisitions of 2016 have been conducive to achieving the strategic goal of making us the market-leader for complete sensing systems in our selected target markets, and to moving away from being solely a supplier of individual sensor ICs. In this context, the ability to ...
Capital Structure of SMEs: Does Firm Size Matter?
... Secondly, the majority of the previous empirical studies on SMEs capital structure treats all SMEs as a unique, homogenous group and does not distinguish among micro, small and medium-sized firms2. However, companies from these size-based groups can be very different, making firm size a critical fac ...
... Secondly, the majority of the previous empirical studies on SMEs capital structure treats all SMEs as a unique, homogenous group and does not distinguish among micro, small and medium-sized firms2. However, companies from these size-based groups can be very different, making firm size a critical fac ...
BDC`s 2016 Annual Report
... an organization that has such a clear and important purpose: to help Canadian businesses become stronger and more profitable, so they can compete here and around the world. Standing behind more entrepreneurs It is great to see that BDC’s unique combination of loans, investments and advisory services ...
... an organization that has such a clear and important purpose: to help Canadian businesses become stronger and more profitable, so they can compete here and around the world. Standing behind more entrepreneurs It is great to see that BDC’s unique combination of loans, investments and advisory services ...
Market Discipline and Internal Governance in the Mutual Fund Industry
... marginal return of taking idiosyncratic risk is decreasing. As discussed in Berk and Green (2004), an important reason for the diseconomy of scale is the price impact of large portfolio transactions. Consider a manager who is able to identify a small number of undervalued stocks. If he is managing a ...
... marginal return of taking idiosyncratic risk is decreasing. As discussed in Berk and Green (2004), an important reason for the diseconomy of scale is the price impact of large portfolio transactions. Consider a manager who is able to identify a small number of undervalued stocks. If he is managing a ...
NBER WORKING PAPER SERIES CONFIDENCE RISK AND ASSET PRICES Ravi Bansal Ivan Shaliastovich
... fidence shocks is about 6 months, so that the confidence shocks in the data are fairly short-lived. In addition, we provide strong statistical support for the large moves in the confidence measure in the data. We show that confidence measure contains important information about financial markets da ...
... fidence shocks is about 6 months, so that the confidence shocks in the data are fairly short-lived. In addition, we provide strong statistical support for the large moves in the confidence measure in the data. We show that confidence measure contains important information about financial markets da ...
2016 Stress Tests of the Bulgarian Insurance Sectorpdf / 1.02 MB
... The valuation of the post stress test Balance Sheets was based on the Solvency II regime for all (re) insurance entities except for those which report under Solvency I regime where the valuation was based on Solvency I principles. The baseline of the scenario testing was the outcome from the BSR exe ...
... The valuation of the post stress test Balance Sheets was based on the Solvency II regime for all (re) insurance entities except for those which report under Solvency I regime where the valuation was based on Solvency I principles. The baseline of the scenario testing was the outcome from the BSR exe ...
ABN AMRO Holding N.V.
... exceeds the minimum ratios of 9% and 12.5% respectively, that have been set by the Dutch Central Bank during the separation period. ABN AMRO’s timely response to the dislocation of the financial markets and ABN AMRO related events, in combination with effective liquidity management and the actions o ...
... exceeds the minimum ratios of 9% and 12.5% respectively, that have been set by the Dutch Central Bank during the separation period. ABN AMRO’s timely response to the dislocation of the financial markets and ABN AMRO related events, in combination with effective liquidity management and the actions o ...
"The Alpha and Omega of Hedge Fund Performance Measurement"
... have signi…cantly positive alphas when normal returns are measured by an explicit factor model, even when multiple factors serving as proxies for credit or liquidity risks are accounted. However, hedge funds on average do not have signi…cantly positive alphas once the entire distribution is consider ...
... have signi…cantly positive alphas when normal returns are measured by an explicit factor model, even when multiple factors serving as proxies for credit or liquidity risks are accounted. However, hedge funds on average do not have signi…cantly positive alphas once the entire distribution is consider ...
Financing Innovation Working Paper
... of finance to impact the nature of innovation being conducted by a firm. At least four features of the R&D process, however, introduce important frictions, and these frictions can lead to financing constraints for firms aiming to undertake R&D, as well as impact how the sources of capital have a bea ...
... of finance to impact the nature of innovation being conducted by a firm. At least four features of the R&D process, however, introduce important frictions, and these frictions can lead to financing constraints for firms aiming to undertake R&D, as well as impact how the sources of capital have a bea ...
Analyzing Yield, Duration and Convexity of Mortgage Loans under
... Under the contingent-claim approach, researchers use the option pricing theory to investigate the premiums of prepayment and default. They argue that borrowers are endowed with the option to prepay (call) or default (put) the mortgage contract. The values of prepayment and default options are calcu ...
... Under the contingent-claim approach, researchers use the option pricing theory to investigate the premiums of prepayment and default. They argue that borrowers are endowed with the option to prepay (call) or default (put) the mortgage contract. The values of prepayment and default options are calcu ...
Islamic Capital Market
... Development and performance of the financial system is very important in the sustainable economic growth and development (Schoon ,2008, p. 10).Traditionally, a little difference between economic growth and economic development is made .In economics theories these two terms almost used synonymously a ...
... Development and performance of the financial system is very important in the sustainable economic growth and development (Schoon ,2008, p. 10).Traditionally, a little difference between economic growth and economic development is made .In economics theories these two terms almost used synonymously a ...
banco de crédito social cooperativo, sa, and its subsidiaries
... Report on consolidated annual accounts We have audited the accompanying consolidated annual accounts of Banco de Crédito Social Cooperativo, S.A. and its subsidiaries (Grupo Cooperativo Cajamar), which comprise the consolidated statement of financial position as at December 31, 2016, and the consoli ...
... Report on consolidated annual accounts We have audited the accompanying consolidated annual accounts of Banco de Crédito Social Cooperativo, S.A. and its subsidiaries (Grupo Cooperativo Cajamar), which comprise the consolidated statement of financial position as at December 31, 2016, and the consoli ...
The Usefulness of Derivative Disclosures by Chinese Listed
... expansion of derivatives markets over the past two decades, the extensive use of derivatives in developed markets, particularly of mortgage-related derivative products has been blamed for the recent global financial crisis. The supervisory bodies across the world have increasingly paid attention to ...
... expansion of derivatives markets over the past two decades, the extensive use of derivatives in developed markets, particularly of mortgage-related derivative products has been blamed for the recent global financial crisis. The supervisory bodies across the world have increasingly paid attention to ...
State of the Markets
... believes you should be aware of the following general risks associated with Swap Transactions: (i) Liquidity Risk: There is no public market for Swap Transactions and, therefore, it may be difficult or impossible to liquidate an existing position on favorable terms; (ii) Transfer Restrictions: Swap ...
... believes you should be aware of the following general risks associated with Swap Transactions: (i) Liquidity Risk: There is no public market for Swap Transactions and, therefore, it may be difficult or impossible to liquidate an existing position on favorable terms; (ii) Transfer Restrictions: Swap ...
form 10-k toyota motor credit corporation
... Credit analysts (located at the DSSOs) approve or reject all credit applications that are not auto-decisioned. A credit analyst decisions applications based on an evaluation that considers an applicant’s creditworthiness and projected ability to meet the monthly obligation, which is derived, among ...
... Credit analysts (located at the DSSOs) approve or reject all credit applications that are not auto-decisioned. A credit analyst decisions applications based on an evaluation that considers an applicant’s creditworthiness and projected ability to meet the monthly obligation, which is derived, among ...
