Auditor-Relevant Congressional Committees and Audit Quality
... audit failures, then auditors have incentives to increase the supply of audit quality in those states, relative to other states. An important consideration is the possibility that auditors, rather than their clients, capture influential committee politicians via campaign and political contributions ...
... audit failures, then auditors have incentives to increase the supply of audit quality in those states, relative to other states. An important consideration is the possibility that auditors, rather than their clients, capture influential committee politicians via campaign and political contributions ...
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... leverage, which makes the stock riskier and increases its volatility [Black (1976) and Christie (1982)]. The second explanation is known as volatility feedback hypothesis. This explanation maintains that the asymmetry in volatility responds to the fact that returns could simply reflect the existence ...
... leverage, which makes the stock riskier and increases its volatility [Black (1976) and Christie (1982)]. The second explanation is known as volatility feedback hypothesis. This explanation maintains that the asymmetry in volatility responds to the fact that returns could simply reflect the existence ...
The Leverage Effect on Stock Returns-EFMA
... Accounting literature focuses on the relation between cost of equity and leverage from two perspectives. Penman et al. (2007) show that average returns increase in market leverage but decline in book leverage by decomposing the leverage component of the book-to-market ratio pertaining to financing r ...
... Accounting literature focuses on the relation between cost of equity and leverage from two perspectives. Penman et al. (2007) show that average returns increase in market leverage but decline in book leverage by decomposing the leverage component of the book-to-market ratio pertaining to financing r ...
Bachelor of Business Administration Programme
... Attendance is compulsory for BBA to the extent of 75 percent. Those students who do not attend classes will not be allowed to take the University Examination for that semester. ...
... Attendance is compulsory for BBA to the extent of 75 percent. Those students who do not attend classes will not be allowed to take the University Examination for that semester. ...
Tangerine Investment Funds Simplified Prospectus
... based upon the Fund’s investment objectives and strategies and describe the material risks of investing in that Fund under normal market conditions when considering the Fund’s portfolio as a whole, not each individual investment within the portfolio. Who Should Invest in this Fund? The information u ...
... based upon the Fund’s investment objectives and strategies and describe the material risks of investing in that Fund under normal market conditions when considering the Fund’s portfolio as a whole, not each individual investment within the portfolio. Who Should Invest in this Fund? The information u ...
CEO Job Security and Risk-Taking
... by idiosyncratic rather than systematic risk. An increase in turnover probability of 10 percentage points is associated with a decrease in idiosyncratic risk of 0.6 percentage points, and there is no significant relation between turnover probability and market beta. We also explore the channels thro ...
... by idiosyncratic rather than systematic risk. An increase in turnover probability of 10 percentage points is associated with a decrease in idiosyncratic risk of 0.6 percentage points, and there is no significant relation between turnover probability and market beta. We also explore the channels thro ...
building today, for tomorrow - EZRA HOLDINGS LIMITED
... approximately 4.3 years, with more than 43% of the leases expiring after FY17/18. Diversity of our customer mix was maintained with not one of our 410 customers accounting for more than 5% of total revenue. As at 31 March 2015, MLT’s portfolio of 117 assets was valued at S$4.63 billion. This represe ...
... approximately 4.3 years, with more than 43% of the leases expiring after FY17/18. Diversity of our customer mix was maintained with not one of our 410 customers accounting for more than 5% of total revenue. As at 31 March 2015, MLT’s portfolio of 117 assets was valued at S$4.63 billion. This represe ...
Amalgamated Telecom Holdings Limited and Subsidiary
... In August 2013, ATH acquired the remaining 51% of shares held in FINTEL by the Government of Fiji for $9 million. In March 2014, FINTEL sold its freehold land and building in Suva, known as Mercury House, to the ultimate parent entity, Fiji National Provident Fund for $4.6 million, with a net gain a ...
... In August 2013, ATH acquired the remaining 51% of shares held in FINTEL by the Government of Fiji for $9 million. In March 2014, FINTEL sold its freehold land and building in Suva, known as Mercury House, to the ultimate parent entity, Fiji National Provident Fund for $4.6 million, with a net gain a ...
News Release
... Excludes the impact from an outward quota share reinsurance agreement completed in 2015 in Aviva Insurance Limited (AIL). See note A10 for further details. Currency movements are calculated using unrounded numbers so minor rounding differences may exist. Poland includes Lithuania, Italy excludes Eur ...
... Excludes the impact from an outward quota share reinsurance agreement completed in 2015 in Aviva Insurance Limited (AIL). See note A10 for further details. Currency movements are calculated using unrounded numbers so minor rounding differences may exist. Poland includes Lithuania, Italy excludes Eur ...
Morningstar Asset Allocation Optimization Methodology
... second step, an optimization algorithm arrives at percentage allocations to different asset classes, and these allocations are known as the asset mix. In the third step, asset mix return and wealth forecasts are projected over various investment horizons and probabilities to illustrate potential out ...
... second step, an optimization algorithm arrives at percentage allocations to different asset classes, and these allocations are known as the asset mix. In the third step, asset mix return and wealth forecasts are projected over various investment horizons and probabilities to illustrate potential out ...
University of Groningen An evaluation of the accounting rate of
... The relationship between firm size and firm profitability is a time-honored topic. Previous studies of the effect of size on profitability have provided some interesting propositions, for example, large firms are also relatively profitable firms (see Baumol, 1959). For investigating the effects of s ...
... The relationship between firm size and firm profitability is a time-honored topic. Previous studies of the effect of size on profitability have provided some interesting propositions, for example, large firms are also relatively profitable firms (see Baumol, 1959). For investigating the effects of s ...
The Elapsed Time Between Acquisitions
... aggressive bidding behavior by rivals. The same arguments apply to correlations between bidders’ valuations. If a higher valuation is statistically associated with a higher valuation by ...
... aggressive bidding behavior by rivals. The same arguments apply to correlations between bidders’ valuations. If a higher valuation is statistically associated with a higher valuation by ...
STRATEGIC REPORT - Highlights Financial highlights
... 2014 led to an increase in stock, increased time on market through to lower price growth rates into 2015. We saw a similar pattern emerging again at the beginning of 2016, however this time demand cooling was stronger in the less expensive London boroughs which can also be seen to ripple through the ...
... 2014 led to an increase in stock, increased time on market through to lower price growth rates into 2015. We saw a similar pattern emerging again at the beginning of 2016, however this time demand cooling was stronger in the less expensive London boroughs which can also be seen to ripple through the ...
Strategy Spotlight: Considerations in volatility
... investor is considering options, swaps or futures, common to the use of any of these instruments is the need to specify trading strategy. If a strategy is implemented systematically, its construction can define: Tenor selection – such as weekly, biweekly and monthly options or swaps, and front- or ...
... investor is considering options, swaps or futures, common to the use of any of these instruments is the need to specify trading strategy. If a strategy is implemented systematically, its construction can define: Tenor selection – such as weekly, biweekly and monthly options or swaps, and front- or ...
Asset Valuation Policy
... Unlisted assets are different to listed assets as they do not trade through exchanges or central clearing agents. Accordingly, they do not have readily available market values. Unlisted assets include infrastructure investments, direct property and unlisted trusts. (b) ...
... Unlisted assets are different to listed assets as they do not trade through exchanges or central clearing agents. Accordingly, they do not have readily available market values. Unlisted assets include infrastructure investments, direct property and unlisted trusts. (b) ...
Are abnormal buy and holding returns in mergers subject to value
... after M&A deals is more likely due to analysis method errors and benchmark errors, than due to market mispricing at the announcement date of the acquisition. The statistical power of event studies on these long-term abnormal returns is still a big topic of discussion in the current corporate finance ...
... after M&A deals is more likely due to analysis method errors and benchmark errors, than due to market mispricing at the announcement date of the acquisition. The statistical power of event studies on these long-term abnormal returns is still a big topic of discussion in the current corporate finance ...
Investor Sentiment and Beta Pricing
... beta pricing is stronger when overconfidence in the economy is low (i.e., the mass of overconfident agents is small relative to rational ones) and vice versa (see their Proposition 3). The idea is that overconfident agents will under-assess risk, and therefore will not price covariance risk as stron ...
... beta pricing is stronger when overconfidence in the economy is low (i.e., the mass of overconfident agents is small relative to rational ones) and vice versa (see their Proposition 3). The idea is that overconfident agents will under-assess risk, and therefore will not price covariance risk as stron ...
The Gains from Resolving Debt Overhang: Evidence from a
... finance literature.1 In this paper, we ask: What are the gains from resolving debt overhang for nonfinancial firms, both for individual firms and for the aggregate economy in the long run? To perform our analysis, we develop a general equilibrium model of firm dynamics where firms make endogenous en ...
... finance literature.1 In this paper, we ask: What are the gains from resolving debt overhang for nonfinancial firms, both for individual firms and for the aggregate economy in the long run? To perform our analysis, we develop a general equilibrium model of firm dynamics where firms make endogenous en ...
Accounting Comparability and Loan Contracting - CEAR
... source of external financing for corporations relative to equity, and bank loans are a major component of debt. Thus it is of economic relevance to study how banks, as a major capital provider and one of the most important market participants, value accounting comparability among industry peers in a ...
... source of external financing for corporations relative to equity, and bank loans are a major component of debt. Thus it is of economic relevance to study how banks, as a major capital provider and one of the most important market participants, value accounting comparability among industry peers in a ...
Moving from private to public ownership: Selling out to
... and control and would thus be associated with a higher probability of choosing to move to public ownership through an IPO. If venture capitalists are better at identifying higher quality management, then this scenario might be especially true when they have made significant investments in the firm. ...
... and control and would thus be associated with a higher probability of choosing to move to public ownership through an IPO. If venture capitalists are better at identifying higher quality management, then this scenario might be especially true when they have made significant investments in the firm. ...
OCC Rule Filing No. SR-OCC-2017-803
... suspension or insolvency, by allowing it to obtain funds on extremely short notice to ensure clearance and settlement of transactions in options and other contracts without interruption. OCC believes that the reduced settlement risk presented by OCC resulting from the New Facility would correspondi ...
... suspension or insolvency, by allowing it to obtain funds on extremely short notice to ensure clearance and settlement of transactions in options and other contracts without interruption. OCC believes that the reduced settlement risk presented by OCC resulting from the New Facility would correspondi ...
Uncertainty, Capital Flows, and Maturity Mismatch
... a share of GDP, as a proxy for maturity mismatch. I find that the negative impact of capital flow volatility is greater where financial markets are less developed. Finally, I make use of industry-level data on the level of investment and the average duration of investment projects to examine whether ...
... a share of GDP, as a proxy for maturity mismatch. I find that the negative impact of capital flow volatility is greater where financial markets are less developed. Finally, I make use of industry-level data on the level of investment and the average duration of investment projects to examine whether ...