From shareholder value to private equity – the changing
... The review of the OECD Principles of Corporate Governance in 2004 At company level, the process of financialisation is linked with the shareholder value model of governance of firms, which gained momentum in the US and the UK in the 1990s and became the predominant model for reform promoted by inter ...
... The review of the OECD Principles of Corporate Governance in 2004 At company level, the process of financialisation is linked with the shareholder value model of governance of firms, which gained momentum in the US and the UK in the 1990s and became the predominant model for reform promoted by inter ...
DFS GIF – Growth - Desjardins Life Insurance
... ©2017. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are ...
... ©2017. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are ...
This PDF is a selection from a published volume from... Bureau of Economic Research
... When the crisis strikes, it is always easy to find weaknesses in the borrowing economies to justify ex post the reversal of flows: crony capitalism, industrial policies, exchange rates pegged too rigidly to the dollar, weak financial sectors, implicit insurance, and so on. No one can doubt that thes ...
... When the crisis strikes, it is always easy to find weaknesses in the borrowing economies to justify ex post the reversal of flows: crony capitalism, industrial policies, exchange rates pegged too rigidly to the dollar, weak financial sectors, implicit insurance, and so on. No one can doubt that thes ...
Big bankers chase small M&A deals
... legions of investment bankers are looking to grab any deal they can. Their new rallying cry: “No deal too small.” The reason is clear. The 28% first-quarter drop in U.S. merger activity—one of Wall Street's most important businesses—marks its deepest slump in nearly a decade, according to research f ...
... legions of investment bankers are looking to grab any deal they can. Their new rallying cry: “No deal too small.” The reason is clear. The 28% first-quarter drop in U.S. merger activity—one of Wall Street's most important businesses—marks its deepest slump in nearly a decade, according to research f ...
Valley Publishing Company
... checked these number with the trial balances and last years audit. I also check that the account were being used for the items in the investment accounts. It is my opinion that there was a misstatement in the Investment account (see AJE #9) because the land that was set up as investment to put a bui ...
... checked these number with the trial balances and last years audit. I also check that the account were being used for the items in the investment accounts. It is my opinion that there was a misstatement in the Investment account (see AJE #9) because the land that was set up as investment to put a bui ...
The New Capitalism
... Economic conditions in 2009 will be treacherous. There'll be a formal recession in most developed economies, and the economic contraction is highly likely to be more severe in the UK than almost anywhere else. Companies and consumers will continue to tighten their belts. There'll be a sharp rise in ...
... Economic conditions in 2009 will be treacherous. There'll be a formal recession in most developed economies, and the economic contraction is highly likely to be more severe in the UK than almost anywhere else. Companies and consumers will continue to tighten their belts. There'll be a sharp rise in ...
Crayon issues a NOK 650 million senior secured bond
... Crayon issues a NOK 650 million senior secured bond Crayon Group Holding AS has successfully completed a new senior secured bond issue in the Nordic bond market. The initial issue of NOK 650 million may be increased to NOK 1,000 million. The maturity date is July 2017, and is priced at 3 months NIBO ...
... Crayon issues a NOK 650 million senior secured bond Crayon Group Holding AS has successfully completed a new senior secured bond issue in the Nordic bond market. The initial issue of NOK 650 million may be increased to NOK 1,000 million. The maturity date is July 2017, and is priced at 3 months NIBO ...
Private Equity`s Place in Defined Contribution Schemes
... advisers and sponsors to keep fees as low as possible for the participants. However, there are plenty of sponsors who have experience of private equity in their DB arrangements and they understand how the fees work and the benefits of the net returns that are achievable. In the UK there is a regulat ...
... advisers and sponsors to keep fees as low as possible for the participants. However, there are plenty of sponsors who have experience of private equity in their DB arrangements and they understand how the fees work and the benefits of the net returns that are achievable. In the UK there is a regulat ...
Financial Developments and Macroeconomic Stability
... declines drastically. During this period (last three decades of the sample) there are other two major recessions: at the end of the 1970s and at the beginning of the 1980s. These two recessions, however, took place when the debt exposure was already low, relative to the trend, which may explain why ...
... declines drastically. During this period (last three decades of the sample) there are other two major recessions: at the end of the 1970s and at the beginning of the 1980s. These two recessions, however, took place when the debt exposure was already low, relative to the trend, which may explain why ...
The New Landscape for Business Startups and Their Investors
... The Act also permits companies to advertise unregistered private placements to the general public without having to meet the requirements for a public offering; that would represent a major change for a hedge fund or private equity firm in managing its portfolio of companies. However, purchasers of ...
... The Act also permits companies to advertise unregistered private placements to the general public without having to meet the requirements for a public offering; that would represent a major change for a hedge fund or private equity firm in managing its portfolio of companies. However, purchasers of ...
Taking the long view: how market
... In this regard, the Committee is, and needs to be, strategic in its approach – with a focus on the future – this clearly becomes more important as we move from a phase of ‘crisis response’ and emergency repair to a broader forward agenda. In my view, this matters, not just because I believe we have ...
... In this regard, the Committee is, and needs to be, strategic in its approach – with a focus on the future – this clearly becomes more important as we move from a phase of ‘crisis response’ and emergency repair to a broader forward agenda. In my view, this matters, not just because I believe we have ...
American Finances
... • According to a poll taken in 2009, 61% of Americans “always or usually” live paycheck to paycheck. (Up from 49% in ’08 and 43% in ’09) • In 1929 only 2% of the homes in America had a mortgage against them, and by 1962 only 2% did NOT have a mortgage against them. • Consumer Reports Money Book says ...
... • According to a poll taken in 2009, 61% of Americans “always or usually” live paycheck to paycheck. (Up from 49% in ’08 and 43% in ’09) • In 1929 only 2% of the homes in America had a mortgage against them, and by 1962 only 2% did NOT have a mortgage against them. • Consumer Reports Money Book says ...
2001 Midterm (with answers)
... in realizing value from leased assets recovered in the case of failures. Leases against marketable equipment can reduce the downside risks since equipment can be released or sold at the end of the lease period fairly easily. Ideally, IP properties will also have value to other firms in the market, b ...
... in realizing value from leased assets recovered in the case of failures. Leases against marketable equipment can reduce the downside risks since equipment can be released or sold at the end of the lease period fairly easily. Ideally, IP properties will also have value to other firms in the market, b ...
What a way to end a decade!
... • Stock markets may continue their strong 2010 close into 2011. A correction is ...
... • Stock markets may continue their strong 2010 close into 2011. A correction is ...
Call: June 19, 2015 AFFIDAVIT SAMPLE Contact Person
... Please include Attachment d.2) investment team member’s resumes (partner / director) for those team members with experience investing in Spain. 4. - The fund has at least 20% of the target fund size in hard commitments from investors, as included in the table below. Portfolio contributions, as well ...
... Please include Attachment d.2) investment team member’s resumes (partner / director) for those team members with experience investing in Spain. 4. - The fund has at least 20% of the target fund size in hard commitments from investors, as included in the table below. Portfolio contributions, as well ...
Debt position of the Government of India
... value of dated securities plus discounted value of treasury bills) has been kept at ` 50,000 crore. However, net issuance for the year has been estimated at ` 20,000 crore in BE 2016-17. The estimated outstanding liabilities under MSS in respect of market loans, 91/182/364 days Treasury Bills are se ...
... value of dated securities plus discounted value of treasury bills) has been kept at ` 50,000 crore. However, net issuance for the year has been estimated at ` 20,000 crore in BE 2016-17. The estimated outstanding liabilities under MSS in respect of market loans, 91/182/364 days Treasury Bills are se ...
Bank Investment in Other Financial Institution Debt
... The Total Loss Absorbing Capacity (TLAC) Notice of Proposed Rulemaking (NPR) issued on October 30, 2015, adds senior BHC debt issued by 8 U.S. Global Systemically Important Banks (GSIBs) (covered BHCs) to the list of instruments potentially deducted from the investing financial institution’s regula ...
... The Total Loss Absorbing Capacity (TLAC) Notice of Proposed Rulemaking (NPR) issued on October 30, 2015, adds senior BHC debt issued by 8 U.S. Global Systemically Important Banks (GSIBs) (covered BHCs) to the list of instruments potentially deducted from the investing financial institution’s regula ...
Netherlands Tax Alert
... The Supreme Court rejected the tax authorities’ position that an instrument that qualifies as equity from a legal perspective can be reclassified as debt for purposes of the application of the participation exemption. The court explained that, because the purpose of the participation exemption is to ...
... The Supreme Court rejected the tax authorities’ position that an instrument that qualifies as equity from a legal perspective can be reclassified as debt for purposes of the application of the participation exemption. The court explained that, because the purpose of the participation exemption is to ...
Clarification on Government Debt Investment Limits
... Sub: Clarification on Government Debt Investment Limits 1. SEBI had issued a circular CIR/IMD/FIIC/ 17/2014 dated July 23, 2014 whereby the investment limit in government securities available to all FPIs was enhanced by USD 5 billion by correspondingly reducing the amount available to long term FPIs ...
... Sub: Clarification on Government Debt Investment Limits 1. SEBI had issued a circular CIR/IMD/FIIC/ 17/2014 dated July 23, 2014 whereby the investment limit in government securities available to all FPIs was enhanced by USD 5 billion by correspondingly reducing the amount available to long term FPIs ...
Chapter 2
... sale of debt or equity in the primary market. To underwrite a new security issue, the investment banker buys the entire issue at a guaranteed price from the issuing firm and resells the securities to institutional investors and the public. ...
... sale of debt or equity in the primary market. To underwrite a new security issue, the investment banker buys the entire issue at a guaranteed price from the issuing firm and resells the securities to institutional investors and the public. ...
I. Trade Volatility, Trade Challenges, Trade Crises
... 2) The composition of capital inflows-short-term portfolio versus long-term direct investment funds-is extremely important. – Short term portfolio flows are very sensitive to short-term changes in interest rates and other political and macroeconomic variables. FDI is less volatile and does not respo ...
... 2) The composition of capital inflows-short-term portfolio versus long-term direct investment funds-is extremely important. – Short term portfolio flows are very sensitive to short-term changes in interest rates and other political and macroeconomic variables. FDI is less volatile and does not respo ...
3i agrees sale of Inspecta to ACTA*
... London-based international investment manager, 3i Group plc (“3i”) has agreed the sale of Helsinki-headquartered Inspecta Group (“the Company”) to Netherlands-based ACTA*. ACTA* is the Dutch Holding company of Kiwa and Shield Group International. The transaction remains conditional upon approval by ...
... London-based international investment manager, 3i Group plc (“3i”) has agreed the sale of Helsinki-headquartered Inspecta Group (“the Company”) to Netherlands-based ACTA*. ACTA* is the Dutch Holding company of Kiwa and Shield Group International. The transaction remains conditional upon approval by ...
Slajd 1
... An equity gap means that the market fails to provide enough equity financing for small investment projects ...
... An equity gap means that the market fails to provide enough equity financing for small investment projects ...
interest payments on the federal debt
... CBO found that continued deficits and growing debt levels will threaten future economic growth and merit “some combination of lower spending and higher revenues than the amounts now projected.” 7 A recent GAO report found that the long-term fiscal outlook is “unsustainable.”8 It points out that pote ...
... CBO found that continued deficits and growing debt levels will threaten future economic growth and merit “some combination of lower spending and higher revenues than the amounts now projected.” 7 A recent GAO report found that the long-term fiscal outlook is “unsustainable.”8 It points out that pote ...
Leveraged buyout
A leveraged buyout (LBO) is a transaction when a company or single asset (e.g., a real estate property) is purchased with a combination of equity and significant amounts of borrowed money, structured in such a way that the target's cash flows or assets are used as the collateral (or ""leverage"") to secure and repay the borrowed money. Since the debt (be it senior or mezzanine) has a lower cost of capital (until bankruptcy risk reaches a level threatening to the lender[s]) than the equity, the returns on the equity increase as the amount of borrowed money does until the perfect capital structure is reached. As a result, the debt effectively serves as a lever to increase returns-on-investment.The term LBO is usually employed when a financial sponsor acquires a company. However, many corporate transactions are partially funded by bank debt, thus effectively also representing an LBO. LBOs can have many different forms such as management buyout (MBO), management buy-in (MBI), secondary buyout and tertiary buyout, among others, and can occur in growth situations, restructuring situations, and insolvencies. LBOs mostly occur in private companies, but can also be employed with public companies (in a so-called PtP transaction – Public to Private).As financial sponsors increase their returns by employing a very high leverage (i.e., a high ratio of debt to equity), they have an incentive to employ as much debt as possible to finance an acquisition. This has, in many cases, led to situations, in which companies were ""over-leveraged"", meaning that they did not generate sufficient cash flows to service their debt, which in turn led to insolvency or to debt-to-equity swaps in which the equity owners lose control over the business and the debt providers assume the equity.