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Why firms issue callable bonds: Hedging
Why firms issue callable bonds: Hedging

the howard hughes corporation - corporate
the howard hughes corporation - corporate

... assets and activities is not a business. The criteria requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. However, to be considered a bu ...
Close Strategic Alpha Prospectus - Close Brothers Asset Management
Close Strategic Alpha Prospectus - Close Brothers Asset Management

... Prospectus and accepts responsibility accordingly. It has taken all reasonable care to ensure that, to the best of its knowledge and belief, the information in this document does not contain any untrue or misleading statement or omit any matters required by the COLL Sourcebook to be included in it. ...
February 26, 2013 VIA ELECTRONIC MAIL Mr. Gary Barnett
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... Some funds, on the other hand, are not commonly considered to be “funds of funds.” Some of these funds invest a relatively small portion of their assets in one or more underlying funds to gain exposure to an asset class or strategy in a more efficient manner, with a majority of their assets invested ...
ESSAYS ON BOND EXCHANGE-TRADED FUNDS by Charles W
ESSAYS ON BOND EXCHANGE-TRADED FUNDS by Charles W

... created and liquidated through in-kind transfers of underlying assets. If the underlying assets are non-transferrable, as is the case with mortgage-backed securities and Treasury Inflation-Protected Securities (TIPS), the cash equivalent is paid1. (Vanguard, 2009) With OEFs, the size of the fund var ...
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Download attachment

2014 Annual Report
2014 Annual Report

... Allstate had a very good year in 2013. This was the result of a multi-year plan to reposition our business in the face of the financial market turmoil and a dramatic increase in severe weather events, both of which began in 2008. During this period, we built on our strong history of business leaders ...
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
UNITED STATES SECURITIES AND EXCHANGE COMMISSION

... LMA or a TBA is an agreement under which a Federal Communications Commission (“FCC”) licensee of a radio station makes available, for a fee, air time on its station to another party. The other party provides programming to be broadcast during the airtime and collects revenues from advertising it sel ...
Regulatory Notice 13-07
Regulatory Notice 13-07

Vanguard Ultra-Short-Term Bond Fund Prospectus Investor Shares
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... falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate. • Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund ...
The role of inflation-linked bonds Increasing, but still modest
The role of inflation-linked bonds Increasing, but still modest

... government and that are held by risk-averse investors. The model offers two reasons why a government may find it unattractive to use inflation-linked bonds to finance its public debt. The most important one is liquidity risk. Because of liquidity risk, investors may be unwilling to step into ILBs. I ...
Prospectus (27 October 2014)
Prospectus (27 October 2014)

... the Issuer and the Group. The risk factors are not presented in order of probability, importance or potential impact on the Group’s business, profits or financial position. This presentation of risk factors is not complete; it merely includes examples of risk factors that an investor should consider ...
2016, (the “Report” - Lincoln Financial Group
2016, (the “Report” - Lincoln Financial Group

The downfall of Merrill CEO Stan O`Neal (WSJ)
The downfall of Merrill CEO Stan O`Neal (WSJ)

... transforming it from a U.S.-focused retail broker to an international financial giant with strong footholds in important segments such as commodities, private equity, asset management and bonds. Some former colleagues say Mr. O'Neal's talent and steely drive came with a tragic flaw: He didn't much e ...
Derivatives and the Modern Prudent Investor Rule: Too Risky or Too Necessary?
Derivatives and the Modern Prudent Investor Rule: Too Risky or Too Necessary?

Since upgrades are rare, bonds issuers have stronger incentives to
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Statement of Advice sample wording

... The Nil Entry Fee (NEF) option is only available for existing NEF members transferring between Personal Super and Pension NEF options where an exit fee is outstanding. The Nil Entry Fee option allowed you to pay no Contribution Fees upfront at the time you made each investment but pay a higher Ongoi ...
Chapter 6 - NYU Stern School of Business
Chapter 6 - NYU Stern School of Business

Sequential Sales, Learning, and Cascades
Sequential Sales, Learning, and Cascades

... well off with cascades (and a fixed price) as in a variable -price auction!) The issuer's desire to prevent communication among investors has empirical implications. In particular, I interpret an underwriter as an institution that distributes an offering widely, i.e., to investors who find it more d ...
Annual Report
Annual Report

... energy market. Energy prices are low because of overcapacity and the recession. This is unlikely to change over the next three years. DELTA has made the necessary preparations to deal with these market conditions and remain an independent company. In 2014, we used EUR 74 million from our cash flow t ...
Testing for Rating Consistency in Annual Default
Testing for Rating Consistency in Annual Default

... Measuring Consistency along a Specific Dimension of Credit Risk Rating consistency is, however, difficult to measure with quantitative precision. A credit rating compresses four characteristics or credit quality – default probability, loss severity, financial strength, and rating transition risk – i ...
DOMINO`S PIZZA ENTERPRISES LIMITED ANNUAL REPORT 2010
DOMINO`S PIZZA ENTERPRISES LIMITED ANNUAL REPORT 2010

chapter 2 - McGraw Hill Higher Education - McGraw
chapter 2 - McGraw Hill Higher Education - McGraw

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Euro-Commercial Paper Programme

... for Yen Notes, Yen 100,000,000 (and integral multiples of Yen 1,000,000 in excess thereof); ...
American International Group, Inc.
American International Group, Inc.

... Insurance Companies’ domestic operations have historically consisted primarily of corporate bonds, municipal bonds and government bonds. These investments provided attractive returns and limited credit risk. To meet our domestic operations’ current risk return and business objectives, our domestic N ...
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Securitization

Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations (or other non-debt assets which generate receivables) and selling their related cash flows to third party investors as securities, which may be described as bonds, pass-through securities, or collateralized debt obligations (CDOs). Investors are repaid from the principal and interest cash flows collected from the underlying debt and redistributed through the capital structure of the new financing. Securities backed by mortgage receivables are called mortgage-backed securities (MBS), while those backed by other types of receivables are asset-backed securities (ABS).Critics have suggested that the complexity inherent in securitization can limit investors' ability to monitor risk, and that competitive securitization markets with multiple securitizers may be particularly prone to sharp declines in underwriting standards. Private, competitive mortgage securitization is believed to have played an important role in the U.S. subprime mortgage crisis.In addition, off-balance sheet treatment for securitizations coupled with guarantees from the issuer can hide the extent of leverage of the securitizing firm, thereby facilitating risky capital structures and leading to an under-pricing of credit risk. Off-balance sheet securitizations are believed to have played a large role in the high leverage level of U.S. financial institutions before the financial crisis, and the need for bailouts.The granularity of pools of securitized assets can mitigate the credit risk of individual borrowers. Unlike general corporate debt, the credit quality of securitized debt is non-stationary due to changes in volatility that are time- and structure-dependent. If the transaction is properly structured and the pool performs as expected, the credit risk of all tranches of structured debt improves; if improperly structured, the affected tranches may experience dramatic credit deterioration and loss.Securitization has evolved from its beginnings in the late 18th century to an estimated outstanding of $10.24 trillion in the United States and $2.25 trillion in Europe as of the 2nd quarter of 2008. In 2007, ABS issuance amounted to $3.455 trillion in the US and $652 billion in Europe. WBS (Whole Business Securitization) arrangements first appeared in the United Kingdom in the 1990s, and became common in various Commonwealth legal systems where senior creditors of an insolvent business effectively gain the right to control the company.
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