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Collateral Shortages, Asset Price and Investment
Collateral Shortages, Asset Price and Investment

Subprime Lending, Suboptimal Bankruptcy: A Proposal to Amend
Subprime Lending, Suboptimal Bankruptcy: A Proposal to Amend

Survey on the Access to Finance of Enterprises in the euro area
Survey on the Access to Finance of Enterprises in the euro area

... demand as reflected by the difficulty of finding customers prevents SMEs, in particular, to pass on higher costs to customers such that profitability does not keep pace with the rise in turnover. Euro area enterprises reported improvements in their debt situation amid a recovery in investment. SMEs ...
2015 Annual Report China CITIC Bank Corporation Limited China
2015 Annual Report China CITIC Bank Corporation Limited China

... CITIC-CP Asset Management Company Limited CITIC-Prudential Fund Management Company Limited CITIC-Prudential Life Insurance Company Ltd. CNCB (Hong Kong) Investment Co., Ltd. (formerly China Investment and Finance Limited) CITIC Bank International Limited CNCBI (China) Co., Ltd. Law of the People’s R ...
Sunoco LP - cloudfront.net
Sunoco LP - cloudfront.net

... million in cash (the “Cash Consideration”) and 795,482 common units. The Cash Consideration was financed through issuance of 6.375% Senior Notes due 2023. The common units issued to ETP Retail were issued and sold in a private transaction exempt from registration under Section 4(a)(2) of the Securit ...
Risk management for wealth and asset management
Risk management for wealth and asset management

... There was little surprise that there was close focus on remuneration, behaviors, operational risk management 2.0, resourcing bench-strength and the importance of reinforcing cyber security protections as far as both traditional and alternative asset managers were concerned. The intensifying scrutiny ...
first capital realty inc.
first capital realty inc.

Joint Dynamics of Bond and Stock Returns - Wisconsin-School
Joint Dynamics of Bond and Stock Returns - Wisconsin-School

... comovement, or a “common factor” in returns on assets with independent cash flows in general equilibrium. Martin (2012) generalized this setup to multiple “trees”. My paper differs from these by endogenizing the size of “trees” and modeling technologies with different amounts of cash-flow risk. The ...
HSBC Global Liquidity Funds Prospectus
HSBC Global Liquidity Funds Prospectus

SUP-MULTI-0115 ALLIANCEBERNSTEIN ALL MARKET GROWTH
SUP-MULTI-0115 ALLIANCEBERNSTEIN ALL MARKET GROWTH

... declines, the convertible security tends to trade increasingly on a yield basis, and thus may not depreciate to the same extent as the underlying common stock. Convertible securities rank senior to common stocks in an issuer’s capital structure. They are consequently of higher quality and entail les ...
FORM 20-F GRUPO FINANCIERO SANTANDER MÉXICO, S.A.B. de
FORM 20-F GRUPO FINANCIERO SANTANDER MÉXICO, S.A.B. de

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Handbook of German States - Erik F. Nielsen
Handbook of German States - Erik F. Nielsen

... The German states are key players in the European capital markets. German states are by far the largest issuer among the European regions. Total bonds outstanding amounted to EUR 310bn in early May 2015 (up from EUR 255bn at the end of 1H08), which is almost 12 times as much as the second largest gr ...
A Strict Liability Regime for Rating Agencies
A Strict Liability Regime for Rating Agencies

... proposed so far seem to suffer from serious drawbacks. For example, let us consider two of the most popular incremental reforms in the policy debate. One proposal is to increase competition between CRAs (Partnoy 2010). The other is to increase the transparency of their ratings (Pagano and Volpin 201 ...
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Krislert Samphantharak and Robert M

... on different questionnaire designs that classify child work and proxy response versus selfreporting. Beaman and Dillon (2010) conduct a randomized survey experiment of four different household definitions in Mali to examine the implications for household-level statistics. In all of these studies, th ...
Arrow Electronics, Inc. - corporate
Arrow Electronics, Inc. - corporate

... Accounts payable Accrued expenses Other assets and liabilities Net cash provided by operating activities Cash flows from investing activities: Cash consideration paid for acquired businesses Acquisition of property, plant, and equipment Other Net cash used for investing activities Cash flows from fi ...
Download Dissertation
Download Dissertation

... bases. The basis does remain, however, during periods of deteriorating credit quality. This could arise naturally as providers of credit insurance not only raise their prices but also, as happens elsewhere in the insurance markets, become increasingly reluctant to write new contracts. We attempt to ...
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
UNITED STATES SECURITIES AND EXCHANGE COMMISSION

... hedging activities. The statement requires that certain derivative instruments be recorded in the balance sheet as either assets or liabilities measured at fair value, and that changes in the fair value be recognized currently in earnings, unless specific hedge accounting criteria are met. If the de ...
Placing and Admission to AIM
Placing and Admission to AIM

... demanding than those of the Official List of the United Kingdom Listing Authority. It is emphasised that no application is being made for admission of these securities to the Official List of the United Kingdom Listing Authority. The Ordinary Shares are not dealt on any other recognised investment e ...
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Somos Educação

... (i) all of the views expressed accurately reflect his or her personal views about those securities or issuers, and such recommendations were elaborated independently, including in relation to Banco BTG Pactual S.A. and/or its affiliates, as the case may be; (ii) no part of his or her compensation wa ...
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prospectus of bangladesh steel re

PJD2012Project1(option4):PJD2012Layout 1
PJD2012Project1(option4):PJD2012Layout 1

... Proposed Amendments To The Articles of Association Of The Company. “THAT the proposed amendments to the Articles of Association of the Company as set out in the Circular to Shareholders dated 31 October 2012 be and are hereby approved and that the Directors of the Company be and are hereby authorise ...
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Volatility and Fixed Income Asset Class Comparison

... Where k is the mean reversion parameter, a is the long-term mean, rt is the instantaneous interest rate, Vt is the instantaneous level of implied volatility, σ is the volatility of rates and the volatility of implied volatility (for each equation, respectively), and dWt is a standard Brownian motion ...
Comprehensive Annual Financial Report
Comprehensive Annual Financial Report

... examined annually by an independent certified public accountant and a complete set of financial statements presented in conformity with Generally Accepted Accounting Principles (GAAP) be published within six months of the close of each fiscal year. This report consists of the management’s representa ...
Accounting Comparability and Loan Contracting - CEAR
Accounting Comparability and Loan Contracting - CEAR

... abnormal operating accruals) prefer private debt over public debt, and firms with poorer accounting quality face significantly higher interest cost for both private and public debts, and that the pricing impact of accounting quality on public debt is greater than that on private debt. They also find ...
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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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