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Lyxor Index Fund December 2014
Lyxor Index Fund December 2014

... of Shares beneficially owned by US Persons. The Company retains the right to offer only one Class of Shares for subscription in any particular jurisdiction in order to conform to local law, custom, business practice or the Company’s commercial objectives. ...
2015 annual report
2015 annual report

... strong operational and financial per or- ...
fund fact sheet user`s guide
fund fact sheet user`s guide

FORM 10-Q - Microsoft
FORM 10-Q - Microsoft

... recurring items, necessary for their fair presentation in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Interim results are not necessarily indicative of results for a full year. The information included in this Form 10-Q should be read in co ...
Interest Rates and Bond Valuation
Interest Rates and Bond Valuation

... When a corporation or government wishes to borrow money from the public on a long-term basis, it usually does so by issuing or selling debt securities that are generically called bonds. In this section, we describe the various features of corporate bonds and some of the terminology associated with b ...
Best execution mechanics: TBA specified pool
Best execution mechanics: TBA specified pool

Vanguard Growth Index Fund
Vanguard Growth Index Fund

... security specific risk through diversifying its holdings across a wide selection of available securities in the index. ▪ Derivative risk – A derivative is a contract or financial product that derives its price from one or more underlying assets, reference rates or indexes. Derivatives are generally ...
DOC - Investor Relations
DOC - Investor Relations

... Historically, retailers staffed their stores as needed to provide these services to ensure, that manufactures inventory levels, the advantageous display of new items on shelves, and the maintenance of shelf schematics and product placement were properly merchandised. However retailers, in an effort ...
The Development of a European Capital Market
The Development of a European Capital Market

... laying the foundations of a wider market; the focusing of effort on this wider market seems indeed to be a condition for the success of these reforms, as the present shortcomings of the capital markets are due not so much to insufficient savings as to the impossibility of adjusting correctly supply ...
lease term
lease term

Building Sub-national Debt Markets
Building Sub-national Debt Markets

... instrument for the allocation of financing resources among competing municipal investment projects, and increased the exposure of the central government to sub-national credit risk, both directly through the provision of explicit sovereign guarantees for external borrowings by municipalities and ind ...
Accounting for financial instruments with characteristics of debt and
Accounting for financial instruments with characteristics of debt and

... Preparation and Presentation of Financial Statements (IASC, 1989) (hereafter Framework) provides definitions of these elements. However, with equity defined as a residual the Framework provides only limited guidance for the classification of a transaction or event as representing a liability or equi ...
- TP ICAP
- TP ICAP

... and includes any relevant implementing measure in a relevant Member State of the European Economic Area. Application has been made to the Financial Conduct Authority (the “FCA”) in its capacity as competent authority (the “United Kingdom Listing Authority”) for Notes issued under the Programme durin ...
6.5 Loan Portfolio
6.5 Loan Portfolio

... Although these statements reflect management's current beliefs, they involve imprecisions and risks that are difficult to predict, and actual results and events may differ from those anticipated and discussed herein. These expectations depend materially on market conditions, Brazil’s economic perfor ...
The Impact of Skewness and Fat Tails on the Asset Allocation Decision
The Impact of Skewness and Fat Tails on the Asset Allocation Decision

... TLF model can take the inputs shown in Table 1 and generate the corresponding multivariate returns that we used for the first four scenario analyses. Assets A, B, and C have the same ratio of return to risk (standard deviation), 0.5. Asset D has a slightly lower return-to-risk ratio, 0.43. The corre ...
PDF
PDF

Français: FIFO Español: FIFO
Français: FIFO Español: FIFO

... receivable or other assets to obtain cash. In factoring, the accounts receivable or other assets are sold at a discount on a daily, weekly or monthly basis to a factoring house. Such an organization will assume title to the receivables or assets and will also bear all commercial and political risks ...
Toys “R” Us, Inc. - corporate
Toys “R” Us, Inc. - corporate

... We have audited the accompanying consolidated financial statements of Toys “R” Us - Delaware, Inc. and subsidiaries, which comprise the consolidated balance sheets as of January 28, 2017 and January 30, 2016, and the related consolidated statements of operations, comprehensive income (loss), stockho ...
Is Default Risk Priced in Equity Returns?
Is Default Risk Priced in Equity Returns?

... default by the reference entity. CDS isolates default risk from other risks faced by a firm. Therefore, it could be argued to be a clean measure of default risk. Second, the CDSP is market based, not accounting data as O-score and Z-score that suffer from being backward looking. The market-quoted CD ...
private wealth and charitable planning seminar
private wealth and charitable planning seminar

... title.9 This early notion of the original trusts later developed into a system where almost any imaginable type of asset was held in trust. B. Income Rule Trusts Income rule trusts are the traditional trust model used in the United States. One of the overriding concepts inherent in these trusts is ...
The Employment Cost of Sovereign Default
The Employment Cost of Sovereign Default

2011 Annual Report
2011 Annual Report

Vanguard Convertible Securities Fund Prospectus Investor Shares
Vanguard Convertible Securities Fund Prospectus Investor Shares

Effects of the Simultaneous Holding of Equity and Debt by Non
Effects of the Simultaneous Holding of Equity and Debt by Non

... surprisingly, such loans tend to command a higher loan yield spread. Dual holders, on the other hand, do not exhibit a preference for risky loans but tend to lend to firms after favorable stock returns. Next, we demonstrate that syndicated loans with non-commercial banking institutional dual holders ...
Key Issues in the CLO Market Today
Key Issues in the CLO Market Today

... the coupon on the refinanced note. (For example, a CLO cannot be Volckerized during this refinancing.) ...
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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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