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Group Consolidated Financial Statements 2016 (IFRS)
Group Consolidated Financial Statements 2016 (IFRS)

... Net result from equity method investments Rental income from investment properties & other operating leases Personnel expenses Other administrative expenses Depreciation and amortisation Gains/losses from financial assets and liabilities not measured at fair value through profit or loss, net Net imp ...
View PDF - CiteSeerX
View PDF - CiteSeerX

Summary Report of External Reviews of Regulatory Function
Summary Report of External Reviews of Regulatory Function

... credit issues, refine the application for different sectors in finance and apply additional resources to institutions with impact ratings of Medium-Low and Low. At the time of the Reviews, Medium Low and Low impact institutions were being assessed primarily on the basis of written reports and judgme ...
1861 - Syndicate annual accounts 2016
1861 - Syndicate annual accounts 2016

... Important information about Syndicate Reports and Accounts Access to this document is restricted to persons who have given the certification set forth below. If this document has been forwarded to you and you have not been asked to give the certification, please be aware that you are only permitted ...
Coherent Measures of Risk
Coherent Measures of Risk

... We give conditions for extending into a coherent risk measure a measurement already agreed upon for a restricted class of risks (Section 4.2). We use the representation results to suggest a specific coherent measure (Section 5.1) called tail conditional expectation, as well as to give an example of ...
Country risk, country risk indices, and valuation of FDI: A real options
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Collateral Valuation In Clearing And Settlement System:
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... 58) The Securities and Exchange Commission (SEC) A) regulates only initial public offerings, or IPOs. B) regulates only primary market transactions to ensure investors are provided with adequate and accurate information on new securities. C) regulates both primary and secondary markets. D) regulates ...
mmi10 Posch  12046532 en
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BELK INC - Investis
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... The Company’s fiscal year is a 52- or 53-week period ending on the Saturday closest to each January 31. Fiscal years 2012, 2011 and 2010 ended on January 28, 2012, January 29, 2011 and January 30, 2010, respectively. Belk stores seek to provide customers the convenience of one-stop shopping, with an ...
The incentive structure of the originate-to
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Risk Measures and Risk Capital Allocation
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... Given a probability space (Ω, F , P), we will consider the vector space Lp(Ω, F , P), or just Lp(P), for 1 ≤ p ≤ ∞. We treat Lp(P)’s elements as random variables. We have || X ||p= (EP | X |p)1/p. A risk measure, ρ, is a mapping from a set of random variables Lp(P), 1 ≤ p ≤ ∞ to the real line R, i.e ...
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FORM 10-Q - Vanguard Natural Resources LLC
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... and our representatives may from time to time make other oral or written statements that are also forward-looking statements. These statements are accompanied by cautionary language identifying important factors, though not necessarily all such factors, which could cause future outcomes to differ ma ...
Financial Markets
Financial Markets

... the structure of interest rates, and the pricing of financial assets. An asset is any resource that is expected to provide future benefits, and thus possesses economic value. Assets are divided into two categories: tangible assets with physical properties and intangible assets. An intangible asset r ...
A New Structure for US Federal Debt
A New Structure for US Federal Debt

The “Mystery of the Printing Press” Monetary Policy and Self
The “Mystery of the Printing Press” Monetary Policy and Self

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Hedging with Interest-Rate Forward Contracts
Hedging with Interest-Rate Forward Contracts

... Why would the First National Bank want to enter into this forward contract with Rock Solid Insurance Company in the first place? To understand, suppose that you are the manager of the First National Bank and have bought $5 million of the 6s of 2030 Treasury bonds. The bonds are currently selling at ...
INTEGRATED ANNUAL REPORT 2015 - New Frontier
INTEGRATED ANNUAL REPORT 2015 - New Frontier

... Materiality has been applied in determining the content and disclosure in the report, ensuring the report is both concise and relevant to New Frontier’s shareholders. Material issues are considered to be those that could affect the Company’s ability to create value over time and are likely to have a ...
Credit Expansion and Neglected Crash Risk  * Matthew Baron
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FORM 10-Q - Vanguard Natural Resources LLC
FORM 10-Q - Vanguard Natural Resources LLC

... and our representatives may from time to time make other oral or written statements that are also forward-looking statements. These statements are accompanied by cautionary language identifying important factors, though not necessarily all such factors, which could cause future outcomes to differ ma ...
The Financial Statements
The Financial Statements

NBER WORKING PAPER SERIES PUBLIC DEBT MANAGEMENT IN BRAZIL Francesco Giavazzi Alessandro Missale
NBER WORKING PAPER SERIES PUBLIC DEBT MANAGEMENT IN BRAZIL Francesco Giavazzi Alessandro Missale

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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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