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DOC - Investor Relations
DOC - Investor Relations

... Notes to the Consolidated Financial Statements For the years ended December 31, 2012 and 2011 (Expressed in thousands of United States dollars, except share amounts) For contracts and policies written on a losses occurring basis, the risk period is generally the same as the contract or policy term. ...
FORM 10-Q - corporate
FORM 10-Q - corporate

... A provision of the new law relates to the elimination of the deduction for the Medicare Part D subsidy. We provide qualifying prescription drug coverage to Medicare-eligible retirees and as a result we receive a nontaxable subsidy from the U.S. government. As a result of the new health care legislat ...
Euromoney Institutional Investor PLC acquires Total Derivatives
Euromoney Institutional Investor PLC acquires Total Derivatives

... paid on completion of the acquisition was £6.7 million. In addition, the management team will stay with the business and have options to sell their remaining shares to Euromoney at prices linked to profits for the financial years 2007, 2008 and 2009. For the year to 31 December 2005, Total Derivativ ...
Advertising guide - Promote general financing and No Interest if
Advertising guide - Promote general financing and No Interest if

Question:What will be the price of a 5 year
Question:What will be the price of a 5 year

2012 FINANCIAL REPORT TO SHAREHOLDERS
2012 FINANCIAL REPORT TO SHAREHOLDERS

... number of ordinary shares on issue during the period. The weighted average number of shares on issue has been calculated in accordance with Accounting Standard AASB 133 Earnings per Share 14 The current year figure represents the dividend value given the shares on issue as at reporting date. This f ...
Quarterly Bulletin - Central Bank of Ireland
Quarterly Bulletin - Central Bank of Ireland

... balance sheets of banks and their borrowers are gradually being repaired. Although, with overall lending volumes still low, bank credit has not been the main driver of the recent surge in Dublin property prices, lenders will need to exercise prudence in mortgage lending standards. Turning to competi ...
risk measurement for hedge fund portfolios
risk measurement for hedge fund portfolios

... Two different approaches to measure the risk of a sample hedge fund portfolio were used. In the first approach, based on information from each manager data, manager returns are mapped to basic asset class using multivariate regressions and the portfolio is built as the collection of managers. In the ...
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
UNITED STATES SECURITIES AND EXCHANGE COMMISSION

... In the food processing business, an end of year sales order backlog is not considered meaningful. Traditionally, larger customers provide tentative bookings for their expected purchases for the upcoming season. These bookings are further developed as data on the expected size of the related national ...
Canadian Imperial Bank of Commerce
Canadian Imperial Bank of Commerce

... This short form prospectus, including the documents that are incorporated by reference in this short form prospectus, contains forward-looking statements within the meaning of certain securities laws. These statements include, but are not limited to, statements about the operations, business lines, ...
The Performance of Norwegian Investment Grade
The Performance of Norwegian Investment Grade

... performance,  net  of  expenses.  To  our  knowledge,  Gjerde  and  Sættem  (1996)  is  the  only  paper   providing  evidence  from  the  Norwegian  market.  Compared  to  the  BRIX-­‐index,3  they  conclude   on  non-­‐superior  performance ...
Dreyfus Variable Investment Fund: International Value Portfolio
Dreyfus Variable Investment Fund: International Value Portfolio

... The fund seeks long-term capital growth. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in stocks. The fund normally invests substantially all of its assets in the stocks of foreign companies, including those located in emer ...
empresa de transporte de pasajeros metro sa and subsidiary
empresa de transporte de pasajeros metro sa and subsidiary

... Cash flow s from (used in) investing activities Acquisition of property, plant and equipment Acquisition of intangible assets Other receipts (payments) made for the sale of other entities' equity or debt securities Interest paid Net cash flow s used in investing activities ...
Introducing Expected Returns into Risk Parity
Introducing Expected Returns into Risk Parity

macquarie infrastructure company llc
macquarie infrastructure company llc

... difficulty in obtaining suitable land; ...
Bonds, Stocks, and Sources of Mispricing
Bonds, Stocks, and Sources of Mispricing

... Our sample of corporate bonds contains 3.02 million dealer-quote (Lehman, DataStream, Bloomberg) and transaction based (TRACE) bond-month return observations on 72,019 US corporate bonds (an average of 9,857 per month) by 9,096 issuers (an average of 2,206 per month) from January 1986 to June 2011. ...
Limits to arbitrage: bubbles, financial crises, and systemic risk
Limits to arbitrage: bubbles, financial crises, and systemic risk

... Delegated investment Most people do not manage their own investments Shleifer and Vishny (1997): temporary losses may lead to fund outflow, so managers often have to liquidate positions when mispricing is the largest managers are induced to focus on short term gains and often forgo long-term opport ...
Official PDF , 36 pages
Official PDF , 36 pages

2010 - GuocoLand Limited
2010 - GuocoLand Limited

Regulating Consumer Financial Products: Evidence from Credit Cards
Regulating Consumer Financial Products: Evidence from Credit Cards

... 2008 to December 2012. We observe fees at a disaggregated level, allowing us to isolate effects on categories such as over limit and late fees. Our data cover 160 million consumer and small business accounts and a significant share of total industry assets during our period of study. We estimate the ...
Vanguard Personal Advisor Services Brochure
Vanguard Personal Advisor Services Brochure

161128 APS 210 FINAL clean
161128 APS 210 FINAL clean

... Board and senior management responsibilities ............................................... 4 Liquidity risk management framework .............................................................. 6 Management of liquidity risk ........................................................................... ...
Working Paper 135/13 THE PSYCHOLOGY AND ECONOMICS OF
Working Paper 135/13 THE PSYCHOLOGY AND ECONOMICS OF

New Trends in Mortgage Fraud - National Crime Prevention Council
New Trends in Mortgage Fraud - National Crime Prevention Council

... Financial institutions sought to increase profits by adding features to their loans, including adjustable interest rates and prepayment penalties, which increased costs for borrowers. ...
a non-zero-sum game approach to convertible bonds: tax benefit
a non-zero-sum game approach to convertible bonds: tax benefit

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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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