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eDreams ODIGEO Quarter Ended March 31 2016 Results presentation
eDreams ODIGEO Quarter Ended March 31 2016 Results presentation

... Certain statements included or incorporated by reference within this presentation may constitute “forward-looking statements” in respect of the Group’s operations, performance, prospects and/or financial condition and the industry in which the Group operates. By their nature, forward-looking stateme ...
The Good, the Bad, and the Ugly: An inquiry into the causes and
The Good, the Bad, and the Ugly: An inquiry into the causes and

... creating a boom and leading to an improvement in borrower net worth. During a boom, with an improved net worth, the agents are now able to finance the Bad projects. The credit is now redirected from the Good to the Bad. This change in the composition of credit and of investment at the peak of the bo ...
The Effect of Change in Base Lending Rate on
The Effect of Change in Base Lending Rate on

... rates are primarily a reflection of high costs of doing business, as one survey has indicated, then measures to reduce these costs could be the most effective response. If, however, high interest rates are a consequence of insufficient competition, other more appropriately targeted measures may be j ...
Bank Indonesia Jakarta
Bank Indonesia Jakarta

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NBER WORKING PAPER SERIES MINIMUM ASSET REQUIREMENTS Steven Shavell

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Borrower characteristics and mortgage choice in Sweden

Danish Covered Bond Handbook
Danish Covered Bond Handbook

... Investors have a privileged position in the case of bankruptcy, rendering covered bond bankruptcy remote. The mandatory overcollateralisation of the cover pool is subject to the selection of either the general or the specific balance principle. Mortgage banks are closely supervised by the Danish FSA ...
Regulatory Capital Disclosures
Regulatory Capital Disclosures

chapter 26 valuing real estate
chapter 26 valuing real estate

... as well. Real estate investments comprise the most significant component of real asset investments. For many years, analysts in real estate have used their own variants on valuation models to value real estate. Real estate is too different an asset class, they argue, to be valued with models develop ...
Schroders  The effect of unstable correlations on portfolio diversification
Schroders The effect of unstable correlations on portfolio diversification

... Is it possible to use information from conditional analysis of correlations to build portfolios? We see this issue as a corollary of our earlier paper in which we showed the behaviour of an asset class is (among other factors) a function of its valuation. In relation to equities we demonstrated that ...
Non-rating revenue and conflicts of interest
Non-rating revenue and conflicts of interest

... ABSTRACT. Rating agencies produce ratings used by investors, but obtain most of their revenue from issuers, both as ratings fees and as payment for other services. This leads to a potential conflict of interest. We employ a detailed panel data set on the use of non-rating services as well as payment ...
Using Cash Flow Dynamics to Price Thinly Traded Assets
Using Cash Flow Dynamics to Price Thinly Traded Assets

... Beta estimates for this bias (see, for example, Cohen, Hawawini, Maier, Schwartz and Whitcomb (1983), Dimson (1979), Scholes and Williams (1977)). In the current study we use a different approach, focusing on cash flow dynamics to account for risk. This is not a new concept, although, as far as we ...
The Pass-Through of Sovereign Risk ∗ Luigi Bocola January 2014
The Pass-Through of Sovereign Risk ∗ Luigi Bocola January 2014

... 2013), it does allow for a transparent analysis of these transmission channels.8 This paper contributes to a growing literature on the aggregate implications of shocks to the balance sheet of financial intermediaries. In particular, I build on the modeling framework developed by Gertler and Kiyotaki ...
First half year 2016 results
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The Pass-Through of Sovereign Risk ∗ Luigi Bocola January 2014
The Pass-Through of Sovereign Risk ∗ Luigi Bocola January 2014

TeraGo Reports 2015 Year End Financial
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... development and deployment of VMware vCloud powered services. The collaboration enables the Company’s faster time-to-market delivery of enhanced VMware based cloud solutions. ...
securities and exchange commission
securities and exchange commission

... We have outstanding options that have the potential to dilute shareholder value and cause the price of our common stock to decline. In the past, we have offered, and we expect to continue to offer, stock options or other forms of stock-based compensation to our directors, officers and employees. If ...
Deflation Risk
Deflation Risk

ESSAYS ON DETERMINANTS OF FINANCIAL BEHAVIOR OF
ESSAYS ON DETERMINANTS OF FINANCIAL BEHAVIOR OF

Listed Infrastructure
Listed Infrastructure

... transparency, and have lower management fees, than private or direct equity investments. Diversification across regions and sectors may be more easily effected as investors are not obliged to concentrate their allocations in a handful of large assets. Companies often have a lower level of leverage t ...
On Credit Risk Modeling and Management
On Credit Risk Modeling and Management

1 513 +27 % 405 +42 % 20 % 18
1 513 +27 % 405 +42 % 20 % 18

Making a reality of GDP-linked sovereign bonds Authored by Bank
Making a reality of GDP-linked sovereign bonds Authored by Bank

Privatizing Fannie and Freddie: Be Careful What
Privatizing Fannie and Freddie: Be Careful What

... government-sponsored enterprises and release them from conservatorship. Fannie and Freddie were remarkably profitable prior to the financial crisis, after all, and have been consistently in the black recently. Why embark on the laborious, risky and now stalled process of fundamental reform when we c ...
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... persons in the United Kingdom that are qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive and that are also (1) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (2 ...
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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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