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Asset Pricing Theory with an Imprecise Information Set
Asset Pricing Theory with an Imprecise Information Set

INVESTMENT POLICY STATEMENT APPROVED JANUARY 30
INVESTMENT POLICY STATEMENT APPROVED JANUARY 30

... manner consistent with the investment objectives stated herein. The Foundation, for purposes of this policy, are the investment assets of Florida Chamber Foundation where the Foundation has full discretionary authority over the investment of the corpus and the use of the income generated by the corp ...
THE CAPITAL ASSET PRICING MODEL`S RISK
THE CAPITAL ASSET PRICING MODEL`S RISK

... years, using weekly and monthly returns, respectively. Gunthorpe and Levy (1994) found that stocks with betas below one based on daily returns had betas above one based on annual returns, and vice versa. Levy, Gunthorpe, and Wachowicz (1994) indicated that the return interval used for the beta estim ...
***** 1
***** 1

... adjustment to the cost of the combination contingent on future events, the acquirer shall include the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably. However, if the potential adjustment is not rec ...
ONE SIZE DOES NOT FIT ALL - PGIM Real Estate Finance
ONE SIZE DOES NOT FIT ALL - PGIM Real Estate Finance

CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM
CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM

... IMPORTANT NOTICES This Confidential Private Placement Offering Memorandum (“Memorandum”) is submitted to you on a confidential basis solely for the purpose of evaluating the specific transaction described herein. This information shall not be photocopied, reproduced or distributed to others without ...
it`s not about
it`s not about

... to lower oil and commodity prices; the slowdown in regional trading partners; instances of political instability; and water and electricity shortages, although Kenya (home to I&M Group, a 50% shareholder in Bank One) was one of the few economies to show resilience against these headwinds. In Mauriti ...
Learning Objectives
Learning Objectives

... account requires a credit. The Owner’s Drawing account , a temporary owner’s equity account, is increased with a debit. Cash, an asset account, is decreasing and requires a credit. © Paradigm Publishing, Inc. ...
0001558370-16-008972 - Douglas Dynamics Investor Relations
0001558370-16-008972 - Douglas Dynamics Investor Relations

... by generally accepted accounting principles for fiscal year-end financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the financial statements an ...
Operating Conditions Applicable to the Firm
Operating Conditions Applicable to the Firm

... Fixed Overheads Requirement (FOR) - 25% of annual fixed overheads ...
LIST OF CHARTS
LIST OF CHARTS

determining the risk free rate for regulated companies
determining the risk free rate for regulated companies

... The resolution of this paradox is as follows. The CAPM is a one period model, i.e., if the investor horizon is one year then the model can only directly value a cash flow arising in one year. To employ it to value a cash flow arising subsequently requires further assumptions. In particular, it is ne ...
Alternatives jor Debt Management
Alternatives jor Debt Management

... Treasury for the cyclical implications of its debt actions, can serve as a substitute for an explicit "separation of functions" under which the Treasury would determine only the gross and the Fed the net (publicly held) maturity structure of the debt. We shall shortly ask whether the maturity struct ...
Assets and Liabilities
Assets and Liabilities

... CHAPTER 4 ...
Credit Scores, Reports, and Getting Ahead in
Credit Scores, Reports, and Getting Ahead in

... Southern county have scores that suggest they are very risky borrowers. ■ Between 1999 and 2004, most counties with weak consumer credit scores saw declines in the average consumer credit score, while counties with strong scores generally experienced modest gains. Nationwide, credit scores only mode ...
Market and Public Liquidity
Market and Public Liquidity

... For θ = .35 the immediate and delayed trading equilibrium are such that (Mi∗ , m∗i ) = (.0169, .9358) and (Md∗ , m∗d ) = (.0540, .4860), respectively. Moreover, although both equilibria are interim efficient, it can be shown that the delayed trading equilibrium (weakly) Pareto dominates the immediat ...
3354:1-20-07 Investment policy
3354:1-20-07 Investment policy

... (7) To maintain an appropriate asset allocation based on a total return policy that is compatible with a flexible spending policy, while having the potential to produce positive real returns. (8) To provide an equity/fixed income portfolio of readily marketable assets with an asset allocation weight ...
140225_Presentation_Intro_Update
140225_Presentation_Intro_Update

Net Income
Net Income

... accounting equation involved and if a particular account is increased or decreased; recording transactions in the permanent record; summarizing the transactions in the form of financial statements; and finally interpreting where conclusions and decisions are made from the financial statements. Throu ...
Pricing of Corporate Loan : Credit Risk and Liquidity cost
Pricing of Corporate Loan : Credit Risk and Liquidity cost

44 STRESS TEST FOR ISLAMIC AND CONVENTIONAL BANKS
44 STRESS TEST FOR ISLAMIC AND CONVENTIONAL BANKS

... the sample into two groups by business model (i.e. 5 conventional banks, and 3 Islamic banks) and try to capture the impact of these shocks on each group of banks applying the same procedures as those followed for the whole banking sector. To achieve this we attempt to examine potential implications ...
as a PDF - Illinois Law Review
as a PDF - Illinois Law Review

... agency from holding more than 10% of the agency’s value; and limiting the agency’s business to credit ratings). Taiwan requires rating agencies to partner with an internationally recognized rating agency, and also imposes standards similar to those in Latin America as well as overseeing agency struc ...
Cost Basis Reporting Law - Wolters Kluwer Financial Services
Cost Basis Reporting Law - Wolters Kluwer Financial Services

... reflect corporate actions that may occur between the date of death and conveyance of those shares to the recipient. In the case of reporting of inheritance related transfers, the broker does not need to contact the representative of estate and request values as of date of death for transferred securi ...
Download attachment
Download attachment

Going global with bonds
Going global with bonds

< 1 ... 64 65 66 67 68 69 70 71 72 ... 257 >

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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