Corporate Governance and Investment in the 20th Century Japan: A
... were standing at the same start line6. It was this drastic change of the corporate governance that was behind the postwar behaviors. However, the top managers of Japanese firms have faced the myopic pressure of small investors. Small investors did not have any incentives to monitor the firms in whic ...
... were standing at the same start line6. It was this drastic change of the corporate governance that was behind the postwar behaviors. However, the top managers of Japanese firms have faced the myopic pressure of small investors. Small investors did not have any incentives to monitor the firms in whic ...
Chp 10 Slides File
... a. There is strong evidence that, on average, IPOs of firms perform poorly over a period of a year or longer. b. From a long-term perspective, many IPOs are overpriced at the time of the issue. c. This weak performance may be partially attributed to irrational valuations at the time of the IPO, whic ...
... a. There is strong evidence that, on average, IPOs of firms perform poorly over a period of a year or longer. b. From a long-term perspective, many IPOs are overpriced at the time of the issue. c. This weak performance may be partially attributed to irrational valuations at the time of the IPO, whic ...
Annual Report 2010(7.5mm spine)
... Over the past three years we have turned the group around from its extremely difficult position through a clear focus on a series of ‘self-help’ plans. As we move into the next phase of the group’s development, we aim to enter our 7–9% medium term operating margin target range in the current financi ...
... Over the past three years we have turned the group around from its extremely difficult position through a clear focus on a series of ‘self-help’ plans. As we move into the next phase of the group’s development, we aim to enter our 7–9% medium term operating margin target range in the current financi ...
accounting standards and information: inferences from cross
... 1.1 Accounting literature comparing cross-listed firms The relatively modest number of financial accounts that have been prepared under IAS limits empirical research that assesses it, and prior work has not typically distinguished between financial and non-financial firms. One recent example is a c ...
... 1.1 Accounting literature comparing cross-listed firms The relatively modest number of financial accounts that have been prepared under IAS limits empirical research that assesses it, and prior work has not typically distinguished between financial and non-financial firms. One recent example is a c ...
PJD2012Project1(option4):PJD2012Layout 1
... RM1.00 each in the Company as may be determined by the Directors of the Company from time to time through Bursa Malaysia Securities Berhad (“Bursa Securities”) upon such terms and conditions as the Directors may deem fit and expedient in the interest of the Company provided that: (a) the aggregate n ...
... RM1.00 each in the Company as may be determined by the Directors of the Company from time to time through Bursa Malaysia Securities Berhad (“Bursa Securities”) upon such terms and conditions as the Directors may deem fit and expedient in the interest of the Company provided that: (a) the aggregate n ...
Outside Liquidity, Rollover Risk, and Government Bonds
... public claims are free from such risk. Satisfying liquidity needs by selling government securities in exchange for outside liquidity (referred to as public outside liquidity) may thus enhance efficiency and stability. We derive our results from a banking model in the tradition of Diamond and Dybvig ...
... public claims are free from such risk. Satisfying liquidity needs by selling government securities in exchange for outside liquidity (referred to as public outside liquidity) may thus enhance efficiency and stability. We derive our results from a banking model in the tradition of Diamond and Dybvig ...
Report of the management board for the period from 1
... Delikatesy Centrum. The first one recorded negative LFL growth (sales for the same number of stores), which was partially offset by a record number of warehouse openings: net 19 outlets. In Delikatesy Centrum, despite the relative strong LFL, unfavorable market situation negatively influenced the ex ...
... Delikatesy Centrum. The first one recorded negative LFL growth (sales for the same number of stores), which was partially offset by a record number of warehouse openings: net 19 outlets. In Delikatesy Centrum, despite the relative strong LFL, unfavorable market situation negatively influenced the ex ...
The Impact of Serial Correlation on Option Prices in a Non
... impossible.1 The attempt to do so for individual stocks, as opposed to an index, would be, if anything, even more formidable. There is no reason to believe that individual option market makers or traders are any better at perfecting the impossible job of constructing perfect hedges than the largest ...
... impossible.1 The attempt to do so for individual stocks, as opposed to an index, would be, if anything, even more formidable. There is no reason to believe that individual option market makers or traders are any better at perfecting the impossible job of constructing perfect hedges than the largest ...
partition-dependent framing effects in lab and field prediction markets
... the N identified events 4 . Which mechanism is driving the bias is important because different mechanisms imply different limiting conditions, moderators and “de-biasing” techniques. Fox and Clemen (2005) distinguish among these explanations by asking participants to judge the likelihood of chance n ...
... the N identified events 4 . Which mechanism is driving the bias is important because different mechanisms imply different limiting conditions, moderators and “de-biasing” techniques. Fox and Clemen (2005) distinguish among these explanations by asking participants to judge the likelihood of chance n ...
Efficient market hypothesis: is the Croatian stock market as (in
... Fifield et al. (2008) examined moving average rules for 15 emerging and 3 developed markets over the period of 1989-2003. Their results indicate that the return behavior of emerging markets differed markedly from that of their developed market counterparts; moving average rules were more profitable wh ...
... Fifield et al. (2008) examined moving average rules for 15 emerging and 3 developed markets over the period of 1989-2003. Their results indicate that the return behavior of emerging markets differed markedly from that of their developed market counterparts; moving average rules were more profitable wh ...
Mechanics of Futures Markets
... 2. Buy the underlying asset at the current spot price 3. Since the futures price is higher than the current spot price, making the deliver can earn the spread between them (As a result, the spot rate rises and the futures price declines, and the arbitrage opportunity disappears quickly) ...
... 2. Buy the underlying asset at the current spot price 3. Since the futures price is higher than the current spot price, making the deliver can earn the spread between them (As a result, the spot rate rises and the futures price declines, and the arbitrage opportunity disappears quickly) ...
A lifecycle investment solution
... Sequencing risk is the possibility of a big downturn in markets (like the global financial crisis) just before or after an employee retires. It is a problem because there is little time for retirement balances to recover losses after a downturn. If a significant event, such as a 20% fall in markets, ...
... Sequencing risk is the possibility of a big downturn in markets (like the global financial crisis) just before or after an employee retires. It is a problem because there is little time for retirement balances to recover losses after a downturn. If a significant event, such as a 20% fall in markets, ...
R Failures in Risk Management
... uncertainty about future outcomes. Risk is a key factor in economic life because people and firms make irrevocable investments in research and product development, plant and equipment, inventory, and human capital, without knowing whether the future cash flows from these investments will be sufficie ...
... uncertainty about future outcomes. Risk is a key factor in economic life because people and firms make irrevocable investments in research and product development, plant and equipment, inventory, and human capital, without knowing whether the future cash flows from these investments will be sufficie ...
on futures contracts
... Key Terms for Futures Contracts • The Futures price: agreed-upon price paid at maturity • Long position: Agrees to purchase the underlying asset at the stated futures price at contract maturity • Short position: Agrees to deliver the underlying asset at the stated futures price at contract maturity ...
... Key Terms for Futures Contracts • The Futures price: agreed-upon price paid at maturity • Long position: Agrees to purchase the underlying asset at the stated futures price at contract maturity • Short position: Agrees to deliver the underlying asset at the stated futures price at contract maturity ...
The Economic Importance of Financial Literacy
... portfolio allocation across safe bonds and risky stocks, allowing for the acquisition of human capital in the form of financial knowledge (à la Ben-Porath, 1967, and Becker, 1975). This work posits that individuals will optimally elect to invest in financial knowledge so as to gain access to higher- ...
... portfolio allocation across safe bonds and risky stocks, allowing for the acquisition of human capital in the form of financial knowledge (à la Ben-Porath, 1967, and Becker, 1975). This work posits that individuals will optimally elect to invest in financial knowledge so as to gain access to higher- ...
Household Portfolios in Italy
... different from that of subsequent surveys. Accordingly, we choose to start our analysis with 1989.4 Portfolio data are particularly rich in the 1995 and in the newly released 1998 SHIW: special sections of the questionnaire address crucial issues in the analysis of household portfolios, such as know ...
... different from that of subsequent surveys. Accordingly, we choose to start our analysis with 1989.4 Portfolio data are particularly rich in the 1995 and in the newly released 1998 SHIW: special sections of the questionnaire address crucial issues in the analysis of household portfolios, such as know ...
Market force, ecology and evolution
... have temporally correlated or clustered volatility (Mandelbrot, 1963, 1997; Engle, 1982) and fat tails.2 These facts are difficult to reconcile with rational expectations equilibrium. This paper develops a simple nonequilibrium theory of price formation that naturally explains the internal dynamics ...
... have temporally correlated or clustered volatility (Mandelbrot, 1963, 1997; Engle, 1982) and fat tails.2 These facts are difficult to reconcile with rational expectations equilibrium. This paper develops a simple nonequilibrium theory of price formation that naturally explains the internal dynamics ...
Full text - Высшая школа экономики
... and commodity price. This point of view was predominant before the commodity price boom of 2000s. Many economists attributed the massive price increase in this period not to change in fundamentals but to a massive increase in commodity speculation. There is no conclusive evidence regarding the role ...
... and commodity price. This point of view was predominant before the commodity price boom of 2000s. Many economists attributed the massive price increase in this period not to change in fundamentals but to a massive increase in commodity speculation. There is no conclusive evidence regarding the role ...
Financial Institutions — Get Ready for GST/HST Obligations
... Investment fund managers and insurers Calculate your 2017 blended tax rates, if applicable Managers of investment funds and insurers with segregated funds that use GST/HST and QST “blended rates” must ensure they have calculated their 2017 “blended rates” and have them running in their systems on Ja ...
... Investment fund managers and insurers Calculate your 2017 blended tax rates, if applicable Managers of investment funds and insurers with segregated funds that use GST/HST and QST “blended rates” must ensure they have calculated their 2017 “blended rates” and have them running in their systems on Ja ...
department of labor retirement initiative fails to consider current
... PRESIDENT’S COUNCIL OF ECONOMIC ADVISERS, THE EFFECTS OF CONFLICTED INVESTMENT ADVICE ON RETIREMENT SAVINGS at 6 (Feb. 2015) (CEA REPORT). For purposes of this memorandum, references to investors, customers, and clients are to non-institutional investors, customers, and clients. The term “investment ...
... PRESIDENT’S COUNCIL OF ECONOMIC ADVISERS, THE EFFECTS OF CONFLICTED INVESTMENT ADVICE ON RETIREMENT SAVINGS at 6 (Feb. 2015) (CEA REPORT). For purposes of this memorandum, references to investors, customers, and clients are to non-institutional investors, customers, and clients. The term “investment ...
2016 Annual Financial Report
... access to a larger customer pool, increased skill sets, funds available for market investment and product enhancements. Markets – a material proportion of Melbourne IT revenue is derived from the performance of its reseller channel and ES professional services revenue from Corporate and Government c ...
... access to a larger customer pool, increased skill sets, funds available for market investment and product enhancements. Markets – a material proportion of Melbourne IT revenue is derived from the performance of its reseller channel and ES professional services revenue from Corporate and Government c ...