latin american equity research
... Considering average mortgage rates currently at 9.4% (Figure 9) and assuming banks’ marginal funding through a 90%-of-the-CDI LCI/LH (currently a 12.4% a.a. funding cost), banks’ minimum demanded profitability (e.g., a 150-200-bp spread) will likely cap the homebuilding sector’s growth until the Sel ...
... Considering average mortgage rates currently at 9.4% (Figure 9) and assuming banks’ marginal funding through a 90%-of-the-CDI LCI/LH (currently a 12.4% a.a. funding cost), banks’ minimum demanded profitability (e.g., a 150-200-bp spread) will likely cap the homebuilding sector’s growth until the Sel ...
BYOG 3 Quick Guide to Key Ratios
... Many investment institutions value Free Cash Flow ahead of earnings as the single most important financial metric used to measure the investment quality of a company. These ratios determine the company’s funding ability. The last ratio is a really stringent measure that puts cash to the ultimate tes ...
... Many investment institutions value Free Cash Flow ahead of earnings as the single most important financial metric used to measure the investment quality of a company. These ratios determine the company’s funding ability. The last ratio is a really stringent measure that puts cash to the ultimate tes ...
View
... Economies of scale—due to economies of scale, the variable cost ratio might change with changes in production activity—for example, if the firm increases its production significantly, its variable cost ratio might decrease from 82 percent, which is its current level, to less than 80 percent. Lumpy a ...
... Economies of scale—due to economies of scale, the variable cost ratio might change with changes in production activity—for example, if the firm increases its production significantly, its variable cost ratio might decrease from 82 percent, which is its current level, to less than 80 percent. Lumpy a ...
Working Paper 17-6: Does Greece Need More Official Debt Relief? If
... Since mid-2015, the International Monetary Fund (IMF), EU institutions, and European creditor countries have been arguing whether Greece requires additional official debt relief—and if so, how much.1 One-and-a-half years later, their positions seem as far apart as ever. In a report released on Febru ...
... Since mid-2015, the International Monetary Fund (IMF), EU institutions, and European creditor countries have been arguing whether Greece requires additional official debt relief—and if so, how much.1 One-and-a-half years later, their positions seem as far apart as ever. In a report released on Febru ...
The future of the euro
... substantial drain on the stability facility’s remaining funding power of €395 billion and may necessitate an extension of the EFSF/ESM.3 Moreover, rising spreads in interbank money markets between unsecured and secured funds, and increased use of the ECB’s deposit facility are signs that liquidity h ...
... substantial drain on the stability facility’s remaining funding power of €395 billion and may necessitate an extension of the EFSF/ESM.3 Moreover, rising spreads in interbank money markets between unsecured and secured funds, and increased use of the ECB’s deposit facility are signs that liquidity h ...
Chapter 9
... loans have been paid off, but can use income of the real estate investment they own. Typical term is no more than 20 years and could be for borrower’s lifetime as an annuity. Homeowners’ equity declines by amount borrowed. Copyright© 2006 John Wiley & Sons, Inc. ...
... loans have been paid off, but can use income of the real estate investment they own. Typical term is no more than 20 years and could be for borrower’s lifetime as an annuity. Homeowners’ equity declines by amount borrowed. Copyright© 2006 John Wiley & Sons, Inc. ...
Filippo Brutti Essays on Sovereign Debt Crises and Macroeconomic Volatility
... often predicted banking crises in a wide sample of emerging economies.5 The model builds on two natural assumptions for emerging markets. First, public debt represents a source of liquidity for the private sector. More specifically, firms save in government bonds (either directly or indirectly throu ...
... often predicted banking crises in a wide sample of emerging economies.5 The model builds on two natural assumptions for emerging markets. First, public debt represents a source of liquidity for the private sector. More specifically, firms save in government bonds (either directly or indirectly throu ...
Sovereign Debt Restructurings: Delays in Renegotiations and Risk
... using 111 episodes of post-default debt restructurings over the last 3 decades controlling for relevant macroeconomic and financial market variables. These empirical facts unveil a new dimension of sovereign defaults and debt restructuring which the literature has not fully explored yet. In particul ...
... using 111 episodes of post-default debt restructurings over the last 3 decades controlling for relevant macroeconomic and financial market variables. These empirical facts unveil a new dimension of sovereign defaults and debt restructuring which the literature has not fully explored yet. In particul ...
Market Discipline and Subordinated Debt: A Review of
... corporate governance problem. Furthermore, both equity holders and bondholders are harmed when the banks they invest in make poor investment decisions. (The appendix assesses the evidence concerning these two potential regulatory problems.) The idealized worldview underlying subordinated debt propos ...
... corporate governance problem. Furthermore, both equity holders and bondholders are harmed when the banks they invest in make poor investment decisions. (The appendix assesses the evidence concerning these two potential regulatory problems.) The idealized worldview underlying subordinated debt propos ...
The value of tax shields IS equal to the present value
... simply the ME assumption with zero growth. It is a completely different financing strategy. Even with cash flows that are expected to be perpetuities, the MM and ME assumptions differ. MM assume that the amount of debt will not change, regardless of whether the outcome of the risky perpetuity is hig ...
... simply the ME assumption with zero growth. It is a completely different financing strategy. Even with cash flows that are expected to be perpetuities, the MM and ME assumptions differ. MM assume that the amount of debt will not change, regardless of whether the outcome of the risky perpetuity is hig ...
Small is beautiful: the efficiency of credit markets in the late medieval
... We also apply this idea to the Dutch capital market in the fifteenth and sixteenth centuries to measure two of the factors: the risk premium and the pure transaction costs that determined the interest rate and reflected the efficiency of the capital market. Following North (1990), the efficiency of ...
... We also apply this idea to the Dutch capital market in the fifteenth and sixteenth centuries to measure two of the factors: the risk premium and the pure transaction costs that determined the interest rate and reflected the efficiency of the capital market. Following North (1990), the efficiency of ...
FINANCIAL BARRIERS TO HOME OWNERSHIP
... This translates into very substantial numbers. A total of 218,000 first time buyers managed to become first time buyers in 2005 with LTVs of 90% or more. This rose to 245,000 in 2006 before easing back to 214,000 in 2007, and then falling more sharply to 85,000 in 2008 and just 28,000 in 2009. Since ...
... This translates into very substantial numbers. A total of 218,000 first time buyers managed to become first time buyers in 2005 with LTVs of 90% or more. This rose to 245,000 in 2006 before easing back to 214,000 in 2007, and then falling more sharply to 85,000 in 2008 and just 28,000 in 2009. Since ...
Should the Maastricht fiscal criteria be redefined?
... liabilities do not affect the level of general government debt and deficit, they have so far gone largely unnoticed. In November 2011, the European Parliament and the European Council adopted an improved framework for the management of economic policy in the EU (the Enhanced Economic Governance Pack ...
... liabilities do not affect the level of general government debt and deficit, they have so far gone largely unnoticed. In November 2011, the European Parliament and the European Council adopted an improved framework for the management of economic policy in the EU (the Enhanced Economic Governance Pack ...
Sample Financial Ratios
... How quickly an agency can convert its short‐term assets into cash to pay its short‐term liabilities. Watch for big decreases in this number over time. Make sure the accounts listed in "current assets" (numerator) are collectible. The higher the ratio, the more liquid the organization. Generally, ...
... How quickly an agency can convert its short‐term assets into cash to pay its short‐term liabilities. Watch for big decreases in this number over time. Make sure the accounts listed in "current assets" (numerator) are collectible. The higher the ratio, the more liquid the organization. Generally, ...
Financial Institutions
... Concentrated on SME/Retail: HNB remains focused on the SME/mid-sized corporates and retail segments (41% and 29% of the loan book in 1H15, respectively). The bank’s loan book expanded by 8.2% in 1H15 and 13.9% in 2014, marginally above the industry (1H15: 8.0%, 2014: 13.7%), driven by an increase in ...
... Concentrated on SME/Retail: HNB remains focused on the SME/mid-sized corporates and retail segments (41% and 29% of the loan book in 1H15, respectively). The bank’s loan book expanded by 8.2% in 1H15 and 13.9% in 2014, marginally above the industry (1H15: 8.0%, 2014: 13.7%), driven by an increase in ...
EUROPEAN COMMISSION Brussels, 22.2.2017 SWD(2017) 84 final
... assets, but may also provide the basis for a build-up of more imbalances. Fuelled by low interest rates, an upward trend is visible in house prices, transaction volumes and housing investment. Rising house prices may cause positive wealth effects for household spending and investment, and will progr ...
... assets, but may also provide the basis for a build-up of more imbalances. Fuelled by low interest rates, an upward trend is visible in house prices, transaction volumes and housing investment. Rising house prices may cause positive wealth effects for household spending and investment, and will progr ...
The great turn-of-the-century housing boom
... accelerated beyond its trend level was also a time when role for migration in the current housing boom, the nominal and real rates were falling even further. While share of housing starts also picked up, although with over the last two years nominal mortgage rates have a delay. started creeping up, ...
... accelerated beyond its trend level was also a time when role for migration in the current housing boom, the nominal and real rates were falling even further. While share of housing starts also picked up, although with over the last two years nominal mortgage rates have a delay. started creeping up, ...
Capital Structure of Private Pharmaceutical Companies in Russia
... free in their financial decisions. As usual, such companies finance their operations through government subsidies. When preparing the sample, a common problem for panel data has been appeared. It is a decrease in the number of objects under observation due to nonsystematic reasons. This is mainly in ...
... free in their financial decisions. As usual, such companies finance their operations through government subsidies. When preparing the sample, a common problem for panel data has been appeared. It is a decrease in the number of objects under observation due to nonsystematic reasons. This is mainly in ...
The Influence of Capital Structure and Macroeconomic Factor
... capital structure. Selection of additional alternative capital from debt is generally based on low consideration, said low because the interest cost to be borne by the company less than the profits derived from the utilization of such debt (Gitman, ...
... capital structure. Selection of additional alternative capital from debt is generally based on low consideration, said low because the interest cost to be borne by the company less than the profits derived from the utilization of such debt (Gitman, ...
DOC - Europa.eu
... What is the procedure for adopting this Delegated Regulation? The Delegated Regulation is a delegated act of the European Commission. This is an autonomous act of the Commission which is drafted and adopted by the Commission. While the Commission has requested and taken into account the technical ad ...
... What is the procedure for adopting this Delegated Regulation? The Delegated Regulation is a delegated act of the European Commission. This is an autonomous act of the Commission which is drafted and adopted by the Commission. While the Commission has requested and taken into account the technical ad ...
statement on subprime mortgage lending
... savings and loan holding companies and their subsidiaries, and credit unions. Recognizing that the interagency Subprime Statement does not apply to subprime loan originations of independent mortgage lenders and mortgage brokers, on June 29, 2007 the Conference of State Bank Supervisors (CSBS), the A ...
... savings and loan holding companies and their subsidiaries, and credit unions. Recognizing that the interagency Subprime Statement does not apply to subprime loan originations of independent mortgage lenders and mortgage brokers, on June 29, 2007 the Conference of State Bank Supervisors (CSBS), the A ...
Inflation vs Deflation
... the costs of higher inflation as central banks, which typically have restrictive inflation targets of around 2%. Here’s Joseph Stiglitz: “Moderate inflation, under 8% to 10%, does not have any significant effect on growth.” Meanwhile, IMF Chief Economist Blanchard suggested that inflation targets sh ...
... the costs of higher inflation as central banks, which typically have restrictive inflation targets of around 2%. Here’s Joseph Stiglitz: “Moderate inflation, under 8% to 10%, does not have any significant effect on growth.” Meanwhile, IMF Chief Economist Blanchard suggested that inflation targets sh ...
Chapter 22: Borrowing Models Simple Interest
... interval, and the interval is also the compounding period. Example: Receiving Annuity Payments in a Lottery: Winners of lotteries are often offered the choice of receiving either the jackpot amount paid as an annuity over a number of years or else a smaller lump sum to be paid immediately. If the ...
... interval, and the interval is also the compounding period. Example: Receiving Annuity Payments in a Lottery: Winners of lotteries are often offered the choice of receiving either the jackpot amount paid as an annuity over a number of years or else a smaller lump sum to be paid immediately. If the ...
Household debt
Household debt is defined as the amount of money that all adults in the household owe financial institutions. It includes consumer debt and mortgage loans. A significant rise in the level of this debt coincides historically with many severe economic crises and was a cause of the U.S. and subsequent European economic crises of 2007–2012. Several economists have argued that lowering this debt is essential to economic recovery in the U.S. and selected Eurozone countries.