Choice of comparable firms for multiple valuation
... The SARD approach is significantly more accurate than the industry approach The SARD approach is able to cater for, in principle, an infinite number of proxies for profitability, growth and risk The SARD approach is less sensitive to sample size than the industry approach The SARD approach is able t ...
... The SARD approach is significantly more accurate than the industry approach The SARD approach is able to cater for, in principle, an infinite number of proxies for profitability, growth and risk The SARD approach is less sensitive to sample size than the industry approach The SARD approach is able t ...
Sustainable growth and financial markets in a natural resource rich
... Angola, which is one of the first oil producer of Africa has to deal with an external debt of 22,170 billion of US dollar, and Brazil had a debt of 440,478 billion of US dollar in 2012. In this paper, we shall investigate whether a natural resource dependent country with an external debt can achieve ...
... Angola, which is one of the first oil producer of Africa has to deal with an external debt of 22,170 billion of US dollar, and Brazil had a debt of 440,478 billion of US dollar in 2012. In this paper, we shall investigate whether a natural resource dependent country with an external debt can achieve ...
Defaultable Debt, Interest Rates and the Current Account
... standard model begins with the fact that autarky is not a severe punishment, even adjusting for the relatively large income volatility observed in emerging markets. The welfare gain of smoothing transitory shocks to consumption around a stable trend is small. This in turn prevents lenders from exten ...
... standard model begins with the fact that autarky is not a severe punishment, even adjusting for the relatively large income volatility observed in emerging markets. The welfare gain of smoothing transitory shocks to consumption around a stable trend is small. This in turn prevents lenders from exten ...
Corporate Leverage and Currency Crises - S-WoPEc
... Currency crises have been a frequent phenomenon in recent years. During the past decade, there have been major crises in Europe (the crisis of the Exchange Rate Mechanism), in Latin America (the Tequila crisis) and most lately in Asia. Moreover, these crises are di¢cult to explain by only blaming i ...
... Currency crises have been a frequent phenomenon in recent years. During the past decade, there have been major crises in Europe (the crisis of the Exchange Rate Mechanism), in Latin America (the Tequila crisis) and most lately in Asia. Moreover, these crises are di¢cult to explain by only blaming i ...
Summary of The Silent Revolution
... Argentina, Brazil, and Mexico. The focus of the Fund’s policy advice now began to shift toward the structural reforms that were now judged to be an essential underpinning for the restoration of sustainable growth. These efforts, did not succeed before the end of the decade. Chapter Eleven: Debt Deno ...
... Argentina, Brazil, and Mexico. The focus of the Fund’s policy advice now began to shift toward the structural reforms that were now judged to be an essential underpinning for the restoration of sustainable growth. These efforts, did not succeed before the end of the decade. Chapter Eleven: Debt Deno ...
sovereign debt, domestic banks and the provision of public liquidity
... Sovereign governments borrow not only from international investors but also from domestic residents. When domestic financial institutions buy bonds issued by their own government, they expose themselves to sovereign risk.1 A sovereign default will thus deteriorate the defaulting country’s financial ...
... Sovereign governments borrow not only from international investors but also from domestic residents. When domestic financial institutions buy bonds issued by their own government, they expose themselves to sovereign risk.1 A sovereign default will thus deteriorate the defaulting country’s financial ...
A Macro Perspective on the Consumer Expenditure Survey Redesign
... PCE Benchmarking? ▪ What if CE were benchmarked to PCE? Would this improve the accuracy of the CE estimates? PCE can be adjusted to remove noncomparable items If PCE at (broad?) commodity level used to benchmark CE values, commodity aggregates would be accurate Implicit assumption is that d ...
... PCE Benchmarking? ▪ What if CE were benchmarked to PCE? Would this improve the accuracy of the CE estimates? PCE can be adjusted to remove noncomparable items If PCE at (broad?) commodity level used to benchmark CE values, commodity aggregates would be accurate Implicit assumption is that d ...
Does Quantitative Easing Work?
... The paper is structured as follows. Section 2 provides a brief description of the economic crisis while Section 3 explains how quantitative easing was used. Section 4 examines the impact of quantitative easing on gross domestic product followed by the effect on unemployment in Section 5. Sections 6 ...
... The paper is structured as follows. Section 2 provides a brief description of the economic crisis while Section 3 explains how quantitative easing was used. Section 4 examines the impact of quantitative easing on gross domestic product followed by the effect on unemployment in Section 5. Sections 6 ...
Determinants of Spread and Creditworthiness for Emerging Market
... issuers to understand what factors determine bond prices and, therefore, also spreads. Only few earlier studies have been conducted in the area, and of these only one, which was made by Goldman Sachs,1 uses a panel data framework similar to the one used in this study. The Goldman Sachs study is, how ...
... issuers to understand what factors determine bond prices and, therefore, also spreads. Only few earlier studies have been conducted in the area, and of these only one, which was made by Goldman Sachs,1 uses a panel data framework similar to the one used in this study. The Goldman Sachs study is, how ...
convergenceprogramme ofhungary 2015 – 2018
... Another significant achievement of Hungarian economy is that thanks to the measures implemented on the labour market, by the end of 2014 the employment rate rose to record high levels. On the one hand, by reforming the tax system, the Government provided incentives for creating more jobs, while on ...
... Another significant achievement of Hungarian economy is that thanks to the measures implemented on the labour market, by the end of 2014 the employment rate rose to record high levels. On the one hand, by reforming the tax system, the Government provided incentives for creating more jobs, while on ...
Wells Fargo Total Loss-Absorbing Capacity (“TLAC”) Disclosure
... “orderly liquidation authority” under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). In particular, the single point of entry strategy described below is intended to impose losses at the top-tier holding company level in the resolution of a Global S ...
... “orderly liquidation authority” under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). In particular, the single point of entry strategy described below is intended to impose losses at the top-tier holding company level in the resolution of a Global S ...
Balance of payments, net foreign assets and foreign exchange
... Breakdown of net lending in the private non-financial sector by households and firms Since households own a substantial part of Danish firms, they can save up in these firms. This makes it difficult to distinguish between net lending by households and firms. Instead, it makes sense to consider the t ...
... Breakdown of net lending in the private non-financial sector by households and firms Since households own a substantial part of Danish firms, they can save up in these firms. This makes it difficult to distinguish between net lending by households and firms. Instead, it makes sense to consider the t ...
In recent years, the personal saving rate in the
... mitigated to some extent the drop in household net worth that accompanied the subsequent stock market decline. From 2000:Q2 to 2001:Q3, total assets held by households (financial and tangible) fell 7%, while total net worth declined by 10%. The largest contributing factor to these declines was a 15% ...
... mitigated to some extent the drop in household net worth that accompanied the subsequent stock market decline. From 2000:Q2 to 2001:Q3, total assets held by households (financial and tangible) fell 7%, while total net worth declined by 10%. The largest contributing factor to these declines was a 15% ...
Adjusted Free Cash Flow
... coverage ratio and its leverage ratio – could result in the Company’s lenders requiring the Company to immediately repay all amounts borrowed. If the Company anticipated a potential covenant violation, it would seek relief from its lenders, which would have some cost to the Company, and such relief ...
... coverage ratio and its leverage ratio – could result in the Company’s lenders requiring the Company to immediately repay all amounts borrowed. If the Company anticipated a potential covenant violation, it would seek relief from its lenders, which would have some cost to the Company, and such relief ...
Regulation af Debt and Equity
... 1988 amounted to 10 percent of their total assets or almost 40 percent of their financial assets.5 The financial office of a business that can obtain ...
... 1988 amounted to 10 percent of their total assets or almost 40 percent of their financial assets.5 The financial office of a business that can obtain ...
Overview of the Consumer Financial Protection Bureau
... consumers are purchasing also is important for the CFPB. Even before the CFPB had a director, the agency began the process of developing model mortgage disclosure forms for consumers as part of its Know Before You Owe program. The program aims to make financial disclosure forms shorter, simpler and ...
... consumers are purchasing also is important for the CFPB. Even before the CFPB had a director, the agency began the process of developing model mortgage disclosure forms for consumers as part of its Know Before You Owe program. The program aims to make financial disclosure forms shorter, simpler and ...
The countercyclical capital buffer in Spain: an
... The implementation of the three requirements will be phased-in from January 2016 onwards, reaching their full effect in January 2019. Under these transitional arrangements the CCB can be activated at a maximum of 0.625% of RWAs from January 2016. After that, the maximum possible CCB level increases ...
... The implementation of the three requirements will be phased-in from January 2016 onwards, reaching their full effect in January 2019. Under these transitional arrangements the CCB can be activated at a maximum of 0.625% of RWAs from January 2016. After that, the maximum possible CCB level increases ...
May 2003 - Banco de España
... be attributed solely to reduced activity abroad, since the depreciation suffered by the main Latin-American currencies has an “exchange rate effect” on bank balance sheets, which means that they decline, without there necessarily being any reduction in activity (3). As regards the structure of asset ...
... be attributed solely to reduced activity abroad, since the depreciation suffered by the main Latin-American currencies has an “exchange rate effect” on bank balance sheets, which means that they decline, without there necessarily being any reduction in activity (3). As regards the structure of asset ...
2015
... Examples included measures to improve the livelihood of farmers and low income earners, credit measures for SMEs, and real estate sector stimulus package. These measures were projected to help reduce expenses and provide greater liquidity to the private sector. Furthermore, measures to promote priv ...
... Examples included measures to improve the livelihood of farmers and low income earners, credit measures for SMEs, and real estate sector stimulus package. These measures were projected to help reduce expenses and provide greater liquidity to the private sector. Furthermore, measures to promote priv ...
First-Time Home Buyers and Residential Investment Volatility
... to mortgage markets. Lower transactions costs and a greater supply of capital have driven down mortgage interest rates relative to what they would be otherwise. The kinds of mortgage products now available have also made it easier to obtain a mortgage. The typical mortgage before the 1980s involved ...
... to mortgage markets. Lower transactions costs and a greater supply of capital have driven down mortgage interest rates relative to what they would be otherwise. The kinds of mortgage products now available have also made it easier to obtain a mortgage. The typical mortgage before the 1980s involved ...
par value - McGraw Hill Higher Education
... - restrictions on further indebtedness, - a maximum on the amount of dividends that can be paid, - a minimum level of working capital. McGraw-Hill Ryerson ...
... - restrictions on further indebtedness, - a maximum on the amount of dividends that can be paid, - a minimum level of working capital. McGraw-Hill Ryerson ...
Financial Ratio Medians-2015.indd
... ratios improved and half worsened for FY 2014. However, Ziegler Research believes most of these changes, both positive and negative, to be immaterially small. The two most significant year-overyear changes were decreases in the NOM and CUNAM. The decrease in NOM likely points to operating expenses r ...
... ratios improved and half worsened for FY 2014. However, Ziegler Research believes most of these changes, both positive and negative, to be immaterially small. The two most significant year-overyear changes were decreases in the NOM and CUNAM. The decrease in NOM likely points to operating expenses r ...
DebT anD (noT mucH) DeLeveraGInG
... assumptions about debt and deleveraging and the adequacy of the tools available to manage debt and avoid future crises. We find it unlikely that economies with total non‑financial debt that is equivalent to three to four times GDP will grow their way out of excessive debt. And the adjustments to gov ...
... assumptions about debt and deleveraging and the adequacy of the tools available to manage debt and avoid future crises. We find it unlikely that economies with total non‑financial debt that is equivalent to three to four times GDP will grow their way out of excessive debt. And the adjustments to gov ...
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.