... were increased by a uniformly small amount for all banks.
FINANCIAL INDUSTRY PERSPECTIVES
18
What makes a bank efficient? A look at financial characteristics
and bank management and ownership ... management
and ownership struc-
ture. Among these
are: Linda Allen and
A. Sinan Cebenoyan,
“Bank Acquisitions
and Ownership Struc-
ture: Theory and Evi-
dence,” Journal...
... is
always a plus, and that corporate
earnings growth has been positive in every moving decade since 1937—almost 70 years! Rather,
the reason that annual stock returns are so volatile is largely ... with a final statistical example that suggests what the future
may hold.
With a complex exercise called “Monte Carlo Simulation,” we can in fact project the
odds that are passively-man...
... inflation-adjusted annual return of 4.8%.
But, he said, “you would lose a ton in US small-cap.” International large- and small-cap
stocks and emerging equities are at fair price, he said.
Grantham said ... Mason Hawkins, the chairman and CEO of Memphis-based Southeastern Asset
Management, spoke the previous day and articulated the opposing view: Margins and
earnings are nei...
... rate of int er es t,
and the real value of aggregate money-holdings always equals a ggregate bond-holdings. As
we will see later, this will typically mean that aggregate money-holdings will be sh ... (1980), Cavalcanti and Wallace (1999) and
Kocherlakota (2003) all assume that the government can use no taxes other than inflation
taxes.
In this paper, I elimin ate these differences acros...
... fact
that IPOs, as compared to size-matched seasoned stocks, have greater changes of ‡oat and
short-sale restriction, greater creative destruction impact, and greater positive skewness in
payo¤ ... a binding short-sale constraint. Compared to a reference
stock that has 100% ‡oat (i.e. 1 ¡ » = 0), that does not impose a competitive threat
to the established human capital (´ = 0), a...