Short Selling Strategies, Risks, and Rewards phần 1 pps

... Listing and Short Selling 3 31 Short Selling Constraints and International Capital Flows 339 Conclusion 342 CHAPTER 14 Short Selling and Financial Puzzles 345 Edward M. Miller Divergence of Opinion and ... of Short Selling and Divergence of Opinion for Investment Strategy 11 7 Edward M. Miller Interaction of Divergence of Opinion and Short Selling Restrictio...

Ngày tải lên: 14/08/2014, 05:20

... of Short Selling and Divergence of Opinion for Investment Strategy 11 7 Edward M. Miller Interaction of Divergence of Opinion and Short Selling Restrictions 11 9 Empirical Tests 13 4 Conclusions 17 6 CHAPTER ... 7 Short Sale Constraints and Overpricing 17 9 Owen A. Lamont Short Sale Constraints 18 0 The Overpricing Hypothesis 18 4 Costs of Shorting 18 8 Go Down Fight...

Ngày tải lên: 14/08/2014, 09:21

... Thursday, August 5, 2004 11 :10 AM 86 THEORY AND EVIDENCE ON SHORT SELLING Brazil, Chile, Finland, India, Israel, New Zealand, the Philippines, Poland, Spain, and Turkey. In China the short sales restrictions ... Projections and Common Stock Returns,” Financial Analysts Journal (July/August 19 88), pp. 79–80. 5-Miller-Restrictions Page 10 1 Thursday, August 5, 2004 11 :10 AM R...

Ngày tải lên: 14/08/2014, 05:20

... 2002), pp. 211 3– 214 1. 10 Jones and Lamont, Short Sale Constraints and Stock Returns.” 7-Lamont -Short Constraints Page 18 8 Thursday, August 5, 2004 11 :12 AM Implications of Short Selling and Divergence ... Constraints and Overvaluation.” 6-Miller-Implications Page 15 6 Thursday, August 5, 2004 11 :11 AM 6-Miller-Implications Page 17 8 Thursday, August 5, 2004 11 :...

Ngày tải lên: 14/08/2014, 05:20

... 13 4 17 6 evidence, 14 8 16 6 increase, 13 4 price-raising effect, 16 4 relationship. See Growth risk, relationship, 346–355 short selling restrictions, interaction, 11 9 13 4 sources, 12 8 12 9 surrogate, 14 5, 15 8, 16 3 theoretical ... Journal of Business (January 19 72), pp. 11 –28. 14 -Miller-Puzzles Page 392 Thursday, August 5, 2004 11 :19 AM Index 413 Short selling...

Ngày tải lên: 14/08/2014, 09:21

... Equivalents 50, 819 54 ,11 8 52,469 70, 318 73,432 71, 875 36.99% DJIA DIAMONDS DIA Shares Outstanding 58,304 58,205 58,255 64,509 63,8 61 64 ,18 5 10 .18 % Short Interest 14 ,575 11 ,7 51 23,063 28,334 Total ... Percentage 1. 4% 12 .0% 2.9% 3.6% 7.3% 5.2% 3.9% DJIA DIAMONDS DIA Shares Outstanding 40,453 49,504 58,205 66,256 61, 907 63,058 63,8 61 Short Interest 11 ,070...

Ngày tải lên: 14/08/2014, 05:20

... Page 12 9 Thursday, August 5, 2004 11 :11 AM Implications of Short Selling and Divergence of Opinion for Investment Strategy 14 1 result in short selling as option dealers and others make short ... “Constraints on Short- Selling and Asset Price Adjustment to Private Information,” Journal of Financial Economics (19 87), pp. 277– 311 . 6-Miller-Implications Page 14 1 Thu...

Ngày tải lên: 14/08/2014, 05:20

... $18 ,000/ $10 ,000 = 1. 8, = –$2,000/ $10 ,000 = –0.2, and = –$6,000/ $10 ,000 = –0.6 Adjusted Weights in the Complete Portfolio: = $18 ,000/ $14 ,000 = 1. 29, = $2,000/ $14 ,000 = 0 .14 , and = –$6,000/ $14 ,000 ... Put Synthetic Short Percent Deviation Synthetic Long Percent DeviationBid Ask Bid Ask May 55 5.75 7.25 10 .625 12 .625 47.55 14 51. 05 –8 August 55 9.25 10 .75 17 ....

Ngày tải lên: 14/08/2014, 05:20

... Present value of expected cash flow= NOPAT 1 COC+()⁄= $12 5 1 0 .1+ ()⁄ $11 3.64 million== 11 -Abate/Grant-Econ Profit Page 2 81 Thursday, August 5, 2004 11 :16 AM Spotting Clues in Qs 267 than in reporting ... million== EXHIBIT 11 .1 Wealth Creation with Positive NPV 11 -Abate/Grant-Econ Profit Page 282 Thursday, August 5, 2004 11 :16 AM The Economic Profit Approach to Short...

Ngày tải lên: 14/08/2014, 05:20

... EVA/Capital. NPV NOPAT 1 COC+()⁄ C–= C 1 ROC+()1COC+()C–⁄×= C ROC COC–( )1 COC+()⁄×= EVA 1 COC+()⁄= NPV MVA= $10 7.5 1. 1() $10 0–⁄= $10 0 0.075 0 .10 –( )1. 1()⁄×= $2.5 1. 1()⁄– $2.27 million–== 11 -Abate/Grant-Econ ... CC NPV C⁄+⁄= 1NPVC⁄+= VC⁄ 1 EVA 1 COC+()⁄[]C⁄+= 1 C ROC COC–()×( )1 COC+()⁄[]C⁄+= 1 ROC COC–[]+ 1 COC+()⁄= 11 -Abate/Grant-Econ Profit Page 2 91 Thur...

Ngày tải lên: 14/08/2014, 05:20