d apos leon inc part i

fundamental of financial management

fundamental of financial management
Ngày tải lên : 25/03/2014, 18:35
... we did more in this edition than ever before We put the entire text on digital files, which v vi Preface facilitated shifting things around to improve transitions and flow Students will find it ... Dalrymple—University of Central Florida Jim DeMello—Western Michigan University Anne M Drougas—Dominican University vii viii Preface Scott Ehrhorn—Liberty University David Feller—Brevard Community College ... SCHOOL EDITION 266 Estimating ExxonMobil’s Intrinsic Stock Value 299 xvii xviii Contents TYING IT ALL TOGETHER APPENDIX 9A Stock Market Equilibrium 301 INTEGRATED CASE Inc 333 PART Investing in Long-Term...
  • 755
  • 3.8K
  • 1
  1. Giáo án - Bài giảng
  2. Cao đẳng - Đại học
The relationship between default risk and interest rates: An empirical study research insight

The relationship between default risk and interest rates: An empirical study research insight
Ngày tải lên : 26/10/2012, 11:21
... especially when hedging is involved This paper is organized in the following way • • Section discusses the data and variable specification • Section describes historical correlation findings using ... Di (t ) is the default indicator and equals if the firm i defaults during sample period ending at t, and [ ] otherwise; Pr Di (t ) = is the probability that firm i defaults during sample period ... information in the EDF credit measure, we use a logistic regression to fit individual defaults on both EDF and expected shocks to interest rates The predictive regression included forward-looking interest...
  • 17
  • 736
  • 0
  1. Tài Chính - Ngân Hàng
  2. Tài chính doanh nghiệp
Tài liệu Pricing Stock Options Under Stochastic Volatility And Interest Rates With Efficient Method Of Moments Estimati ppt

Tài liệu Pricing Stock Options Under Stochastic Volatility And Interest Rates With Efficient Method Of Moments Estimati ppt
Ngày tải lên : 21/12/2013, 01:20
... EGARCH model is used as a leading term in the auxiliary model of the EMM estimation methodology and (iii) direct maximum likelihood techniques are admitted by 14 this class of models In principle ... zero Various model selection criteria and t-statistics of individual parameters of a wide variety of different auxiliary models that were proposed in Section indicate that (i) Multivariate M-EGARCH(1,1) ... options with at least days to expiration to reduce biases induced by liquidity-related issues We divide the option data into several categories according to either moneyness or time to expiration In...
  • 48
  • 707
  • 0
  1. Tài Chính - Ngân Hàng
  2. Đầu tư Chứng khoán
Tài liệu Public attitudes to inflation and interest rates docx

Tài liệu Public attitudes to inflation and interest rates docx
Ngày tải lên : 15/02/2014, 05:20
... non-alcoholic beverages Electricity, gas, liquid and solid fuels Other(b) CPI Percentage points 1.4 Relationship with inflation visibility 1.2 The headline rate of CPI inflation can mask a wide dispersion ... satisfied, while 13% reported they were fairly dissatisfied or very dissatisfied The proportion who were neither satisfied nor dissatisfied remained unchanged at 25% The net balance of respondents ... which in turn may have been influenced by increases in observed inflation, or the inflation rates of highly visible subcomponents, such as food and gas and electricity prices In addition, discussions...
  • 16
  • 414
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
Tài liệu Public attitudes to inflation and interest rates doc

Tài liệu Public attitudes to inflation and interest rates doc
Ngày tải lên : 15/02/2014, 05:20
... Bulletin 2008 Q2 both CPI and RPIX inflation fell during the middle of 2007, but have since picked up again, while RPI inflation fell in the first half of 2007 and has since remained broadly constant ... period Furthermore, expenditure patterns will differ markedly from household to household, for example with factors such as age, income and household size Combined with the dispersion in individual ... movements in the official headline inflation measures alone That divergence may be partly explained by differences in individual households’ experiences of inflation, the price rises of particular,...
  • 9
  • 457
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
Tài liệu Money and Interest Rates docx

Tài liệu Money and Interest Rates docx
Ngày tải lên : 15/02/2014, 06:20
... up in order to buy a bond in period t The right side of (9) is the discounted expected marginal utility of the goods that will be received in period t + The marginal utilities are evaluated at ... (15) into (11) yields a difference ¯ equation in µ t − π which can be solved forward under the assumption that θ > In the special case that velocity is independent and identically distributed with ... Netherlands New Zealand Norway Portugal South Africa Spain Switzerland United States Developing Fiji Honduras India Indonesia Jamaica Korea Kuwait Malawi Malaysia Mauritius Netherlands Antilles...
  • 12
  • 451
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
Tài liệu Housing Bubbles and Interest Rates by Christian Hott and Terhi Jokipii doc

Tài liệu Housing Bubbles and Interest Rates by Christian Hott and Terhi Jokipii doc
Ngày tải lên : 17/02/2014, 03:20
... use of such information This limitation of liability applies, in particular, to the topicality, accuracy, validity and availability of the information ISSN 1660-7716 (printed version) ISSN 1660-7724 ... we need to define and identify bubble periods; and second, we need to estimate a proxy for monetary policy stance In this section we start with defining and identifying bubble periods To this, we ... Section describes our model for estimating housing overvaluation Section estimates interest rate deviations from Taylor-implied rates Section presents our estimations and discusses our findings...
  • 47
  • 393
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
Monetary Policy Surprises and Interest Rates: Evidence from the Fed Funds Futures Market doc

Monetary Policy Surprises and Interest Rates: Evidence from the Fed Funds Futures Market doc
Ngày tải lên : 06/03/2014, 02:21
... policy actions.11 In addition, the assumption that the dates of possible policy actions are known is no longer necessary To avoid distorting the timing and magnitude of interest rate changes with ... apparent deterioration in the 1990s It then describes how Fed funds futures rates can be used to distinguish between anticipated and unanticipated changes in the Fed funds target, and documents the ... Radecki, Lawrence, & Reinhart, Vincent 1994 The Financial Linkages in the Transmission of Monetary Policy in the United States In: National Differences in Interest Rate Transmission Bank for International...
  • 24
  • 484
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
Forecasting UK GDP growth, inflation and interest rates under structural change: a comparison of models with time-varying parameters potx

Forecasting UK GDP growth, inflation and interest rates under structural change: a comparison of models with time-varying parameters potx
Ngày tải lên : 06/03/2014, 14:20
... 39 Appendix D: Time-varying FAVAR model 42 D. 5 Prior distributions and starting values 43 D. 6 Simulating the posterior distributions 43 D. 7 Calculation of the marginal likelihood 45 Working Paper ... that incorporates regime-switching dynamics provides a good description of the evolution of monetary policy and inflation dynamics in the United States Groen and Mumtaz (2008) provide a similar ... efficiency is vital in our exercise The model is estimated using a Gibbs sampling algorithm This algorithm is an extended version of the sampler used for the time-varying VAR and is described in...
  • 56
  • 469
  • 1
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
WORKING PAPER SERIES NO 748 / MAY 2007: FINANCIAL DOLLARIZATION THE ROLE OF BANKS AND INTEREST RATES docx

WORKING PAPER SERIES NO 748 / MAY 2007: FINANCIAL DOLLARIZATION THE ROLE OF BANKS AND INTEREST RATES docx
Ngày tải lên : 22/03/2014, 23:20
... nfc dif d ind dif l ind ir dif d ir dif l margin lc nfc margin fc nfc margin lc ind margin fc ind margin lc margin fc depth lambda mde lambda mue interv open ratio Table 9: Financial dollarization ... dif d ind dif l ind ir dif d ir dif l margin lc nfc margin fc nfc margin lc ind margin fc ind margin lc margin fc depth lambda mde lambda mue interv open ratio Table 10: Financial dollarization ... deposit interest rate differentials (local currency - foreign currency), dif l ind, dif d ind, dif l nfc, dif d nfc - interest rate differentials for individuals and firms Log L N dif d nfc dif l...
  • 76
  • 738
  • 1
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
Federal Reserve Bank of Minneapolis Quarterly Review: Money and Interest Rates docx

Federal Reserve Bank of Minneapolis Quarterly Review: Money and Interest Rates docx
Ngày tải lên : 22/03/2014, 23:20
... up in order to buy a bond in period t The right side of (9) is the discounted expected marginal utility of the goods that will be received in period t + The marginal utilities are evaluated at ... (15) into (11) yields a difference ¯ equation in µ t − π which can be solved forward under the assumption that θ > In the special case that velocity is independent and identically distributed with ... Netherlands New Zealand Norway Portugal South Africa Spain Switzerland United States Developing Fiji Honduras India Indonesia Jamaica Korea Kuwait Malawi Malaysia Mauritius Netherlands Antilles...
  • 12
  • 414
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
Credit Spreads and Interest Rates: A Cointegration Approach pot

Credit Spreads and Interest Rates: A Cointegration Approach pot
Ngày tải lên : 22/03/2014, 23:20
... prediction is inconsistent with our finding of a s positive long-run relation between credit spreads and Treasury rates In addition, since the models not specify the dynamics of the adjustment ... statics of these models predict that equilibrium credit spreads are negatively related to the risk free rate Unfortunately, it is difficult to provide a convincing intuitive explanation for this ... the ratio of the leading to lagging economic indicators was significant Including this variable increased the magnitude of the error-correction coefficient to -0.074, with a t-statistic of -2.28...
  • 47
  • 385
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
QUANTUM FINANCE Path Integrals and Hamiltonians for Options and Interest Rates doc

QUANTUM FINANCE Path Integrals and Hamiltonians for Options and Interest Rates doc
Ngày tải lên : 23/03/2014, 12:20
... equity is random, that is, d S/dt is modelled as a random variable; this in turn implies the security S(t) itself is also a random variable, with its initial (deterministic) condition specified ... evolves deterministically with its future value given by S(t) = eφt S(0) Gaussian white noise is discussed in Appendix A.4 Since white noise is assumed to be independent for each time t, the Dirac delta ... are briefly discussed Chapter on ‘Derivative securities’ introduces the concept of financial derivatives and discusses the pricing of derivatives The classic analysis of Black and Scholes is discussed,...
  • 334
  • 1.2K
  • 0
  1. Tài Chính - Ngân Hàng
  2. Kế toán - Kiểm toán
investigating the relationships among oil prices, bond index returns and interest rates

investigating the relationships among oil prices, bond index returns and interest rates
Ngày tải lên : 13/07/2014, 21:13
... Panel A Independent variable Dependent variable GOIL GBOND GIR Panel B Independent variable Dependent variable GOIL GBOND IRV1 Panel C Independent variable Dependent variable GOIL GBOND IRV2 GOIL(1) ... variable Dependent variable GOIL GBOND IRV1 Panel C Independent variable Dependent variable GOIL GBOND IRV2 Panel D Independent variable Dependent variable GOIL GBOND GIR GOIL(1) GBOND(1) GIR(1) 2.40** ... volatility interrupted by short periods of sharp increases in volatility, while volatility clustering is positively correlated with financial market frictions and the nominal interest rate Dotsey...
  • 18
  • 320
  • 0
  1. Kinh Doanh - Tiếp Thị
  2. Quản trị kinh doanh
Business Cycles in the Eastern Caribbean Economies The Role of Fiscal Policy and Interest Rates

Business Cycles in the Eastern Caribbean Economies The Role of Fiscal Policy and Interest Rates
Ngày tải lên : 23/04/2016, 04:50
... economies; and (iii) fiscal policy is pro-cyclical, while it tends to be countercyclical in advanced economies The Model In this section, we investigate the role played by financial frictions and ... expenditures increase, it causes a decline in households’ lifetime income, leading to a fall in consumption Since the consumption decline is smaller than the fall in households’ disposable income ... reduction in volatility could be achieved by eliminating the default risk if such risk is endogenous to the economy’s fundamentals In particular, we find that in the model with induced risk-premium,...
  • 32
  • 531
  • 0
  1. Ngoại Ngữ
  2. Tổng hợp
the risk and term structure of interest rates

the risk and term structure of interest rates

Ngày tải lên : 05/01/2014, 16:56
... the time remaining to maturity is different • Yield curve - a plot of the yield on bonds with differing terms to maturity but the same risk, liquidity and tax considerations – Upward-sloping short-term ... next period i2 t = today’s interest rate on the two-period bond Expectations Theory—In General II Expected return over the two periods from investing $1 in the two-period bond and holding it for ... General III If two one - period bonds are bought with the $1 investment (1 + it )(1 + ite+1 ) − = + it + ite+1 + it (ite+1 ) − it + ite+1 + it (ite+1 ) it (ite+1 ) is extremely small Simplifyin g...
  • 28
  • 2.5K
  • 1
  1. Cao đẳng - Đại học
  2. Đại cương
Tài liệu Deposit Insurance, Institutions and Bank Interest Rates pptx

Tài liệu Deposit Insurance, Institutions and Bank Interest Rates pptx
Ngày tải lên : 15/02/2014, 05:20
... derivatives Systemic stability is not so much threatened by retail deposits, to which deposit protection is normally limited This view is shared by Di Giorgio and Di Noia (2002) who, in order to ... Regulation of Banks MIT Press, Cambridge Diamond D. W and Dybvig P.H 1983 “Bank runs, deposit insurance and liquidity” Journal of Political Economy 91: 401-419 Di Giorgio G and Di Noia C., 2002, “Which ... confidence in and abide by the 10 rules of society These include perceptions of the incidence of both violent and non-violent crime, the effectiveness and predictability of the judiciary, and the...
  • 23
  • 447
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
Tài liệu Interest Rates for Savings and Bank Accounts. docx

Tài liệu Interest Rates for Savings and Bank Accounts. docx
Ngày tải lên : 15/02/2014, 05:20
... PLC and its subsidiary companies Barclays Bank PLC is registered in England and authorised and regulated by the Financial Services Authority Registered No 1026167 Registered Office: Churchill Place, ... potential tax liability Net Rate – The rate of interest which would be payable after allowing for the deduction of income tax at the specified rate Individuals should check their own tax situation, as ... by allowing you to deposit funds and then make withdrawals without notice Minimum opening balance is only £1 There is no maximum balance limit However, if a sterling deposit is made in excess...
  • 15
  • 487
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
Tài liệu Bank Consolidation and Consumer Loan Interest Rates pdf

Tài liệu Bank Consolidation and Consumer Loan Interest Rates pdf
Ngày tải lên : 16/02/2014, 10:20
... is sufficiently high This idea is implemented by restricting the mergers identified under the first definition to those in referenced this information with the Federal Reserve Bank of Chicago’s ... find evidence that “significant” bank mergers increase monopoly power in retail deposit markets An important task in their study and in the present paper is to identify criteria for determining ... discusses prior research on bank consolidation and its effect on the pricing of banking services The data used in our study is described in Section III Section IV examines the relationship between...
  • 40
  • 465
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
Tài liệu Bank mergers and the dynamics of deposit interest rates doc

Tài liệu Bank mergers and the dynamics of deposit interest rates doc
Ngày tải lên : 17/02/2014, 03:20
... incorporate the rigidity of deposit rates in the empirical analysis by explicitly integrating the censoring process into the empirical estimation Our focus is on modelling bank pricing behaviour ... form of spline interpolation It is equivalent to piecewise linear interpolation, where the function to be modeled is divided into a fixed number of subintervals, and within each of the subintervals ... existing literature First, the empirical literature on deposit rate dynamics around bank mergers has so far ignored the rigidity of deposit rates As documented in earlier studies (Hannan and...
  • 44
  • 381
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng

Xem thêm