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Thuyết trình tài chính doanh nghiệp The Global financial crisis and the efficient market hypothesis

Thuyết trình tài chính doanh nghiệp The Global financial crisis and the efficient market hypothesis
Ngày tải lên : 14/07/2015, 11:45
... hence ignores liquidity effects There is evidence that illiquidity is a “priced” factor—that is, higher returns compensate for lower liquidity—though how to measure liquidity is unclear.20Few ... effective criticism: • Market efficiency does not imply market rationality • Individual rationality does not ensure collective rationality • Individual behaviour is not entirely rational • Allocative ... information in the EMH:  Information is modeled as an objective commodity that has the same meaning for all investors In reality, investors have different information and beliefs The actions of...
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Tài liệu The German Banking System: Lessons from the Financial Crisis pptx

Tài liệu The German Banking System: Lessons from the Financial Crisis pptx
Ngày tải lên : 16/02/2014, 11:20
... higher liquidity ratios The BaFin is entrusted with the authority to remove members from supervisory board at banks and insurance companies in case of incompetence or lack of reliability (conscientiousness) ... Papers, No 233 Bundesbank (2006), Financial Stability Review 2006 Bundesbank (2007), Financial Stability Review 2007 Bundesbank (2009), Financial Stability Review 2009 Dawson-Kropf, M and P Rioual (2009), ... liability depends on future earnings and the decision of the supervisory board whether to pay out a dividend or not, the bank may not have to account for it as it is only an indirect liability This...
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The Corporate Governance Lessons from the Financial Crisis docx

The Corporate Governance Lessons from the Financial Crisis docx
Ngày tải lên : 15/03/2014, 19:20
... balance sheet, liquidity, and capital • Management of better performing firms typically enforced more active controls over the consolidated organisation’s balance sheet, liquidity, and capital, often ... businesses into global liquidity planning, including actual and contingent liquidity risk This would have supported implementation of the board’s duties Warning signs for liquidity risk which were clear ... no formal account taken of the quality or sustainability of those earnings Senior management, on the other hand, received a greater proportion of deferred equity Incentive systems at sub-executive...
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chadha & holly (eds.) - interest rates, prices and liquidity; lessons from the financial crisis (2012)

chadha & holly (eds.) - interest rates, prices and liquidity; lessons from the financial crisis (2012)
Ngày tải lên : 01/11/2014, 11:17
... University of London University of Kent, Canterbury List of contributors ALEX WATERS University of Kent, Canterbury JAN WENZELBURGER MICHAEL WICKENS JING YANG England Keele University University of ... uncertainty about asset returns and liquidity shocks Asset markets allow banks to share risks and liquidity The introduction of aggregate uncertainty about asset returns and liquidity shocks ... increase in liquidity is achieved by a swap of illiquid equity for liquid money Naturally, the effectiveness of the policy depends on the liquidity premium on cash and the quantity of the swaps...
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kolb - lessons from the financial crisis; causes, consequences, and our economic future (2010)

kolb - lessons from the financial crisis; causes, consequences, and our economic future (2010)
Ngày tải lên : 01/11/2014, 13:25
... property of the bank The bank receives a loan asset secured by the borrower’s property and an interest payment Property is involved on both sides The bank has to reserve a certain amount of property, ... the City University of New York LINDA WEISER FRIEDMAN Professor of Statistics & Computer Information Systems, Baruch College Zicklin School of Business and the Graduate Center, City University of ... this work 10 Overview of the Crisis property is now encumbered as security for the loan Both bank capital and loan collateral back the note issue Property economics1 argues that interest arises...
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dewatripont - balancing the banks; global lessons from the financial crisis (2010)

dewatripont - balancing the banks; global lessons from the financial crisis (2010)
Ngày tải lên : 03/11/2014, 14:57
... the reallocation of liquidity and amplifies the problems arising from a shortage of aggregate liquidity public provision of liquidity Economic theory stresses the necessity for the state to boost ... Dealer Credit Facility, and a host of other facilities (the Asset-Backed Commercial Paper Money Market Mutual Fund (ABCP MMMF) Liquidity Facility, the Commercial Paper Funding Facility, the Money Market ... laxity had been absent, this one practice implied that an AAA tranche carried a probability of default higher than that of AAA securities that had not been the subject of such advice The activity...
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Credit at times of stress: Latin American lessons from the global financial crisis pot

Credit at times of stress: Latin American lessons from the global financial crisis pot
Ngày tải lên : 06/03/2014, 08:20
... to quality towards assets considered the safest, especially US Treasuries In the current environment, the possibility of a deep adverse shock affecting world trade and global liquidity cannot ... quality: the Government Effectiveness component of the World Bank Governance Indicators This measurement is designed to “captur[e] perceptions of the quality of public services, the quality of ... of their tradable sectors (exports/GDP), and the capacity of monetary policy to provide liquidity without generating macroeconomic instability The correlation coefficients for all the other macroeconomic...
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griffith-jones - time for a visible hand; lessons from the 2008 world financial crisis (2010)

griffith-jones - time for a visible hand; lessons from the 2008 world financial crisis (2010)
Ngày tải lên : 03/11/2014, 15:21
... in graduate programs at Boston University School of Law, the University of Massachusetts at Amherst, the University of Utah and the New School University Roberto Frenkel is Principal Research ... the Center for Full Employment and Price Stability, University of Missouri—Kansas City and Professor of Development Finance at the Tallinn University of Technology, Estonia He was formerly Chief ... short-term facility SPE special purpose entity SRO self-regulating organization SWF Sovereign Wealth Funds TAF Term Auction Facility TALF Term Asset-backed Securities Loan Facility TARP Troubled...
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Lessons from the global financial crisis and recommendations to Vietnamese banking sector

Lessons from the global financial crisis and recommendations to Vietnamese banking sector
Ngày tải lên : 27/03/2015, 11:43
... security SEC Securities and Exchange Commission ARM Adjustable-rate mortgage CDO Collateralized debt obligation CLO Collateralized Loan Obligation CDS Credit Default Swap ABS Asset-backed security ... Non-Performing-Loan ratio ROA Return On Asset ROAA Return On Average Asset ROE Return On Equity ROAE Return On Average Equity VAS Vietnamese Accounting Standards IHRS International Financial Reporting Standards ... withdraw their funds from the country Financial crisis can be in many different types as mentioned below 1.1.2 Types of financial crises / 1.2 / Banking crises When a bank suffers a sudden rush...
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Tài liệu FIRMS AND THEIR DISTRESSED BANKS: LESSONS FROM THE NORWEGIAN BANKING CRISIS (1988-1991) docx

Tài liệu FIRMS AND THEIR DISTRESSED BANKS: LESSONS FROM THE NORWEGIAN BANKING CRISIS (1988-1991) docx
Ngày tải lên : 16/02/2014, 10:20
... the total equity raised to market capitalization, limiting the sample to firms listed on the TSE Public and rights equity Norwegian Firms Private Total Issues equity equityover type listed issues ... issues firms Amount raised over market cap Public and rights equity Private equity Japanese Firms Convertible Total bonds equity -type issues Issues over listed firms Amount raised over market ... method for indirectly issuing equity in that country (Kang and Stulz (1996)) Convertible bond issues in Norway are relatively rare Compared to Norway, 20 equity-type offerings in Japan are infrequent...
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Tài liệu SUMMARY OF RESPONSES GREEN PAPER AUDIT POLICY: LESSONS FROM THE CRISIS ppt

Tài liệu SUMMARY OF RESPONSES GREEN PAPER AUDIT POLICY: LESSONS FROM THE CRISIS ppt
Ngày tải lên : 18/02/2014, 05:20
... the role of audit with regard to the veracity of financial statements as well as improving quality These discussions should be on a level of materiality and scope of audit programmes; this in ... disagreement with the entity then there may be some justification for third party appointment of the replacement auditor The Commission has also been requested to investigate the possibility of establishing ... accountability of auditors and their relationship with shareholders However, some investors noted that in some specific cases the intervention of a third party, such as a supervisory authority, in...
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GREEN PAPER - Audit Policy: Lessons from the Crisis (Text with EEA Relevance) ppt

GREEN PAPER - Audit Policy: Lessons from the Crisis (Text with EEA Relevance) ppt
Ngày tải lên : 06/03/2014, 19:20
... Financial Stability Board and the G20 Audit, alongside supervision and corporate governance, should be a key contributor to financial stability as it provides assurance on the veracity of the financial ... relative quality of financial statements of one reporting entity when compared with another One has to consider whether informative matters e.g potential risks, sectoral evolution, commodity 15 16 ... feasibility of a scenario where the audit role is one of statutory inspection wherein the appointment, remuneration and duration of the engagement would be the responsibility of a third party, perhaps...
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BIS Working Papers No 345 The bank lending channel: Lessons from the crisis doc

BIS Working Papers No 345 The bank lending channel: Lessons from the crisis doc
Ngày tải lên : 15/03/2014, 10:20
... after a monetary tightening the drop in the availability of total bank funding (which affects banks’ ability to make new loans) or the ability to shield loan portfolios differs from bank to bank ... measured by on-balance sheet indicators The ability of banks to sell loans promptly and obtain fresh liquidity, coupled with new developments in liquidity management, has also lowered banks’ needs ... volatility For example, by increasing asset prices low interest rates tend to reduce asset price volatility and thus risk perception: since a higher stock price increases the value of equity relative...
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báo cáo hóa học:" Short- and long-term evacuation of people and livestock during a volcanic crisis: lessons from the 1991 eruption of Volcán Hudson, Chile" docx

báo cáo hóa học:" Short- and long-term evacuation of people and livestock during a volcanic crisis: lessons from the 1991 eruption of Volcán Hudson, Chile" docx
Ngày tải lên : 21/06/2014, 17:20
... intensity mixed horticultural and pastoral farms (stocking rate >3/ha) and horticultural farms (typically fruit orchards) were located in river valleys with developed irrigation networks They typically ... societal vulnerability Geological Society of America Bulletin 112(5):720–726 Keam RF (1988) Tarawera: the volcanic eruption of 10 June 1886 A.D., RF Keam Physics Department, University of Auckland, ... (LEGS) project which aims to increase the quality of emergency response when livestock are key social and economic assets for the affected community by promoting international guidelines and Page...
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Báo cáo hóa học: "Short- and long-term evacuation of people and livestock during a volcanic crisis: lessons from the 1991 eruption of Volcán Hudson, Chile" pot

Báo cáo hóa học: "Short- and long-term evacuation of people and livestock during a volcanic crisis: lessons from the 1991 eruption of Volcán Hudson, Chile" pot
Ngày tải lên : 21/06/2014, 19:20
... intensity mixed horticultural and pastoral farms (stocking rate >3/ha) and horticultural farms (typically fruit orchards) were located in river valleys with developed irrigation networks They typically ... societal vulnerability Geological Society of America Bulletin 112(5):720–726 Keam RF (1988) Tarawera: the volcanic eruption of 10 June 1886 A.D., RF Keam Physics Department, University of Auckland, ... (LEGS) project which aims to increase the quality of emergency response when livestock are key social and economic assets for the affected community by promoting international guidelines and Page...
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Placing Bank Supervision in the Central Bank Implications for Financial Stability Based on Evidence from the Global Crisis

Placing Bank Supervision in the Central Bank Implications for Financial Stability Based on Evidence from the Global Crisis
Ngày tải lên : 29/08/2016, 08:24
... controlled for the possibility that greater financial stability could be explained by the quality of bank microprudential supervision or by the quality of financial stability oversight rather than ... of banks, typically the systemic part of the financial system, under the same roof as financial stability policy, typically entrusted to the central bank, can improve financial stability Specifically, ... relation to the quality of bank microprudential supervision and the quality of macroprudential supervision The institutional setup may be less relevant in practice, and the quality of supervision...
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The customers borrowing behavior during the financial crisis

The customers borrowing behavior during the financial crisis

Ngày tải lên : 06/09/2013, 05:49
... Romania had to intervene to maintain the stability of the banking system No grant of public funds for credit institutions was needed as full responsibility returned to shareholders Romanian banking ... where growth in real terms was by 49.8% The 2010 challenges for the banking stability in Romania, as the quality of the loans portfolio and the high level of borrowing in foreign currency, continued ... the lending activity in foreign currency represented in 2010 a big problem both in stock and flow The National Bank of Romania closely monitored the evolution of lending activity and took the necessary...
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24 LESSONS FROM THE WORLD’S GREATEST CEO

24 LESSONS FROM THE WORLD’S GREATEST CEO
Ngày tải lên : 08/11/2013, 01:15
... that result from the use of or inability to use the work, even if any of them has been advised of the possibility of such damages This limitation of liability shall apply to any claim or cause ... everything is fine Face reality Jack Welch said that business, like life, boils down to one thing: facing reality, and then making the right decisions based on that reality To him, there was no more ... to facing reality and then acting on that reality, over-managing has the potential to confuse people By getting caught up in unimportant details, no one can see the true reality that might be...
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An analysis of modality in some commentaries on global financial crisis 2008 2009

An analysis of modality in some commentaries on global financial crisis 2008 2009

Ngày tải lên : 18/12/2013, 10:07
... are expressed in particular types of modality as we will show in the following part of the thesis 1.3.3 Types of Modality Many linguists classify modality into many types basing on different criteria ... recognition of two types and its terms are used to realize “deontic” and “epistemic” modality then Von Wright (1951) classifies modality into four types: epistemic modality, deontic modality, and another ... think 16 1.3.3.2 Deontic Modality As we mentioned in 1.3.3, deontic modality is used to refer to the type of modality that contains an element of will This type of modality is concerned with action...
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5 twitter lessons from the obama and romney campaigns

5 twitter lessons from the obama and romney campaigns

Ngày tải lên : 07/01/2014, 15:28
... "Invisible Obama" speech next to an empty chair at the Republican National Convention, the Obama digital media team tweeted a photo captioned: "This seat's taken." Witty and amusing tweets can show that ... can connect with a broader audience through common interests For example, Steele said a third-party conservative group tweeted about ABC's Dancing With the Stars during the show Move people t o...
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