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The Asset Effect

Author : J. M. Bynner
ISBN : 1860301614
Genre : Assets (Accounting)
File Size : 84.99 MB
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Category: Assets (Accounting)

Saving Behavior And The Asset Price Bubble In Japan Analytical Studies

Author : Ulrich Baumgartner
ISBN : 1557754624
Genre : Business & Economics
File Size : 34.34 MB
Format : PDF
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This volume brings together various analytical studies the IMF staff has undertaken on the Japanese economy, focusing on two areas of particular interest for both longer-term economic performance and recent cyclical developments. The first is Japan's saving behavior, the second is the remarkable swing in asset prices that occurred in the late 1980s and early 1990s.
Category: Business & Economics

The Asset Protection Scheme

Author : Great Britain: National Audit Office
ISBN : 0102965609
Genre : Business & Economics
File Size : 45.54 MB
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The Treasury's Asset Protection Scheme to protect over £280 billion of Royal Bank of Scotland's financial assets against losses has, so far, only been partially successful in encouraging lending to creditworthy borrowers on the scale originally envisaged. The Scheme, launched in early 2009, initially involved two banks. RBS eventually put £282 billion of assets into the Scheme, while Lloyds Banking Group paid £2.5 billion to exit the Scheme in November 2009 and instead raised additional capital from shareholders. The principal elements of the Scheme, particularly the first loss, were based on a robust assessment of incentives and on as complete information on the underlying assets as were available at the time. As part of the Scheme, Lloyds and RBS agreed lending targets. While both banks met targets for mortgage lending, there was a shortfall of £30 billion against targets for lending to business. Value for money in the longer term will depend heavily on incentives built into the Scheme to encourage good management of assets. Establishing a requirement for RBS to bear the first £60 billion of losses (a 'first loss') was crucial in providing the right incentive for the bank to manage its assets effectively. However, if the first loss is exceeded, RBS will have less financial incentive to avoid further losses although the bank considers it will still have a legal and moral obligation to manage the assets as best it can. The position of taxpayers would be particularly vulnerable if losses were to exceed about £73 billion
Category: Business & Economics

The Asset Allocation Of Emerging Market Mutual Funds

Author : Mr. Piti Disyatat
ISBN : 9781451991468
Genre : Business & Economics
File Size : 20.59 MB
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Benchmark following and portfolio rebalancing effects have often been cited when trying to explain international financial contagion phenomena. Using a dataset containing the country allocation of individual dedicated emerging market equity funds, we assess the relevance of mean-variance optimization and benchmark following, finding strong evidence for both. We also present a framework to systematically extract useful information about market expectations from funds'' holdings.
Category: Business & Economics

Controlling Capital Legal Restrictions And The Asset Composition Of International Financial Flows

Author : Mahir Binici
ISBN : 9781452732909
Genre : Business & Economics
File Size : 27.87 MB
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How effective are capital account restrictions? We provide new answers based on a novel panel data set of capital controls, disaggregated by asset class and by inflows/outflows, covering 74 countries during 1995-2005. We find the estimated effects of capital controls to vary markedly across the types of capital controls, both by asset categories, by the direction of flows, and across countries'' income levels. In particular, both debt and equity controls can substantially reduce outflows, with little effect on capital inflows, but only high-income countries appear able to effectively impose debt (outflow) controls. The results imply that capital controls can affect both the volume and the composition of capital flows.
Category: Business & Economics

Excess Volatility And The Asset Pricing Exchange Rate Model With Unobservable Fundamentals

Author : Mr. Lorenzo Giorgianni
ISBN : 9781452700823
Genre : Business & Economics
File Size : 59.25 MB
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This paper presents a method to test the volatility predictions of the textbook asset-pricing exchange rate model, which imposes minimal structure on the data and does not commit to a choice of exchange rate “fundamentals.” Our method builds on existing tests of excess volatility in asset prices, combining them with a procedure that extracts unobservable fundamentals from survey-based exchange rate expectations. We apply our method to data for the three major exchange rates since 1984 and find broad evidence of excess exchange rate volatility with respect to the predictions of the canonical asset-pricing model in an efficient market.
Category: Business & Economics

Asset Price Response To New Information

Author : Guo Ying Luo
ISBN : 9781461493693
Genre : Business & Economics
File Size : 54.97 MB
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Asset Price Response to New Information examines the effect of two types of psychological biases (namely, conservatism bias and representativeness heuristic) on the asset price reaction to new information. The author constructs various models of a competitive securities market or a security market allowing for strategic interaction among traders to prove rigorously that either conservatism or representativeness is capable of generating both asset price overreaction and underreaction to new information. The results shed some new insights on the phenomena of the asset price overreaction and underreaction to new information. In the literature, very little has been published in this area of behavioral finance. This volume will appeal to graduate-level students and researchers in finance, behavioral finance, and financial engineering.
Category: Business & Economics

The Bangkok Asset

Author : John Burdett
ISBN : 9781472151438
Genre : Fiction
File Size : 77.97 MB
Format : PDF
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In his latest case, Sonchai is paired with young, female inspector Krom. Like him, she's an outsider on the police force, but she is socially savyy and a technological prodigy. In the midst of a typhoon they witness a deadly demonstration of super-human strength from a man who is seemingly controlled by a CIA operative. Could the Americans really have figured out a way to create some sort of super-soldier who is both physically and psychologically enhanced? Are they testing it, or him, on Thai soil? And why is everyone, from the Bangkok police to the international community, so eager to turn a blind eye? The case will take Sonchai to a hidden Cambodian jungle compound for aging American vets where he will discover exactly how far a government will go to protect its very worst secrets - both past and present. It is also a case that will shake Sonchai's world to its very foundation and may finally force him to confront his lost father.
Category: Fiction

Discrete Time Asset Pricing Models In Applied Stochastic Finance

Author : P. C. G. Vassiliou
ISBN : 9781118618660
Genre : Mathematics
File Size : 42.98 MB
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Stochastic finance and financial engineering have been rapidlyexpanding fields of science over the past four decades, mainly dueto the success of sophisticated quantitative methodologies inhelping professionals manage financial risks. In recent years, wehave witnessed a tremendous acceleration in research efforts aimedat better comprehending, modeling and hedging this kind ofrisk. These two volumes aim to provide a foundation course on appliedstochastic finance. They are designed for three groups of readers:firstly, students of various backgrounds seeking a core knowledgeon the subject of stochastic finance; secondly financial analystsand practitioners in the investment, banking and insuranceindustries; and finally other professionals who are interested inlearning advanced mathematical and stochastic methods, which arebasic knowledge in many areas, through finance. Volume 1 starts with the introduction of the basic financialinstruments and the fundamental principles of financial modelingand arbitrage valuation of derivatives. Next, we use thediscrete-time binomial model to introduce all relevant concepts.The mathematical simplicity of the binomial model also provides uswith the opportunity to introduce and discuss in depth conceptssuch as conditional expectations and martingales in discrete time.However, we do not expand beyond the needs of the stochasticfinance framework. Numerous examples, each highlighted and isolatedfrom the text for easy reference and identification, areincluded. The book concludes with the use of the binomial model tointroduce interest rate models and the use of the Markov chainmodel to introduce credit risk. This volume is designed in such away that, among other uses, makes it useful as an undergraduatecourse.
Category: Mathematics