Xem 1-20 trên 31 kết quả ¢nancial capital
  • .This page intentionally left blank .Capital Budgeting This book explains the financial appraisal of capital budgeting projects. The coverage extends from the development of basic concepts, principles and techniques to the application of them in increasingly complex and real-world situations. Identification and estimation (including forecasting) of cash flows, project appraisal formulae and the application of net present value (NPV), internal rate of return (IRR) and other project evaluation criteria are illustrated with a variety of calculation examples.

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  • Taxes matter! Nobody seriously doubts this. Yet many finance textbooks keep entirely quiet about tax issues. It is well-known that investors and enterprises strive to maximize their income net of taxes, yet business schools rarely teach their stu- dents how tax effects impact business decisions. Ignoring tax effects will typically lead to investor decisions that are wrong froma real world perspective.

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  • Together, these two seemingly unrelated bodies of research suggest that professional asset man- agers could be better able to choose local stocks under certain macroeconomic conditions. For instance, during the recent nancial crisis, we might expect that active UK asset managers would be valuable because of their ties to London nancial institutions, in the face of large asymmetric information on the value of banking stocks.

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  • Since the financial crisis, there has been renewed interest in documenting the balance- sheet positions of financial institutions. We share the important goal of this literature: to come up with data on positions that will inform the theoretical modeling of these insti- tutions, as called for by Franklin Allen in his 2001 AFA presidential address. Adrian and Shin (2011) investigate the behavior of Value-at-Risk measures reported by investment banks.

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  • We nd that nancial systems exhibit a robust-yet-fragile tendency: while the probability of contagion may be low, the effects can be extremely widespread when problems occur. The model also highlights how a priori indistinguishable shocks can have very different consequences for the nancial system, depending on the particular point in the network structure that the shock hits. This cautions against assuming that past resilience to a particular shock will continue to apply to future shocks of a similar magnitude.

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  • Total outstanding adjustable-rate subprime mortgages are less than USD 1 trillion. Moreover, those mortgages originated during 2006 and early 2007 represent only a fraction of that total. Thus, even if subprime delinquency rates keep climbing to unprecedented levels, it seems likely that total losses will be roughly in a range of USD 100-200 billion. Although this is a lot of money, it pales next to the USD 58 trillion of net worth of US households or the USD 16 trillion market capitalization of the US equity market.

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  • In 1993 I was at SFI directing the economics program, and working on a small scale agent-based financial market of my own. My interest was directed at many of the empirical issues I was dealing with. Most of which were related to understanding the joint dynamics of prices and trading volume. In absence of some kind of theoretical framework these time series exercises were getting increasingly difficult. At this time I was added to the team, and along with Arthur and Palmer we began some extensive modifications to the SFI market.

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  • Financial economics plays a far more prominent role in the training of economists than it did even a few years ago. This change is generally attributed to the parallel transformation in capital markets that has occurred in recent years. It is true that trillions of dollars of assets are traded daily in ¯nancial markets|for derivative securities like options and futures, for example|that hardly existed a decade ago. However, it is less obvious how important these changes are.

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  • Having studied the effect of monetary policy and capital ows shocks on housing activity, our second contribution is to explore how nancial innovation affects the transmission of the two shocks. Using an index of mortgage market development constructed in IMF (2008), 1 we split our sample in two groups of countries (with high and low mortgage market development) and estimate our panel VAR model across the two subsamples. We also split the sample using the ratio of mortgage debt to GDP in 2004.

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  • In recent years a number of OECD countries experienced a rapid increase in housing market activity, which coincided with a period of low real and nominal interest rates. The link between the two is intuitive: low interest rates make credit cheaper and increase the demand for housing. Some scholars argue that expansionary monetary policy has been signicantly responsible for this low level of interest rates and the subsequent house price boom (Hume and Sentance (2009) and Taylor (2009)).

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  • Under Article 22n paragraph 1 of the Austrian Banking Act, all positions in fi nancial instruments and commodities held for trading purposes are to be assigned to the trading book. Likewise, fi nancial instruments and commodi- ties used to hedge or refi nance specifi c risks in the trading book are also to be assigned to the trading book.

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  • Our results suggest that both monetary policy and capital inows shocks have a signicant and positive effect on house prices, credit to the private sector and residential investment. The effects of both shocks are greater in countries with a higher degree of mortgage market development, with the effect of monetary policy shocks roughly doubling. This suggests that excessive nancial innovation may act as a propagation mechanism. The existence of mortgage-backed securities has a much larger effect on the transmission of capital inows shocks.

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  • In this study we develop an empirical framework to assess the effects of capital inows, monetary policy and nancial innovation on the housing sector. Our rst contribution is to document the effects of monetary policy and capital inows on the housing sector in a broad sample of advanced economies. We estimate a panel vector autoregression (VAR) for 18 OECD countries and identify capital inows and monetary policy shocks with sign restrictions.

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  • The rst seven variables contain information about the general state of the economy and help to identify monetary policy and capital inows shocks. The model includes both short-term and long-term interest rates. In our sample of countries short-term interest rates are largely controlled by central banks. Using movements in nominal short rates to identify monetary policy shocks is standard in VARs that study monetary policy (see eg Christiano et al (1999)). Long-term interest rates, on the other hand, tend to be driven by nancial market outcomes.

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  • Financial economics plays a far more prominent role in the training of economists than it did even a few years ago. This change is generally attributed to the parallel transformation in capital markets that has occurred in recent years. It is true that trillions of dollars of assets are traded daily in ¯nancial markets|for derivative securities like options and futures, for example|that hardly existed a decade ago. However, it is less obvious how important these changes are. Insofar as derivative securities can be valued by arbitrage, such securities only duplicate primary securities....

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  • The Basel Committee on Banking Supervision, after an extensive consultation process, redrafted its recommendations for credit institutions’ regulatory capital requirements (Basel I) issued in 1988. The revision was motivated by the wish to adequately refl ect current developments in banking and to strengthen the stability of the international fi nancial system.

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  • The run-up to the 2008 global nancial crisis was characterised by an environment of low interest rates and a rapid increase in housing market activity across OECD countries. Some scholars argue that expansionary monetary policy has been signicantly responsible for the low level of interest rates and the subsequent house price boom. Others contend that a scarcity of nancial assets led to capital inows to developed economies, depressing long rates in government bond markets and stimulating an increase in demand for housing.

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  • Each of these explanations has different policy implications. Should policymakers try to address external imbalances, increase nancial regulation or redesign the monetary policy framework to prevent future crises? To shed light on this question, we analyse the impact of both monetary policy and capital inows shocks on the housing sector across 18 OECD countries. We also assess whether the degree of mortgage market development or legislation permitting issuance of mortgage-backed securities amplify or dampen the impact of these shocks on the housing sector....

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  • Bernanke and Gertler (1995) and Mishkin (2007) survey the literature on potential transmission channels between interest rates and the real economy. While their focus is on interest rate changes caused by monetary policy, the same channels would be in place for interest rate changes caused by capital inows. In a neoclassical world the `user cost of capital' is the only transmission channel: lower interest rates on bonds decrease the opportunity costs of buying a house and increase the demand for houses.

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  • In addition to retained earnings or profi ts, fi rms can access investment capital from a number of other sources: banks; the sharemarket; private equity; the venture capital market; and informal capital markets. Improving fi nancial development in these markets can stimulate economic growth. The Milken Institute’s Capital Access Index evaluates the ability of business to access capital across all sources. New Zealand is ranked 15th in the OECD on this index, at the OECD mean and below countries such as the United Kingdom, the United States, Denmark, and Australia.

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