Reduce stock

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  • Emerging stock markets have been identified as being at least partially segmented from global capital markets. As a consequence, it has been argued that local risk factors rather than world risk factors are the primary source of equity return variation in these markets. Accordingly, Bilson, Brailsford, and Hooper (1999) aimed to address the question of whether macroeconomic variables may proxy for local risk sources. They found moderate evidence to support this hypothesis.

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  • A derivative is a contract that is used to transfer risk. There are many different underlying risks, ranging from fluctuations in energy prices to weather risks. Most derivatives, however, are based on financial securities such as common stocks, bonds and foreign exchange instruments.

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  • The presence of the financial safety net can affect the behaviour of bank stock prices. Explicit provisions such as deposit insurance and the access to liquidity facilities by the central bank, as well as the perceived availability of state support in times of distress, can affect market discipline by numbing creditors’ sensitivity to risk-taking by banks.

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  • These situations must be evaluated to see if there is real impairment. So, for instance, if an active market for an investment disappears because a once-public company has gone private, but the company is still in good financial position, there is no impairment. Simi- larly, a downgrade in credit rating does not mean impairment unless it is accompanied by one of the above conditions. When an impairment loss must be recorded, it is measured as the difference between the investment’s carrying value and fair value.

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  • The first approach has the drawback that assumptions need to be made about the average an‐ nual vehicle mileage. The second approach allows to derive for cars an average annual mileage  by confronting  the car  stock with  the car  transport demand  that  is derived  in  the MODAL and  TIME CHOICE module.   In  the  first version of PLANET  the  first approach was used.  In  the new version of PLANET,  the  second approach is used.

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  • Foreign capital inflows are playing an important role in the U.S. economy by bridging the gap between domestic supplies of and demand for capital. In 2008, as the financial crisis and global economic downturn unfolded, foreign investors looked to U.S. Treasury securities as a “safe haven” investment, while they sharply reduced their net purchases of corporate stocks and bonds. In 2009, foreign capital inflows continued to drop as private investors sharply retrenched, while official purchases of U.S. Treasury securities by foreign governments rose sharply.

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  • Prior to this reform, saving banks could only issue preferred stock without any political rights and subject to limits on the amount of preferred stock that a person or group of people could hold. This of course limited the attractiveness of the instrument and therefore the ability to issue it in efficient, competitive conditions. Now, saving banks will have the possibility to incorporate voting rights to the preferred stock issued in proportion to the share that they represent on total equity. Stocks can be issued up to a maximum of 50% of total equity of the Saving...

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  • Effective solutions to water quality challenges exist and have been implemented in a number of places. It is time for a global focus on protecting and improving the quality of the world’s freshwater resources. There are three fundamental solutions to water quality problems: (1) prevent pollution; (2) treat polluted water; and (3) restore ecosystems.

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  • The current RSS distribution architecture, in which all clients periodically poll a central server, has band- width requirements that scale linearly with the number of subscribers. We believe that this architecture has little hope of sustaining the phenomenal growth of RSS [10], and that a distributed approach is needed. The proper- ties of peer-to-peer (p2p) overlays are a natural fit for this problem domain: p2p multicast systems scale log- arithmically and should support millions of participat- ing nodes.

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  • In order to increase competitiveness of the company in this economic situation, the production volumes are being increased by more rational use of company resources, by organization of long-term cooperation with providers of resources and by searching for new markets and analyzing client’s solvency. The increase of production volumes is being based on the existing, already concluded realization agreements and already signed letters of intent.

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  • On balance, it is desirable to have a diversified and balanced financial system where both financial intermediaries and financial markets play important roles in imparting greater competitiveness and efficiency to the financial system. In the present context of financial liberalisation, stock markets and banks emerge as sources of corporate finance and stock market development actually tends to increase the quantity of bank loans through improved debt- equity ratios.

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  • The value of an option depends heavily upon the price of its underlying stock. As previously explained, if the price of the stock is above a call option's strike price, the call option is said to be in-the-money. Likewise, if the stock price is below a put option's strike price, the put option is in-the-money. The difference between an in-the- money option's strike price and the current market price of a share of its underlying security is referred to as the option's intrinsic value. Only in-the-money options have intrinsic value.

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  • Until July 2007, the S&P Preferred Stock Index was characterized by relative stability. Firm values of financial institutions were high and preferred stocks had returns which were similar to bonds. Beginning in the summer of 2007, the volatility of returns in the common stocks of financial firms increased significantly. The S&P Financial Sector Index approximately doubled in volatility in August 2007. After August 2007, the Preferred Stock Index became more correlated with the S&P 500 and the S&P Financial Index and less correlated with...

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  • The model used–an extension of the log-linear dividend-price ratio model of Campbell and Shiller (1988, 1989)–facilitates a straightforward test of these alternatives in a linear regression with the log price-earnings ratio as dependent variable. The regression results suggest that the correlation between the price-earnings ratio and expected inflation is the result of both effects; that is, an increase in expected inflation reduces equity prices because it is associated with both lower expected real earnings growth and higher required real returns.

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  • The regression results also imply that expected inflation has a substantial effect on expected long-run real equity returns. In other words, in addition to the negative effect on stock prices associated with its effect on expected earnings, higher expected inflation also raises long- run required returns. Roughly speaking, a one percentage point increase in expected inflation increases required long-run real stock returns about a percentage point; equivalently, it reduces the current price of stocks about 20 percent.

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  • Many equity investments have a quoted market price in an active market, which is used as fair value. These market prices reflect normal market transactions and are readily avail- able from brokers or in the financial press.When trading is light, recent bid prices are accept- able, although light trading may indicate that estimating fair value is problematic. For exam- ple, a recent price might not be relevant if significant events had taken place after the bid date (CICA ED 3855.A26).

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  • The young alluvial soils show little profile development although they are sometimes stratified. With the exception of about 800 ha of sand to loamy sand soils in one area, textures vary from sandy loam to uniform clay, with the finer textures tending to occur toward the mangrove and in the flood-prone area between the Meme and Mokoko Rivers. Although there is evidence of flooding and seasonal waterlogging from several other rivers that traverse the plain, these soils rarely show evidence of strongly reducing conditions within 1.5 m of the surface.

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  • ETCS is not seen as the major driver of rolling stock strategy in CP5. Within CP5, the currently assumed programme of ETCS route fitment is relatively modest, but includes the removal of signals on the south end of the ECML. Fitment of ‘first of class’ of fleets for some subsequent routes will also be required. The benefits of transferring Class 16x (Networker Turbo) units from the Thames Valley (after electrification) to the west of England in place of Class 14x and 15x units is a possibility that might be assessed in the Great Western franchise process. ...

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  • The Commission should follow the same path here: begin with a prohibition, gain experience, and ultimately consider development of a detailed rule that would promote comparability of performance figures through the imposition of standardized methodologies. Private funds may argue that the general anti-fraud provisions in Section 206(4) and Rule 206(4)-8 are sufficient to protect the “sophisticated” accredited investors that are targeted by the advertisements.

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  • Apart from the doubtful quality of many of the new issues, an important case which shook the markets in early 1995 was the Rs. 350 crore Fully Convertible Debentures (FCD) issue of M.S. Shoes. The company was accused of inadequate disclosures. Taking advantage of free pricing of issues, many companies charged high premium. But the post-listing returns proved to be disappointing. In the post- liberalisation period a good number of companies were not only non-manufacturing ones, but the purpose of issue also varied from project finance to working capital.

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