All writing begins with ideas that relate to one another. An author chooses words that express the ideas and
chooses an arrangement of the words (syntax) that expresses the relationships between the ideas. Given this
arrangement of words into phrases, clauses, and sentences, the author obeys grammar and punctuation rules to
form a series of sentences that will impart the ideas.
The empirical relationship between capital controls and the financial development of credit and equity markets is examined. We extend the literature on this subject along a number of dimensions.Specifically, we
(1) investigate a substantially broader set of proxy measures of financial development;
(2) create and utilize a new index based on the IMF measures of exchange restrictions that incorporates a measure of the intensity of capital controls; and (3) extend the previous literature by systematically examining the implications of institutional (legal) factors.
One issue with using portfolio holdings to evaluate fund performance
is that the disclosed data reveal information about the major equity
positions at particular dates but do not indicate the exact purchase
and sale dates. As a result, the exact holding period of securities is
unknown. Furthermore, some funds may window-dress their portfolios
to hide their actual investment strategy from their investors or from
competing funds, as shown byMeier and Schaumburg (2004).
Typically, participants arrive on a Sunday afternoon, register and
meet the staff and their colleagues. Class sessions are held in the
afternoon and evening and syndicate groups are established.
The rest of the week comprises a variety of activities in morning,
afternoon and evening sessions. Each residential is different.
However they all offer a range of activities that incorporate
experiential learning and engagement with practitioners and
industry experts. There is usually syndicate group work and visits
to businesses or other organisations.
Painter Hanne Ravn Hermansen created this technicolour
frieze for the play area, Kids Airport. It is 10 m long with a kaleido-
scopic mosaic of recognisable buildings from capital cities around
The sky is full of animals and fantastic creatures, travelling in
a world of the imagination that the children can hop in and out
of, recognising places they have been to or are on their way to.
The vivid palette of colours forms a vibrant background for the
white play aeroplane and fences the area in as a unit....
We used the inductive methodology suggested by Glaser and Strauss (1967) to codify the
results from each round of testing.
We prepared typed transcripts of each testing session.
We coded and analyzed the themes and patterns that emerged from each testing about
the problems participants encountered. In particular, we noted patterns, clustered
comments, looked for relationships, and identified contrasts.
The capital asset pricing model, almost always referred to as the CAPM, is a centerpiece of modern financial economics. The model gives us a precise prediction of the relationship that we should observe between the risk of an asset and its expected return. Chapter 9 provides knowledge of the capital asset pricing model.
Suppliers from whom you purchase products and services for the operation ofyour business are also important members of your business team. Suppliers canplay a major role in your ultimate success or failure. Consequently, these relationships need to be carefully developed and managed. Decisions to select andwork with one supplier over another cannot be based solely on who offers thelowest price; you also have to factor many other influences, such as paymentterms, warranties and guarantees, and reliability. Remember, your supplier’s promises to you are your promises to your customers.
Even thought most
of the literature does not directly document this negative relationship there are several
attempts to prove that discounting both complementary goods at the same time could
be a protable strategy. Theoretical justication for holding sale on only one of two
complements is grounded in the monopoly paradigm: if a shop lowers a price for one
of the goods the optimal price for the other rises as the demand for it increases thus
having both goods on sale should not be optimal.
The National Conference is emerging as a modern African form of government
restructuring. It is closely modeled on village consensus politics. Under the silk cotton
tree in the center of the village, every Elder in turn takes the Word and has his say. Each
Elder carefully repeats the points he agrees with from previous speeches, then adds
certain aspects that will be taken up and repeated in their turn. So finally the Chief
interprets consensus. This is the decision of the village... It is slow but it works. Robert
Lacville Guardian Weekly, October 27, 1991
At a recent...
The topic ‘elite’ may be dealt with either in a few lines, or in many pages.
There is no half way. In fact, it encompasses issues which are crucial to
the social sciences, such as the relation between the distribution of wealth,
prestige and power; the exercise of power and the composition of the group
that holds it. The list is extensive.
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.
During the interval in which time series overlap, the British and
French negative length was growing at roughly the same rates as the US
one, until 1914. That war year constitutes a great discontinuity, and from
then on European growth rates are different and far lower than US ones.
At the same time, the average film length increased considerably,
from eighty feet in 1897 to seven hundred feet in 1910 to three thousand
feet in 1920. As a result, the total released length, which is the best
indicator of production, increases more rapidly than the number released,
According to EBAN (EBAN, 2010c), there are almost 400 Business Angel networks in Europe, with
around 14.8k investors operating in groups; the corresponding figure for the US is 340, with
around 6.5k investors (operating in groups). The median number of investors in a typical
European business angel network is 79 (EBAN, 2010c).
The number of networks in Europe has
increased rapidly over the past decade, from around less than 100; at the same time the number
of venture capital funds has fallen from around 1,600 to 700; this could be taken as a support for
the hypothesis that...
Support was largely driven by holdings of defaulted structured investment vehicles and Lehman
obligations in 2007 and 2008. Figure 3 presents a list of defaulted securities referenced in at least one
financial statement of the supported funds. Figure 4 presents the driver of support disclosed for the 21
funds with instances over 0.5% of AUM, as disclosed in the fund financial statement or in a related no-
• Monitoring settlement growth around the lake should be carried out regularly. In
the study, “Impact of Urban Land use in Naivasha”, M.Mbathi (1998), it was
surprising that some settlements in the area grew without proper documentation
and planning. The example given was the Karagita settlement, which covered an
area of approximately 200 hectares and had a resident population of more than
15,000 people but did not have a layout plan. Many other settlements continue to
grow under the same circumstances. The situation could go out of hand if left
The QO inspects all materials brought to the job site. The inspection staff documents the type of
material, the general visual condition of the material, and indicates that the material is being
stored and handled according to manufacturers’ recommendations and specifications. The QO
inspector examines the bill-of-lading, the certificate of compliance, and the on-site material to
document that certifications are complete for the material and performs testing as necessary. A
copy of the materials compliance certification is included with the inspector’s daily report.
To detect funds with positive or negative performance, the standard approach in the
academic literature (e.g., Jensen (1968), Ferson and Schadt (1996), Ferson and Qian
(2004)) can be described as follows. The presence of differential performance (positive
or negative alphas) is tested for each of the M funds in the population. Then, a conventional
significance level γ is set (e.g., 5 percent) and all funds with p-values smaller
than γ are said to have significant estimated alphas.
Large proportion in total equity AUM is asset under management of LTF and RMF-equity
funds as documented in Table 4 Panel A. LBs have largest market share in LTF and RMF-equity
throughout 2006 to 2010. LTF and RMF-equity market shares of LBs have grown from 51.25% in
2006 to 67.96% in 2010. LTF and RMF-equity gain their popularity via commercial bank distribution
channels as indicated in the last column of Table 6. Market share of all AMCs related with commercial
banks (BR) increased from 73.71% in 2006 to 87.02% in 2010. The findings lead to the conclusion that