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Cash flow yield
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We comprehensively investigate what drives stock returns in Hong Kong stock market which has been consistently ranked as one of the most important markets for IPOs. We find that Hong Kong inflation rate is a systematic pricing factor across stocks after controlling for Fama-French three-factor.
18p
viankara2711
04-12-2019
14
0
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part 1 book “excel modeling in corporate finance” has contents: single cash flow, annuity, npv using constant discounting, npv using general discounting, loan amortization, lease vs. buy, bond valuation, estimating the cost of capital, stock valuation, firm and project valuation, the yield curve, capital structure,… and other contents.
108p
tieu_vu13
06-08-2018
36
3
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Chapter 8 - Mathematics of finance: An introduction to basic concepts and calculations. In this chapter, you will learn: Differentiate between simple and compound interest rate calculations, differentiate between nominal and effective interest rate calculations, calculate present and future values of cash flows, calculate the yield of a security, calculate the present value of an annuity.
51p
tangtuy10
04-05-2016
47
4
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In our recent book, Free Cash Flow and Shareholder Yield: New Priorities for the Global Investor (John Wiley & Sons, 2007), we offered a comprehensive introduction to the opportunities and challenges inherent in today’s equity markets. By looking beyond the many obfuscations of traditional generally accepted accounting principles (GAAP) accounting, we endeavored to provide the informed investor with the tools necessary to navigate a changing investment landscape.
207p
haiduong_1
03-04-2013
84
21
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For the data presented on the Bank’s website, the nominal government spot interest rate for n years refers to the interest rate applicable today (‘spot’) on an n year risk-free nominal loan. It is the rate at which an individual nominal cash flow on some future date is discounted to determine its present value. By definition it would be the yield to maturity of a nominal zero coupon bond3 and can be considered as an average of single period rates to that maturity.
27p
taisaocothedung
09-01-2013
53
2
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Paying a market rate of interest on reserves could create cash flow problems for a central bank. One problem is that interest on reserves would be paid on a daily basis, but interest earnings would not accrue on a daily basis. Interest on short-term securities is paid on a discount basis rather than on a daily basis and interest on longer term securities is paid at infrequent intervals.
25p
taisaocothedung
09-01-2013
66
4
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This study also departs from earlier research on this topic in that it focuses on survey- based expectations. Investor cash flow projections are largely inferred from surveys of equity analysts’ earnings forecasts, while inflation expectations are drawn from surveys of professional forecasters. While having its own disadvantages, particularly a relatively short history, the use of survey expectations are a direct measure of market expectations, eliminating the need to make strong identifying assumptions on how expectations are formed.
51p
bocapchetnguoi
06-12-2012
57
1
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The emergence of the derivatives market has led to the creation of investment securities with complex cash flow profiles. Investment professionals, using derivatives, can customize a security’s structure to the investor’s risk/reward profile of choice. As a result, investors now have more investment choices. The increasing complexity of many of the securities, however, has complicated asset/liability risk measurement and management decisions.
57p
bocapchetnguoi
05-12-2012
75
3
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A higher-risk CMO tranche could, for example, have an average life that changes from 2 years to 20 years with even a modest increase in interest rates. Higher risk refers here to the cash flow variability of the tranche, not its credit quality, although underwriters can create structured securities that combine higher average life sensitivity with lower credit quality. The highest yields go to those tranches that, by design, exhibit the most volatile average lives. Such tranches receive excess principal cash when prepayments rise, and pay off early.
45p
bocapchetnguoi
05-12-2012
59
3
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I have already pointed out that there are two basic sets of capitalization tools: (1) direct capitalization and (2) yield analysis. Tool Kit #2 Direct Capitalization focuses on the income stream from a property, without taking into account appreciation in value, paying down of mortgages, or ultimate value on disposition. In this regard it differs from yield analysis (Tool Kit #3 Discounted Cash Flows), as most yield calculations take into account the cash flow during the hold period plus the cash flow from the ultimate disposition of the property (see below).
13p
quaivatxanh
01-12-2012
53
6
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Instruments used to predict future mutual fund returns include the aggregate dividend yield, the default spread, the term spread, and the yield on the three-month T-bill, variables identified by Keim and Stambaugh (1986) and Fama and French (1989) as important in predicting U.S. equity returns. The dividend yield is the total cash dividends on the value- weighted CRSP index over the previous 12 months divided by the current level of the index. The default spread is the yield differential between Moodys BAA-rated and AAA- rated bonds.
134p
quaivatdo
19-11-2012
70
9
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Tham khảo sách 'spreadsheet modeling in corporate finance', tài chính - ngân hàng, tài chính doanh nghiệp phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả
168p
nphunghung
29-11-2010
941
679
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CHAPTER 6 Common Stock Valuation A fundamental assertion of finance holds that a security’s value is based on the present value of its future cash flows. Accordingly, common stock valuation attempts the difficult task of predicting the future. Consider that the average dividend yield for large-company stocks is about 2 percent.
56p
summerflora
27-10-2010
62
8
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