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Author: Mr.Peter Breuer Publisher: International Monetary Fund ISBN: 1451874391 Category : Business & Economics Languages : en Pages : 38
Book Description
The simultaneous unwinding of leveraged positions can trigger financial market turbulence. Although balance-sheet measures of leverage are available, it is useful to construct a measure of leverage that incorporates both on- and off-balance-sheet activities. This paper provides measures of leverage implicit in derivative contracts by decomposing the contracts into cash market equivalent components. A leverage ratio can then be calculated for this replicating portfolio, which consists of own funds (equity) and borrowed funds equivalents (debt). Methods for aggregating leverage by institution and by markets are presented. The interaction between leverage and risk is discussed, and a modified capital adequacy ratio is calculated, which captures off-balance-sheet exposure.
Author: Mr.Peter Breuer Publisher: International Monetary Fund ISBN: 1451874391 Category : Business & Economics Languages : en Pages : 38
Book Description
The simultaneous unwinding of leveraged positions can trigger financial market turbulence. Although balance-sheet measures of leverage are available, it is useful to construct a measure of leverage that incorporates both on- and off-balance-sheet activities. This paper provides measures of leverage implicit in derivative contracts by decomposing the contracts into cash market equivalent components. A leverage ratio can then be calculated for this replicating portfolio, which consists of own funds (equity) and borrowed funds equivalents (debt). Methods for aggregating leverage by institution and by markets are presented. The interaction between leverage and risk is discussed, and a modified capital adequacy ratio is calculated, which captures off-balance-sheet exposure.
Author: Stephen Jay Gould Publisher: W. W. Norton & Company ISBN: 0393340406 Category : Science Languages : en Pages : 458
Book Description
The definitive refutation to the argument of The Bell Curve. When published in 1981, The Mismeasure of Man was immediately hailed as a masterwork, the ringing answer to those who would classify people, rank them according to their supposed genetic gifts and limits. And yet the idea of innate limits—of biology as destiny—dies hard, as witness the attention devoted to The Bell Curve, whose arguments are here so effectively anticipated and thoroughly undermined by Stephen Jay Gould. In this edition Dr. Gould has written a substantial new introduction telling how and why he wrote the book and tracing the subsequent history of the controversy on innateness right through The Bell Curve. Further, he has added five essays on questions of The Bell Curve in particular and on race, racism, and biological determinism in general. These additions strengthen the book's claim to be, as Leo J. Kamin of Princeton University has said, "a major contribution toward deflating pseudo-biological 'explanations' of our present social woes."
Author: Huafeng (Jason) Chen Publisher: ISBN: Category : Languages : en Pages : 82
Book Description
We examine a simple measure of operating leverage: the ratio of fixed costs (measured by depreciation and amortization plus selling, general, and administrative expenses) to the market (or book) value of assets. We find that this measure of operating leverage positively predicts returns. Operating leverage is not explained by common factors, distinct from the gross profitability effect, and is not explained by organization capital. Furthermore, a simple two-factor model with the operating leverage factor works at least as well as, but does not subsume, the Fama and French five-factor model.
Author: Mr.Manmohan Singh Publisher: International Monetary Fund ISBN: 148434703X Category : Business & Economics Languages : en Pages : 28
Book Description
Traditional measures of leverage in the financial system tend to reflect bank balance sheet data. The paper argues that these traditional, bank-centric measures should be augmented by considering pledged collateral in the financial system since pledged collateral provides a measure of an important part of nonbank funding to banks. From a policy perspective, the paper suggests that a broader view on leverage will enhance our understanding of global systemic risk, and complement the theoretical work in this field by providing a link from micro-level leverage data to macro aggregates such as credit to the economy.
Author: Katrina Avila Munichiello Publisher: Tuttle Publishing ISBN: 9780804848992 Category : Literary Collections Languages : en Pages : 256
Book Description
A Tea Reader contains a selection of stories that cover the spectrum of life. This anthology shares the ways that tea has changed lives through personal, intimate stories. Read of deep family moments, conquered heartbreak, and peace found in the face of loss. A Tea Reader includes stories from all types of tea people: people brought up in the tea tradition, those newly discovering it, classic writings from long-ago tea lovers and those making tea a career. Together these tales create a new image of a tea drinker. They show that tea is not simply something you drink, but it also provides quiet moments for making important decisions, a catalyst for conversation, and the energy we sometimes need to operate in our lives. The stories found in A Tea Reader cover the spectrum of life, such as the development of new friendships, beginning new careers, taking dream journeys, and essentially sharing the deep moments of life with friends and families. Whether you are a tea lover or not, here you will discover stories that speak to you and inspire you. Sit down, grab a cup, and read on.
Author: Lucky Yona Publisher: AuthorHouse ISBN: 1546295585 Category : Business & Economics Languages : en Pages : 118
Book Description
The dominant capital structure studies across the globe have been concentrated in developed countries and specifically for listed companies and few on unlisted companies or mixed companies. This thesis aims to examine the extent to which company liquidity, profitability, tangibility, and company size influence the leverage of Tanzanian companies as suggested by pecking order and trade-off theory. The study findings show a negative relationship between company liquidity and company leverage as measured by debt ratio and debt-to-equity ratio. These findings show the validity of the pecking order theory in Tanzania. The postulates of the trade-off theory as far as liquidity is concerned are not valid. The study findings also reveal a positive relationship between profitability and leverage, suggesting that majority of Tanzanian companies used more debts as the means of financing their business operations despite their profitability. The study also found that the tangibility of listed companies was higher than that of the unlisted companies and that there was a negative relationship between tangibility and leverage, which is valid to pecking order but contrary to trade-off theory. As far as company size is concerned, study findings suggest that pecking order theory (POT) and trade-off theory (TOT) relevance cannot be fully supported in Tanzanian companies as the findings have revealed a negative relationship between company size and leverage. Findings reveal a negative relationship between company size and leverage. Pecking order theory (POT) and trade-off theory (TOT) relevance cannot be fully supported in Tanzanian companies, and size of listed companies was higher than that of the unlisted companies. This suggests that the size of majority of Tanzanian unlisted companies is still small as compared to the listed companies.
Author: Joshua C. Cohen Publisher: Penguin ISBN: 0142420867 Category : Young Adult Fiction Languages : en Pages : 434
Book Description
A timely book about bullies, their victims, and a high school football team where winning is the only thing that matters This intense sports novel will strike a chord with those who followed the tragic football stories that broke in 2011. In this heart-pounding debut, Joshua C. Cohen conveys the pressures and politics of being a high school athlete in a way that is both insightful and compelling. At Oregrove High, there's an extraordinary price for victory, paid both on and off the football field, and it claims its victims without mercy. When the unthinkable happens, an unlikely friendship is at the heart of an increasingly violent, steroid-infused power struggle. This is a book that will stay with readers long after they turn the last page.
Author: Moritz Schularick Publisher: University of Chicago Press ISBN: 022681694X Category : Business & Economics Languages : en Pages : 318
Book Description
An authoritative guide to the new economics of our crisis-filled century. Published in collaboration with the Institute for New Economic Thinking. The 2008 financial crisis was a seismic event that laid bare how financial institutions’ instabilities can have devastating effects on societies and economies. COVID-19 brought similar financial devastation at the beginning of 2020 and once more massive interventions by central banks were needed to heed off the collapse of the financial system. All of which begs the question: why is our financial system so fragile and vulnerable that it needs government support so often? For a generation of economists who have risen to prominence since 2008, these events have defined not only how they view financial instability, but financial markets more broadly. Leveraged brings together these voices to take stock of what we have learned about the costs and causes of financial fragility and to offer a new canonical framework for understanding it. Their message: the origins of financial instability in modern economies run deeper than the technical debates around banking regulation, countercyclical capital buffers, or living wills for financial institutions. Leveraged offers a fundamentally new picture of how financial institutions and societies coexist, for better or worse. The essays here mark a new starting point for research in financial economics. As we muddle through the effects of a second financial crisis in this young century, Leveraged provides a road map and a research agenda for the future.
Author: Mr.Peter Breuer
Author: Mr.Peter Breuer
Author: Stephen Jay Gould
Author: Huafeng (Jason) Chen
Author: Mr.Manmohan Singh
Author: 
Author: Katrina Avila Munichiello
Author: Lucky Yona
Author: Joshua C. Cohen
Author: Peter D. Breuer
Author: Moritz Schularick