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Author: Qian Wang Publisher: ISBN: Category : Preferred stocks Languages : en Pages : 190
Book Description
This dissertation contains two essays that address issues concerning preferred stock. In the first essay, I study the incidence of preferred stock issuance to address two issues: (1) what influences the timing of such issues, and (2) do the influential factors suggest that firms view preferred stock as a substitute for common stock or for debt. Using a sample of U.S. preferred stock issuance from 1980 to 2002, I find that the issuance of straight preferred stock responds to bond market conditions, particularly at the short end of the maturity spectrum. Consequently my evidence is consistent with preferred stock being more of a substitute for debt than for common stock, and with managers timing the issuance of new preferred stock according to the past path of interest rates. In the second essay, I examine the relationship between corporate governance and preferred stock ratings and yields. Using a sample of preferred stocks traded in November, 2004, I find evidence for the following conclusions. First, firms with rated issues tend to be larger and more profitable firms. Further, firms with rated issues tend to have more anti-takeover provisions and higher institutional shareholding. Second, preferred stock ratings are largely influenced by their issuer's long-term debt rating, with institutional ownership and CEO ownership adding extra explaining power. The yields of preferred stocks are affected by anti-takeover provisions, rating information together with firm specific features, such as size, profitability, systematic risk and idiosyncratic risk.
Author: Qian Wang Publisher: ISBN: Category : Preferred stocks Languages : en Pages : 190
Book Description
This dissertation contains two essays that address issues concerning preferred stock. In the first essay, I study the incidence of preferred stock issuance to address two issues: (1) what influences the timing of such issues, and (2) do the influential factors suggest that firms view preferred stock as a substitute for common stock or for debt. Using a sample of U.S. preferred stock issuance from 1980 to 2002, I find that the issuance of straight preferred stock responds to bond market conditions, particularly at the short end of the maturity spectrum. Consequently my evidence is consistent with preferred stock being more of a substitute for debt than for common stock, and with managers timing the issuance of new preferred stock according to the past path of interest rates. In the second essay, I examine the relationship between corporate governance and preferred stock ratings and yields. Using a sample of preferred stocks traded in November, 2004, I find evidence for the following conclusions. First, firms with rated issues tend to be larger and more profitable firms. Further, firms with rated issues tend to have more anti-takeover provisions and higher institutional shareholding. Second, preferred stock ratings are largely influenced by their issuer's long-term debt rating, with institutional ownership and CEO ownership adding extra explaining power. The yields of preferred stocks are affected by anti-takeover provisions, rating information together with firm specific features, such as size, profitability, systematic risk and idiosyncratic risk.
Author: Jin Xu (doctor of finance.) Publisher: ISBN: Category : Capitalists and financiers Languages : en Pages : 290
Book Description
Two essays on the stock preference and performance of institutional investors are included in the dissertation. In the first essay, I document that mutual fund managers and other institutional investors tend to hold stocks with higher betas. This effect holds even after precisely controlling for stocks' risk characteristics such as size, book-to-market equity ratio and momentum. This is contrary to the widely accepted view that betas are no longer associated with expected returns. However, these results support my simple model where a fund manager's payoff function depends on returns in excess of a benchmark. For the manager, on the one hand, he tends to load up with high beta stocks since he wants to co-move with the market and other factors as much as possible. On the other hand, the manager faces a trade-off between expected performance and the volatility of tracking error. My model thus shows that the manager prefers to choose higher beta than his benchmark, and that his beta choice has an optimal level which depends on his perceived factor returns and volatility. My empirical findings further confirm the model results. First, I show that the effect of managers holding higher beta stocks is robust to a number of alternative explanations including the effects of their liquidity selection or trading activities. Second, consistent with the model predictions of managers sticking close to their benchmarks during risky periods, I demonstrate that the average beta choice of mutual fund managers can predict future market volatility, even after controlling for other common volatility predictors, such as lagged volatility and implied volatility. The second essay is the first to explicitly address the performance of actively managed mutual funds conditioned on investor sentiment. Almost all fund size quintiles subsequently outperform the market when sentiment is low while all of them underperform the market when sentiment is high. This also holds true after adjusting the fund returns by various performance benchmarks. I further show that the impact of investor sentiment on fund performance is mostly due to small investor sentiment. These findings can partially validate the existence of actively managed mutual funds which underperform the market overall (Gruber 1996). In addition, when conditioning on investor sentiment, the pattern of decreasing returns to scale in mutual funds, recently documented in Chen, Hong, Huang, and Kubik (2004), is fully reversed when sentiment is high while the pattern persists and is more pronounced when sentiment is low. Further results suggest that smaller funds tend to hold smaller stocks, which is shown to drive the above patterns. I also document that smaller funds have more sentiment timing ability or feasibility than larger funds. These findings have many important implications including persistence of fund performance which may not exist under conventional performance measures.
Author: Paul Josephs Publisher: CreateSpace ISBN: 9781450504805 Category : Investments Languages : en Pages : 0
Book Description
Preferred stocks, also known as preferreds, have attracted a lot of attention in recent years, but few investors understand the features, risks, and returns of these intriguing investments. In this revised and updated second edition, Paul Josephs provides an unbiased and easy-to-understand introduction to preferred stocks, including: * The features of typical preferred stocks, including their pros and cons relative to common stocks and bonds * How to research and buy preferreds, including individual stocks, ETFs, and closed-end funds * Major risks of preferred stocks * How preferred stocks behave in good, stable, and tough economic times * Investment strategies and practical tips for investors who choose to invest in preferreds This book provides modern income investors with the facts they need to decide if preferred stocks deserve a place in their portfolio.
Author: Theodore Dreiser Publisher: DigiCat ISBN: Category : Fiction Languages : en Pages : 4739
Book Description
This carefully crafted ebook: "THEODORE DREISER – Ultimate Collection: 7 Novels & 12 Short Stories, With Essays & Biographical Works" is formatted for your eReader with a functional and detailed table of contents. Table of Contents: Novels: Sister Carrie Jennie Gerhardt The Financier The Titan The "Genius" An American Tragedy The Stoic Short Stories: Free McEwen of the Shining Slave Makers Nigger Jeff The Lost Phoebe The Second Choice A Story of Stories Old Rogaum and His Theresa Will You Walk Into My Parlor The Cruise of the Idlewild Married When the Old Century Was New The Mighty Burke Other Works: Twelve Men Hey Rub-a-Dub-Dub
Author: Dean Reuter Publisher: Encounter Books ISBN: 1594038384 Category : Political Science Languages : en Pages : 579
Book Description
If there has been a unifying theme of Barack Obama’s presidency, it is the inexorable growth of the administrative state. Its expansion has followed a pattern: First, expand federal powers beyond their constitutional limits. Second, delegate those powers to agencies and away from elected politicians in Congress. Third, insulate civil servants from politics and accountability. Since its introduction in American life by Woodrow Wilson in the 20th Century, the administrative state’s has steadily undermined democratic self-government, reduced the sphere of individual liberty, and burdened the free market and economic growth. In Liberty’s Nemesis, Dean Reuter and John Yoo collect the brightest political minds in the country to expose this explosive, unchecked growth of power in government agencies ranging from health care to climate change, financial markets to immigration, and more. Many Americans have rightly shared the Founders’ fear of excessive lawmaking, but Liberty’s Nemesis is the first book to explain why the concentration of power in administrative agencies in particular is the greatest – and most overlooked – threat to our liberties today. If we fail to curb it, our constitutional republic might easily devolve into something akin to the statist governments of Europe. President Obama’s ongoing efforts to encourage just such a devolution, and the problems his administration faces as a consequence, present a critical opportunity to defend the original vision of the Constitution.
Author: Lawrence A. Cunningham Publisher: Carolina Academic Press ISBN: 1611634474 Category : Business & Economics Languages : en Pages : 281
Book Description
In the third edition of this international best seller, Lawrence Cunningham brings you the latest wisdom from Warren Buffett’s annual letters to Berkshire Hathaway shareholders. New material addresses: the financial crisis and its continuing implications for investors, managers and society; the housing bubble at the bottom of that crisis; the debt and derivatives excesses that fueled the crisis and how to deal with them; controlling risk and protecting reputation in corporate governance; Berkshire’s acquisition and operation of Burlington Northern Santa Fe; the role of oversight in heavily regulated industries; investment possibilities today; and weaknesses of popular option valuation models. Some other material has been rearranged to deepen the themes and lessons that the collection has always produced: Buffett’s “owner-related business principles” are in the prologue as a separate subject and valuation and accounting topics are spread over four instead of two sections and reordered to sharpen their payoff. Media coverage is available at the following links: Interviews/Podcasts: Motley Fool, click here. Money, Riches and Wealth, click here. Manual of Ideas, click here. Corporate Counsel, click here. Reviews: William J. Taylor, ABA Banking Journal, click here. Bob Morris, Blogging on Business, click here. Pamela Holmes, Saturday Evening Post, click here. Kevin M. LaCroix, D&O Diary, click here. Blog Posts: On Finance issues (Columbia University), click here. On Berkshire post-Buffett (Manual of Ideas), click here. On Publishing the book (Value Walk), click here. On Governance issues (Harvard University blog), click here. Featured Stories/Recommended Reading: Motley Fool, click here. Stock Market Blog, click here. Motley Fool Interviews with LAC at Berkshire's 2013 Annual Meeting Berkshire Businesses: Vastly Different, Same DNA, click here. Is Berkshire's Fat Wallet an Enemy to Its Success?, click here. Post-Buffett Berkshire: Same Question, Same Answer, click here. How a Disciplined Value Approach Works Across the Decades, click here. Through the Years: Constant Themes in Buffett's Letters, click here. Buffett's Single Greatest Accomplishment, click here. Where Buffett Is Finding Moats These Days, click here. How Buffett Has Changed Through the Years, click here. Speculating on Buffett's Next Acquisition, click here. Buffett Says “Chief Risk Officers” Are a Terrible Mistake, click here. Berkshire Without Buffett, click here.
Author: Thorstein Veblen Publisher: e-artnow ISBN: 802720061X Category : Political Science Languages : en Pages : 2576
Book Description
This unique edition of "THE COMPLETE WORKS OF THORSTEIN VEBLEN" has been formatted to the highest digital standards and adjusted for readability on all devices. Thorstein Veblen (1857-1929) was an American economist and sociologist. He is well known as a witty critic of capitalism. Contents: The Theory of the Leisure Class The Theory of Business Enterprise The Instinct of Workmanship and the State of the Industrial Arts Imperial Germany and the Industrial Revolution An Inquiry into the Nature of Peace and the Terms of Its Perpetuation The Higher Learning in America The Vested Interests and the Common Man The Engineers and the Price System The Place of Science in Modern Civilisation The Evolution of the Scientific Point of View Why Is Economics Not an Evolutionary Science? The Preconceptions of Economic Science The Limitations of Marginal Utility Industrial and Pecuniary Employments On the Nature of Capital Some Neglected Points in the Theory of Socialism The Socialist Economics of Karl Marx Panem et Circenses Böhm-Bawerk's Definition of Capital and the Source of Wages The Overproduction Fallacy The Price of Wheat since 1867 Adolph Wagner's New Treatise The Food Supply and the Price of Wheat The Army of the Commonweal The Economic Theory of Women's Dress The Instinct of Workmanship and the Irksomeness of Labor The Beginning of Ownership The Barbarian Status of Women Mr. Cummings's Strictures on "The Theory of the Leisure Class" The Later Railway Combinations Levasseur on Hand and Machine Labor The use of loan credit in modern business Credit and Prices Fisher's Capital and Income The Industrial System and the Captains of Industry The Captains of Finance and the Engineers The Opportunity if Japan The Japanese Lose Hopes for Germany On the General Principles of a Policy of Reconstruction The Passing of National Frontiers Farm Labor for the Period of the War Bolshevism is a Menace to Whom? ….
Author: Qian Wang
Author: Qian Wang
Author: Jin Xu (doctor of finance.)
Author: William Livingston
Author: Chiung-Ying Cheng
Author: 
Author: Paul Josephs
Author: Theodore Dreiser
Author: Dean Reuter
Author: Lawrence A. Cunningham
Author: Thorstein Veblen