The Impact of the Global Settlement PDF Download

Author: United States Senate
Publisher:
ISBN: 9781661787608
Category :
Languages : en
Pages : 136

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Book Description
The impact of the global settlement: hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Eighth Congress, first session ... May 7, 2003.

Author: Richard P. Brief
Publisher: Routledge
ISBN: 113560942X
Category : Business & Economics
Languages : en
Pages : 324

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Book Description
First published in 1996. The relationship between the present discounted value of future cash flows and discounted excess earnings should be viewed as a mathematical property of a double-entry book[1]keeping system based on clean surplus. The purpose of this anthology is to facilitate future research by highlighting these historical developments and by showing how more recent theoretical and empirical research fits into the earlier history. The book is divided into four sections: historical overview; analytical properties of clean surplus; the theory of the clean surplus equation; and empirical implications.

Author: Franco Busetti
Publisher: Franco Busetti
ISBN: 1920075801
Category : Business & Economics
Languages : en
Pages : 436

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Book Description
Stock markets are not efficient, returns are incommensurate with risk, investors are irrational, bubbles and crashes recur regularly, analysts are usually wrong, economists even more so, luck is mostly mistaken for skill, myths and misconceptions abound and most of the industry participants are simply noise generators. This is even more true for emerging markets. South Africa can be termed a developed emerging market and is the newest member of the BRICS group. The Effective Investor is the first book to deal specifically with investing in the South African stock market, filling a surprising gap given the widespread interest that has been shown in South Africa as an emerging market and the gateway to the resource-rich African continent. Understanding the South African market provides insight into the paths that emerging and frontier markets will follow in future. While the investment lessons from the South African market outlined in this book are universal, understanding some of its peculiarities is also important. For example, some insight into the behaviour of the currency, the rand, is clearly critical in terms of any investment in this market, as well as in providing some understanding of other volatile emerging market currencies, as well as because it is often treated as the most liquid proxy for these currencies, particularly during upheavals. Similarly, the techniques highlighted in the book for dealing with volatility are applicable to similar markets elsewhere. South Africa is also an attractive market in its own right. It has been the third-best performing stock market in the world since 1900, and has weathered the great financial crisis with flying colors. The book provides readers with the findings of leading-edge research conducted into the South African stock market, the results of which are normally reserved for professional institutions and is written by a practicing, top-rated investment professional. The book also has guest contributions from some of South Africa's most astute professional analysts and fund managers on their specific areas of expertise, providing exceptional insight into current investment thinking. The Effective Investor is essential reading for every potential, novice or professional investor and investment adviser in emerging markets who wants to understand the most important principles of the South African stock market to ensure successful investing.

Author: Damien Challet
Publisher: OUP Oxford
ISBN: 0191546526
Category : Science
Languages : en
Pages : 364

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Book Description
The Minority Game is a physicist's attempt to explain market behaviour by the interaction between traders. With a minimal set of ingredients and drastic assumptions, this model reproduces market ecology among different types of traders. Its emphasis is on speculative trading and information flow. The book first describes the philosophy lying behind the conception of the Minority Game in 1997, and includes in particular a discussion about the El Farol bar problem. It then reviews the main steps in later developments, including both the theory and its applications to market phenomena. 'Minority Games' gives a colourful and stylized, but also realistic picture of how financial markets operate.

Author: Elena Ferrer
Publisher: Ed. Universidad de Cantabria
ISBN: 8481028010
Category : Business & Economics
Languages : en
Pages : 86

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Book Description
La presente obra se adentra en el estudio del potencial efecto del sentimiento del inversor sobre la valoración de activos, su efecto en los pronósticos de beneficios y recomendaciones de los analistas y su impacto sobre los activos derivados. Abarca el efecto del sentimiento del inversor en cuatro de los mercados europeos más importantes, Alemania, España, Francia y Reino Unido, mercados con características diferentes, en cuanto a tamaño, tipología del inversor y funcionamiento, lo que permite extraer importantes conclusiones adicionales.

Author: group of authors
Publisher: MAC Prague consulting
ISBN: 8088085101
Category : Business & Economics
Languages : en
Pages : 305

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Book Description
The conference proceedings - Multidisciplinary Academic Conference on Management, Marketing and Economics, Czech Republic, Prague (MAC-MME 2016)

Author: Peter Easton
Publisher: Now Publishers Inc
ISBN: 1601981945
Category : Business & Economics
Languages : en
Pages : 148

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Book Description
Estimating the Cost of Capital Implied by Market Prices and Accounting Data focuses on estimating the expected rate of return implied by market prices, summary accounting numbers, and forecasts of earnings and dividends. Estimates of the expected rate of return, often used as proxies for the cost of capital, are obtained by inverting accounting-based valuation models. The author describes accounting-based valuation models and discusses how these models have been used, and how they may be used, to obtain estimates of the cost of capital. The practical appeal of accounting-based valuation models is that they focus on the two variables that are commonly at the heart of valuations carried out by equity analysts -- forecasts of earnings and forecasts of earnings growth. The question at the core of this monograph is -- How can these forecasts be used to obtain an estimate of the cost of capital? The author examines the empirical validity of the estimates based on these forecasts and explores ways to improve these estimates. In addition, this monograph details a method for isolating the effect of any factor of interest (such as cross-listing, fraud, disclosure quality, taxes, analyst following, accounting standards, etc.) on the cost of capital. If you are interested in understanding the academic literature on accounting-based estimates of expected rate of return this monograph is for you. Estimating the Cost of Capital Implied by Market Prices and Accounting Data provides a foundation for a deeper comprehension of this literature and will give a jump start to those who have an interest in these topics. The key ideas are introduced via examples based on actual forecasts, accounting information, and market prices for listed firms, and the numerical examples are based on sound algebraic relations.

Author: Joshua Ronen
Publisher: Springer Science & Business Media
ISBN: 0387257713
Category : Business & Economics
Languages : en
Pages : 587

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Book Description
This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?

Author: Cheng Few Lee
Publisher: World Scientific
ISBN: 9811202400
Category : Business & Economics
Languages : en
Pages : 5053

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Book Description
This four-volume handbook covers important concepts and tools used in the fields of financial econometrics, mathematics, statistics, and machine learning. Econometric methods have been applied in asset pricing, corporate finance, international finance, options and futures, risk management, and in stress testing for financial institutions. This handbook discusses a variety of econometric methods, including single equation multiple regression, simultaneous equation regression, and panel data analysis, among others. It also covers statistical distributions, such as the binomial and log normal distributions, in light of their applications to portfolio theory and asset management in addition to their use in research regarding options and futures contracts.In both theory and methodology, we need to rely upon mathematics, which includes linear algebra, geometry, differential equations, Stochastic differential equation (Ito calculus), optimization, constrained optimization, and others. These forms of mathematics have been used to derive capital market line, security market line (capital asset pricing model), option pricing model, portfolio analysis, and others.In recent times, an increased importance has been given to computer technology in financial research. Different computer languages and programming techniques are important tools for empirical research in finance. Hence, simulation, machine learning, big data, and financial payments are explored in this handbook.Led by Distinguished Professor Cheng Few Lee from Rutgers University, this multi-volume work integrates theoretical, methodological, and practical issues based on his years of academic and industry experience.

Author: Tanja Klettke
Publisher: Springer Science & Business
ISBN: 3658056347
Category : Business & Economics
Languages : en
Pages : 120

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Book Description
Financial analysts provide information in their research reports and thereby help forming expectations of a firm’s future business performance. Thus, it is essential to recognize analysts who provide the most precise forecasts and the accounting literature identifies characteristics that help finding the most accurate analysts. Tanja Klettke detects new relationships and identifies two new determinants of earnings forecast accuracy. These new determinants are an analyst’s “general forecast effort” and the “number of supplementary forecasts”. Within two comprehensive empirical investigations she proves these measures’ power to explain accuracy differences. Tanja Klettke’s research helps investors and researchers to identify more accurate earnings forecasts.