... up, implicitly or explicitly, a CCP's liquidity needs or losses. . ABOUT THE INSTITUTE . The C.D. ... (possibly non-Canadian and internationally operating) CCPs; and second, the introduction of a...Experts argue, however, that this problem can be solved by requiring the counterparties to s...
This paper provides further evidence on the value premium using Canadian data from 1985-2005 and a search process involving both price to earnings (P/E) and price to book value (P/BV) ratios. The study documents a consistently strong value premium over the sample period, which persisted in both bull and bear markets, as well as in recessions and recoveries. Moreover, the paper shows that a P/E based search process did a better job of identifying value stocks and arriving at more consistent and sizeable value premium than did a search process based on P/BVs.
...Moreover, to prevent any problems arising from the inclusion of negative or extremel... returns such as beta and firm-size (and liquidity) was also examined. Summary statistics of variable... to Canadian investors, but also to international ones who are interested in investing in Canada and...
... indicate the interdependencies between problems and policies that make the present economic situat... While international economic integration increased in the three or fou... flowing from greater capital and liquidity requirements should outweigh transition costs prov...
[Sherman Kreiner] said that first confrontation sparked a "24-hour marathon" where arguments erupted in different offices on different floors throughout the day. Kreiner said he told [John Pelton] and [Laurie Goldberg] he was going to get to the bottom of what happened in the meeting with [Jane Hawkins], one way or the other. "Either she is lying or you are lying," Kreiner recalled telling Pelton and Goldberg. "Someone is not telling the truth. The minutes were changed in mid-November prior to a board meeting. Three sentences were added to Goldberg's report on valuations. The amended portions included a warning from Goldberg that "the fund was experiencing liquidity challenge" and that "40 per cent of the investee companies were in a negative cash flow position." Also added were commen...
...Kreiner, however, saw some big problems. "I believed that a real or perceived conflict of ... companies: Cando Contracting; Carte International Inc.; Mondetta Clothing; National Leasing Group; N...
... the CRF and the bands are provided with liquidity and a return on the royalties. [190] [201-202]. Ca...846; Lac Minerals Ltd. v. International Corona Resources Ltd., [1989] 2 S.C.R. 574; Wewayk...The problem is to maintain the balance of administration of th...
MtM accounting requires financial instruments to be valued at current market prices. This assumes a market and a price. As Michael Milken (progenitor of "junk bonds" at Drexel Burnham Lambert) once noted: "Liquidity is an illusion. It is always there when you don't need it and rarely there when you do. MtM prices, no matter how dubious, drive investment and credit decisions. Holders of AAA rated securities may be forced to sell securities showing losses because MtM losses reach "stop loss" levels. Where investors have borrowed against these securities, the falling MtM value supporting the borrowing means finding money to top up the collateral or selling the securities, thus realizing the loss. In the case of some investors, the MtM losses trigger breaches of tests that require selling...
...By Satyajit Das. International derivatives expert Satyajit Das has been writing a... sound market values that are problematic in practice. MtM accounting is flawed because of d...
... compete for low-cost capital in the international bond market and better serve the domestic mortgage... happened and why it became such a large problem requires some institutional and political history.... the volume of financial capital and the liquidity with which it is delivered to those who need it is...
... have served as the engine of global liquidity expansion, determined endogenously in a complex in... in 1994 no doubt contributed to the problems facing the Mexican economy, which in turn led to t...
Adopting a governance perspective, this study analyzes the merger between closely-held Donohue Inc. and widely-held Abitibi-Consolidated Inc. Findings suggest that the absence of a controlling shareholder and weak board governance at Abitibi might explain both (a) its executives' interests in the transaction and (b) its CEO's compensation increase despite underperformance. Second, an intergeneration shift of control at Quebecor (Donohue's parent company) led to a strategic reorientation that (a) transformed Donohue into a target and (b) insured that Donohue's executives had incentives to pursue a deal. Finally, Donohue's noncontrolling shareholders benefited from the transaction while Abitibi shareholders experienced wealth reduction. The merger's aftermath provides some counter evidenc...
...For example, agency problems in widely-held firms may lead executives to undert... place in the United States, with International Paper buying Champion International and Smurfit bu... implied lower firm valuation, reduced liquidity, and a higher cost of capital as suggested in the ...
During the past 30 years, the challenges facing the valuation profession have been many: globalization and increased levels of cross-border economic activity; competition from other professions; the status of the profession; technology; fair value reporting, and the financial crisis. Amidst these challenges, the profession has a major success story to celebrate -- the International Valuation Standards Committee (IVSC). The IVSC success in setting international standards has led to greater recognition of the valuation profession and wider understanding of valuation's importance. IVSC made an important strategic decision to ensure that, whenever an asset was to be measured to fair value under IFRS, the measurement standard to be applied should be the International Valuation Standards (IVS...
... decryption or translation of a difficult problem, the world's capital markets have long searched fo... everywhere have been offering extra liquidity on an almost daily basis for two months. World lea...
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