Presentation by Michael-Paul James on Passive Investors, Not Passive Owners by Ian R. Appel, Todd A. Gormley, Donald B. Keim.
Summary:
Study exploits exogenous variation in passive institutional ownership around the cutoff of Russell 1000 & 2000 inclusion. They find that passively managed mutual funds play important role in stock ownership, corporate behavior, and corporate policy.
Investing Concept Of Risk And Return PowerPoint Presentation Slides SlideTeam
Every organization needs to adapt to the ever-changing business environment. Sensing this need, we have come up with these content-ready change management PowerPoint presentation slides. These change management PPT templates will help you deal with any kind of an organizational change. Be it with people, goals or processes. The business solutions incorporated here will help you identify the organizational structure, create vision for change, implement strategies, identify resistance and risk, manage cost of change, get feedback and evaluation, and much more. With the help of various change management tools and techniques illustrated in this presentation design, you can achieve the desired business outcomes. This business transition PowerPoint design also covers certain related topics such as change model, transformation strategy, change readiness, change control, project management and business process. By implementing the change control methods mentioned in the presentation, you will be able to have a smooth transition in an organization. So, without waiting much, download our extensively researched change management framework presentation. With our Change Management Presentation slides, understand the need for change and plan to go through it without any hassles.
Every month we publish just the stats from the newsletter, just the stats. That is why the release is called "Stats on Stats ETF" In this August 2016 release we cover the 6 Alpha returns and as well the Trend Alpha returns. Also we included the Robo Advisor returns and a list of Exchange Traded Funds from each sector that are currently trending with above average returns with in their respective asset class. The list also provides the only publicly available ratings system geared towards ETF's. The “Alpha Ranking System” which is generated by ETFInvests Algorithms.
Mercer Capital's Business Development Companies Quarterly Newsletter | Q3 2013Mercer Capital
"Business development companies are an important and growing source of funding for middle market companies. Along with private equity and other investment funds, BDCs provide billions of dollars of investment capital to private companies in every segment of the economy.
For over thirty years, Mercer Capital has met the valuation needs of the same middle market companies to which BDCs and other funds provide capital.
This quarterly newsletter tracks the financial and stock market performance of the public BDCs."
Presentation by Michael-Paul James on Passive Investors, Not Passive Owners by Ian R. Appel, Todd A. Gormley, Donald B. Keim.
Summary:
Study exploits exogenous variation in passive institutional ownership around the cutoff of Russell 1000 & 2000 inclusion. They find that passively managed mutual funds play important role in stock ownership, corporate behavior, and corporate policy.
Investing Concept Of Risk And Return PowerPoint Presentation Slides SlideTeam
Every organization needs to adapt to the ever-changing business environment. Sensing this need, we have come up with these content-ready change management PowerPoint presentation slides. These change management PPT templates will help you deal with any kind of an organizational change. Be it with people, goals or processes. The business solutions incorporated here will help you identify the organizational structure, create vision for change, implement strategies, identify resistance and risk, manage cost of change, get feedback and evaluation, and much more. With the help of various change management tools and techniques illustrated in this presentation design, you can achieve the desired business outcomes. This business transition PowerPoint design also covers certain related topics such as change model, transformation strategy, change readiness, change control, project management and business process. By implementing the change control methods mentioned in the presentation, you will be able to have a smooth transition in an organization. So, without waiting much, download our extensively researched change management framework presentation. With our Change Management Presentation slides, understand the need for change and plan to go through it without any hassles.
Every month we publish just the stats from the newsletter, just the stats. That is why the release is called "Stats on Stats ETF" In this August 2016 release we cover the 6 Alpha returns and as well the Trend Alpha returns. Also we included the Robo Advisor returns and a list of Exchange Traded Funds from each sector that are currently trending with above average returns with in their respective asset class. The list also provides the only publicly available ratings system geared towards ETF's. The “Alpha Ranking System” which is generated by ETFInvests Algorithms.
Mercer Capital's Business Development Companies Quarterly Newsletter | Q3 2013Mercer Capital
"Business development companies are an important and growing source of funding for middle market companies. Along with private equity and other investment funds, BDCs provide billions of dollars of investment capital to private companies in every segment of the economy.
For over thirty years, Mercer Capital has met the valuation needs of the same middle market companies to which BDCs and other funds provide capital.
This quarterly newsletter tracks the financial and stock market performance of the public BDCs."
Dual Momentum Investing by Gary Antonacci QuantCon 2016Quantopian
Gary will begin by reviewing the most common investment vehicles throughout history while explaining their advantages and disadvantages. He will then show how momentum can help accentuate the positives and eliminate the negatives. Using easily understood examples and historical research findings, Gary will show how relative strength momentum can enhance investment return, while trend-following absolute momentum can dramatically decrease bear market exposure. Finally, Gary will show how you can implement and easily maintain your very own dual momentum portfolio using the best assets classes.
Lincoln Crowne Weekly Engineering & Mining Services Report for period to 5th July 2013. This report also comments on potential increasing appetite for regional players to look at Australian opportunities given sharp recent decline in AUD vs USD
Dividend weekly 04 2013 By http://long-term-investments.blogspot.comDividend Yield
The Dividend Weekly is a weekly published Fact Book with focus on dividend stocks. With this book, investors get a full overview of major leaders and laggards. In addition, they get a feeling of which dividend stocks are popular and which ones are the best investment opportunities in markets that are going up and down.
The book has the following items:
- Best 1-Week Performing Dividend Stocks
- Best Dividend Stocks Year-To-Date
- Best Yielding Stocks At New Highs
- Most Recommended Dividend Stocks
- Overbought Dividend Stocks
- Most Shorted Dividend Stocks
- Best Dividend Aristocrats in Canada and USA
- Stocks With Dividend Growth From Last Week
- Best Yielding Stocks From the World's Leading Stock Exchanges and Indices
- Ex-Dividend Stocks For Next Week
Thanks to http://long-term-investments.blogspot.com
Lincoln Crowne's Weekly Report on the Australian Engineering & Mining Services Sectors. Particular focus on the developments in certain sector competitors experienced over the last week.
Guaranteed Retirement Income Strategies For Those In or About To Enter Retirement ...
Markets rise and fall on a daily basis. Accessing your money at the wrong moment can dramatically affect how long your retirement dollars may last. Volatility
We show you how to avoid the stockmarket roller coaster and make sure your money lasts as long as you do!
Smart Beta Investing - Trends and OpportunitiesAmit Sinha
Additional content available at www.focus262.com/blog
Presentation by Amit Sinha at the Copal Amba Breakfast Series that walks through the what, why and where of Smart Beta investing.
Beginning with what is smart beta, then moving to why investors can benefit from smart beta and concluding with where the industry is headed - highlighting the potential market opportunity, challenges, and business models followed by asset managers such as Dimensional, AQR, GSAM, etc.
Research Presentation on Reserve Management and Audit Committee Characteristi...Michael-Paul James
"Reserve Management and Audit Committee Characteristics: Evidence From U.S. Property–Liability Insurance Companies"
Paper by Wen-Yen Hsu, Yenyu (Rebecca) Huang, Gene Lai
Presentation by Michael-Paul James
Epic Research is performing a basic role as a leading financial advisory firm by providing good recommendations for,KLSE Stocks, Comex and Forex and all other segments with the help of experts and it maintains high accuracy.
Dual Momentum Investing by Gary Antonacci QuantCon 2016Quantopian
Gary will begin by reviewing the most common investment vehicles throughout history while explaining their advantages and disadvantages. He will then show how momentum can help accentuate the positives and eliminate the negatives. Using easily understood examples and historical research findings, Gary will show how relative strength momentum can enhance investment return, while trend-following absolute momentum can dramatically decrease bear market exposure. Finally, Gary will show how you can implement and easily maintain your very own dual momentum portfolio using the best assets classes.
Lincoln Crowne Weekly Engineering & Mining Services Report for period to 5th July 2013. This report also comments on potential increasing appetite for regional players to look at Australian opportunities given sharp recent decline in AUD vs USD
Dividend weekly 04 2013 By http://long-term-investments.blogspot.comDividend Yield
The Dividend Weekly is a weekly published Fact Book with focus on dividend stocks. With this book, investors get a full overview of major leaders and laggards. In addition, they get a feeling of which dividend stocks are popular and which ones are the best investment opportunities in markets that are going up and down.
The book has the following items:
- Best 1-Week Performing Dividend Stocks
- Best Dividend Stocks Year-To-Date
- Best Yielding Stocks At New Highs
- Most Recommended Dividend Stocks
- Overbought Dividend Stocks
- Most Shorted Dividend Stocks
- Best Dividend Aristocrats in Canada and USA
- Stocks With Dividend Growth From Last Week
- Best Yielding Stocks From the World's Leading Stock Exchanges and Indices
- Ex-Dividend Stocks For Next Week
Thanks to http://long-term-investments.blogspot.com
Lincoln Crowne's Weekly Report on the Australian Engineering & Mining Services Sectors. Particular focus on the developments in certain sector competitors experienced over the last week.
Guaranteed Retirement Income Strategies For Those In or About To Enter Retirement ...
Markets rise and fall on a daily basis. Accessing your money at the wrong moment can dramatically affect how long your retirement dollars may last. Volatility
We show you how to avoid the stockmarket roller coaster and make sure your money lasts as long as you do!
Smart Beta Investing - Trends and OpportunitiesAmit Sinha
Additional content available at www.focus262.com/blog
Presentation by Amit Sinha at the Copal Amba Breakfast Series that walks through the what, why and where of Smart Beta investing.
Beginning with what is smart beta, then moving to why investors can benefit from smart beta and concluding with where the industry is headed - highlighting the potential market opportunity, challenges, and business models followed by asset managers such as Dimensional, AQR, GSAM, etc.
Research Presentation on Reserve Management and Audit Committee Characteristi...Michael-Paul James
"Reserve Management and Audit Committee Characteristics: Evidence From U.S. Property–Liability Insurance Companies"
Paper by Wen-Yen Hsu, Yenyu (Rebecca) Huang, Gene Lai
Presentation by Michael-Paul James
Epic Research is performing a basic role as a leading financial advisory firm by providing good recommendations for,KLSE Stocks, Comex and Forex and all other segments with the help of experts and it maintains high accuracy.
The major goal of presentation is to illustrate some of the more important applications of the wavelet analysis to financial data set. The focus is set on identification and description of hidden patterns.
ACC206 Week Five ProblemsPlease complete the following 5 exercis.docxannetnash8266
ACC206 Week Five Problems
Please complete the following 5 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button.
1. Basic present value calculations
Calculate the present value of the following cash flows, rounding to the nearest dollar:
a. A single cash inflow of $12,000 in five years, discounted at a 12% rate of return.
b. An annual receipt of $16,000 over the next 12 years, discounted at a 14% rate of return.
c. A single receipt of $15,000 at the end of Year 1 followed by a single receipt of $10,000 at the end of Year 3. The company has a 10% rate of return.
d. An annual receipt of $8,000 for three years followed by a single receipt of $10,000 at the end of Year 4. The company has a 16% rate of return.
2. Cash flow calculationsand net present value
On January 2, 20X1, Bruce Greene invested $10,000 in the stock market and purchased 500 shares of Heartland Development, Inc. Heartland paid cash dividends of $2.60 per share in 20X1 and 20X2; the dividend was raised to $3.10 per share in 20X3. On December 31, 20X3, Greene sold his holdings and generated proceeds of $13,000. Greene uses the net-present- value method and desires a 16% return on investments.
a. Prepare a chronological list of the investment's cash flows. Note: Greene is entitled to the 20X3 dividend.
b. Compute the investment's net present value, rounding calculations to the nearest dollar.
c. Given the results of part (b), should Greene have acquired the Heartland stock? Briefly explain.
3. Straightforwardnet present value and internal rate of return
The City of Bedford is studying a 600-acre site on Route 356 for a new landfill. The startup cost has been calculated as follows:
Purchase cost: $450 per acre
Site preparation: $175,000
The site can be used for 20 years before it reaches capacity. Bedford, which shares a facility in Bath Township with other municipalities, estimates that the new location will save $40,000 in annual operating costs.
a. Should the landfill be acquired if Bedford desires an 8% return on its investment? Use the net-present-value method to determine your answer.
4. Straightforward net-present-value and payback computations
STL Entertainment is considering the acquisition of a sight-seeing boat for summer tours along the Mississippi River. The following information is available:
Cost of boat
$500,000
Service life
10 summer seasons
Disposal value at the end of 10 seasons
$100,000
Capacity per trip
300 passengers
Fixed operating costs per season (including straight-line depreciation)
$160,000
Variable operating costs per trip
$1,000
Ticket price
$5 per passenger
All operating costs, except depreciation, require cash outlays. On the basis of similar operations in other parts of the country, manageme.
Market Risk And Return PowerPoint Presentation Slides SlideTeam
Presenting this set of slides with name - Market Risk And Return Powerpoint Presentation Slides. Our topic specific Market Risk And Return Powerpoint Presentation Slides presentation deck contains twenty eight slides to formulate the topic with a sound understanding. This PPT deck is what you can bank upon. With diverse and professional slides at your side, worry the least for a powerpack presentation. A range of editable and ready to use slides with all sorts of relevant charts and graphs, overviews, topics subtopics templates, and analysis templates makes it all the more worth. This deck displays creative and professional looking slides of all sorts. Whether you are a member of an assigned team or a designated official on the look out for impacting slides, it caters to every professional field.
Market Review for STI: STI gave a 2.12 points down opening @3295.18 ,it formed a red candle for the day and gave a closing @3280.17.The high for the day is marked @3298.07 and low for the day is @3273.58.
Assessing the consistency, quality, and completeness of the Reviewed Event Bu...Ivan Kitov
The Reviewed Event Bulletin (REB) of the IDC includes more than 500,000 events with associated seismic phases. The quality of these events and its completeness depends on multistage automatic processing followed by interactive analysis. The IDC raw data archive allows to apply the method of waveform cross correlation (WCC) for assessment of the similarity between seismic signals associated with REB events, and thus, the overall bulletin consistency. For cross correlation, we create a global set of master-events (ME) in the areas where reliable seismic events are available in the REB. Using only events within 3 degrees from a given ME, we apply the Principal Component Analysis to signals at each associated station. The major components are used to build synthetic MEs. Using real and synthetic MEs, we process continuous data in a specified region with the aim to find new REB-compatible events, which are missing from the REB. Therefore, the developed method allows to test REB consistency, quality, and completeness in any specified region or globally. It can also be thought as an alternative to the manual spot check during an independent review of the REB in routine IDC event analysis or as an additional tool for the independent reviewer.
Similar to Presentation on Optimal Portfolio Choice and the Valuation of Illiquid Securities (20)
Reusing Natural Experiments; Presentation by Michael-Paul JamesMichael-Paul James
Reusing Natural Experiments
Paper by Davidson Heath, Matthew C. Ringgenberg, Mehrdad Samadi, and Ingrid M. Werner
Presentation by Michael-Paul James
Multiple Testing Corrections
Family-Wise Error Rate
FDR and FDP
Bootstrap
Simulations
Empirical Settings
Randomized Control Trial
Staggered Introductions
IV Regression
Regression Discontinuity Design
Compustate and CRSP Outcomes
Simulated True Treatment Effects
Comparing Multiple Testing Frameworks
Adjusted t-statistic Critical Values
Evaluating Existing Evidence
Business Combination Laws
Regulation SHO
Sequencing Tests
Results
Discussion
Caveats
p-Values are Only One Input for Inference
What is the Right Burden of Proof?
Improving Inference when Reusing a Natural Experiment
Corroborating Evidence
State and Test Causal Channels
Compound Exclusion Restrictions
Presentation on Institutional Shareholders And Corporate Social ResponsibilityMichael-Paul James
Institutional Shareholders And Corporate Social Responsibility
Paper by Tao Chen, Hui Dong, Chen Lin
Presentation by Michael-Paul James
Institutional shareholders induce corporate managers to invest more in social goodness (increase CSR rating)
Two quasi-natural experiments
Random assignment in May demonstrates that higher institutional ownership motivates higher CSR ratings
Exogenous shocks in other industries demonstrate distracted investors lead to lower CSR ratings reducing social responsibility
Three additional measure reinforce distraction results
Voice is an important method to motivate CSR investments
Return Decomposition
By Long Chen and Xinlei Zhao
Presentation by Michael-Paul James
Directly modeling discount rate news and backing out cash flow news
adds residual news to the latter
○ The method has led to erroneous conclusions:
■ Larger relative DR variance
■ Value stocks earn higher returns due to higher βCF
■ βCF is more important than total βtotal
○ DR news cannot be accurately estimated (low predictive power)
and backed out CF news inherits large misspecification error of DR
○ Modeled Treasury bonds reveals higher CF variance with no real CF
risk
○ Minor changes in predictive variables produce opposite results
Directly modeling cash flow news, discount rate news, and residual
○ Value firms have both lower modeled CF betas and DR betas, but
higher residual betas, indicating that the results in the current
literature are driven by the residual news.
Presentation on Predicting Excess Stock Returns Out of Sample: Can Anything B...Michael-Paul James
Predicting Excess Stock Returns
Out of Sample: Can Anything Beat
the Historical Average?
Paper by John Y. Campbell & Samuel B. Thompson
Presentation by Michael-Paul James
● Many variables are correlated with subsequent stock returns
● In the previous research, historical average stock returns have
outperformed most contenders
● Predictor variables in this paper outperformed out-of-sample once
restrictions were imposed on coefficient signs and return forecast
○ Small explanatory power, meaningful economic significance
● Although not fully described asset prices, out-of-sample performance
improves.
● Models generate meaningful utility gains for mean-variance investors
● Data accessibility and improvement may prove more valuable than
theoretical restrictions
Bad Beta, Good Beta
By John Y. Campbell And Tuomo Vuolteenaho
Presentation by Michael-Paul James
Cash flow and discount rate betas estimates stock market risk factors
more efficiently than CAPM over time.
○ Cash flow news
■ Stock returns covariance with cash flows news
○ Discount rate news
■ Stock returns covariance with discount rate news
● “Bad” cash flow beta (risk) demands higher premiums than “good”
discount rate beta (risk).
● Value and small stocks have higher cash flow betas than growth and
large stocks on average.
● High average returns on value and small stocks are appropriate
compensation for risk, not an unrealized benefit to ownership.
● Overweighting small and value stocks benefit low risk aversion equity
investors
● Underweighting small and value stocks benefit high risk aversion
equity investors
● Model offers strong explanatory power in the cross section of asset
returns with theoretical values
● ICAPM outperforms the CAPM in empirical research
Presentation of Input Specificity and the Propagation of Idiosyncratic Shocks...Michael-Paul James
Input Specificity and the Propagation of Idiosyncratic Shocks in Production Networks by Jean-Noel Barrot and Julien Sauvagnat
Presentation by Michael-Paul James
Firm level shocks propagate in production networks
● Customers drop 2-3% in sales growth when suppliers suffer a disaster
○ 25% drop in sales growth with respect to sample average of 10%
○ Temporary effect, without prior trends
○ Losses only affect active customer-supplier relationships
○ Larger effect when supplier produces differentiated goods with
high R&D, more patents, thus difficult to replace
○ Customer suffers 1% drop in market equity value
● Other suppliers experience drop in sales growth after another supplier
is hit, when customers are shared.
● Input disruptions are not compensated, resulting in sector wide losses
● Input specificity is a key determinant of the propagation of
idiosyncratic shocks in the economy
The Log-Linear Return Approximation, Bubbles, and PredictabilityMichael-Paul James
Presentation by Michael-Paul James on The Log-Linear Return Approximation, Bubbles, and Predictability by Tom Engsted, Thomas Q. Pedersen, and Carsten Tanggaard
Competition and Bias by Harrison Hong and Marcin KacperczykMichael-Paul James
Competition and Bias
Paper by Harrison Hong and Marcin Kacperczyk
Presentation by Michael-Paul James
Treatment effect: a decrease in analyst covering increases optimism bias one year after the merger relative to control.
-Evidence for competition reduction bias
-Larger bias impact for stocks with less coverage
Presentation on Social Collateral
Paper by Ha Diep-Nguyen and Huong Dang
Presented by Michael-Paul James
Paper uses an experimental design to test the impact of social image on repayment behavior
Presentation on Bank Quality, Judicial Efficiency, and Loan Repayment Delays ...Michael-Paul James
Presentation on Bank Quality, Judicial Efficiency,
and Loan Repayment Delays in Italy. Paper by Fabio Schiantarelli, Massimiliano Stacchini, and Philip E. Strahan. Presentation by Michael-Paul James
Presentation on Rhetoric, Reality, and Reputation: Do CSR and Political Lobby...Michael-Paul James
Presentation by Michael-Paul James on "Rhetoric, Reality, and Reputation: Do CSR and Political Lobbying Protect Shareholder Wealth against Environmental Lawsuits?" Paper by Chelsea Liu , Chee Seng Cheong, and Ralf Zurbruegg
Research Paper Presentation on Asset Redeployability, Liquidation Value, and ...Michael-Paul James
"Asset Redeployability, Liquidation Value, and Endogenous Capital Structure Heterogeneity"
Paper by Antonio E. Bernardo, Alex Fabisiak, and Ivo Welch
Presentation by Michael-Paul James
Presentation on Property–Liability Insurer Reserve Error: Motive, Manipulatio...Michael-Paul James
Property–Liability Insurer Reserve
Error: Motive, Manipulation, Or Mistake
Paper by Martin F. Grace, J. Tyler Leverty
Presentation by Michael-Paul James
What Is a Patent Worth? Evidence from the U.S. Patent “Lottery”Michael-Paul James
Presentation by Michael-Paul James on What Is a Patent Worth? Evidence from the U.S. Patent “Lottery” by Joan Farre-Mensa, Deepak Hegde, Alexander Ljungqvist.
Tax Deductibility of Premiums Paid to Captive Insurers: A Risk Reduction Appr...Michael-Paul James
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Premiums Paid to Captive Insurers: A Risk Reduction Approach
Li-Ming Han, and Gene C. Lai
Summary of Opportunity zones of the 2017 Tax Cuts
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how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
4. Misleading Assumptions
● Fundamental assumption in portfolio choice
○ Investors can continuously trade securities at any quantity.
○ Stochastic process of unbounded variation
● Reality
○ Investors face liquidity constraints.
○ Illiquidity facilitates different portfolio choices than unconstrained
optimality.
○ Illiquid versus liquid assets should reflect welfare loss.
■ Large discounts to illiquid assets.
● Evidence
○ Equivalent Illiquid treasury notes & liquid treasury bills: 35 pt spread
○ Liquid versus illiquid Japanese bonds: 50 pt spread
○ Rule 144 Letter Stock versus equivalent liquid stock: 35 pt spread
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Michael-Paul James
5. Illiquidity Model
● Illiquidity
○ Traditionally measured in bid ask spread for securities.
○ Risk a trader may not be able to exit a position quickly & costlessly.
● Method
○ Compare optimal portfolio strategy of an investor with and without
liquidity constraints.
● Shadow price of liquidity
○ Compare constrained to unconstrained utilities of wealth to
determine the price discount of an illiquid asset.
● Differences from literature
○ Past focuses on exogenous transaction costs or borrow constraints.
○ Paper focuses on endogenous effects of illiquidity on trading
strategies and security pricing.
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Michael-Paul James
7. Illiquidity Definitions
● Liquidity
○ Defined as bid ask spread or transaction costs of trading securities.
● Illiquidity
○ Higher costs
■ Periods of increased trading and execution costs.
■ Geography and other markets can also increase costs.
○ Thin Market
■ Ability to buy or sell securities at any price is limited or
restricted.
■ A thin market is a period characterized by a few buyers and
sellers.
● Model attempts to capture real world events by limiting trading
frequency.
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Michael-Paul James
8. Continuous Time
03
Solving the investor’s portfolio choice problem
in the stochastic volatility framework
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Michael-Paul James
12. Deriving Wealth Utility & Optimal Portfolio Weight
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Michael-Paul James
The derived utility of wealth (Eq.17) and optimal portfolio weight (Eq.13) provide a complete
solution to the investor's portfolio choice problem in this stochastic volatility framework.
15. Deriving Wealth Utility & Optimal Portfolio Weight
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Michael-Paul James
The derived utility of wealth depends linearly on w(t) on the first term in the integral, and
quadratically on w(t) on the second term.
20. Intertemporal Portfolio Choice
● Paper proposes a solution to trading strategies under constraint
(bounded variation)
● Closely approximates thin markets in the real world.
● Optimal trading strategy endogenously imposes borrowing and
short-selling constraints on the investor.
● Trading constraints exposes levered investors to more bankruptcy risks
and lower welfare gains.
● To avoid risks, investors receive discounts for illiquidity (pay a premium
for liquidity).
● The model provides results similar to empirical observations under
specific parameters.
● Further analysis might include a full equilibrium framework with
multiple agents and securities.
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Michael-Paul James
21. You are Amazing
Ask me all the questions you desire. I will do my best to answer honestly
and strive to grasp your intent and creativity.
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Michael-Paul James