In uncertain economic periods, investors often tilt their asset allocation and portfolio decisions towards defensive assets that are underpinned by well-secured income. Industrial and logistics property generates most of its reward through its income return, and may be considered as having bond-type investment characteristics, as well as a favourable performance history. This paper by CBRE and Mercer uses actuarial industrial and logistics, and advocates a greater role for the sector in institutional portfolios.
The document discusses several topics related to finance and investing, including:
1) It provides an overview of recent developments in the Indian stock market and new financial products approved by SEBI.
2) It discusses securitization and how it allows the conversion of existing or future cash flows into marketable securities.
3) It defines what a hedge fund is and how they charge various fees including management and incentive fees.
This document is a portfolio management case study analyzing the risk-adjusted performance of the Multi-Employer Property Trust (MEPT), an open-end diversified core equity commercial real estate fund. It discusses real estate investment strategies, fund structures, and the importance of analyzing risk-adjusted returns rather than just raw returns. The case study will evaluate MEPT's risk-adjusted performance and identify portfolio characteristics that enhance investment efficiency.
The document discusses chapter 13 of a financial markets textbook. It provides an overview and preview of topics to be covered in the chapter, including investing in stocks, computing the price of common stock, how the stock market sets security prices, and sources of errors in valuation. The chapter will examine stock markets and underlying theories of stock valuation, and cover topics such as stock indexes, buying foreign stocks, and regulation of the stock market.
This document provides an overview of financial markets and investment options for retail investors. It defines investment as using savings to earn a return. Financial markets allow people to buy and sell securities like stocks and bonds. The main types of financial markets are the capital market, commodity market, money market, derivatives market, insurance market, and foreign exchange market. For retail investors, common investment options include equity shares, debt instruments like bonds, mutual funds, fixed deposits, post office schemes, gold, real estate, and insurance products. The document discusses each of these options in 1-2 paragraphs.
This document discusses how accounting books can be engineered to the advantage of shareholders under accounting regulations like FASB and IFRS. It provides an example of how goodwill and intangible assets are treated differently under FASB 142 compared to previous rules. Financial engineering techniques can structure statements to maximize reported earnings through interpretations of accounting rules that are legal and aim to benefit the corporation. The document also discusses challenges in valuing intangible assets and provides a demonstration of the effect of FAS 142 on a company's balance sheet through an example.
In today’s digital era, on average, people have the attention span of a goldfish: that’s why it’s important to get to the point, correctly and succinctly. Take a look at our financial glossary for a vocabulary boost.
The document provides an overview of global financial markets and institutions. It discusses how financial markets vary between countries in terms of funds transferred and types of funding available. Global integration has led to many markets becoming correlated as participants move funds between countries. However, barriers like lack of information about foreign companies can inhibit full integration. Financial institutions play important roles in financial markets by facilitating transactions and providing services that address market imperfections. They include depository institutions like banks, and nondepository institutions like mutual funds and insurance companies.
The fall and rise of the direct investor - consensus at fs conference october...Chris Dane
This document discusses the rise of direct investors in the UK and opportunities in that market. It notes that while funds originally marketed directly to consumers, they have shifted focus to business-to-business relationships. However, direct investors now number over 6 million in the UK, representing a substantial demographic. They are still interested in advice and guidance. While some platforms have emerged, opportunities remain for other providers to better serve this sizable market, by understanding investor segments and targeting services accordingly.
The document discusses several topics related to finance and investing, including:
1) It provides an overview of recent developments in the Indian stock market and new financial products approved by SEBI.
2) It discusses securitization and how it allows the conversion of existing or future cash flows into marketable securities.
3) It defines what a hedge fund is and how they charge various fees including management and incentive fees.
This document is a portfolio management case study analyzing the risk-adjusted performance of the Multi-Employer Property Trust (MEPT), an open-end diversified core equity commercial real estate fund. It discusses real estate investment strategies, fund structures, and the importance of analyzing risk-adjusted returns rather than just raw returns. The case study will evaluate MEPT's risk-adjusted performance and identify portfolio characteristics that enhance investment efficiency.
The document discusses chapter 13 of a financial markets textbook. It provides an overview and preview of topics to be covered in the chapter, including investing in stocks, computing the price of common stock, how the stock market sets security prices, and sources of errors in valuation. The chapter will examine stock markets and underlying theories of stock valuation, and cover topics such as stock indexes, buying foreign stocks, and regulation of the stock market.
This document provides an overview of financial markets and investment options for retail investors. It defines investment as using savings to earn a return. Financial markets allow people to buy and sell securities like stocks and bonds. The main types of financial markets are the capital market, commodity market, money market, derivatives market, insurance market, and foreign exchange market. For retail investors, common investment options include equity shares, debt instruments like bonds, mutual funds, fixed deposits, post office schemes, gold, real estate, and insurance products. The document discusses each of these options in 1-2 paragraphs.
This document discusses how accounting books can be engineered to the advantage of shareholders under accounting regulations like FASB and IFRS. It provides an example of how goodwill and intangible assets are treated differently under FASB 142 compared to previous rules. Financial engineering techniques can structure statements to maximize reported earnings through interpretations of accounting rules that are legal and aim to benefit the corporation. The document also discusses challenges in valuing intangible assets and provides a demonstration of the effect of FAS 142 on a company's balance sheet through an example.
In today’s digital era, on average, people have the attention span of a goldfish: that’s why it’s important to get to the point, correctly and succinctly. Take a look at our financial glossary for a vocabulary boost.
The document provides an overview of global financial markets and institutions. It discusses how financial markets vary between countries in terms of funds transferred and types of funding available. Global integration has led to many markets becoming correlated as participants move funds between countries. However, barriers like lack of information about foreign companies can inhibit full integration. Financial institutions play important roles in financial markets by facilitating transactions and providing services that address market imperfections. They include depository institutions like banks, and nondepository institutions like mutual funds and insurance companies.
The fall and rise of the direct investor - consensus at fs conference october...Chris Dane
This document discusses the rise of direct investors in the UK and opportunities in that market. It notes that while funds originally marketed directly to consumers, they have shifted focus to business-to-business relationships. However, direct investors now number over 6 million in the UK, representing a substantial demographic. They are still interested in advice and guidance. While some platforms have emerged, opportunities remain for other providers to better serve this sizable market, by understanding investor segments and targeting services accordingly.
This document discusses the efficient market hypothesis. It begins with an overview and definition of the hypothesis, which states that security prices fully reflect all available information. It then examines empirical evidence both supporting and contradicting the hypothesis. Specifically, it notes evidence such as investment analysts failing to consistently beat the market and stock prices quickly reflecting publicly available information as supporting the hypothesis, while anomalies like the small firm effect and market overreaction present challenges. The document concludes by discussing implications of the hypothesis for investors.
The document discusses security analysis and portfolio management. It defines key terms like securities, security analysis, portfolio, and portfolio management. Security analysis involves analyzing the economy, industry, and company to project future earnings and dividends. A portfolio is a combination of different securities with varying risk-return profiles. Portfolio management includes tasks like portfolio construction, evaluation, and monitoring performance. The document provides an overview of these fundamental concepts in finance.
This document provides an overview of chapter 2 from a financial markets textbook. It discusses the roles that financial markets and intermediaries play in channeling funds from savers to borrowers. It describes the structure of financial markets, including debt, equity, primary and secondary markets. It also outlines the functions of financial intermediaries in reducing transactions costs and asymmetric information. Finally, it lists some common types of financial intermediaries such as banks, thrifts, insurance companies, and pension funds.
This document provides definitions for over 50 terms related to stocks, the stock market, and financial analysis. Some key terms defined include American Depository Receipts, which allow foreign stocks to trade in the US market, arbitrage which is the practice of exploiting price differences in the same security trading on different exchanges, and cash flow which refers to a company's net income plus non-cash expenses like depreciation. Additional terms defined include preferred stock, price-earnings ratios, technical analysis, warrants, and puts and calls which are options contracts.
This chapter discusses bonds and the bond market. It covers various types of bonds including Treasury bonds, municipal bonds, and corporate bonds. It examines how the capital market operates and the roles of various participants such as governments, corporations, and investors. Key topics include bond yields, pricing bonds, and investing in bonds.
The document introduces a chapter on financial markets and institutions, explaining that the chapter will discuss why these systems are important to study, including how financial markets channel funds and affect wealth and economic growth. Specific markets that will be covered include the bond market, stock market, and foreign exchange market. The chapter will also examine the role of financial institutions and how they operate the marketplaces.
Corporate advisory services refer to financial advisory services provided to corporations. Some key services include:
- Corporate finance advisory regarding financial aspects of business operations. This includes mergers and acquisitions advisory, business solutions for operational problems, business planning, and fundraising.
- Advisory services related to mergers and acquisitions, including business valuations, leveraged buyouts, and regulatory advice. Most M&A advice is provided by investment banks.
- Financial planning, project appraisal, and activities like debt funding and IPOs to raise funds for the company.
- Factoring, which involves selling accounts receivable to a third party at a discount in exchange for immediate cash. This differs from loans in
This document is a chapter from a textbook on financial markets that discusses money markets. It begins with an overview of the topics to be covered, including the definition of money markets, their purpose, participants, and instruments. Money market securities have short maturities of one year or less and high liquidity. Major participants include corporations, governments, banks, and investors. Key instruments discussed include Treasury bills, federal funds, repurchase agreements, certificates of deposit, commercial paper, and eurodollars. The chapter then examines these instruments in more detail through examples and illustrations.
Financial engineering involves the design and implementation of innovative financial products and processes. It deals with creating new financial instruments or repackaging existing ones. Some examples of financial engineering in India include debt-oriented mutual funds, interest rate futures, and floating rate bonds. Financial engineering can be applied to equity, debt, hybrid instruments, and derivatives. It is used by investment banks and for purposes like risk management, valuation, and portfolio management. The field needs further development to provide more choices for investors and corporations to improve financial efficiency and solutions.
This document discusses securitization from an Islamic perspective. It defines securitization as issuing certificates of ownership against an investment pool or business. It describes how Musharakah, Murabahah, and Ijarah can be securitized. Musharakah certificates represent direct ownership in project assets and can be traded. Murabahah cannot be securitized for trading but portfolios can include it. Ijarah certificates represent ownership in leased assets and allow trading of rental profits and liability for losses. Government assets like ports and buildings could be securitized through sale-leaseback or diminishing Musharakah structures.
This document summarizes various money market instruments and investment avenues. It discusses traditional money market instruments like treasury bills, certificates of deposit, and commercial paper. It also discusses modern money market instruments like repo instruments, money market mutual funds, and inter-corporate deposits. Equity investments discussed include stocks, limited partnerships, private placements, and American/global depository receipts. Preferred stocks and hybrid securities are also summarized. Real estate investments are noted to provide capital appreciation, income from rents, and tax benefits.
This document summarizes guidance on measuring fair value of investments under IFRS and US GAAP. It notes differences and ongoing convergence efforts. It analyzes difficulties in valuing complex instruments like CDOs held by financial institutions during the 2008 crisis. Auditors recognized issues with valuations provided internally or by traders due to lack of market prices. The document concludes that concrete action is needed from accounting standard authorities to enhance fair value measurement and restore stability and confidence.
SORTIS Group is a Bulgarian financial services firm that provides investment banking, real estate investment management, credit and leasing advisory, and hospitality asset management services. The company has extensive networks of investment funds, strategic investors, and financing institutions to source and structure investment opportunities for its clients. SORTIS Group consists of several subsidiary companies that specialize in different areas of financial services.
This document discusses how stock market transactions occur. It describes how investors place orders with brokers to buy and sell stocks. It also discusses different order types like market orders, limit orders, and stop orders. The document then covers margin trading, short selling, and investing in stock indexes. It explains how trades are executed, including the roles of floor brokers, specialists, and market makers. It also discusses how electronic communication networks and program trading have changed how orders are handled.
This document discusses various types of long-term debt instruments, preferred stock, and common stock. It defines key terms related to bonds such as par value, coupon rate, maturity, and bond ratings. It describes different types of bonds including debentures, subordinated debentures, income bonds, junk bonds, mortgage bonds, and equipment trust certificates. The document also discusses preferred stock features like cumulative and participating dividends. Finally, it covers common stock terms like authorized shares, issued shares, outstanding shares, book value, and liquidating value.
Stock offerings and monitoring investo r 6Rika Hernawati
Investors participate in both the primary and secondary stock markets. In the primary market, corporations issue initial public offerings (IPOs) of stock to raise capital, while secondary stock offerings allow existing public companies to raise additional funds. The secondary market provides liquidity for investors and corporations through public stock exchanges like the NYSE and Nasdaq. Investors monitor corporations and influence them through activities like proxy voting in order to maximize the value of their stock holdings over time.
SORTIS Invest is a Bulgarian financial advisory firm that provides private equity, venture capital, corporate finance, and other investment banking services. It is part of the larger SORTIS Group which also includes real estate and credit advisory companies. SORTIS Invest assists both entrepreneurs seeking financing and institutional investors in structuring and executing investment deals. It has extensive experience in equity investments, mergers and acquisitions, and restructuring projects in Bulgaria and other countries.
This document provides definitions and concepts related to security analysis and portfolio management. It discusses key topics such as the nature of investments, investment objectives and constraints, investment classification, capital markets, and various investment avenues and instruments. References are also provided at the beginning for further reading on the subject matter.
The document provides an overview of mutual funds in India, including:
1) It defines mutual funds as pooled investment funds that allow investors to invest in a diversified portfolio managed by fund managers.
2) It describes the structure of mutual funds in India including sponsors, trustees, asset management companies, custodians, and SEBI regulations.
3) It outlines different types of mutual fund schemes according to structure, investment objectives, and maturity periods.
Roles for Financial Engineering In the Life Insurance IndustryFrank Zhang
Roles for Financial Engineering in the Life Insurance Industry
[1] Life insurance products are increasingly derivatives oriented and many of the same derivatives valuation techniques apply. [2] The hybrid products also create unique challenges and opportunities to financial engineers and derivative markets. [3] Quantitative research and stochastic model development are needed to address pricing of guarantees, hedging strategies, and dynamic policyholder behavior modeling.
Ecommerce: impacts and consequences for the logistics industry oct 2012Amaury GARIEL
This document discusses the impacts of e-commerce on the logistics industry. It finds that internet shopping has become an established habit, with over 70% of people between 16-65 shopping online. Retailers expect their online sales to double by 2014 and many see themselves becoming fully integrated multichannel retailers within two years. This growth in e-commerce will significantly increase demand for logistics space and facilities tailored for online order fulfillment, such as larger warehouses with greater mechanization and automation capabilities located closer to population centers. The roles of stores are also evolving to include order pickup and home delivery.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms for those who already suffer from conditions like depression and anxiety.
This document discusses the efficient market hypothesis. It begins with an overview and definition of the hypothesis, which states that security prices fully reflect all available information. It then examines empirical evidence both supporting and contradicting the hypothesis. Specifically, it notes evidence such as investment analysts failing to consistently beat the market and stock prices quickly reflecting publicly available information as supporting the hypothesis, while anomalies like the small firm effect and market overreaction present challenges. The document concludes by discussing implications of the hypothesis for investors.
The document discusses security analysis and portfolio management. It defines key terms like securities, security analysis, portfolio, and portfolio management. Security analysis involves analyzing the economy, industry, and company to project future earnings and dividends. A portfolio is a combination of different securities with varying risk-return profiles. Portfolio management includes tasks like portfolio construction, evaluation, and monitoring performance. The document provides an overview of these fundamental concepts in finance.
This document provides an overview of chapter 2 from a financial markets textbook. It discusses the roles that financial markets and intermediaries play in channeling funds from savers to borrowers. It describes the structure of financial markets, including debt, equity, primary and secondary markets. It also outlines the functions of financial intermediaries in reducing transactions costs and asymmetric information. Finally, it lists some common types of financial intermediaries such as banks, thrifts, insurance companies, and pension funds.
This document provides definitions for over 50 terms related to stocks, the stock market, and financial analysis. Some key terms defined include American Depository Receipts, which allow foreign stocks to trade in the US market, arbitrage which is the practice of exploiting price differences in the same security trading on different exchanges, and cash flow which refers to a company's net income plus non-cash expenses like depreciation. Additional terms defined include preferred stock, price-earnings ratios, technical analysis, warrants, and puts and calls which are options contracts.
This chapter discusses bonds and the bond market. It covers various types of bonds including Treasury bonds, municipal bonds, and corporate bonds. It examines how the capital market operates and the roles of various participants such as governments, corporations, and investors. Key topics include bond yields, pricing bonds, and investing in bonds.
The document introduces a chapter on financial markets and institutions, explaining that the chapter will discuss why these systems are important to study, including how financial markets channel funds and affect wealth and economic growth. Specific markets that will be covered include the bond market, stock market, and foreign exchange market. The chapter will also examine the role of financial institutions and how they operate the marketplaces.
Corporate advisory services refer to financial advisory services provided to corporations. Some key services include:
- Corporate finance advisory regarding financial aspects of business operations. This includes mergers and acquisitions advisory, business solutions for operational problems, business planning, and fundraising.
- Advisory services related to mergers and acquisitions, including business valuations, leveraged buyouts, and regulatory advice. Most M&A advice is provided by investment banks.
- Financial planning, project appraisal, and activities like debt funding and IPOs to raise funds for the company.
- Factoring, which involves selling accounts receivable to a third party at a discount in exchange for immediate cash. This differs from loans in
This document is a chapter from a textbook on financial markets that discusses money markets. It begins with an overview of the topics to be covered, including the definition of money markets, their purpose, participants, and instruments. Money market securities have short maturities of one year or less and high liquidity. Major participants include corporations, governments, banks, and investors. Key instruments discussed include Treasury bills, federal funds, repurchase agreements, certificates of deposit, commercial paper, and eurodollars. The chapter then examines these instruments in more detail through examples and illustrations.
Financial engineering involves the design and implementation of innovative financial products and processes. It deals with creating new financial instruments or repackaging existing ones. Some examples of financial engineering in India include debt-oriented mutual funds, interest rate futures, and floating rate bonds. Financial engineering can be applied to equity, debt, hybrid instruments, and derivatives. It is used by investment banks and for purposes like risk management, valuation, and portfolio management. The field needs further development to provide more choices for investors and corporations to improve financial efficiency and solutions.
This document discusses securitization from an Islamic perspective. It defines securitization as issuing certificates of ownership against an investment pool or business. It describes how Musharakah, Murabahah, and Ijarah can be securitized. Musharakah certificates represent direct ownership in project assets and can be traded. Murabahah cannot be securitized for trading but portfolios can include it. Ijarah certificates represent ownership in leased assets and allow trading of rental profits and liability for losses. Government assets like ports and buildings could be securitized through sale-leaseback or diminishing Musharakah structures.
This document summarizes various money market instruments and investment avenues. It discusses traditional money market instruments like treasury bills, certificates of deposit, and commercial paper. It also discusses modern money market instruments like repo instruments, money market mutual funds, and inter-corporate deposits. Equity investments discussed include stocks, limited partnerships, private placements, and American/global depository receipts. Preferred stocks and hybrid securities are also summarized. Real estate investments are noted to provide capital appreciation, income from rents, and tax benefits.
This document summarizes guidance on measuring fair value of investments under IFRS and US GAAP. It notes differences and ongoing convergence efforts. It analyzes difficulties in valuing complex instruments like CDOs held by financial institutions during the 2008 crisis. Auditors recognized issues with valuations provided internally or by traders due to lack of market prices. The document concludes that concrete action is needed from accounting standard authorities to enhance fair value measurement and restore stability and confidence.
SORTIS Group is a Bulgarian financial services firm that provides investment banking, real estate investment management, credit and leasing advisory, and hospitality asset management services. The company has extensive networks of investment funds, strategic investors, and financing institutions to source and structure investment opportunities for its clients. SORTIS Group consists of several subsidiary companies that specialize in different areas of financial services.
This document discusses how stock market transactions occur. It describes how investors place orders with brokers to buy and sell stocks. It also discusses different order types like market orders, limit orders, and stop orders. The document then covers margin trading, short selling, and investing in stock indexes. It explains how trades are executed, including the roles of floor brokers, specialists, and market makers. It also discusses how electronic communication networks and program trading have changed how orders are handled.
This document discusses various types of long-term debt instruments, preferred stock, and common stock. It defines key terms related to bonds such as par value, coupon rate, maturity, and bond ratings. It describes different types of bonds including debentures, subordinated debentures, income bonds, junk bonds, mortgage bonds, and equipment trust certificates. The document also discusses preferred stock features like cumulative and participating dividends. Finally, it covers common stock terms like authorized shares, issued shares, outstanding shares, book value, and liquidating value.
Stock offerings and monitoring investo r 6Rika Hernawati
Investors participate in both the primary and secondary stock markets. In the primary market, corporations issue initial public offerings (IPOs) of stock to raise capital, while secondary stock offerings allow existing public companies to raise additional funds. The secondary market provides liquidity for investors and corporations through public stock exchanges like the NYSE and Nasdaq. Investors monitor corporations and influence them through activities like proxy voting in order to maximize the value of their stock holdings over time.
SORTIS Invest is a Bulgarian financial advisory firm that provides private equity, venture capital, corporate finance, and other investment banking services. It is part of the larger SORTIS Group which also includes real estate and credit advisory companies. SORTIS Invest assists both entrepreneurs seeking financing and institutional investors in structuring and executing investment deals. It has extensive experience in equity investments, mergers and acquisitions, and restructuring projects in Bulgaria and other countries.
This document provides definitions and concepts related to security analysis and portfolio management. It discusses key topics such as the nature of investments, investment objectives and constraints, investment classification, capital markets, and various investment avenues and instruments. References are also provided at the beginning for further reading on the subject matter.
The document provides an overview of mutual funds in India, including:
1) It defines mutual funds as pooled investment funds that allow investors to invest in a diversified portfolio managed by fund managers.
2) It describes the structure of mutual funds in India including sponsors, trustees, asset management companies, custodians, and SEBI regulations.
3) It outlines different types of mutual fund schemes according to structure, investment objectives, and maturity periods.
Roles for Financial Engineering In the Life Insurance IndustryFrank Zhang
Roles for Financial Engineering in the Life Insurance Industry
[1] Life insurance products are increasingly derivatives oriented and many of the same derivatives valuation techniques apply. [2] The hybrid products also create unique challenges and opportunities to financial engineers and derivative markets. [3] Quantitative research and stochastic model development are needed to address pricing of guarantees, hedging strategies, and dynamic policyholder behavior modeling.
Ecommerce: impacts and consequences for the logistics industry oct 2012Amaury GARIEL
This document discusses the impacts of e-commerce on the logistics industry. It finds that internet shopping has become an established habit, with over 70% of people between 16-65 shopping online. Retailers expect their online sales to double by 2014 and many see themselves becoming fully integrated multichannel retailers within two years. This growth in e-commerce will significantly increase demand for logistics space and facilities tailored for online order fulfillment, such as larger warehouses with greater mechanization and automation capabilities located closer to population centers. The roles of stores are also evolving to include order pickup and home delivery.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms for those who already suffer from conditions like depression and anxiety.
Jun Suh was grieving the death of his girlfriend Eun Suh, who had died of leukemia. As he drove home from her funeral, remembering their memories together, a truck accidentally hit his car. Due to being overcome with sadness over Eun Suh's death, Jun Suh did not have the will to avoid the collision and he died in the accident. Yoon Joon-suh and Yoon Eun-suh were adopted siblings who fell in love as adults after being separated due to a hospital mix-up at birth. Their love was cut short, however, when Eun Suh passed away from leukemia.
Will Salas is a 28-year-old factory worker who lives with his mother Rachel in poverty. One night, a wealthy 105-year-old man named Henry Hamilton transfers 116 years to Will in his sleep. The next day, Rachel does not have enough time to pay for her bus fare after the price suddenly increases. As she runs to meet Will, her time expires and she dies in his arms. Seeking revenge against the inequitable system, Will decides to go to New Greenwich with the extra time given to him.
Real estate investor intentions survey Mipim 2013Amaury GARIEL
The survey of over 360 European real estate investors found that:
1) Germany surpassed the UK as the most attractive country for investment in Europe, chosen by 35% of respondents compared to 24% for the UK.
2) London remained the most attractive city for investment, though it received a lower share of votes than in 2012, at 31% compared to 37% previously.
3) Overall, Europe was seen as the most attractive region for investment, with Western Europe preferred over Central and Eastern Europe, though Asia and North America were also viewed as potential opportunities.
The document provides information on the Vall de Boí municipality in Spain, which includes the Boí Taüll ski resort. The geography of the area includes the Catalan Pyrenees mountains surrounding the valley. Some of the prominent peaks mentioned are Serrat dels Roures, Pica Fenerui, and Avellaners's beak. The weather is described as cold winters with wind and fog. The local economy was traditionally based on forestry and livestock but has more recently benefited from hydroelectric power and the development of tourism, including the Boí-Taüll ski resort. Two churches in the area, the Church of Boí's San Juan and the Church of Santa Maria of Taüll, are noted
The document discusses strategies for reducing online piracy of movies. It begins by introducing the author and his background working in online gaming and entertainment platforms. It then discusses how piracy works through torrent sites, lockers, and other means. Some restrictions on piracy like blocks and lawsuits are reviewed, as well as ways people work around them. Examples of Louis CK and Amanda Palmer's successful non-piracy models are provided. The document argues that the best approach to reducing piracy focuses on availability, convenience, and flexible pricing of content. Force against piracy is seen as counterproductive and strengthening piracy.
Tagasi kooli: "Milline on päriselu peale kooli"Margus Pala
Käisin antud slaidide abil Tagasi kooli projekti raames Alatskivi Keskkoolis rääkimas kuidas IT vallas karjääri teha ning millised üldse on võimalused.
This fund focuses on about 20 large cap stocks and has outperformed its benchmark, the S&P CNX Nifty Index, over multiple time periods since inception. The fund has a quality bias, preferring value stocks with strong cash flows from sectors like energy, financials, technology and healthcare. Notable holdings include Infosys, RIL, and ICICI Bank. The fund's concentrated, high-conviction approach has helped deliver strong returns, though increased risk.
Net lease real estate has become a popular asset class due to attractive yields that exceed bonds and stocks, stable income from long-term leases, and potential for appreciation. However, not all net lease strategies are equal. To maximize returns, investors should seek high-quality assets with long lease terms to investment-grade tenants in desirable industries, and align with managers focusing on credit quality, asset quality, and long investment horizons. Prioritizing these components can provide stable income, inflation protection, and total returns exceeding fixed income over the long run.
Mercer Capital's Investment Management Industry Newsletter | Q3 2019 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Investment Management Industry Newsletter | Q4 2021 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Cost of Capital for State Owned Enterprises Stephen Labson slEconomicsStephen Labson
slEconomics is a boutique economics consulting firm based in Sydney, Australia that provides specialized advice to governments, regulators, and corporate clients in the areas of utilities and infrastructure. The document summarizes a workshop on estimating the cost of capital for regulated state-owned enterprises in South Africa. It discusses key determinants of the cost of debt and equity and how they apply in the context of state-owned enterprises, focusing on risk-adjusted rates of return and benchmarking to private sector costs of capital.
MintKit Growth Index: A Benchmark of the Stock Market for Sprightly Growth at...MintKit Institute
The document describes the MintKit Growth Index, which aims to provide ample growth at modest risk by selecting large-cap stocks in growing markets and sectors. It overviews the index's methodology, which involves equal weighting, fundamental and technical analysis, and both quantitative and qualitative screening. The final roster includes 10 stocks across various industries. The index is intended to outperform broad benchmarks like the S&P 500 by favoring undervalued, high-growth companies.
Paradigm Shift Investing In Illiquid Assets Nov 2008Xavier_Timmermans
This document discusses the advantages of investing in illiquid assets. It argues that illiquidity can provide higher returns through an illiquidity premium. During times of crisis, like the current credit crunch, the illiquidity premium increases significantly as investors demand liquidity. The document examines why some investors accept restricted liquidity in hedge funds, private equity, and credit markets to target higher returns. However, it also notes that illiquidity can increase risks for hedge funds during periods of market stress when liquidity is needed.
Equity Risk Premium in an Emerging Market Economyiosrjce
The finance literature suggests that in almost any kind of investing, returns would at least have some
relationship with risk-free rate of return (Rf), with investors demanding higher returns for greater risk. Risk-free
asset is regarded as one where the investor knows the expected return with certainty. This leads to the notion of
Equity Risk Premium (ERP), the extra return that, as compensation for the additional borne risk, the investor
earns over the Rf
, typically taken as 91-day Treasury bills (TB) rate of return. While similar studies have been
performed in the past, the applicability of the ERP concept across financial markets and its economic
implications as a risk measure has remained a contentious issue in the field, particular in emerging markets.
The present study seeks to revisit the issue in the Nigerian context based on secondary data spanning 2000-
2011. The statistical analysis based on the capital asset pricing model shows that the country’s Rf proxied by
TBs, had over the years traded at significantly higher levels of return than obtainable from market portfolio,
thus creating a negative ERP phenomenon. The implications of this peculiarity for sustainable wealth creation,
business development and valuation practice, are highlighted. Recent changes in the country’s Administration
makes this study even more relevant, thus, the paper also renews the call for creating a more pro-industry fiscal
policy climate if the national aspiration for sustainable inclusive growth is to be attained.
Net lease properties remain an attractive investment for those seeking predictable returns, according to industry leaders. While some question if high investor demand could lead to an overheated market, experts believe the sector will remain stable given targeted acquisition strategies and diverse property types and locations. Leaders from Equity Global Management, Iridium Capital, United Trust Fund and Paragon Real Estate expect continued investor appetite and transaction volume, especially for well-located assets with investment-grade tenants and long-term leases.
This document discusses how investment management principles can be applied to evaluate performance in the IT industry. It proposes constructing a benchmark using financial data from peer IT companies to compare sector allocation and returns. A hypothetical example shows how an IT company's performance can be attributed to factors like sector weighting and client selection within sectors. Several enhancements are identified, such as accounting for exchange rate fluctuations and using risk-return analysis to optimize sector allocation. The document argues that both strategic long-term allocation and tactical short-term adjustments are important to achieve business goals.
Right Horizons PMS India 2012 Review & Outlook 2013Vinayak Kanvinde
India equities are poised to continue upgrading in 2013 according to Right Horizons PMS. The outlook is positive due to lower borrowing costs, higher liquidity, strong consumption, and potential turnarounds in underperforming sectors like financials and infrastructure. Nifty is projected to reach 6800 by end of 2013 implying 16% annual growth. Further radical gains could be seen by 2015 on the back of policy changes, corporate balance sheet improvements, and investments in growth sectors. Right Horizons PMS offers various portfolio options to benefit from the expected wealth creation.
This document provides an overview of best practices for target company valuation in mergers and acquisitions identified by Stout Risius Ross, Inc. Key aspects include:
1) Developing detailed cash flow projections including comprehensive synergy and sensitivity analyses which are integrated with financial statements.
2) Identifying the "next likely buyer" to understand competitive bidding landscape.
3) Employing thorough internal rate of return analysis and accretion/dilution models to evaluate potential purchase prices.
This document provides an overview of Regency Retail Partners, L.P., a proposed $500 million open-end retail real estate fund sponsored by Regency Centers. The fund will invest in high-quality stabilized community shopping centers owned by Regency with a focus on national/regional tenants. Regency will co-invest 20% and provide the fund an exclusive pipeline of over $900 million in new development properties to acquire. The goal is to generate a 6.0% average cash yield and 9.0%+ net IRR for investors through stable cash flows from a portfolio of dominant retail properties in desirable locations.
Investing in Infrastructure: One way bet or booby trap?Nigel Brindley
As investor appetite for infrastructure assets grow, increasing risks threaten to undermine returns. Are the asset management skills available to preserve investment returns? This paper explores the evolving skill requirements required to secure returns from infrastructure as it enters a new cycle.
HCLT Whitepaper: Insurance~ The market will contract not collapseHCL Technologies
The insurance market will surely contract, but it will not collapse. Consumers and companies will still require risk management - albeit, the number of buyers are fewer. Some of the now marginal mid-tier and small carriers may be acquired, or simply fail. Prices will flatten, and rate increases will be needed to raise capital, but the size will be restrained by the contracting economy. However, most insurance industry leaders think that we will be in that contraction through the first half of 2010. With that return to expansion, the industry will still be confronted with the challenges/ opportunities discussed in my last two missives - expanded demand for more sophisticated products and
the need for time-to-market agility while managing losses and expenses.
This document provides an overview of QTS Realty Trust's investor presentation for the second quarter of 2019. It includes forward-looking statements about QTS's growth outlook and performance. It also describes QTS's balanced approach to capital allocation, including maintaining financial discipline in development projects. Additionally, it provides details on QTS's recent acquisition of two data centers in the Netherlands and its joint venture partnership with Alinda Capital Partners.
The document discusses ArcSight, a security software company, being ranked as the top "in use" vendor for event log management systems and security information event management according to a study. Some key findings from the study include that 100% of current ArcSight customers plan to stay with the company and 50% plan to increase spending on ArcSight's products in 2010. The document also notes that ArcSight received high ratings in areas like delivering as promised and brand reputation.
This document discusses private placement infrastructure investment opportunities through InduStreams. It provides an overview of why investors may be interested in these opportunities for high target returns of 10-20% while maintaining limited liability. InduStreams helps connect infrastructure funds seeking investors with potential investors. Examples provided include a general European infrastructure fund focused on stable assets like gas distribution, a sea port fund focused on Latin America and China, and an oil facilities fund focused on growth markets.
This document discusses practical uses of financial reporting for actuaries in Hong Kong. It covers several topics: the meaning of practical actuaries and how they can use financial reports; differences between insurance contracts and contemporary financial products; how stakeholders use financial reports; the impact of IFRS and Solvency II on asset-liability management and business; and considerations for improving insurance contract financial reporting. The author argues that current reporting does not fully reflect insurance risks and that future standards should improve comparability.