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Parkinson and Kallberg show corporations how to meet short-term objectives and improve relationships with outside credit institutions and banks. Corporate Liquidity is an essential guide for those actively involved in short-term corporate finance and also serves as a refresher for candidates studying for the Certified Cash Manager (CCM) exam.
This paper tests for evidence of contagion between the financial markets of Thailand, Malaysia, Indonesia, Korea, and the Philippines. Cross-country correlations among currencies and sovereign spreads are found to increase significantly during the crisis period, whereas the equity market correlations offer mixed evidence. A set of dummy variables using daily news is constructed to capture the impact of own-country and cross-border news on the markets. After controlling for own-country news and other fundamentals, the paper shows evidence of cross-border contagion in the currency and equity markets.
Fourteenth in a series of annual reports comparing business regulation in 190 economies, Doing Business 2017 measures aspects of regulation affecting 10 areas of everyday business activity: • Starting a business • Dealing with construction permits • Getting electricity • Registering property • Getting credit • Protecting minority investors • Paying taxes • Trading across borders • Enforcing contracts • Resolving insolvency These areas are included in the distance to frontier score and ease of doing business ranking. Doing Business also measures features of labor market regulation, which is not included in these two measures. This year’s report introduces major improveme...
Mit dem fünften Band der Zentralen Filmografie Politische Bil Filme anbieten. Die Erarbeitung der Verleihinformationen ha dung liegen etwa 5000 Filmbeschreibungen vor. Die Filme ben die meisten Verleihe mit großer Zuvorkommenheit unter können in der Bundesrepublik Deutschland im 16mm-Format stützt. Da aber viele Verleiher nicht kontinuierlich jedes Jahr und zum Teil zusätzlich als Video ausgeliehen werden. neue Kataloge publizieren, schleichen sich manchmal Fehl Jeder der fünf vorliegenden Bände hat einen Schwerpunkt, der informationen ein, wenn Filme nach Redaktionsschluß aus dem für ein Drittel der beschriebenen Filme des jeweiligen Bandes Verleih gezogen werden. Der Redaktionsschluß für diesen gültig ist. Die übrigen Titel sind Filme, die zum Zeitpunkt der Band lag im Herbst 1989. Bearbeitung des Bandes aktuell erschienen sind. Immer noch Schwierigkeiten gibt es mit willkürlichen Titel Band I wertet vor allem das Angebot von Institutionen wie In gebungen. So werden manche Filme von einigen Verleihern un stitUt für Film und Bild in Wissenschaft und Unterricht oder ter verschiedenen Titeln angeboten.
This book's prime audience is government policy-makers. It provides a policy framework for governments to increase micro, small and medium enterprises' access to financial services?one which is based on empirical evidence from around the world. Financial sector policies in many developing countries often work against the ability of commercial financial institutions to serve this market segment, albeit, often unintentionally. The framework guides governments on how to best focus scarce resources on three things: ? developing an inclusive financial sector policy; ? building healthy financial ins
Portfolio construction is fundamental to the investment management process. In the 1950s, Harry Markowitz demonstrated the benefits of efficient diversification by formulating a mathematical program for generating the "efficient frontier" to summarize optimal trade-offs between expected return and risk. The Markowitz framework continues to be used as a basis for both practical portfolio construction and emerging research in financial economics. Such concepts as the Capital Asset Pricing Model (CAPM) and the Arbitrage Pricing Theory (APT), for example, provide the foundation for setting benchmarks, for predicting returns and risk, and for performance measurement. This volume showcases original essays by some of today’s most prominent academics and practitioners in the field on the contemporary application of Markowitz techniques. Covering a wide spectrum of topics, including portfolio selection, data mining tests, and multi-factor risk models, the book presents a comprehensive approach to portfolio construction tools, models, frameworks, and analyses, with both practical and theoretical implications.
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This new annual publication from the World Bank Group provides an overview and assessment of financial sector development around the world, with particular attention on medium- and low-income countries.
This volume provides the definitive treatment of fortune's formula or the Kelly capital growth criterion as it is often called. The strategy is to maximize long run wealth of the investor by maximizing the period by period expected utility of wealth with a logarithmic utility function. Mathematical theorems show that only the log utility function maximizes asymptotic long run wealth and minimizes the expected time to arbitrary large goals. In general, the strategy is risky in the short term but as the number of bets increase, the Kelly bettor's wealth tends to be much larger than those with essentially different strategies. So most of the time, the Kelly bettor will have much more wealth tha...
The first comprehensive review of credit reporting systems worldwide, including their institutional forms and evidence of their impact on financial markets. Credit reporting is a critical part of the financial system in most developed economies but is often weak or absent in developing countries. It addresses a fundamental problem of credit markets: asymmetric information between borrowers and lenders that can lead to adverse selection and moral hazard. The heart of a credit report is the record it provides of an individual's or a firm's payment history, which enables lenders to evaluate credit risk more accurately and lower loan processing time and costs. Credit reports also strengthen borr...