1. Fund types and population covered

Size: px
Start display at page:

Download "1. Fund types and population covered"

Transcription

1 Performance and financial overview of invesmen funds - France 1 March 016 The Banque de France draws up he following informaion for invesmen funds: 1 monhly saisics on fund ousandings and flows, and on he valuaion of issued securiies; quarerly saisics on flows and he srucure of invesmens by invesmen funds wih a view o idenifying heir porfolio choices; quarerly saisics on he naure of he holders of he securiies issued by invesmen funds (invesors). These saisics are published in wo Sa Infos. The firs is published monhly, and describes he performances of he differen caegories of fund and of he associaed ousandings. The second is published quarerly, and gives a financial overview of invesmen funds, including a breakdown of fund invesmens by insrumen ype, geographical region and issuing secor, and a breakdown of ne invesmens by invesor caegory. All daa series published in he Sa Infos, as well as addiional and more deailed series, can be found a hp://websa.banque-france.fr/. 1. Fund ypes and populaion covered The fund caegories used in his publicaion are hose defined by he Auorié des Marchés Financiers (AMF - French Financial Markes Auhoriy). The caegory of each fund is deermined according o is real exposure o risk. The risk hresholds for each caegory and mehods used o calculae exposure are defined in AMF Insrucions , and Money marke funds are residen funds which are included in he ECB's lis of moneary financial insiuions and comply wih specific regulaions (noably regarding liquidiy) defined by he European Securiies and Markes Auhoriy (see Non-money marke funds include residen invesmen funds ha fall ino he oher caegories of he classificaion defined by he AMF or he French Moneary and Financial Code. They are divided ino he following caegories: equiy funds: euro equiies French equiies inernaional equiies European Union equiies. bond funds: euro bonds and oher deb securiies inernaional bonds and oher deb securiies 1 The European Direcive on Alernaive Invesmen Fund Managers, which came ino applicaion on July 013, applies o all caegories of alernaive invesmen funds (AIFs by naure and AIFs by purpose). I defines alernaive invesmen funds as collecive invesmen underakings which raise capial from a number of invesors, wih a view o invesing i in accordance wih a defined policy for he benefi of hose invesors. AIFs do no jus inves in ransferable securiies; as a resul, hey are no longer referred o as UCITSs (underaking for invesmen in ransferable securiies) as he name was considered oo resricive. Insead, hey are referred o simply as invesmen funds. The range of collecive invesmen producs was simplified as of July 014 under he AIFM Direcive of July 013 (furher deails can be found on he AMF websie). 1

2 diversified funds (including funds of alernaive funds) "oher" funds: employee saving funds (FCPE and SICAVAS) hedge funds idenified on he basis of self-reporing srucured funds privae equiy funds: venure capial invesmen funds (FCPR), innovaion funds (FCPI) and local invesmen funds (FIP) fuures marke fund (almos obsolee). The equiy, bond and diversified fund caegories also include Exchange Traded Funds (ETFs), also known as index-linked funds, which are lised invesmen funds ha rack he performance of a sock marke index. Their aim is o replicae he performance of an equiy, bond or commodiy index. Shares in hese funds are lised coninuously on an official sock exchange. The reporing populaion consised of 10,691 funds a end-december 015, made up of 93 money marke funds whose shares are a componen of he M3 moneary aggregae, and 10,398 non-money marke funds. Money marke Non-money marke Toal December ,130 10,464 December ,339 10,631 December ,398 10,691 The following are excluded from he scope of repor, and herefore from he saisics: - real esae funds (SCPI and OPCI): his populaion will be covered in specific focuses, published a every six monh. - Alernaive Invesmen Funds by purpose (AIF by purpose): since he applicaion of he AIFM Direcive, daa on his populaion have been colleced by he AMF. The ask should be enrused o he Banque de France again in he medium erm.. Daa sources Three disinc sources are used o draw up hese saisics: - he balance shees sen o he Banque de France every monh by money marke and non-money marke funds 3 provide deails of porfolio iems, securiy-by-securiy, he aggregae ousanding amoun of oher balance shee iems, and he ousanding amoun and number of invesmen fund shares/unis issued (all caegories); - he realisable value of each invesmen fund (repored by ISIN code and wih he corresponding number of shares/unis) is submied o he AMF, which forwards he informaion o he Banque de France on a daily basis; 4 - he PROTIDE survey conduced by he Banque de France among residen cusodians provides informaion on holdings of invesmen fund shares/unis by secor. 3 The balance shees of venure capial funds are repored o he Banque de France every six monhs. 4 Realisable values are updaed a differen frequencies, depending on he naure of he fund.

3 3. Breakdown of changes in ousanding amouns, calculaion of holdings and consolidaion rules 3.1 Breakdown of changes in ousanding amouns The published saisics are compiled using he balance shee informaion submied by reporing eniies. The change in ousanding amouns beween wo periods is aribuable o hree facors: (i) flows, which correspond o changes in balance shee iems in he invesmen fund secor resuling from acual ransacions. They noably correspond o acquisiions or redempions of shares/unis in he invesmen fund which resul in he purchase or sale of asses; (ii) holding losses or gains (valuaion effecs) caused by variaions in prices (eg. sock marke prices, ineres raes, exchange raes); (iii) oher changes in volume. Ousanding amouns are calculaed using he following formula: Ous an dings Flows Valuaion effecs Oher changes in volume Valuaion effecs on a fund's asses (or liabiliies) beween wo differen daes resul in a change in he ousanding amoun of he fund, which can be broken down ino a change in he price of he fund's securiies (ne asse value of a fund share/uni) and a change in he average number of ousanding securiies (average number of shares/unis in he fund). Flows on he asse (or liabiliy) side beween wo daes lead o a variaion in he ousanding amoun of he fund, corresponding o purchases/sales of fund securiies (acquisiion/redempion of fund shares/unis) a he average price for he period (average ne asse value of he fund share/uni). Flows and valuaion effecs on he asse (liabiliy) side are calculaed for each securiy ISIN code (each fund share/uni ISIN code). The following formulae are used: Valuaion effec M = ( M M 1 ( n n ) p beween M and M 1) ( p M p M 1 ) Flows M = ( n beween M and M 1) Where, on he asse side n = he number of securiies and p = he price of each securiy And, on he liabiliies side n = he number of shares/unis and p = he ne asse value of each share/uni Purchases of securiies are deemed o occur a he end of he period in quesion, and sales a he sar of he period. If no informaion is available on he shares/unis of a fund, flows are deemed o be nil and he ousanding amoun for he previous period is carried over. For daa series where here are no valuaion effecs, he ransacion flow is deemed o be he difference in he ousanding amoun a each dae, afer oher changes in volume. 5 5 Oher changes in volume corresponds o reclassificaions, creaions or liquidaions of eniies. 3

4 In he case of insrumens which are subjec o valuaion effecs, he ransacion flow is calculaed by subracing he valuaion effec from he change in ousanding amoun. The amoun of he revaluaion is esimaed eiher from he deailed "securiy-by-securiy" informaion submied by he fund, 6 or using sock marke indices. 3.. Calculaion of holdings The PROTIDE survey is used o break down he ousanding amouns of and ransacions in money marke fund shares/unis by holding secor, excep in he following cases: - holdings by he invesmen fund secor (i.e. shares/unis held by money marke and non-money marke funds). Daa on hese holdings are insead obained from he deailed invesmen fund porfolios colleced by he Banque de France; - holdings by credi insiuions. Daa on hese holdings are insead obained from he credi insiuions' individual balance shees. The srucure of he breakdown by holding secor provided by cusodians in he PROTIDE survey is applied o he ousanding amouns repored by invesmen funds hemselves. Flows are calculaed by deducing valuaion amouns from he change in ousandings: ( Ous an dings M Ous an dings M 1) Monhly flows = Δ Ousandings monhly valuaion rae of funds in he caegory Where Flows and Ousandings represen he flows and ousandings by holding secor NB: quarerly flows = he sum of 3 monhly flows 3.3. Consolidaion rules These saisics are no consolidaed excep in he case of consolidaed ousandings of money marke fund shares or unis ha do no include he securiies held by money marke funds hemselves. In oher words, for non-money marke funds, he holding of funds (maser funds or ohers) by oher funds (feeder funds or oher) is neiher subraced from he oal ousanding of securiies issued nor from ne ransacion flows. 4. Recording of evens affecing invesmen funds Evens affecing he life of invesmen funds, such as heir creaion, mergers and acquisiions, changes of caegory and dissoluions, are recorded in he published saisics as follows: Creaions are deemed o occur a he end of he period in quesion. The ousanding amouns declared by he funds in he firs monh of heir exisence are deemed o correspond o flows of asses and liabiliies: no valuaion effecs are recorded for he firs period of heir exisence. Dissoluions are, unlike creaions, deemed o occur a he sar of he period in quesion. The ousanding amouns declared by he funds a he sar of he monh are recorded as negaive asse and liabiliy flows. No valuaion effecs are recorded for he period during which he dissoluion akes place. Changes of caegory are reaed as redempions of shares/unis issued by he invesmen fund concerned in he caegory o which i belonged in he previous period and as an inflow in he new caegory o which i belongs. This reamen sems from he obligaion for invesmen funds o publish any changes in heir invesmen sraegy leading o a change in caegory: he accepance of hese changes by he invesor who holds he shares/unis is regarded as a deliberae choice o change he allocaion of his asses, ranslaing ino a redempion of shares/unis in he caegory he invesor has moved ou of and a ne invesmen in he new caegory. Mergers, acquisiions and divisions of funds: hese operaions resul in eiher i) he creaion of one or more new funds o which he asses of he merged funds are ransferred, or ii) he acquisiion of he fund's old porfolio and issue of new shares/unis. Cases consising in boh a ransfer of asses and a change of porfolio 6 Based on he ISIN code. 4

5 (case iii) are no aken ino accoun due o a lack of informaion on he individual invesors in he old and new funds. i) By convenion, ransfers of asses resuling from mergers of residen funds are no recorded as ransacion flows in he published saisics bu as reclassificaions of asses (oher changes in volume). Thus: For he fund acquired or divided: Δ ousanding amouns = M-1 ousanding amouns ransferred (= reclassificaion) and flows = 0 For he acquiring or newly creaed fund: Δ ousanding amouns = flows + valuaion effec + reclassificaion (= ousanding amouns ransferred) ii) Cross-border mergers (ino and ou of France) resul in he dissoluion or creaion of a residen fund and he corresponding dissoluion or creaion of a non-residen fund. These ransacions beween residens and nonresidens are recorded as flows, in he same way as in he Balance of Paymens. Thus: For he acquired or divided French fund: Δ ousanding amouns = M-1 ousanding amouns ransferred (= negaive flow) For he absorbing French fund Δ ousanding amouns = M-1 ousanding amouns ransferred (= posiive flow) 5. The monhly Sa Info on "Invesmen Fund Performances" This documen deails he annual performance of he differen invesmen fund caegories described in Par 1. Annual performances are measured as he raio beween he sum of he valuaion effecs (calculaed as described previously) for all funds in he same caegory in he 1 preceding monhs, and he ousanding amoun a M-1: Annual performance = sumof valuaion effecs from M o Ous an dings M 1 M 11 Performances are given ne of managemen fees bu before enry or exi fees. The monhly Sa Info also includes chars on hree daa series published by exernal bodies: - he annual performance of he Soxx 600 index (which comprises 600 companies residen in 18 European counries): percenage change in he index beween he las day of monh M and M-1 - he annual performance of he Barclays Global Aggregae index: a Barclays index comprising sovereign and quasi-sovereign bonds, corporae bonds and asse-backed securiies. I includes securiies denominaed in 4 currencies, issued in developed and emerging markes. The residual mauriy of he securiies is more han one year, and all are raed "invesmen grade": percenage change in he index beween he las day of monh M and M-1; - 6-monh Euribor: monhly average of he daily rae. 5

6 6. The quarerly Sa Info on "Financial Overview of Invesmen Funds" This documen provides daa on he flows and ousanding amouns of fund invesmens, as well as on holdings of fund shares/unis by invesors. I includes a char showing all ne invesmen inflows in he four euro area counries which are he larges issuers of fund shares/unis: Ireland, Luxembourg, France and Germany. Invesmens of invesmen funds By ype of insrumen: shor-erm deb securiies, 7 long-erm deb securiies, 8 equiies (for non-money marke funds), invesmen funds shares/unis and deposis and oher ne invesmens. 9 By geographical region: residens, euro area non-residens and non-euro area residens By issuing secor: non financial corporaions, moneary financial insiuions, credi insiuions (for money marke funds), public adminisraions, non-money marke funds, oher (non-money marke funds, insurance underakings and oher financial insiuions) Invesors - Breakdown of holdings by secor of issued invesmen fund unis/shares The daa on he shares/unis issued by money marke and non-money marke funds, colleced from residen cusodians (PROTIDE survey), provide informaion on he naure of he secors holding hese shares/unis (see secion 3.. Calculaion of holdings). 7 Primarily cerificaes of deposi, commercial paper and fixed-rae T-bills. 8 Bonds, medium-erm noes and securiies issued by securiisaion vehicles. 9 Oher ne invesmens includes derivaives (excep opions and warrans held by money marke funds, which are classed as deb securiies), non-financial asses and oher claims. These iems are all ne of liabiliies. 6

BALANCE OF PAYMENTS. First quarter 2008. Balance of payments

BALANCE OF PAYMENTS. First quarter 2008. Balance of payments BALANCE OF PAYMENTS DATE: 2008-05-30 PUBLISHER: Balance of Paymens and Financial Markes (BFM) Lena Finn + 46 8 506 944 09, lena.finn@scb.se Camilla Bergeling +46 8 506 942 06, camilla.bergeling@scb.se

More information

What is a swap? A swap is a contract between two counter-parties who agree to exchange a stream of payments over an agreed period of several years.

What is a swap? A swap is a contract between two counter-parties who agree to exchange a stream of payments over an agreed period of several years. Currency swaps Wha is a swap? A swap is a conrac beween wo couner-paries who agree o exchange a sream of paymens over an agreed period of several years. Types of swap equiy swaps (or equiy-index-linked

More information

YTM is positively related to default risk. YTM is positively related to liquidity risk. YTM is negatively related to special tax treatment.

YTM is positively related to default risk. YTM is positively related to liquidity risk. YTM is negatively related to special tax treatment. . Two quesions for oday. A. Why do bonds wih he same ime o mauriy have differen YTM s? B. Why do bonds wih differen imes o mauriy have differen YTM s? 2. To answer he firs quesion les look a he risk srucure

More information

Morningstar Investor Return

Morningstar Investor Return Morningsar Invesor Reurn Morningsar Mehodology Paper Augus 31, 2010 2010 Morningsar, Inc. All righs reserved. The informaion in his documen is he propery of Morningsar, Inc. Reproducion or ranscripion

More information

PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART TWO

PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART TWO Profi Tes Modelling in Life Assurance Using Spreadshees, par wo PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART TWO Erik Alm Peer Millingon Profi Tes Modelling in Life Assurance Using Spreadshees,

More information

BALANCE OF PAYMENTS AND FINANCIAL MA REPORT 2015. All officiell statistik finns på: www.scb.se Statistikservice: tfn 08-506 948 01

BALANCE OF PAYMENTS AND FINANCIAL MA REPORT 2015. All officiell statistik finns på: www.scb.se Statistikservice: tfn 08-506 948 01 RKET BALANCE OF PAYMENTS AND FINANCIAL MA REPORT 2015 All officiell saisik finns på: www.scb.se Saisikservice: fn 08-506 948 01 All official saisics can be found a: www.scb.se Saisics service, phone +46

More information

PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART ONE

PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART ONE Profi Tes Modelling in Life Assurance Using Spreadshees PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART ONE Erik Alm Peer Millingon 2004 Profi Tes Modelling in Life Assurance Using Spreadshees

More information

A Brief Introduction to the Consumption Based Asset Pricing Model (CCAPM)

A Brief Introduction to the Consumption Based Asset Pricing Model (CCAPM) A Brief Inroducion o he Consumpion Based Asse Pricing Model (CCAPM We have seen ha CAPM idenifies he risk of any securiy as he covariance beween he securiy's rae of reurn and he rae of reurn on he marke

More information

MSCI Index Calculation Methodology

MSCI Index Calculation Methodology Index Mehodology MSCI Index Calculaion Mehodology Index Calculaion Mehodology for he MSCI Equiy Indices Index Mehodology MSCI Index Calculaion Mehodology Conens Conens... 2 Inroducion... 5 MSCI Equiy Indices...

More information

Equities: Positions and Portfolio Returns

Equities: Positions and Portfolio Returns Foundaions of Finance: Equiies: osiions and orfolio Reurns rof. Alex Shapiro Lecure oes 4b Equiies: osiions and orfolio Reurns I. Readings and Suggesed racice roblems II. Sock Transacions Involving Credi

More information

I. Basic Concepts (Ch. 1-4)

I. Basic Concepts (Ch. 1-4) (Ch. 1-4) A. Real vs. Financial Asses (Ch 1.2) Real asses (buildings, machinery, ec.) appear on he asse side of he balance shee. Financial asses (bonds, socks) appear on boh sides of he balance shee. Creaing

More information

Table of contents Chapter 1 Interest rates and factors Chapter 2 Level annuities Chapter 3 Varying annuities

Table of contents Chapter 1 Interest rates and factors Chapter 2 Level annuities Chapter 3 Varying annuities Table of conens Chaper 1 Ineres raes and facors 1 1.1 Ineres 2 1.2 Simple ineres 4 1.3 Compound ineres 6 1.4 Accumulaed value 10 1.5 Presen value 11 1.6 Rae of discoun 13 1.7 Consan force of ineres 17

More information

The Greek financial crisis: growing imbalances and sovereign spreads. Heather D. Gibson, Stephan G. Hall and George S. Tavlas

The Greek financial crisis: growing imbalances and sovereign spreads. Heather D. Gibson, Stephan G. Hall and George S. Tavlas The Greek financial crisis: growing imbalances and sovereign spreads Heaher D. Gibson, Sephan G. Hall and George S. Tavlas The enry The enry of Greece ino he Eurozone in 2001 produced a dividend in he

More information

Methodology brief Introducing the J.P. Morgan Emerging Markets Bond Index Global (EMBI Global)

Methodology brief Introducing the J.P. Morgan Emerging Markets Bond Index Global (EMBI Global) Mehodology brief Emerging Markes Bond Index The EMBI Global, which currenly includes 27 counries, has been creaed in response o invesor demand for a broader emerging markes deb benchmark The EMBI Global

More information

Derivatives. Forwards and Futures. Forward. Futures. Options. Initial Cost

Derivatives. Forwards and Futures. Forward. Futures. Options. Initial Cost Derivaives Forwards and Fuures A derivaive securiy is a securiy whose value depends on he values of oher more basic underlying variables. Forward The mos common derivaive securiies are forward, fuures

More information

Debt Portfolio Optimization Eric Ralaimiadana

Debt Portfolio Optimization Eric Ralaimiadana Deb Porfolio Opimizaion Eric Ralaimiadana 27 May 2016 Inroducion CADES remi consiss in he defeasance of he Social Securiy and Healh public deb To achieve is ask, he insiuion has been assigned a number

More information

Fifth Quantitative Impact Study of Solvency II (QIS 5) National guidance on valuation of technical provisions for German SLT health insurance

Fifth Quantitative Impact Study of Solvency II (QIS 5) National guidance on valuation of technical provisions for German SLT health insurance Fifh Quaniaive Impac Sudy of Solvency II (QIS 5) Naional guidance on valuaion of echnical provisions for German SLT healh insurance Conens 1 Inroducion... 2 2 Calculaion of bes-esimae provisions... 3 2.1

More information

Present Value Methodology

Present Value Methodology Presen Value Mehodology Econ 422 Invesmen, Capial & Finance Universiy of Washingon Eric Zivo Las updaed: April 11, 2010 Presen Value Concep Wealh in Fisher Model: W = Y 0 + Y 1 /(1+r) The consumer/producer

More information

Risk Modelling of Collateralised Lending

Risk Modelling of Collateralised Lending Risk Modelling of Collaeralised Lending Dae: 4-11-2008 Number: 8/18 Inroducion This noe explains how i is possible o handle collaeralised lending wihin Risk Conroller. The approach draws on he faciliies

More information

House Price Index (HPI)

House Price Index (HPI) House Price Index (HPI) The price index of second hand houses in Colombia (HPI), regisers annually and quarerly he evoluion of prices of his ype of dwelling. The calculaion is based on he repeaed sales

More information

strategy T R U LY P E R S O N A L I Z E D

strategy T R U LY P E R S O N A L I Z E D Fund Selec Premier sraegy T R U LY P E R S O N A L I Z E D Invesing for your presen and fuure financial needs can seem overwhelming. I shouldn be, and i doesn have o be. Implemening a well-conceived invesmen

More information

Questioni di Economia e Finanza

Questioni di Economia e Finanza Quesioni di conomia e Finanza (Occasional Papers) In search of los capial: an esimaion of undeclared porfolio asses by Valeria Pellegrini and nrico Tosi Sepember 2012 Number 131 Quesioni di conomia e

More information

Glenn P. Jenkins Queen s University, Kingston, Canada and Eastern Mediterranean University, North Cyprus

Glenn P. Jenkins Queen s University, Kingston, Canada and Eastern Mediterranean University, North Cyprus COST-BENEFIT ANALYSIS FOR INVESTMENT DECISIONS, CHAPTER 3: THE FINANCIAL APPRAISAL OF PROJECTS Glenn P. Jenkins Queen s Universiy, Kingson, Canada and Easern Medierranean Universiy, Norh Cyprus Developmen

More information

CALCULATION OF OMX TALLINN

CALCULATION OF OMX TALLINN CALCULATION OF OMX TALLINN CALCULATION OF OMX TALLINN 1. OMX Tallinn index...3 2. Terms in use...3 3. Comuaion rules of OMX Tallinn...3 3.1. Oening, real-ime and closing value of he Index...3 3.2. Index

More information

The Effect of Working Capital Management on Reducing the Stock Price Crash Risk(Case Study: Companies Listed in Tehran Stock Exchange)

The Effect of Working Capital Management on Reducing the Stock Price Crash Risk(Case Study: Companies Listed in Tehran Stock Exchange) Inernaional Research Journal of Applied and Basic Sciences 2013 Available online a www.irjabs.com ISSN 2251-838X / Vol, 6 (9): 1222-1228 Science Explorer Publicaions The Effec of Working Capial Managemen

More information

ANALYSIS AND ACCOUNTING OF TOTAL CASH FLOW

ANALYSIS AND ACCOUNTING OF TOTAL CASH FLOW Annals of he Universiy of Peroşani, Economics, 12(1), 2012, 205-216 205 ANALYSIS AND ACCOUNTING OF TOTAL CASH FLOW MELANIA ELENA MICULEAC ABSTRACT: In order o reach he objecive of supplying some relevan

More information

Development Centre RESEARCH MEMORANDUM. Banking sector output measurement in the euro area a modified approach. Antonio Colangelo and Robert Inklaar

Development Centre RESEARCH MEMORANDUM. Banking sector output measurement in the euro area a modified approach. Antonio Colangelo and Robert Inklaar Universiy of Groningen Groningen Growh and Developmen Cenre Banking secor oupu measuremen in he euro area a modified approach Research Memorandum GD-117 Anonio Colangelo and Rober Inklaar RESEARCH MEMORANDUM

More information

GUIDE GOVERNING SMI RISK CONTROL INDICES

GUIDE GOVERNING SMI RISK CONTROL INDICES GUIDE GOVERNING SMI RISK CONTROL IND ICES SIX Swiss Exchange Ld 04/2012 i C O N T E N T S 1. Index srucure... 1 1.1 Concep... 1 1.2 General principles... 1 1.3 Index Commission... 1 1.4 Review of index

More information

Nikkei Stock Average Volatility Index Real-time Version Index Guidebook

Nikkei Stock Average Volatility Index Real-time Version Index Guidebook Nikkei Sock Average Volailiy Index Real-ime Version Index Guidebook Nikkei Inc. Wih he modificaion of he mehodology of he Nikkei Sock Average Volailiy Index as Nikkei Inc. (Nikkei) sars calculaing and

More information

The Grantor Retained Annuity Trust (GRAT)

The Grantor Retained Annuity Trust (GRAT) WEALTH ADVISORY Esae Planning Sraegies for closely-held, family businesses The Granor Reained Annuiy Trus (GRAT) An efficien wealh ransfer sraegy, paricularly in a low ineres rae environmen Family business

More information

A Note on Using the Svensson procedure to estimate the risk free rate in corporate valuation

A Note on Using the Svensson procedure to estimate the risk free rate in corporate valuation A Noe on Using he Svensson procedure o esimae he risk free rae in corporae valuaion By Sven Arnold, Alexander Lahmann and Bernhard Schwezler Ocober 2011 1. The risk free ineres rae in corporae valuaion

More information

Description of the CBOE S&P 500 BuyWrite Index (BXM SM )

Description of the CBOE S&P 500 BuyWrite Index (BXM SM ) Descripion of he CBOE S&P 500 BuyWrie Index (BXM SM ) Inroducion. The CBOE S&P 500 BuyWrie Index (BXM) is a benchmark index designed o rack he performance of a hypoheical buy-wrie sraegy on he S&P 500

More information

GUIDELINE IBD Small/Mid-Cap Leaders Index. Version 1.0 dated January 2, 2016

GUIDELINE IBD Small/Mid-Cap Leaders Index. Version 1.0 dated January 2, 2016 GUIDELINE IBD Small/Mid-Cap Leaders Index Version 1.0 daed January 2, 2016 Conens Inroducion 1 Index specificaions 1.1 Shor name and ISIN 1.2 Iniial value 1.3 Disribuion 1.4 Prices and calculaion frequency

More information

CBOE VIX PREMIUM STRATEGY INDEX (VPD SM ) CAPPED VIX PREMIUM STRATEGY INDEX (VPN SM )

CBOE VIX PREMIUM STRATEGY INDEX (VPD SM ) CAPPED VIX PREMIUM STRATEGY INDEX (VPN SM ) CBOE VIX PREIU STRATEGY INDEX (VPD S ) CAPPED VIX PREIU STRATEGY INDEX (VPN S ) The seady growh of CBOE s volailiy complex provides a unique opporuniy for invesors inen on capuring he volailiy premium.

More information

One dictionary: Native language - English/English - native language or English - English

One dictionary: Native language - English/English - native language or English - English Faculy of Social Sciences School of Business Corporae Finance Examinaion December 03 English Dae: Monday 09 December, 03 Time: 4 hours/ 9:00-3:00 Toal number of pages including he cover page: 5 Toal number

More information

The Interest Rate Risk of Mortgage Loan Portfolio of Banks

The Interest Rate Risk of Mortgage Loan Portfolio of Banks The Ineres Rae Risk of Morgage Loan Porfolio of Banks A Case Sudy of he Hong Kong Marke Jim Wong Hong Kong Moneary Auhoriy Paper presened a he Exper Forum on Advanced Techniques on Sress Tesing: Applicaions

More information

Duration and Convexity ( ) 20 = Bond B has a maturity of 5 years and also has a required rate of return of 10%. Its price is $613.

Duration and Convexity ( ) 20 = Bond B has a maturity of 5 years and also has a required rate of return of 10%. Its price is $613. Graduae School of Business Adminisraion Universiy of Virginia UVA-F-38 Duraion and Convexiy he price of a bond is a funcion of he promised paymens and he marke required rae of reurn. Since he promised

More information

Chapter 9 Bond Prices and Yield

Chapter 9 Bond Prices and Yield Chaper 9 Bond Prices and Yield Deb Classes: Paymen ype A securiy obligaing issuer o pay ineress and principal o he holder on specified daes, Coupon rae or ineres rae, e.g. 4%, 5 3/4%, ec. Face, par value

More information

Reporting to Management

Reporting to Management CHAPTER 31 Reporing o Managemen Inroducion The success or oherwise of any business underaking depends primarily on earning revenue ha would generae sufficien resources for sound growh. To achieve his objecive,

More information

Inflation Accounting. Advanced Financial Accounting

Inflation Accounting. Advanced Financial Accounting Inflaion Accouning Advanced Financial Accouning Inflaion: Definiions Decrease in purchasing power of money due o an increase in he general price level A process of seadily rising prices resuling in diminishing

More information

Markit Excess Return Credit Indices Guide for price based indices

Markit Excess Return Credit Indices Guide for price based indices Marki Excess Reurn Credi Indices Guide for price based indices Sepember 2011 Marki Excess Reurn Credi Indices Guide for price based indices Conens Inroducion...3 Index Calculaion Mehodology...4 Semi-annual

More information

Principal components of stock market dynamics. Methodology and applications in brief (to be updated ) Andrei Bouzaev, bouzaev@ya.

Principal components of stock market dynamics. Methodology and applications in brief (to be updated ) Andrei Bouzaev, bouzaev@ya. Principal componens of sock marke dynamics Mehodology and applicaions in brief o be updaed Andrei Bouzaev, bouzaev@ya.ru Why principal componens are needed Objecives undersand he evidence of more han one

More information

Impact of scripless trading on business practices of Sub-brokers.

Impact of scripless trading on business practices of Sub-brokers. Impac of scripless rading on business pracices of Sub-brokers. For furher deails, please conac: Mr. T. Koshy Vice Presiden Naional Securiies Deposiory Ld. Tradeworld, 5 h Floor, Kamala Mills Compound,

More information

INTEREST RATE FUTURES AND THEIR OPTIONS: SOME PRICING APPROACHES

INTEREST RATE FUTURES AND THEIR OPTIONS: SOME PRICING APPROACHES INTEREST RATE FUTURES AND THEIR OPTIONS: SOME PRICING APPROACHES OPENGAMMA QUANTITATIVE RESEARCH Absrac. Exchange-raded ineres rae fuures and heir opions are described. The fuure opions include hose paying

More information

4. International Parity Conditions

4. International Parity Conditions 4. Inernaional ariy ondiions 4.1 urchasing ower ariy he urchasing ower ariy ( heory is one of he early heories of exchange rae deerminaion. his heory is based on he concep ha he demand for a counry's currency

More information

If You Are No Longer Able to Work

If You Are No Longer Able to Work If You Are No Longer Able o Work NY STRS A Guide for Making Disabiliy Reiremen Decisions INTRODUCTION If you re forced o sop working because of a serious illness or injury, you and your family will be

More information

INDEX RULE BOOK Leverage, Short, and Bear Indices

INDEX RULE BOOK Leverage, Short, and Bear Indices INDEX RULE BOOK Leverage, Shor, and Bear Indices Version 14-01 Effecive from 1 June 2014 indices.euronex.com Index 1. Index Summary 1 2. Governance and Disclaimer 6 2.1 Indices 6 2.2 Compiler 6 2.3 Cases

More information

Chapter 6: Business Valuation (Income Approach)

Chapter 6: Business Valuation (Income Approach) Chaper 6: Business Valuaion (Income Approach) Cash flow deerminaion is one of he mos criical elemens o a business valuaion. Everyhing may be secondary. If cash flow is high, hen he value is high; if he

More information

Market Liquidity and the Impacts of the Computerized Trading System: Evidence from the Stock Exchange of Thailand

Market Liquidity and the Impacts of the Computerized Trading System: Evidence from the Stock Exchange of Thailand 36 Invesmen Managemen and Financial Innovaions, 4/4 Marke Liquidiy and he Impacs of he Compuerized Trading Sysem: Evidence from he Sock Exchange of Thailand Sorasar Sukcharoensin 1, Pariyada Srisopisawa,

More information

MSCI Hedged Indices MSCI FX Hedge Indices MSCI Global Currency Indices

MSCI Hedged Indices MSCI FX Hedge Indices MSCI Global Currency Indices MSCI Hedged Indices MSCI FX Hedge Indices MSCI Global Currency Indices Conens Conens... 2 Inroducion... 4 Secion 1: Common Principles in he Calculaion of MSCI Hedged, MSCI FX Hedge and MSCI Global Currency

More information

Chapter 1.6 Financial Management

Chapter 1.6 Financial Management Chaper 1.6 Financial Managemen Par I: Objecive ype quesions and answers 1. Simple pay back period is equal o: a) Raio of Firs cos/ne yearly savings b) Raio of Annual gross cash flow/capial cos n c) = (1

More information

Technical Description of S&P 500 Buy-Write Monthly Index Composition

Technical Description of S&P 500 Buy-Write Monthly Index Composition Technical Descripion of S&P 500 Buy-Wrie Monhly Index Composiion The S&P 500 Buy-Wrie Monhly (BWM) index is a oal reurn index based on wriing he nearby a-he-money S&P 500 call opion agains he S&P 500 index

More information

Depreciation and Corporate Taxes

Depreciation and Corporate Taxes 205 Depreciaion and Corporae Taxes Chris Hendrickson Carnegie Mellon Universiy Tung Au Carnegie Mellon Universiy 205.1 Depreciaion as Tax Deducion 205.2 Tax Laws and Tax Planning 205.3 Decision Crieria

More information

Return Calculation of U.S. Treasury Constant Maturity Indices

Return Calculation of U.S. Treasury Constant Maturity Indices Reurn Calculaion of US Treasur Consan Mauri Indices Morningsar Mehodolog Paper Sepeber 30 008 008 Morningsar Inc All righs reserved The inforaion in his docuen is he proper of Morningsar Inc Reproducion

More information

S&P 500 Dynamic VIX Futures Index Methodology

S&P 500 Dynamic VIX Futures Index Methodology S&P 500 Dynamic VIX Fuures Index Mehodology April 2014 S&P Dow Jones Indices: Index Mehodology Table of Conens Inroducion 2 Highlighs 2 Family 2 Index Consrucion 3 Consiuens 3 Allocaions 3 Excess Reurn

More information

Individual Health Insurance April 30, 2008 Pages 167-170

Individual Health Insurance April 30, 2008 Pages 167-170 Individual Healh Insurance April 30, 2008 Pages 167-170 We have received feedback ha his secion of he e is confusing because some of he defined noaion is inconsisen wih comparable life insurance reserve

More information

S&P/Valmer Indices Methodology

S&P/Valmer Indices Methodology S&P/Valmer Indices Mehodology S&P Dow Jones Indices: Mehodology January 2016 Table of Conens Inroducion 4 Families 4 Eligibiliy Crieria 6 Eligible Securiies 6 Pricing 7 Timing of Changes 7 Sub- Rules 8

More information

How Does the Corporate Bond Market Value Capital Investments and Accruals?

How Does the Corporate Bond Market Value Capital Investments and Accruals? How Does he Corporae Bond Marke Value Capial Invesmens and Accruals? Sanjeev Bhojraj Bhaskaran Swaminahan * Forhcoming in he Review of Accouning Sudies Final Draf: June 2007 * Bhojraj is Assisan Professor

More information

Tax Externalities of Equity Mutual Funds

Tax Externalities of Equity Mutual Funds Tax Exernaliies of Equiy Muual Funds Joel M. Dickson The Vanguard Group, Inc. John B. Shoven Sanford Universiy and NBER Clemens Sialm Sanford Universiy December 1999 Absrac: Invesors holding muual funds

More information

Hedging with Forwards and Futures

Hedging with Forwards and Futures Hedging wih orwards and uures Hedging in mos cases is sraighforward. You plan o buy 10,000 barrels of oil in six monhs and you wish o eliminae he price risk. If you ake he buy-side of a forward/fuures

More information

Long-Run Stock Returns: Participating in the Real Economy

Long-Run Stock Returns: Participating in the Real Economy Long-Run Sock Reurns: Paricipaing in he Real Economy Roger G. Ibboson and Peng Chen In he sudy repored here, we esimaed he forward-looking long-erm equiy risk premium by exrapolaing he way i has paricipaed

More information

WHAT ARE OPTION CONTRACTS?

WHAT ARE OPTION CONTRACTS? WHAT ARE OTION CONTRACTS? By rof. Ashok anekar An oion conrac is a derivaive which gives he righ o he holder of he conrac o do 'Somehing' bu wihou he obligaion o do ha 'Somehing'. The 'Somehing' can be

More information

Supplementary Appendix for Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking?

Supplementary Appendix for Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking? Supplemenary Appendix for Depression Babies: Do Macroeconomic Experiences Affec Risk-Taking? Ulrike Malmendier UC Berkeley and NBER Sefan Nagel Sanford Universiy and NBER Sepember 2009 A. Deails on SCF

More information

SKF Documented Solutions

SKF Documented Solutions SKF Documened Soluions Real world savings and we can prove i! How much can SKF save you? Le s do he numbers. The SKF Documened Soluions Program SKF is probably no he firs of your supplier parners o alk

More information

Financial Reporting for Employee Stock Options: Liabilities or Equity?

Financial Reporting for Employee Stock Options: Liabilities or Equity? Financial Reporing for Employee Sock Opions: Liabiliies or Equiy? Mary E. Barh Sanford Universiy mbarh@sanford.edu Leslie D. Hodder Indiana Universiy lhodder@indiana.edu Sephen R. Subben The Universiy

More information

FORWARD AND FUTURES CONTRACTS

FORWARD AND FUTURES CONTRACTS Page1 C H A P T E R 2 FORWARD AND FUTURES CONTRACTS 2.1 INTRODUCTION The main purpose of forward and fuures conracs is he managemen of risk. The exposure o risk as a resul of ransacing in he spo marke

More information

SEB Commodity Sector Index Series. Index Rules January 2014

SEB Commodity Sector Index Series. Index Rules January 2014 EB Commodiy ecor ndex eries ndex Rules January 2014 PART A 1. nroducion 1.1 ndex Descripion The EB Commodiy ecor ndex eries (The ndices ) is a family of benchmark indices ha covers all he major commodiy

More information

Chapter Four: Methodology

Chapter Four: Methodology Chaper Four: Mehodology 1 Assessmen of isk Managemen Sraegy Comparing Is Cos of isks 1.1 Inroducion If we wan o choose a appropriae risk managemen sraegy, no only we should idenify he influence ha risks

More information

II.1. Debt reduction and fiscal multipliers. dbt da dpbal da dg. bal

II.1. Debt reduction and fiscal multipliers. dbt da dpbal da dg. bal Quarerly Repor on he Euro Area 3/202 II.. Deb reducion and fiscal mulipliers The deerioraion of public finances in he firs years of he crisis has led mos Member Saes o adop sizeable consolidaion packages.

More information

Double Entry System of Accounting

Double Entry System of Accounting CHAPTER 2 Double Enry Sysem of Accouning Sysem of Accouning \ The following are he main sysem of accouning for recording he business ransacions: (a) Cash Sysem of Accouning. (b) Mercanile or Accrual Sysem

More information

Chapter 5. Interest Rate Term Structure and Arbitrage-Free Valuation

Chapter 5. Interest Rate Term Structure and Arbitrage-Free Valuation Universié Paris-Dauphine M Gesion menion Finance Fixed Income Markes Marchés de aux d'inérê S. Aboura (Maîre de conférences Chaper 5. Ineres Rae Term Srucure and Arbirage-Free Valuaion Yield curve Spo

More information

CVA calculation for CDS on super senior ABS CDO

CVA calculation for CDS on super senior ABS CDO MPRA Munich Personal RePEc Archive CVA calculaion for CDS on super senior AS CDO Hui Li Augus 28 Online a hp://mpra.ub.uni-muenchen.de/17945/ MPRA Paper No. 17945, posed 19. Ocober 29 13:33 UC CVA calculaion

More information

LEASING VERSUSBUYING

LEASING VERSUSBUYING LEASNG VERSUSBUYNG Conribued by James D. Blum and LeRoy D. Brooks Assisan Professors of Business Adminisraion Deparmen of Business Adminisraion Universiy of Delaware Newark, Delaware The auhors discuss

More information

DNB W o r k i n g P a p e r. Stock market performance and pension fund investment policy: rebalancing, free f loat, or market timing?

DNB W o r k i n g P a p e r. Stock market performance and pension fund investment policy: rebalancing, free f loat, or market timing? DNB Working Paper No. 154 / November 2007 Jacob Bikker, Dirk Broeders and Jan de Dreu DNB W o r k i n g P a p e r Sock marke performance and pension fund invesmen policy: rebalancing, free f loa, or marke

More information

Diagnostic Examination

Diagnostic Examination Diagnosic Examinaion TOPIC XV: ENGINEERING ECONOMICS TIME LIMIT: 45 MINUTES 1. Approximaely how many years will i ake o double an invesmen a a 6% effecive annual rae? (A) 10 yr (B) 12 yr (C) 15 yr (D)

More information

Why Did the Demand for Cash Decrease Recently in Korea?

Why Did the Demand for Cash Decrease Recently in Korea? Why Did he Demand for Cash Decrease Recenly in Korea? Byoung Hark Yoo Bank of Korea 26. 5 Absrac We explores why cash demand have decreased recenly in Korea. The raio of cash o consumpion fell o 4.7% in

More information

The Influence of Iran's Entrance into the WTO on Major Indexes of Tehran Stock Exchange

The Influence of Iran's Entrance into the WTO on Major Indexes of Tehran Stock Exchange 2013, TexRoad Publicaion ISSN: 2090-4274 Journal of Applied Environmenal and Biological Sciences www.exroad.com The Influence of Iran's Enrance ino he WTO on Major Indexes of Tehran Sock Exchange Darush

More information

VALUE BASED FINANCIAL PERFORMANCE MEASURES: AN EVALUATION OF RELATIVE AND INCREMENTAL INFORMATION CONTENT

VALUE BASED FINANCIAL PERFORMANCE MEASURES: AN EVALUATION OF RELATIVE AND INCREMENTAL INFORMATION CONTENT VALUE BASED FINANCIAL PERFORMANCE MEASURES: AN EVALUATION OF RELATIVE AND INCREMENTAL INFORMATION CONTENT Pierre Erasmus Absrac Value-based (VB) financial performance measures are ofen advanced as improvemens

More information

Employee Stock Option Accounting in a Residual Income Valuation Framework

Employee Stock Option Accounting in a Residual Income Valuation Framework Employee Sock Opion Accouning in a Residual Income Valuaion Framework Wayne R. Landsman Kenan-Flagler Business School Universiy of Norh Carolina a Chapel Hill Chapel Hill, NC 7599 Ken Peasnell Managemen

More information

Forestry profitability panel dataset

Forestry profitability panel dataset Foresry profiabiliy panel daase Wei Zhang, Mou Research Daa Documenaion Mou Economic and Public Policy Research Dae accessed/creaed: Augus 2010 Mou Ref ID: U9970 Suggesed Ciaion: Zhang, Wei. "Foresry Profiabiliy

More information

WORKING CAPITAL ACCRUALS AND EARNINGS MANAGEMENT 1

WORKING CAPITAL ACCRUALS AND EARNINGS MANAGEMENT 1 Invesmen Managemen and Financial Innovaions, Volume 4, Issue 2, 2007 33 WORKING CAPITAL ACCRUALS AND EARNINGS MANAGEMENT Joseph Kersein *, Aul Rai ** Absrac We reexamine marke reacions o large and small

More information

Option Put-Call Parity Relations When the Underlying Security Pays Dividends

Option Put-Call Parity Relations When the Underlying Security Pays Dividends Inernaional Journal of Business and conomics, 26, Vol. 5, No. 3, 225-23 Opion Pu-all Pariy Relaions When he Underlying Securiy Pays Dividends Weiyu Guo Deparmen of Finance, Universiy of Nebraska Omaha,

More information

Public Debt Indicators in Latin American Countries: Snowball Effect, Currency Mismatch and the Original Sin. Abstract

Public Debt Indicators in Latin American Countries: Snowball Effect, Currency Mismatch and the Original Sin. Abstract Public Deb Indicaors in Lain American Counries: Snowball Effec, Currency Mismach and he Original Sin. Ricardo Marner and Varinia Tromben* Absrac In order o explain public deb accumulaion in Lain America

More information

Usefulness of the Forward Curve in Forecasting Oil Prices

Usefulness of the Forward Curve in Forecasting Oil Prices Usefulness of he Forward Curve in Forecasing Oil Prices Akira Yanagisawa Leader Energy Demand, Supply and Forecas Analysis Group The Energy Daa and Modelling Cener Summary When people analyse oil prices,

More information

INSTITUTE OF ECONOMIC STUDIES

INSTITUTE OF ECONOMIC STUDIES INIU O CONOMIC UDI aculy of social sciences of Charles Universiy uures Conracs Lecurer s Noes No. Course: inancial Marke Insrumens I eacher: Oldřich Dědek I. BAIC AUR O ORWARD AND UUR CONRAC. Classificaion

More information

Yale ICF Working Paper No. 00-44 March 2002

Yale ICF Working Paper No. 00-44 March 2002 Yale ICF Working Paper No. 00-44 March 2002 STOCK MARKET RETURNS IN THE LONG RUN: PARTICIPATING IN THE REAL ECONOMY Roger G. Ibboson Yale School of Managemen Peng Chen Ibboson Associaes, Inc. This paper

More information

An empirical analysis about forecasting Tmall air-conditioning sales using time series model Yan Xia

An empirical analysis about forecasting Tmall air-conditioning sales using time series model Yan Xia An empirical analysis abou forecasing Tmall air-condiioning sales using ime series model Yan Xia Deparmen of Mahemaics, Ocean Universiy of China, China Absrac Time series model is a hospo in he research

More information

Level I Study Handbook Sample

Level I Study Handbook Sample Level I Sudy Handbook Sample The UpperMark Sudy Handbooks for Level I are comprised of 3 Volumes, each covering abou 10 Topics from he CAIA curriculum. This is a sample of one of he Topic chapers. You

More information

Securitization and Tranching Longevity and House Price Risk for Reverse Mortgages

Securitization and Tranching Longevity and House Price Risk for Reverse Mortgages Securiizaion and Tranching Longeviy and House Price Risk for Reverse Morgages Sharon S. Yang 1 Absrac Reverse morgages are new financial producs ha allow he elders o conver heir home equiy ino cash unil

More information

Convexity. Concepts and Buzzwords. Dollar Convexity Convexity. Curvature, Taylor series, Barbell, Bullet. Convexity 1

Convexity. Concepts and Buzzwords. Dollar Convexity Convexity. Curvature, Taylor series, Barbell, Bullet. Convexity 1 Deb Insrumens and Markes Professor Carpener Convexiy Conceps and Buzzwords Dollar Convexiy Convexiy Curvaure, Taylor series, Barbell, Bulle Convexiy Deb Insrumens and Markes Professor Carpener Readings

More information

S&P 500 Dynamic VIX Futures Index Methodology

S&P 500 Dynamic VIX Futures Index Methodology S&P 500 Dynamic VIX Fuures Index Mehodology S&P Dow Jones Indices: Index Mehodology February 2016 Table of Conens Inroducion 2 Highlighs 2 Family 2 Index Consrucion 4 Consiuens 4 Allocaions 4 Excess Reurn

More information

Determinants of Bank Long-term Lending Behavior in the Central African Economic and Monetary Community (CEMAC)

Determinants of Bank Long-term Lending Behavior in the Central African Economic and Monetary Community (CEMAC) Review of Economics & Finance Submied on 05/Jan./2012 Aricle ID: 1923-7529-2012-02-107-08 Consan, Fouopi Djiogap and Augusin Ngomsi Deerminans of Bank Long-erm Lending Behavior in he Cenral African Economic

More information

Contrarian insider trading and earnings management around seasoned equity offerings; SEOs

Contrarian insider trading and earnings management around seasoned equity offerings; SEOs Journal of Finance and Accounancy Conrarian insider rading and earnings managemen around seasoned equiy offerings; SEOs ABSTRACT Lorea Baryeh Towson Universiy This sudy aemps o resolve he differences in

More information

Evidence from the Stock Market

Evidence from the Stock Market UK Fund Manager Cascading and Herding Behaviour: New Evidence from he Sock Marke Yang-Cheng Lu Deparmen of Finance, Ming Chuan Universiy 250 Sec.5., Zhong-Shan Norh Rd., Taipe Taiwan E-Mail ralphyclu1@gmail.com,

More information

FIN 472 Fixed-Income Securities Approximating Price Changes: From Duration to Convexity Professor Robert B.H. Hauswald Kogod School of Business, AU

FIN 472 Fixed-Income Securities Approximating Price Changes: From Duration to Convexity Professor Robert B.H. Hauswald Kogod School of Business, AU FIN 47 Fixed-Income Securiies Approximaing rice Changes: From Duraion o Convexiy rofessor Rober B.H. Hauswald Kogod School of Business, AU Bond rice Volailiy Consider only IR as a risk facor Longer M means

More information

Fixed Income Analysis: Securities, Pricing, and Risk Management

Fixed Income Analysis: Securities, Pricing, and Risk Management Fixed Income Analysis: Securiies, Pricing, and Risk Managemen Claus Munk This version: January 23, 2003 Deparmen of Accouning and Finance, Universiy of Souhern Denmark, Campusvej 55, DK-5230 Odense M,

More information

Chapter 8 Student Lecture Notes 8-1

Chapter 8 Student Lecture Notes 8-1 Chaper Suden Lecure Noes - Chaper Goals QM: Business Saisics Chaper Analyzing and Forecasing -Series Daa Afer compleing his chaper, you should be able o: Idenify he componens presen in a ime series Develop

More information

CLASSIFICATION OF REINSURANCE IN LIFE INSURANCE

CLASSIFICATION OF REINSURANCE IN LIFE INSURANCE CLASSIFICATION OF REINSURANCE IN LIFE INSURANCE Kaarína Sakálová 1. Classificaions of reinsurance There are many differen ways in which reinsurance may be classified or disinguished. We will discuss briefly

More information

Contributions to Economic Analysis & Policy

Contributions to Economic Analysis & Policy Conribuions o Economic Analysis & Policy Volume 4, Issue 1 2005 Aricle 13 An Index For Venure Capial, 1987-2003 Min Hwang John M. Quigley Susan E. Woodward Naional Universiy of Singapore, rshm@nus.edu.sg

More information