Tài liệu miễn phí Đầu tư Chứng khoán
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Regulations Governing Securities Investment Trust Funds
It is very important to make a distinction between the way that an investor records invest- ments in its books and the way that the investment is reported in the investor’s financial statements. We’re already seen that reporting may involve cost, fair value, equity, consoli- dation, or proportionate consolidation. Often, an investor will account for a strategic investment by using the cost method during the year simply because it is the easiest method; this is the investor’s recording method. When financial statements are prepared, a different reporting method may be more appropriate for the financial reporting objectives of the com- pany. In that case, the accounts relating...
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Study on Investment Advisers and Broker-Dealers
The cost method presents no special complications. Interest-bearing debt securities that are purchased between interest dates are recorded at cost, which is market value on the date of acquisition. Accrued interest since the last interest payment date is recorded as interest receivable.Accrued interest is added to the cash paid because, at each interest date, the inter- est is paid to whomever holds the securities regardless of when they actually purchased them.When debt securities are sold between interest dates, the seller collects accrued inter- est, which is recorded as interest revenue. When the debt securities are purchased, the accrued interest must be recorded separately from the cost of...
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THE STOCK MARKET'S REACTION TO UNEMPLOYMENT NEWS: WHY BAD NEWS IS USUALLY GOOD FOR STOCKS
What happens if debt securities are bought for an amount other than par value, for exam- ple, at 98 or 104? The investment is recorded at its cost, which is greater or less than the face amount of the debt. Any premium or discount should be amortized in order to bring the carrying value up (or down) to par value at maturity. Otherwise, a substantial gain or loss will be recognized at maturity. This is particularly true when the investment is a so- called “zero coupon” bond that carries little or no annual cash interest payment. These bonds are purchased at a very low price relative...
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What caused the Sacramento River fall Chinook stock collapse?
In this paper, we propose an interpretation of these events in which the prospect of a New Economy plays a key role in generating the other events. More specifically, we show that the mere prospect of high future productiv- ity growth can generate sizable gains in current productivity, as well as an economic expansion, a stock market boom and a financing boom for new firms. There are two main ingredients to our story: financing constraints due to limited contract enforceability and firm-level diminishing returns to scale. Financing constraints generate an endogenous size distribution for firms. Diminishing returns make aggregate productivity dependent on the size distribution of firms. In particular,...
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STOCK SELECTION IN EMERGING MARKETS
METHODS There are two methods of amortization, the straight-line and effective interest methods. Straight line is simpler and is much more common in practice, but the effective interest method is preferable because it provides a constant yield on the recorded value of the investment. Both methods will be illustrated in this chapter. The effective interest method must be used whenever the premium or discount is material.However, straight line may be used when the results are not materially different than the effective interest method. Fortunately, this is a common outcome! EXAMPLE: EFFECTIVE INTEREST AMORTIZATION Using the effective interest amortization method, interest income is measured as a constant percentage...
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Integrating IT Security into the Capital Planning and Investment Control Process
The market value of a held-to-maturity debt security will fluctuate, based on market inter- est rates. Also, if the credit rating of the borrower changes, the market value of the invest- ment will fluctuate, as the risk attached to future cash flow is changed. This, again, changes the risk premium appropriately included in the discount rate.When the value of an invest- ment falls below its acquisition cost, assets may be overstated. Conservatism might dictate loss recognition. However, since the security is not held for sale, and its maturity value is assured,market value is not a relevant measurement attribute. Therefore, the loss is not rec- ognized in net...
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Econometric Tests of Asset Price Bubbles: Taking Stock
These situations must be evaluated to see if there is real impairment. So, for instance, if an active market for an investment disappears because a once-public company has gone private, but the company is still in good financial position, there is no impairment. Simi- larly, a downgrade in credit rating does not mean impairment unless it is accompanied by one of the above conditions. When an impairment loss must be recorded, it is measured as the difference between the investment’s carrying value and fair value. The carrying value of the investment is reduced to fair value either directly or indirectly through an allowance. Impairment losses are not reversed...
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DIVERSIFICATION IN EURO AREA STOCK MARKETS: COUNTRY VERSUS INDUSTRY
The fair value method recognizes that the most relevant attribute for reporting investments is fair value. Therefore, at reporting dates, investments are adjusted to fair value. Gains and losses are excluded from net income until the investment is sold. This is an attempt to avoid recognition of gains and losses that have not been realized through sale. EXAMPLE As an example of the fair value method, assume that on 1 December 20X5, YZone Manufacturing Limited purchased two investments, both designated as available- for-sale investments. YZone bought 5,000 shares of Gerome Limited, a public company, for $26.75 per share plus $1,200 in broker’s fees. YZone also purchased a...
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Serious and Organised Investment Fraud in Australia
This entry establishes the cost of the investment to LeBlanc, and will be the carrying value of the investment. Changes in the value of the U.S. dollar in subsequent reporting periods are irrelevant to the cost of an equity investment. For debt instruments, the issue is a bit more complicated. Debt instruments, by definition, are payable in a given amount of currency.When the debt is stated or denominated in a cur- rency other than the investor’s reporting currency, the equivalent value of the instrument in the reporting currency changes as the exchange rate changes. Therefore, an investment in foreign currency–denominated bonds must be restated on every balance...
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International Trade, Foreign Direct Investment, and Security
Conceptually, the equity method treats the investee company as if it were condensed into one balance sheet item and one income statement item and then merged into the investor company at the proportion owned by the investor. The equity method is sometimes called “one-line consolidation” because it results in the same effect on the investor’s earnings and retained earnings as would result from consolidating the financial statements of the investor and investee companies. It does so without combining both companies’ financial statements. ILLUSTRATION In its simplest form, the equity method requires that the investment account represent the investor’s proportionate share of the book value of the investee...
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Investments in Debt and Equity Securities
The difference between investee earnings and investee dividends is the amount of earnings accruing to the investor that the investee retained, or the unremitted earnings of the investee. Thus, the equity-based investment account is equal to the original investment plus the investor’s proportionate share of the investee’s cumulative retained earnings since the invest- ment was made. In this sense, the equity method represents an extension of accrual account- ing to investments in common shares. However, the balance sheet doesn’t reflect the cost of the investment anymore. This number isn’t market value, either, and is hard to interpret. EXTRAORDINARY ITEMS AND DISCONTINUED OPERATIONS When the investee reports extraordinary items,...
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Giving Content to Investor Sentiment: The Role of Media in the Stock Market
I quantitatively measure the interactions between the media and the stock market using daily content from a popularWall Street Journal column. I find that high media pessimism predicts downward pressure on market prices followed by a reversion to fundamentals, and unusually high or low pessimism predicts high market trading volume. These and similar results are consistent with theoretical models of noise and liquidity traders, and are inconsistent with theories of media content as a proxy for new information about fundamental asset values, as a proxy for market volatility, or as a sideshow with no relationship to asset markets....
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A Practical Guide to Evaluating Your Own Programs
This work is essentially orientated to present an introduction to the mathematical models applied to fisheries stock assessment. There are several types of courses about the methods used in fish stock assessment. One type considers practical application as the main aspect of the course, including the use of computer programs. The theoretical aspects are referred to and treated as complementary aspects. A second type is mainly concerned with the theoretical aspects of the most used models. The practical application, considered as the complementary part, facilitates the understanding of the theoretical subjects....
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Securities Lending and Repos: Market Overview and Financial Stability Issues
In this work, the second type was adopted and exercises were prepared to be solved in a worksheet (Microsoft Excel). The table of contents indicates the exercises corresponding to each subject. This manual is the result of a series of courses on Fish Stock Assessment held in the following places. Portugal : Instituto de Investigação das Pescas e do Mar – IPIMAR (ex-INIP) in Lisbon, Faculdade de Ciências de Lisboa, University of Algarve and Instituto de Ciências Biomédicas de Abel Salazar in Oporto. Other courses were held at Instituto de Investigação das Pescas in Cape Verde, at the Centro de...
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Forecasting Volatility: Evidence from the Macedonian Stock Exchange
The importance of fisheries in a country cannot only be measured by the contribution to the GDP, but one must also take into consideration that fisheries resources and products are fundamental components of human feeding and employment. Another aspect that makes fisheries resources important is the self renewable character. Unlike mineral resources, if the fishery resources or any other biological resources are well managed, their duration is pratically unlimited. An important conclusion is that the fundamental basis for the conservation and management of fisheries resources stems from the biological characteristics. (This does not mean that social, economic or...
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Stock Prices, Foreign Opportunity Cost, and Mon- ey Demand in Malaysia: A Cointegration and Error Correction Model Approach
In Portugal, the fisheries contribution to the GDP is less than 1.5 percent. However, with regard to food, the annual consumption value of 60 kg of fish per person, is very high. Only countries like Iceland, Japan and some small insular nations reach a higher value. We still have to consider that of the total amount of protein necessary in our food consumption, 40 percent comes from fisheries. This corresponds to 15 percent of the total amount spent on food by the Portuguese population. From a social point of view, we estimate that there are, at present, 34 000...
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Appendix A Locations of U.S. Nuclear Weapons, by Type
A team of research ers from the Inter na tional Food Pol icy Research Insti tute (IFPRI), the Food and Agri cul tural Organi za tion of the United Nations (FAO), and the Inter na tional Live stock Research Insti tute (ILRI) col labo rated to pro duce this com pre hen sive and even- handed attempt at defin ing the nature, extent, scope, and impli ca tions of what they term the “Live stock Revo lu tion” in devel op ing coun tries. Look ing for ward to 2020, they argue con vinc ingly that the struc tural shifts in world agri...
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PERMANENT UNIVERSITY FUND DETAIL SCHEDULES OF INVESTMENT SECURITIES
The ambi tious and mul ti dis ci plin ary topic of this paper hints at the extent to which the authors had to rely on help from col leagues with a wide vari ety of dis ci pli nary and geo graphic exper- tise. They are too numer ous to men tion indi vidu ally, but sev eral col leagues stand out because of the degree of their sup port for this col labo ra tive proj ect and the depth of their insights on pre vi ous drafts. Per Pinstrup- Andersen and Rajul Pandya- Lorch, direc tor gen eral and head of the...
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Europe’s ‘New’ Stock Markets Laura Bottazzi and Marco Da Rin
A number of for mal and infor mal exter nal review ers of ear lier drafts of the report greatly improved the final prod uct. Par ticu lar men tion should be made of the very detailed and help ful com ments of Cees de Haan of the World Bank and Mag gie Gill of Natu ral Resources Inter na- tional (U.K.) in this regard. While the tech ni cal live stock pro duc tion aspects of this report, authored as it is by econo mists, proba bly still falls short of their high stan dards, there is no doubt that they sub stan tially...
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CORPORATE BOARD GENDER DIVERSITY AND STOCK PERFORMANCE: THE COMPETENCE GAP OR INSTITUTIONAL INVESTOR BIAS?*
A revo lu tion is tak ing place in global agri cul ture that has pro found impli ca tions for our health, live- li hoods, and envi ron ment. Popu la tion growth, urbani za tion, and income growth in devel op ing coun tries are fuel ing a mas sive global increase in demand for food of ani mal ori gin. The result ing demand comes from changes in the diets of bil lions of peo ple and could pro vide income growth oppor- tu ni ties for many rural poor. It is not inap pro pri ate to use the term “Live stock Revo...
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Stock market boom and the productivity gains of the 1990s
London’s role as the pre-eminent financial centre in Europe has served to create a depth and breadth of markets that underpins demand for office space in both the City and its surrounding sub-markets in Docklands and Midtown. Finance, insurance and real estate (“FIRE”) employment in London (Figure 5) has shown a 1.1% per annum increase since the early 1980s, mirroring the increase in stock. Approximately 41% of City office space is simultaneously owned and occupied by firms in the FIRE sector, while some 57% is accounted for by financial and business services firms. Many of the latter, including legal and...
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THE INVESTMENTS AND SECURITIES ACT, 2007: EXPLANATORY MEMORANDUM
Be sides pro vid ing food, the driv ing force be- hind in creased live stock pro duc tion, live stock have other valu able uses. Live stock re main the most im- por tant if not the sole form of non hu man power avail able to poor farm ers in much of the de vel op ing world. The poor, in par ticu lar, use fer til izer from live stock op era tions, es pe cially when ris ing pe tro- leum prices make chemi cal fer til iz ers un af ford able. Live stock also store value and pro vide in sur...
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Legal Guide to Investment in Vietnam
The impacts of climate change ranging from sea level rise, melting ice caps and glaciers, severe weather events, drought, flooding, warming, subtle changes in ecosystems – will impinge on every aspect of society and economic life. The costs of inaction will more than outweigh the costs of action. There is only a narrow window of opportunity to redress the situation. The Intergovernmental Panel on Climate Change (IPCC) in its Fourth Assessment Report has underscored that mitigation efforts in the next 15 – 20 years will have a large impact on opportunities to achieve lower stabilization levels and have the potential to minimize major climate change impacts....
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Non-Linearities in the Expansion of Capital Stock
In recognition of the relevance and importance of the financing and investment dimension, the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), requested the Secretariat to analyse and assess investment flows that will be necessary to address climate change mitigation and adaptation in an effective and meaningful way, with a special focus on developing countries’ needs. This publication is the culmination of the assessment undertaken by the Secretariat. The analysis indicates that additional investments required to bring the emissions to current levels are small in relation to estimated global gross domestic product (GDP) (0.3 – 0.5 per cent) and global...
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Equity Ownership in America, 2005
The mechanisms in the Convention and Kyoto Protocol need to be expanded and other solutions considered for meeting future mitigation, adaptation and technology needs. While it is important to acknowledge that solutions for improving investment and financial flows are complex, it is critical that some widely supported, relatively simple and actionable themes be developed around which the structure of the post-2012 agreement can be shaped. While undertaking this assessment, it also became apparent that costs of and investments for adaptation is still poorly understood, and there exists a crying need to step up efforts in this regard. This inadequacy, however, does not undermine the urgent need...
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AMERICAN STANDARD FOR NURSERY STOCK
In many ways, this publication provides an initial assessment of the financial architecture required for developing a post 2012 regime and presents an overview of what level of resources and measures would be needed for successfully financing the international response to climate change, for making future climate change policies a success and ultimately, for crafting a climate-secure world for all. As the first ever effort to collect and present data on projected, climate-related investments under reference and mitigation scenarios, the preparation of this paper was possible only due to the collaboration and support extended by different international financial institutions, UN agencies, intergovernmental organizations and non-governmental organizations, other relevant agencies, and...
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Integration of India’s stock market with global and major regional markets
This paper takes a new look at the relationship between stock prices and inflation, focusing in particular on how expected inflation affects expected long-horizon stock returns. The predominant academic view, which continues to be reflected in the literature [see, e.g., Barnes, Boyd and Smith (1999)], is that high expected inflation predicts low stock returns, a perspective largely based upon the analysis of monthly and quarterly returns. Although this negative inflation effect on returns has been found to be weaker at longer horizons, the short-horizon results have weighed most heavily on the perceptions of financial economists, as evidenced by the variety of efforts aimed at producing...
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Statement of Financial Accounting Standards No. 115
As the first ever effort to collect and present data on projected, climate-related investments under reference and mitigation scenarios, the preparation of this paper was possible only due to the collaboration and support extended by different international financial institutions, UN agencies, intergovernmental organizations and non-governmental organizations, other relevant agencies, and representatives of the private sector and civil society. I would also like to thank all the experts who provided invaluable comments during the conceptualization phase of the project, and on the various technical papers prepared as a part of this exercise. This extensive network of experts and institutions created, to my mind, represents an important resource for the Parties for any further...
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Land Protection (Pest and Stock Route Management) Act 2002
The analysis that follows produces some fairly striking results. To begin with, I document the strong negative correlation between price-earnings ratios and expected (as well as actual) inflation. This relationship is shown to be robust to corrections for the distortionary effects of inflation on accounting earnings. Under the present value model, this negative correlation has the following implication: A rise in expected inflation must be associated with either (i) a decline in expected long-run real earnings or (ii) a rise in the long-run real return investors require on stocks, or both....
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STOCK MARKET OVERREACTION TO BAD NEWS IN GOOD TIMES: A RATIONAL EXPECTATIONS EQUILIBRIUM MODEL
The model used–an extension of the log-linear dividend-price ratio model of Campbell and Shiller (1988, 1989)–facilitates a straightforward test of these alternatives in a linear regression with the log price-earnings ratio as dependent variable. The regression results suggest that the correlation between the price-earnings ratio and expected inflation is the result of both effects; that is, an increase in expected inflation reduces equity prices because it is associated with both lower expected real earnings growth and higher required real returns. Surprisingly, the results do not suggest that the earnings channel is merely a reflection of inflation’s recession- signaling properties. ...
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