Tài liệu miễn phí Tài Chính - Ngân Hàng

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This paper contributes to the literature on modeling the behavior of the futures basis on several fronts. 2 Specifically, the paper investi- gates nonlinearities in basis adjustment toward its equilibrium value and proposes a novel approach to modeling the behavior of the basis inspired by the prediction of the theoretical arguments mentioned above. Using data for the S&P 500 and the FTSE 100 indices during the post-crash period since 1988, the authors provide strong evidence of nonlinear mean reversion in the futures basis for both indices consid- ered. The models indicate that the basis is closer to a unit root process the closer it is to its equilibrium value and becomes...

8/30/2018 1:48:53 AM +00:00

America’s Commitment to Retirement Security Investor Attitudes and Actions

The rest of the paper is set out as follows. Section 2 provides an overview of the theoretical arguments that motivate nonlinear mean- reverting behavior in the futures basis. Section 3 discusses the class of nonlinear models employed for modeling the futures basis. Section 4 describes the data set. Section 5 reports the results of summary statistics and univariate unit root tests applied to basis data, cointegration tests applied to a regression involving the spot price and the futures price, lin- earity tests applied to the basis data, and the estimation results from employing nonlinear models to characterize the basis of the S&P 500 and the FTSE 100 indices....

8/30/2018 1:48:53 AM +00:00


With complaints and inquiries from senior citizen investors concerning financial services and investment fraud increasing, the Missouri Securities Division, which is housed in Secretary Carnahan’s office, engaged in efforts to determine how to best increase protection for those older investors. In early 2010, the Division launched a Senior Investor Protection Audit Sweep (“Sweep”) to examine the practices and safeguards put in place by Missouri-registered broker- dealer and investment adviser firms to protect their senior clients and address the unique challenges of those customers. ...

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With complaints and inquiries from senior citizen investors concerning financial services and investment fraud increasing, the Missouri Securities Division, a division in the Office of Missouri Secretary of State Robin Carnahan, 1 took steps to determine how to best increase protection for those investors. In early 2010, Secretary Carnahan launched the Senior Investor Protection Audit Sweep (“Sweep”), a six-month, 30-firm examination and inspection effort executed by the Missouri Securities Division’s Audit Unit designed to gauge how brokerage and investment adviser firms protect their senior clients and comply with applicable laws and regulations. ...

8/30/2018 1:48:53 AM +00:00

Minding the Stock Bringing Public Policy to Bear on Livestock Sector Development

In 2009, the Missouri Securities Division, in furtherance of its long-standing priority of protecting senior investors, determined to examine the practices and safeguards employed by Missouri-registered broker-dealer and investment adviser firms to protect their senior clients. This undertaking was launched due to several factors, including an aging population of investors, an increasingly high level of senior complaints to the Division, and the increase in reports of financial fraud against seniors. To examine the safeguards in place at Missouri- registered firms, the Securities Division conducted targeted audits of 24 broker-dealer firms and six investment adviser firms. The audits...

8/30/2018 1:48:53 AM +00:00

A guide to listing on the London Stock Exchange

The first baby boomers (individuals born between 1946 and 1964) will turn 65 in 2011. 3 This represents a major expansion of senior investors in the United States. According to U.S. Census Bureau projections, there will be a substantial increase in the number of people age 65 and older between 2010 and 2030. 4 By 2030, this segment of the population will grow from 35 million to 72 million and represent nearly 20 percent of the total U.S. population.

8/30/2018 1:48:53 AM +00:00

Taking Stock: Assessing and Improving Early Childhood Learning and Program Quality

The Missouri Securities Division has also identified investor diminished capacity and senior investor education as crucial issues in the fight against senior investor fraud. Persons with mild diminished capacity can perform most daily functions, but may become confused when managing their finances. This, in turn, makes those individuals more susceptible to fraud. According to a 2008 Duke University study, about 35 percent of the 25 million people in the United States who are 71 or older either have mild cognitive impairment or dementia. Another study indicates that about half the population between ages eighty and ninety has a medical...

8/30/2018 1:48:53 AM +00:00


One alternative was the certificateless system - where no certificates are ever issued and transfers are recorded by the issuer of the securities. The UCC was revised in 1977 to provide for the use of uncertificated securities, but these provisions have not been widely used and uncertificated securities are a relatively small component in the North American securities markets. Instead, problems with the physical handling of certificates have been alleviated mainly by the increased use of intermediaries, particularly depositories, to hold securities on behalf of others. Although some investors still take actual...

8/30/2018 1:48:53 AM +00:00

All that Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors

These brokers, banks and trust companies are typically participants in a securities depository, such as the Canadian Depository for Securities (CDS'). CDS receives securities from its participants and holds them in fungible bulks. CDS registers these securities in the name of a CDS nominee, and maintains accounts showing the entitlements of each participant. Since most transactions occur between CDS participants, these transactions can be settled merely by book entries in the records of CDS, debiting the account of the seller and crediting the account of the purchaser, without any need for movement of ...

8/30/2018 1:48:53 AM +00:00

Decimalization and competition among stock markets: Evidence from the Toronto Stock Exchange cross-listed securities

It is clear that Alberta needs legislation to accommodate the important role of depositories in modern securities trading. In 1989 CDS proposed certain amendments to the ABCA for this purpose, based upon similar provisions that were added to the Ontario Business Corporations Act (OBCA) in 1986. Although these proposed amendments are basically compatible with the current version of UCC Article 8, we have concluded that they are not advisable at this time, and that a reformed, more innovative approach is required. ...

8/30/2018 1:48:53 AM +00:00

Do Japanese Stock Prices Reflect Macro Fundamentals?

The U.S. reform initiative addresses the fundamental problems arising from the use of proportionate property interests in fungible bulks, and proposes the introduction of a new concept: the securities entitlement or SE. The SE is a sui generis property interest that would replace the proportionate property interest in situations where an intermediary holds a fungible bulk of securities on behalf of others. The SE would be defined by a comprehensive set of rules stating the obligations of the intermediary and the rights of the owner of the SE. The...

8/30/2018 1:48:53 AM +00:00

The Global Spread of Stock Exchanges, 1980-1998

Because these provisions must apply to transfers involving a broad range of investment property, and not just securities issued by Alberta corporations, they should be removed from the ABCA and placed in a separate statute. We have also recommended that Alberta legislation should be uniform with other provincial and federal legislation governing transfers of investment securities. With the rapid growth of cross-border transactions, the need for uniformity in this area is compelling. The use of a separate statute is a vital component of uniformity because various provinces and...

8/30/2018 1:48:53 AM +00:00


The consultations of May 29 enabled the different constituencies—social funds’ directors, NGO representatives, municipal representatives, and international development agencies officials— to discuss the initial outcomes of the workshop, to elaborate upon common strategies for the promotion and improvement of social funds, and to arrive at recommendations that were then presented at the final plenary session. The regional consultations of May 30 enabled the participants from the Africa, Latin America, and the Caribbean, Eastern Europe and Central Asia, Middle East and North Africa regions to meet separately and to focus on the follow-up to the workshop in each region. Organized by AFRICATIP, La Red Social de America Latina y...

8/30/2018 1:40:30 AM +00:00


I would like to welcome all of you to the Bank and to thank you for com- ing. It is a particular pleasure to thank our joint partners of this workshop: AFRICATIP, the Red Social, and the NGO-World Bank Committee, and all the others who have supported the event and its preparation. This workshop is billed as a global learning event, and we at the Bank certainly look forward to benefiting from the rich experience that all of you bring from all over the world. I am very pleased to note that this event, proposed as a “workshop,” emphasizes work and that the day following the conclusion...

8/30/2018 1:40:30 AM +00:00

Report on Focused Reviews of Investment Funds, September 2008 – September 2009

We have found that social funds can be a unique and invaluable instru- ment in reaching people at the local level directly and in capitalizing the energies of a wide range of partners: public sector, private sector, NGOs, and the local communities themselves. Looking back on the past ten years, the scale and scope of our activity has been substantial. Looking forward to the next ten years, it is crucial that we use the lessons of experience to ensure that we deploy this instrument as effectively as possible. So, what have we learned?...

8/30/2018 1:40:30 AM +00:00

Social Funds and Reaching the Poor

Social funds have also proven to be effective in forging partnerships with the private sector and with community groups to help the poor help themselves. In fact, social funds are reaching areas and groups heretofore untouched by public sector interventions, demonstrating that par- ticipatory development can be both cost-effective and quick. Social funds, however, should not be seen as a magic wand that will eradicate poverty. They can only be truly effective when combined with sustainable economic policies and investments in people. As a follow-up to the workshop, the World Bank is supporting regional seminars as well as the strengthening or creation of regional networks of social...

8/30/2018 1:40:30 AM +00:00

Is Money Smart? A Study Of Mutual Fund Investors' Fund Selection Ability

When the actual holdings of the fund to be evaluated are available, it is possible to apply so-called weight-based performance measures. These measures essentially examine the covariance of the manager’s actual holdings, measured as proportions or portfolio weights, with the subsequent returns of the assets. The idea is that a manager who increases the fund’s exposure to a security or asset class before it performs well, or who anticipates and avoids losers, has investment ability.

8/30/2018 1:40:23 AM +00:00

Kiểm soát chặt việc huy động vàng để từng bước chấm dứt tình trạng “vàng hai giá”

Được cất trữ thoải mái nhưng không phải ai cũng được bán, vì thế thị trường vàng sẽ hạ nhiệt. Khi người dân không còn mặn mà với việc tích trữ vàng, lượng vàng dự trữ khổng lồ này sẽ được đầu tư vào các kênh khác. Sau thời gian dài bỏ ngỏ việc huy động vàng, tổng dư nợ cho vay vàng lúc cao điểm đầu năm trên địa bàn TP HCM đã lên tới hơn 600.000 lượng chưa thể thu hồi. Tỷ lệ nợ xấu trên tổng dư nợ cho vay vốn bằng vàng của một số ngân...

8/30/2018 1:35:35 AM +00:00

An Arbitrage Guide to Financial Markets

Financial markets play a major role in allocating wealth and excess savings to productive ventures in the global economy. This extremely desirable process takes on various forms. Commercial banks solicit depositors’ funds in order to lend them out to businesses that invest in manufacturing and services or to home buyers who finance new construction or redevelopment. Investment banks bring to market offerings of equity and debt from newly formed or expanding corporations. Governments issue short- and long-term bonds to finance construction of new roads, schools, and transportation networks. Investors—bank depositors and securities buyers—supply their funds in order to shift their consumption into the future by earning interest, dividends,...

8/30/2018 1:18:31 AM +00:00

Kế toán căn bản KT01

Mục tiêu chương trình Cung cấp cho học viên các kiến thức nền tảng về nghiệp vụ Kế toán doanh nghiệp, các nghiệp vụ kế toán hàng ngày, cách ghi sổ và xử lý một số tác nghiệp kế toán căn bản tại doanh nghiệp. Đối tượng theo học Các học viên muốn tìm hiểu và học chuyên về nghiệp vụ kế toán doanh nghiệp. Các quản lý doanh nghiệp cần hiểu rõ công việc của một kế toán viên để quản lý và kiểm soát nhân viên hoặc cần kiến thức kế toán để ứng dụng vào công việc....

8/30/2018 12:44:17 AM +00:00

Kế toán ngân hàng khác kế toán tài chính Doanh Nghiệp

Hệ thống kế toán ngân hàng Việt Nam chính thức ra đời từ năm 1951 còn hệ thống kế toán tài chính DN được hình thành sau đó ba năm, năm 1954 và được hoàn thiện, phát triển song song cho tới nay. Về cơ bản, hai hệ thống kế toán giống nhau về nguyên tắc, nội dung và phương pháp hạch toán theo các chuẩn mực kế toán và Luật Kế toán đã ban hành. Tuy nhiên, cách sử dụng thuật ngữ và hình thức trình bày khác nhau khiến cho người đọc có cảm giác thấy hai lĩnh...

8/30/2018 12:44:17 AM +00:00

Lập, Báo cáo tài chính & quyết toán thuế năm - KT05

Mục tiêu chương trình Hướng dẫn cho học viên các bước lập BCTC doanh nghiệp, giải thích nguồn gốc các khoản mục, ý nghĩa kinh tế của từng khoản mục, các chỉ tiêu kiểm soát báo cáo,…, các kiến thức khai thuế và quyết toán thuế TNCN, thuế TNDN cuối năm. Đối tượng theo học Các kế toán viên, kế toán tổng hợp, chuyên viên tài chính của doanh nghiệp. Sinh viên đang theo học hoặc đã hoàn tất chương trình TC, CĐ hoặc ĐH chuyên ngành liên quan đến Kế toán – Tài chính mong muốn nâng cao kiến...

8/30/2018 12:44:17 AM +00:00

phân tích tài chính bằng excel

Spreadsheet bao gồm một loạt các yếu tố hữu ích cho định lượng phân tích của tất cả các loại. Về cơ bản, bảng tính là một công cụ đơn giản bao gồm một ma trận của các tế bào có thể lưu trữ số, văn bản, hoặc các công thức Spreadsheet xuất phát từ khả năng của mình để kết quả tính toán lại khi bạn thay đổi các nội dung khác các tế bào. Không còn người sử dụng cần để làm những tính toán bằng tay hoặc trên một máy tính. Thay vào đó, với một bảng tính xây đúng cách, thay...

8/29/2018 11:47:34 PM +00:00

Thuyết trình về cho thuê tài chính

Đối với một doanh nghiệp muốn bước chân vào thương trường thì vấn đề về vốn khởi sự luôn là một trong những điều khiến cho những quản trị viên phải đau đầu nhất. Ở Việt Nam, khi mà thị trường tài chính chưa thực sự phát triển thì vấn đề về vốn khởi sự cũng như vốn cho các hoạt động của doanh nghiệp lại càng là vấn đề cấp thiết.

8/29/2018 10:38:04 PM +00:00

Tiểu luận - Khiếu kiện quyết định buộc thôi việc

Tham khảo tài liệu 'tiểu luận - khiếu kiện quyết định buộc thôi việc', luận văn - báo cáo phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả

8/29/2018 10:01:15 PM +00:00

Đề thi kết thúc môn Thực hành nghiệp vụ ngân hàng thương mại

Đề thi kết thúc môn Thực hành nghiệp vụ ngân hàng thương mại gồm 10 đề giúp bạn hệ thống lại các kiến thức đã học về ngân hàng thương mại trong môn Thực hành nghiệp vụ ngân hàng thương mại.

8/29/2018 7:08:54 PM +00:00

The Economic and Social Effects of the Financial Liberalization: A Primer for Developing Countries

This paper considers the main elements of the standard pattern of fi nancial liberalization that has become widely prevalent in developing countries. The theoretical arguments in favour of such liberalization are considered and critiqued, and the political economy of such measures is discussed. The problems for developing countries, with respect to fi nancial fragility and the greater propensity to crisis, as well as the negative defl ationary and developmental effects, are discussed. It is concluded that there is a strong case for developing countries to ensure that their own fi nancial systems are adequately regulated with...

8/29/2018 5:44:09 PM +00:00

Bài giảng - Chương VI: Ngân sách Nhà nước

1.Khái niệm ngân sách Nhà nước Định nghĩa ngân sách Nhà nước detail Đặc điểm ngân sách Nhà nước 2. Vai trò của ngân sách Nhà nước a. Đảm bảo nhu cầu chi tiêu cho Nhà nước b. Điều tiết nền kinh tếxã hội detail c. Các vai trò khác detail

8/29/2018 5:16:11 PM +00:00