Tuesday, November 5, 2013

MoneyScience News

MoneyScience News

Blog Post: TheAlephBlog: Book Review: Currencies after the Crash

Posted: 04 Nov 2013 09:28 PM PST

Sara Eisen is smart.  How smart is Sara Eisen?  She can write twelve pages on currencies, invite some clever and opinionated people to write articles for her, and serve as editor of the book, and thus get top billing for a moderate amount of work.read more...

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Blog Post: WealthandCapitalMarketsBlog: Entry Load Ban and its Impact in India

Posted: 04 Nov 2013 08:46 PM PST

India’s mutual fund sector has traditionally been dominated by investments from the institutional investors, namely banks and financial institutions, non-financial corporates and foreign institutional investors. However, mutual funds are primarily vehicles for retail investments. Retail investments accounted for 51% of India’s mutual fund industry AuM in 2012-13 growing from 43% in 2008-09....

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Blog Post: PatrickBurns: Investment performance: measurement versus calculation

Posted: 04 Nov 2013 03:57 AM PST

I recently had a frustrating — for both parties — conversation involving performance measurement.read more...

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Published / Preprint: Taking the Long Way Home: U.S. Tax Evasion and Offshore Investments in U.S. Equity and Debt Markets

Posted: 04 Nov 2013 03:40 AM PST

We empirically investigate one form of illegal investor-level tax evasion and its effect on foreign portfolio investment. In particular, we examine a form of round-tripping tax evasion in which U.S. individuals hide funds in entities located in offshore tax havens and then invest those funds in U.S. securities markets. Employing Becker's (1968) economic theory of crime, we identify the tax...

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Published / Preprint: Size Anomalies in U.S. Bank Stock Returns

Posted: 04 Nov 2013 03:40 AM PST

The largest commercial bank stocks, ranked by total size of the balance sheet, have significantly lower risk-adjusted returns than small- and medium-sized bank stocks, even though large banks are significantly more levered. We uncover a size factor in the component of bank returns that is orthogonal to the standard risk factors, including small-minus-big, which has the right covariance with bank...

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Published / Preprint: A Theory of Debt Maturity: The Long and Short of Debt Overhang

Posted: 04 Nov 2013 03:40 AM PST

Debt maturity influences debt overhang, the reduced incentive for highly levered borrowers to make real investments because some value accrues to debt. Reducing maturity can increase or decrease overhang even when shorter-term debt's value depends less on firm value. Future overhang is more volatile for shorter-term debt, making future investment incentives volatile and influencing immediate...

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Blog Post: TheFinancialServicesClub: RBS: yet another British Jekyll and Hyde Bank

Posted: 04 Nov 2013 03:31 AM PST

There was a whole load of stuff going on in the banking world last week about Q3 bank results and, in particular, whether the Royal Bank of Scotland should split into a good bank and bad bank.read more...

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Vendor News: 中信建æÂÂï¼Âå½éÂÂï¼ÂÃ¥ÂÂå©Fidessa æ©å±Âå½éÂÂè¯Âå¸å¸Âåº

Posted: 21 Oct 2013 12:50 AM PDT