MoneyScience News |
- Blog Post: TheAlephBlog: Classic: Choosing an Insurance Company?
- Blog Post: TheFinancialServicesClub: The time is ripe for disruption in banking
- Published / Preprint: Alpha and Performance Measurement: The Effects of Investor Disagreement and Heterogeneity
- Published / Preprint: Corporate Taxes and Securitization
- Published / Preprint: Do Acquisitions Relieve Target Firmsâ Financial Constraints?
- Published / Preprint: Private Equity Performance: What Do We Know?
- Published / Preprint: Have Rating Agencies Become More Conservative? Implications for Capital Structure and Debt Pricing
- Published / Preprint: Stock Options as Lotteries
| Blog Post: TheAlephBlog: Classic: Choosing an Insurance Company? Posted: 28 Mar 2014 08:48 PM PDT This was published in the “Ask Our Pros” column at RealMoney. Â I don’t know when, and I don’t have the actual question, but looking at my answer, I think I know what was asked.read more... Visit MoneyScience for the Complete Article.      |
| Blog Post: TheFinancialServicesClub: The time is ripe for disruption in banking Posted: 28 Mar 2014 02:31 PM PDT Building on yesterday’s debate about Google and co coming into banking, and the previous discussions of such:read more... Visit MoneyScience for the Complete Article.    |
| Posted: 28 Mar 2014 04:13 AM PDT The literature has not established that a positive alpha, as traditionally measured, means that an investor would want to buy a fund. When alpha is defined using the client's utility function, a positive alpha generally means the client would want to buy. When markets are incomplete investors will disagree about the attractiveness of a fund. We provide bounds on the expected disagreement with a... Visit MoneyScience for the Complete Article.    |
| Published / Preprint: Corporate Taxes and Securitization Posted: 28 Mar 2014 04:13 AM PDT Most banks pay corporate income taxes, but securitization vehicles do not. Our model shows that when a bank faces strong loan demand but limited deposit market power, this tax asymmetry creates an incentive to sell loans despite less-efficient screening and monitoring of sold loans. Moreover, loan-selling increases as a bank's corporate income tax rate and capital requirement rise. Our empirical... Visit MoneyScience for the Complete Article.    |
| Published / Preprint: Do Acquisitions Relieve Target Firmsâ Financial Constraints? Posted: 28 Mar 2014 04:13 AM PDT Managers often claim that target firms are financially constrained prior to being acquired and that these constraints are eased following the acquisition. Using a large sample of European acquisitions, we document that the level of cash that target firms hold, the sensitivity of cash to cash flow, and the sensitivity of investment to cash flow all decline, while investment increases following the... Visit MoneyScience for the Complete Article.    |
| Published / Preprint: Private Equity Performance: What Do We Know? Posted: 28 Mar 2014 04:13 AM PDT We study the performance of nearly 1,400 U.S. buyout and venture capital funds using a new data set from Burgiss. We find better buyout fund performance than previously documented â€" performance has consistently exceeded that of public markets. Outperformance versus the S&P 500 averages 20% to 27% over a fund's life and more than 3% annually. Venture capital funds outperformed public equities in... Visit MoneyScience for the Complete Article.    |
| Posted: 28 Mar 2014 04:13 AM PDT Rating agencies have become more conservative in assigning corporate credit ratings over the period 1985 to 2009; holding firm characteristics constant, average ratings have dropped by three notches. This change does not appear to be fully warranted because defaults have declined over this period. Firms affected more by conservatism issue less debt, have lower leverage, hold more cash, are less... Visit MoneyScience for the Complete Article.    |
| Published / Preprint: Stock Options as Lotteries Posted: 28 Mar 2014 04:12 AM PDT We investigate the relationship between ex-ante total skewness and holding returns on individual equity options. Recent theoretical developments predict a negative relationship between total skewness and average returns, in contrast to the traditional view that only coskewness is priced. We find, consistent with recent theory, that total skewness exhibits a strong negative relationship with... Visit MoneyScience for the Complete Article.    |
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