Corporate Governance and Investment Performance: An International Comparison. B. Burçin Yurtoglu University of Vienna Department of Economics

Size: px
Start display at page:

Download "Corporate Governance and Investment Performance: An International Comparison. B. Burçin Yurtoglu University of Vienna Department of Economics"

Transcription

1 Corporate Governance and Investment Performance: An International Comparison B. Burçin Yurtoglu University of Vienna Department of Economics 1

2 Joint Research with Klaus Gugler and Dennis Mueller The Impact of Corporate Governance on Investment Returns in Developed and Developing Countries, Economic Journal, Globalization and Corporate Governance, Oxford Review of Economic Policy, Corporate Governance and the Returns on Investment, Journal of Law and Economics, The Effects of Insider Ownership on Investment Performance: An International Comparison, WP, University of Vienna,

3 The agency problem Measures of investment performance The impact of institutions on performance 3

4 Agency problems To what extent do corporate governance institutions reduce agency problems and thereby align the interests of managers and shareholders. Weak corporate governance systems allow managers to pursue their own goals at the shareholders expense. Growth-oriented managers will over-invest and pay out less than the share-price-maximizing level of dividends. Accordingly, many tests for the effectiveness of corporate governance in aligning managers and shareholders interests have compared measures of performance like dividend payouts and Tobin s q that are related to investment decisions. 4

5 The agency problem Return on investment (r), cost of capital (i) r H r L i I L CF I H Investment Cash Flow 5

6 Measures of investment performance: Dividends, Tobin s q, Marginal q The optimal dividend payout depends upon both the cash flows of a firm and its investment opportunities. Tobin s q is a measure of average performance. It thus confounds inframarginal and marginal returns. Tobin s q might be high, e.g., because a firm has considerable market power, which in turn could provide its managers the free cash flow to pursue their own goals. An ideal measure of investment performance for testing hypotheses about agency problems should identify marginal returns. 6

7 Methodology PV t = CF ( + i ) t j= 1 1 t+ j j PV t It rt = = it q mt I t M = M + M + µ t t 1 PV t δ t t 1 t M M = I M + µ t t 1 q mt t δ t t 1 t M M I µ = δ + q + M M M t t 1 t t m t 1 t 1 t 1 7

8 Example Consider that a firm with market value of 1000 in a given year invests 100 at a rate of return, r=10%, which exceeds its cost of capital, i=5%. Assuming no depreciation and no prediction errors by the market, its market value will increase by 200. M t M t 1 = qm It = qm 100 8

9 Corporate Governance Institutions Legal systems Ownership structure Ownership Concentration Identity of Owners Financial Institutions and other Blockholders as outsiders Other Institutions Accounting Standards Creditor Rights Contract Enforcement 9

10 The Impact of Legal Systems Legal system qm Firms English Origin ,557 Scandinavian Origin German Origin ,094 French Origin ,818 Transition Countries African Countries

11 English Origin Countries Country qm Firms Australia Bermuda Canada Cayman Islands Great Britain ,331 Hong Kong India Ireland Israel Malaysia New Zealand Pakistan Singapore South Africa Thailand USA ,591 11

12 Scandinavian and German Origin Scandinavian Origin Countries qm Firms Denmark Finland Norway Sweden German Origin Countries qm Firms Austria Germany Japan ,219 South Korea Switzerland Taiwan

13 French Origin French Origin Countries qm Firms qm Firms Argentina Mexico Belgium Netherlands Brazil Netherlands Antilles Chile Panama Colombia Peru France Philippines Greece Portugal Indonesia Spain Italy Turkey Luxembourg Venezuela

14 The Effects of Ownership on the Returns on Investment by Legal System English Scandinavian European-German Asian-German French Origin Origin Origin Origin Origin Family > Financial < > Non-Financial Dispersed > > State < >

15 Implications These results show that differences in investment performance related to a country s legal system dominate differences related to ownership structure Nevertheless, ownership structures have important consequences on investment performance 15

16 Pyramiding, Cross-Shareholdings and Shareholder Voting Rights in Europe Pyramidal Structures: Cross-Shareholdings: Deviation of control and cash flow rights of the dominant shareholder: (Business Groups in Japan: -0.11) 16

17 Insider Ownership in the USA and its Impact on Investment Performance qa qm 17

18 Family Ownership in the English-origin non-us sample and its Impact on Investment Performance qa qm 18

19 Family Ownership in Europe and its Impact on Investment performance qa qm 19

20 Additional Findings Ownership by financial institutions in the USA improves companies investment performance. Ownership by banks, insurance companies and other financial companies in Continental Europe is associated with worse investment performance. 20

21 The Impact of Accounting Standards strong accounting standards strengthen the hand of shareholders resulting in higher returns on both reinvested cash flows and new equity issues, and this holds more or less regardless of a country s legal origin the improvement in performance for equity holders comes to a degree at the expense of debt holders. 21

22 The Effects of Creditors Rights Strong creditor rights tend to benefit debt holders and harm purchasers of new equity in all four countrygroups. The Impact of Strong Contract Enforcement No developed, English-origin country has weak contract enforcement. No developing, civil-law country has strong contract enforcement. Economically and statistically significant improvement in investment performance in countries with strong enforcement. 22

23 Conclusions Agency problems exist in all countries and can have significant impacts on the investment performance of companies. Agency problems can be mitigated by the institutional structures of a country. Legal institutions that strengthen shareholder rights do bring about superior investment performance. 23

24 Managers who wish to undertake low return investments in countries with strong corporate governance systems prefer to rely on internal cash flows to finance these investments Managers making similar investments in countries with weak corporate governance systems are freer to use the equity market as a source of finance. 24

FOREIGN ACTIVITY REPORT

FOREIGN ACTIVITY REPORT FOREIGN ACTIVITY REPORT SECOND QUARTER 2012 TABLE OF CONTENTS Table of Contents... i All Securities Transactions... 2 Highlights... 2 U.S. Transactions in Foreign Securities... 2 Foreign Transactions in

More information

Reporting practices for domestic and total debt securities

Reporting practices for domestic and total debt securities Last updated: 27 November 2017 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook on

More information

EQUITY REPORTING & WITHHOLDING. Updated May 2016

EQUITY REPORTING & WITHHOLDING. Updated May 2016 EQUITY REPORTING & WITHHOLDING Updated May 2016 When you exercise stock options or have RSUs lapse, there may be tax implications in any country in which you worked for P&G during the period from the

More information

2013 Global Survey of Accounting Assumptions. for Defined Benefit Plans. Executive Summary

2013 Global Survey of Accounting Assumptions. for Defined Benefit Plans. Executive Summary 2013 Global Survey of Accounting Assumptions for Defined Benefit Plans Executive Summary Executive Summary In broad terms, accounting standards aim to enable employers to approximate the cost of an employee

More information

Guide to Treatment of Withholding Tax Rates. January 2018

Guide to Treatment of Withholding Tax Rates. January 2018 Guide to Treatment of Withholding Tax Rates Contents 1. Introduction 1 1.1. Aims of the Guide 1 1.2. Withholding Tax Definition 1 1.3. Double Taxation Treaties 1 1.4. Information Sources 1 1.5. Guide Upkeep

More information

BRINKER CAPITAL DESTINATIONS TRUST

BRINKER CAPITAL DESTINATIONS TRUST Important 2018 Tax Information Regarding Your Mutual s BRINKER CAPITAL DESTINATIONS TRUST The following tax information is furnished for informational purposes only. Please consult your tax advisor for

More information

COUNTRY COST INDEX JUNE 2013

COUNTRY COST INDEX JUNE 2013 COUNTRY COST INDEX JUNE 2013 June 2013 Kissell Research Group, LLC 1010 Northern Blvd., Suite 208 Great Neck, NY 11021 www.kissellresearch.com Kissell Research Group Country Cost Index - June 2013 2 Executive

More information

San Francisco Retiree Health Care Trust Fund Education Materials on Public Equity

San Francisco Retiree Health Care Trust Fund Education Materials on Public Equity M E K E T A I N V E S T M E N T G R O U P 5796 ARMADA DRIVE SUITE 110 CARLSBAD CA 92008 760 795 3450 fax 760 795 3445 www.meketagroup.com The Global Equity Opportunity Set MSCI All Country World 1 Index

More information

STOXX EMERGING MARKETS INDICES. UNDERSTANDA RULES-BA EMERGING MARK TRANSPARENT SIMPLE

STOXX EMERGING MARKETS INDICES. UNDERSTANDA RULES-BA EMERGING MARK TRANSPARENT SIMPLE STOXX Limited STOXX EMERGING MARKETS INDICES. EMERGING MARK RULES-BA TRANSPARENT UNDERSTANDA SIMPLE MARKET CLASSIF INTRODUCTION. Many investors are seeking to embrace emerging market investments, because

More information

Quarterly Investment Update First Quarter 2018

Quarterly Investment Update First Quarter 2018 Quarterly Investment Update First Quarter 2018 Dimensional Fund Advisors Canada ULC ( DFA Canada ) is not affiliated with [insert name of Advisor]. DFA Canada is a separate and distinct company. Market

More information

Quarterly Investment Update First Quarter 2017

Quarterly Investment Update First Quarter 2017 Quarterly Investment Update First Quarter 2017 Market Update: A Quarter in Review March 31, 2017 CANADIAN STOCKS INTERNATIONAL STOCKS Large Cap Small Cap Growth Value Large Cap Small Cap Growth Value Emerging

More information

Global Business Barometer April 2008

Global Business Barometer April 2008 Global Business Barometer April 2008 The Global Business Barometer is a quarterly business-confidence index, conducted for The Economist by the Economist Intelligence Unit What are your expectations of

More information

IMPORTANT TAX INFORMATION

IMPORTANT TAX INFORMATION 00126803 IMPORTANT TAX INFORMATION Dear Hartford Funds Shareholder: The following information about your enclosed 1099-DIV from Hartford Funds should be used when preparing your 2014 tax return. The information

More information

Corrigendum. OECD Pensions Outlook 2012 DOI: ISBN (print) ISBN (PDF) OECD 2012

Corrigendum. OECD Pensions Outlook 2012 DOI:   ISBN (print) ISBN (PDF) OECD 2012 OECD Pensions Outlook 2012 DOI: http://dx.doi.org/9789264169401-en ISBN 978-92-64-16939-5 (print) ISBN 978-92-64-16940-1 (PDF) OECD 2012 Corrigendum Page 21: Figure 1.1. Average annual real net investment

More information

Summary 715 SUMMARY. Minimum Legal Fee Schedule. Loser Pays Statute. Prohibition Against Legal Advertising / Soliciting of Pro bono

Summary 715 SUMMARY. Minimum Legal Fee Schedule. Loser Pays Statute. Prohibition Against Legal Advertising / Soliciting of Pro bono Summary Country Fee Aid Angola No No No Argentina No, with No No No Armenia, with No No No No, however the foreign Attorneys need to be registered at the Chamber of Advocates to be able to practice attorney

More information

DIVERSIFICATION. Diversification

DIVERSIFICATION. Diversification Diversification Helps you capture what global markets offer Reduces risks that have no expected return May prevent you from missing opportunity Smooths out some of the bumps Helps take the guesswork out

More information

Part B STATEMENT OF ADDITIONAL INFORMATION

Part B STATEMENT OF ADDITIONAL INFORMATION Part B STATEMENT OF ADDITIONAL INFORMATION SIT LARGE CAP GROWTH FUND, INC. SNIGX SIT MID CAP GROWTH FUND, INC. NBNGX SIT MUTUAL FUNDS, INC, comprised of: SIT BALANCED FUND SIBAX SIT DIVIDEND GROWTH FUND,

More information

Performance Derby: MSCI Regions & Countries STRG, STEG, & LTEG

Performance Derby: MSCI Regions & Countries STRG, STEG, & LTEG Performance Derby: MSCI Regions & Countries STRG, STEG, & LTEG February 7, 2018 Dr. Ed Yardeni 516-972-7683 eyardeni@yardeni.com Joe Abbott 732-497-5306 jabbott@yardeni.com Please visit our sites at blog.yardeni.com

More information

DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014

DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014 DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds.

More information

Financial wealth of private households worldwide

Financial wealth of private households worldwide Economic Research Financial wealth of private households worldwide Munich, October 217 Recovery in turbulent times Assets and liabilities of private households worldwide in EUR trillion and annualrate

More information

Table 1: Foreign exchange turnover: Summary of surveys Billions of U.S. dollars. Number of business days

Table 1: Foreign exchange turnover: Summary of surveys Billions of U.S. dollars. Number of business days Table 1: Foreign exchange turnover: Summary of surveys Billions of U.S. dollars Total turnover Number of business days Average daily turnover change 1983 103.2 20 5.2 1986 191.2 20 9.6 84.6 1989 299.9

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 5/4/2016 Imports by Volume (Gallons per Country) YTD YTD Country 03/2015 03/2016 % Change 2015 2016 % Change MEXICO 53,821,885 60,813,992 13.0 % 143,313,133 167,568,280 16.9 % NETHERLANDS 11,031,990 12,362,256

More information

FEES SCHEDULE (COPPER / GOLD)

FEES SCHEDULE (COPPER / GOLD) FEES SCHEDULE (COPPER / GOLD) Applicable from April 208 excluding discretionary management agreement and investment advisory agreement CBP Quilvest LU EN Fees Schedule Excluding Management April 208 /5

More information

DFA Global Equity Portfolio (Class F) Performance Report Q3 2018

DFA Global Equity Portfolio (Class F) Performance Report Q3 2018 DFA Global Equity Portfolio (Class F) Performance Report Q3 2018 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation

More information

DFA Global Equity Portfolio (Class F) Performance Report Q4 2017

DFA Global Equity Portfolio (Class F) Performance Report Q4 2017 DFA Global Equity Portfolio (Class F) Performance Report Q4 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation

More information

DFA Global Equity Portfolio (Class F) Performance Report Q2 2017

DFA Global Equity Portfolio (Class F) Performance Report Q2 2017 DFA Global Equity Portfolio (Class F) Performance Report Q2 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation

More information

DFA Global Equity Portfolio (Class F) Performance Report Q3 2015

DFA Global Equity Portfolio (Class F) Performance Report Q3 2015 DFA Global Equity Portfolio (Class F) Performance Report Q3 2015 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation

More information

Financial Globalization, governance, and the home bias. Bong-Chan Kho, René M. Stulz and Frank Warnock

Financial Globalization, governance, and the home bias. Bong-Chan Kho, René M. Stulz and Frank Warnock Financial Globalization, governance, and the home bias Bong-Chan Kho, René M. Stulz and Frank Warnock Financial globalization Since end of World War II, dramatic reduction in barriers to international

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 3/7/2018 Imports by Volume (Gallons per Country) YTD YTD Country 01/2017 01/2018 % Change 2017 2018 % Change MEXICO 54,235,419 58,937,856 8.7 % 54,235,419 58,937,856 8.7 % NETHERLANDS 12,265,935 10,356,183

More information

FEES SCHEDULE (SILVER/PLATINUM)

FEES SCHEDULE (SILVER/PLATINUM) FEES SCHEDULE (SILVER/PLATINUM) Applicable from April 208 under an Investment Advisory Agreement CBP Quilvest LU EN Investment Advisory Fees Schedule April 208 /5 ADVISORY MANAGEMENT, CUSTODY FEES AND

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 4/5/2018 Imports by Volume (Gallons per Country) YTD YTD Country 02/2017 02/2018 % Change 2017 2018 % Change MEXICO 53,961,589 55,268,981 2.4 % 108,197,008 114,206,836 5.6 % NETHERLANDS 12,804,152 11,235,029

More information

KPMG s Individual Income Tax and Social Security Rate Survey 2009 TAX

KPMG s Individual Income Tax and Social Security Rate Survey 2009 TAX KPMG s Individual Income Tax and Social Security Rate Survey 2009 TAX B KPMG s Individual Income Tax and Social Security Rate Survey 2009 KPMG s Individual Income Tax and Social Security Rate Survey 2009

More information

FedEx International Priority. FedEx International Economy 3

FedEx International Priority. FedEx International Economy 3 SERVICES AND RATES FedEx International Solutions for your business Whether you are shipping documents to meet a deadline, saving money on a regular shipment or moving freight, FedEx offers a suite of transportation

More information

Important Information

Important Information Important Information CDP is an independent not-for-profit organization that has been requesting information relating to carbon and climate change on behalf of investors since 2002. Thousands of organizations

More information

Emerging Capital Markets AG907

Emerging Capital Markets AG907 Emerging Capital Markets AG907 M.Sc. Investment & Finance M.Sc. International Banking & Finance Lecture 2 Corporate Governance in Emerging Capital Markets Ignacio Requejo Glasgow, 2010/2011 Overview of

More information

St. Martin 2013 SERVICES AND RATES

St. Martin 2013 SERVICES AND RATES SERVICES AND RATES FedEx International Solutions for your business Whether you are shipping documents to meet a deadline, saving money on a regular shipment or moving freight, FedEx offers a suite of transportation

More information

Global Economic Briefing: Global Inflation

Global Economic Briefing: Global Inflation Global Economic Briefing: Global Inflation November, 7 Dr. Edward Yardeni -97-7 eyardeni@ Debbie Johnson -- djohnson@ Mali Quintana -- aquintana@ Please visit our sites at www. blog. thinking outside the

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 6/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 04/2017 04/2018 % Change 2017 2018 % Change MEXICO 60,968,190 71,994,646 18.1 % 231,460,145 253,500,213 9.5 % NETHERLANDS 13,307,731 10,001,693

More information

PENTA CLO 2 B.V. (the "Issuer")

PENTA CLO 2 B.V. (the Issuer) THIS NOTICE CONTAINS IMPORTANT INFORMATION OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE NOTES (AS DEFINED BELOW). IF APPLICABLE, ALL DEPOSITARIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING

More information

% 38, % 40, % 2,611 2,

% 38, % 40, % 2,611 2, 3 DECEMBER 6 OPEN ENDED Number of Net Value of Number of Total Value Total Value Net New Date Authorised/Registered Schemes Registered of Sales of Repurchases Investment Schemes ( mn) Holders ( mn) ( mn)

More information

Bank of Canada Triennial Central Bank Survey of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets

Bank of Canada Triennial Central Bank Survey of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets Bank of Canada Triennial Central Bank Survey of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets Turnover for, and Amounts Outstanding as at June 30, March, 2005 Turnover data for, Table

More information

MANDATORY PROVIDENT FUND SCHEMES AUTHORITY

MANDATORY PROVIDENT FUND SCHEMES AUTHORITY Guidelines III.4 MANDATORY PROVIDENT FUND SCHEMES AUTHORITY III.4 Guidelines on Approved Exchanges INTRODUCTION Section 2 of the Mandatory Provident Fund Schemes (General) Regulation (the Regulation) defines

More information

DOMESTIC CUSTODY & TRADING SERVICES

DOMESTIC CUSTODY & TRADING SERVICES Pricing Structure DOMESTIC CUSTODY & TRADING SERVICES A flat custody fee of 20bps per account type per year is applicable to all holdings and cash, the custody fee is collected each month but will be capped

More information

2018 Global Survey of Accounting Assumptions. for Defined Benefit Plans. Executive summary

2018 Global Survey of Accounting Assumptions. for Defined Benefit Plans. Executive summary 2018 Global Survey of Accounting Assumptions for Defined Benefit Plans Executive summary Executive summary In broad terms, accounting standards aim to enable employers to approximate the cost of an employee

More information

Developing Housing Finance Systems

Developing Housing Finance Systems Developing Housing Finance Systems Veronica Cacdac Warnock IIMB-IMF Conference on Housing Markets, Financial Stability and Growth December 11, 2014 Based on Warnock V and Warnock F (2012). Developing Housing

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 7/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 05/2017 05/2018 % Change 2017 2018 % Change MEXICO 71,166,360 74,896,922 5.2 % 302,626,505 328,397,135 8.5 % NETHERLANDS 12,039,171 13,341,929

More information

Institutions, Capital Flight and the Resource Curse. Ragnar Torvik Department of Economics Norwegian University of Science and Technology

Institutions, Capital Flight and the Resource Curse. Ragnar Torvik Department of Economics Norwegian University of Science and Technology Institutions, Capital Flight and the Resource Curse Ragnar Torvik Department of Economics Norwegian University of Science and Technology The resource curse Wave 1: Case studies, Gelb (1988) The resource

More information

Global Select International Select International Select Hedged Emerging Market Select

Global Select International Select International Select Hedged Emerging Market Select International Exchange Traded Fund (ETF) Managed Strategies ETFs provide investors a liquid, transparent, and low-cost avenue to equities around the world. Our research has shown that individual country

More information

Financial law reform: purpose and key questions

Financial law reform: purpose and key questions Conference on Cross-Jurisdictional Netting and Global Solutions Update on Netting in Asia May 12, 2011 London School of Economics and Political Science Peter M Werner Senior Director ISDA pwerner@isda.org

More information

Registration of Foreign Limited Partnerships in the Cayman Islands

Registration of Foreign Limited Partnerships in the Cayman Islands Registration of Foreign Limited Partnerships in the Cayman Islands Preface This publication has been prepared for the assistance of those who are considering registration of a foreign limited partnership

More information

Balanced Plus Select Portfolio Pn

Balanced Plus Select Portfolio Pn Factsheet as at : August 25, 2018 Balanced Plus Select Portfolio Pn Fund objective This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 10-12% over

More information

Invesco Indexing Investable Universe Methodology October 2017

Invesco Indexing Investable Universe Methodology October 2017 Invesco Indexing Investable Universe Methodology October 2017 1 Invesco Indexing Investable Universe Methodology Table of Contents Introduction 3 General Approach 3 Country Selection 4 Region Classification

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 2/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 12/2016 12/2017 % Change 2016 2017 % Change MEXICO 50,839,282 54,169,734 6.6 % 682,281,387 712,020,884 4.4 % NETHERLANDS 10,630,799 11,037,475

More information

International Statistical Release

International Statistical Release International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Investment Fund Assets and Flows Trends in the

More information

Balanced Select Portfolio Pn

Balanced Select Portfolio Pn Factsheet as at : September 22, 2018 Balanced Select Portfolio Pn Fund objective This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 8-10% over a

More information

APA & MAP COUNTRY GUIDE 2017 DENMARK

APA & MAP COUNTRY GUIDE 2017 DENMARK APA & MAP COUNTRY GUIDE 2017 DENMARK Managing uncertainty in the new tax environment DENMARK KEY FEATURES Competent authority Danish Tax Office ( SKAT ) APA provisions/ guidance Types of APAs available

More information

MANDATORY PROVIDENT FUND SCHEMES AUTHORITY

MANDATORY PROVIDENT FUND SCHEMES AUTHORITY Guidelines III.4 MANDATORY PROVIDENT FUND SCHEMES AUTHORITY III.4 Guidelines on Approved Exchanges INTRODUCTION Section 2 of the Mandatory Provident Fund Schemes (General) Regulation ( the Regulation )

More information

Market Briefing: MSCI Stock Market Indexes

Market Briefing: MSCI Stock Market Indexes Market Briefing: MSCI Stock Market Indexes February 1, 218 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-536 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www.

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 10/5/2017 Imports by Volume (Gallons per Country) YTD YTD Country 08/2016 08/2017 % Change 2016 2017 % Change MEXICO 51,349,849 67,180,788 30.8 % 475,806,632 503,129,061 5.7 % NETHERLANDS 12,756,776 12,954,789

More information

International Statistical Release

International Statistical Release International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org) Worldwide Investment Fund Assets and Flows Trends in the

More information

Market Briefing: MSCI Stock Market Indexes

Market Briefing: MSCI Stock Market Indexes Market Briefing: MSCI Stock Market Indexes September 7, 218 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-536 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www.

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 1/5/2018 Imports by Volume (Gallons per Country) YTD YTD Country 11/2016 11/2017 % Change 2016 2017 % Change MEXICO 50,994,409 48,959,909 (4.0)% 631,442,105 657,851,150 4.2 % NETHERLANDS 9,378,351 11,903,919

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 11/2/2018 Imports by Volume (Gallons per Country) YTD YTD Country 09/2017 09/2018 % Change 2017 2018 % Change MEXICO 49,299,573 57,635,840 16.9 % 552,428,635 601,679,687 8.9 % NETHERLANDS 11,656,759 13,024,144

More information

Actuarial Supply & Demand. By i.e. muhanna. i.e. muhanna Page 1 of

Actuarial Supply & Demand. By i.e. muhanna. i.e. muhanna Page 1 of By i.e. muhanna i.e. muhanna Page 1 of 8 040506 Additional Perspectives Measuring actuarial supply and demand in terms of GDP is indeed a valid basis for setting the actuarial density of a country and

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 10/5/2018 Imports by Volume (Gallons per Country) YTD YTD Country 08/2017 08/2018 % Change 2017 2018 % Change MEXICO 67,180,788 71,483,563 6.4 % 503,129,061 544,043,847 8.1 % NETHERLANDS 12,954,789 12,582,508

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 12/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 10/2017 10/2018 % Change 2017 2018 % Change MEXICO 56,462,606 60,951,402 8.0 % 608,891,240 662,631,088 8.8 % NETHERLANDS 11,381,432 10,220,226

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 2/6/2019 Imports by Volume (Gallons per Country) YTD YTD Country 11/2017 11/2018 % Change 2017 2018 % Change MEXICO 48,959,909 54,285,392 10.9 % 657,851,150 716,916,480 9.0 % NETHERLANDS 11,903,919 10,024,814

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 3/6/2019 Imports by Volume (Gallons per Country) YTD YTD Country 12/2017 12/2018 % Change 2017 2018 % Change MEXICO 54,169,734 56,505,154 4.3 % 712,020,884 773,421,634 8.6 % NETHERLANDS 11,037,475 8,403,018

More information

Belize FedEx International Priority. FedEx International Economy 3

Belize FedEx International Priority. FedEx International Economy 3 SERVICES AND RATES FedEx International Solutions for your business Whether you are shipping documents to meet a deadline, saving money on a regular shipment or moving freight, FedEx offers a suite of transportation

More information

Belize FedEx International Priority. FedEx International Economy 3

Belize FedEx International Priority. FedEx International Economy 3 SERVICES AND RATES FedEx International Solutions for your business Whether you are shipping documents to meet a deadline, saving money on a regular shipment or moving freight, FedEx offers a suite of transportation

More information

GENERAL AGREEMENT ON TARIFFS AND TRADE

GENERAL AGREEMENT ON TARIFFS AND TRADE GENERAL AGREEMENT ON TARIFFS AND TRADE RESTRICTED L/4914/Rev.3 24 November 1980 Limited Distribution MULTILATERAL TRADE NEGOTIATIONS Status of s of Protocols, Agreements and Arrangements i (as of 20 November

More information

Swedish portfolio holdings. Foreign equity securities and debt securities

Swedish portfolio holdings. Foreign equity securities and debt securities Swedish portfolio holdings Foreign equity securities and debt securities 2007 Swedish portfolio holdings Foreign equity securities and debt securities 2007 Statistiska centralbyrån 2008 Swedish portfolio

More information

Bank of Canada Triennial Central Bank Surveys of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets Turnover for April, 2007 and Amounts

Bank of Canada Triennial Central Bank Surveys of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets Turnover for April, 2007 and Amounts Bank of Canada Triennial Central Bank Surveys of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets Turnover for April, 2007 and Amounts Outstanding as at June 30, 2007 January 4, 2008 Table

More information

Global Economic Briefing: Global Liquidity

Global Economic Briefing: Global Liquidity Global Economic Briefing: Global Liquidity December 21, 217 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 48-664-1333 djohnson@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at

More information

Open Day 2017 Clearstream execution-to-custody integration Valentin Nehls / Jan Willems. 5 October 2017

Open Day 2017 Clearstream execution-to-custody integration Valentin Nehls / Jan Willems. 5 October 2017 Open Day 2017 Clearstream execution-to-custody integration Valentin Nehls / Jan Willems 5 October 2017 Deutsche Börse Group 1 Settlement services: single point of access to cost-effective, low risk and

More information

Does One Law Fit All? Cross-Country Evidence on Okun s Law

Does One Law Fit All? Cross-Country Evidence on Okun s Law Does One Law Fit All? Cross-Country Evidence on Okun s Law Laurence Ball Johns Hopkins University Global Labor Markets Workshop Paris, September 1-2, 2016 1 What the paper does and why Provides estimates

More information

Summit Strategies Group

Summit Strategies Group As of December 3, 203 US Equity: All Cap Russell 3000 Index 2.64 0.0 33.55 33.55 6.24 8.7 6.50 7.88 7.09 Dow Jones US Total Stock Market Index 2.63 0. 33.47 33.47 6.23 8.86 6.68 8.0 6.90 US Equity: Large

More information

Schroder ISF Global Multi-Asset Income

Schroder ISF Global Multi-Asset Income Factsheet as at : October 09, 2018 Schroder ISF Global Multi-Asset Income Fund objective The fund aims to provide an income distribution of 5% per annum and capital growth over a market cycle by investing

More information

a closer look GLOBAL TAX WEEKLY ISSUE 249 AUGUST 17, 2017

a closer look GLOBAL TAX WEEKLY ISSUE 249 AUGUST 17, 2017 GLOBAL TAX WEEKLY a closer look ISSUE 249 AUGUST 17, 2017 SUBJECTS TRANSFER PRICING INTELLECTUAL PROPERTY VAT, GST AND SALES TAX CORPORATE TAXATION INDIVIDUAL TAXATION REAL ESTATE AND PROPERTY TAXES INTERNATIONAL

More information

Global Economic Indictors: CRB Raw Industrials & Global Economy

Global Economic Indictors: CRB Raw Industrials & Global Economy Global Economic Indictors: & Global Economy December 14, 2017 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 480-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box

More information

Argentina Bahamas Barbados Bermuda Bolivia Brazil British Virgin Islands Canada Cayman Islands Chile

Argentina Bahamas Barbados Bermuda Bolivia Brazil British Virgin Islands Canada Cayman Islands Chile Americas Argentina (Banking and finance; Capital markets: Debt; Capital markets: Equity; M&A; Project Bahamas (Financial and corporate) Barbados (Financial and corporate) Bermuda (Financial and corporate)

More information

10 GREAT MYTHS OF GLOBAL CIVIL SOCIETY

10 GREAT MYTHS OF GLOBAL CIVIL SOCIETY 10 GREAT MYTHS OF GLOBAL CIVIL SOCIETY Lester M. Salamon Johns Hopkins University Japan Commerce Association of Washington October 21, 2013 THE GLOBAL ASSOCIATIONAL REVOLUTION FOR-PROFIT SECTOR CIVIL SOCIETY

More information

NORTH AMERICAN UPDATE

NORTH AMERICAN UPDATE NORTH AMERICAN UPDATE December 6 th, 2018 INNOVATION INSIGHT GROWTH SINCE 1968 TOUGH YEAR FOR RETURNS AROUND THE WORLD Index Year-to-date Performance MSCI World -1.2% MSCI USA 3.9% MSCI Canada -3.9% MSCI

More information

Driehaus International Small Cap Growth Fund

Driehaus International Small Cap Growth Fund DRIEHAUS CAPITAL MANAGEMENT SECOND QUARTER 208 Growth Fund KEY FEATURES Developed and emerging markets small cap exposure mark aware, not benchmark constrained Opportunistic investment approach High active

More information

Double Tax Treaties. Necessity of Declaration on Tax Beneficial Ownership In case of capital gains tax. DTA Country Withholding Tax Rates (%)

Double Tax Treaties. Necessity of Declaration on Tax Beneficial Ownership In case of capital gains tax. DTA Country Withholding Tax Rates (%) Double Tax Treaties DTA Country Withholding Tax Rates (%) Albania 0 0 5/10 1 No No No Armenia 5/10 9 0 5/10 1 Yes 2 No Yes Australia 10 0 15 No No No Austria 0 0 10 No No No Azerbaijan 8 0 8 Yes No Yes

More information

Summit Strategies Group

Summit Strategies Group April 0, 205 US Equity: All Cap Russell 000 Index 0.45 5.9 2.26 2.74 6.86 4. 8.68 8.66 Dow Jones US Total Stock Market Index 0.46 5.9 2.27 2.67 6.78 4.7 8.78 8.8 US Equity: Large Cap Russell 000 Index

More information

Rev. Proc Implementation of Nonresident Alien Deposit Interest Regulations

Rev. Proc Implementation of Nonresident Alien Deposit Interest Regulations Rev. Proc. 2012-24 Implementation of Nonresident Alien Deposit Interest Regulations SECTION 1. PURPOSE Sections 1.6049-4(b)(5) and 1.6049-8 of the Income Tax Regulations, as revised by TD 9584, require

More information

TAXATION OF TRUSTS IN ISRAEL. An Opportunity For Foreign Residents. Dr. Avi Nov

TAXATION OF TRUSTS IN ISRAEL. An Opportunity For Foreign Residents. Dr. Avi Nov TAXATION OF TRUSTS IN ISRAEL An Opportunity For Foreign Residents Dr. Avi Nov Short Bio Dr. Avi Nov is an Israeli lawyer who represents taxpayers, individuals and entities. Areas of Practice: Tax Law,

More information

Marine. Global Programmes. cunninghamlindsey.com. A Cunningham Lindsey service

Marine. Global Programmes. cunninghamlindsey.com. A Cunningham Lindsey service Marine Global Programmes A Cunningham Lindsey service Marine global presence Marine Global Programmes Cunningham Lindsey approach Managing your needs With 160 marine surveyors and claims managers in 36

More information

Market Briefing: Global Markets

Market Briefing: Global Markets Market Briefing: Global Markets July 6, 218 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at blog. thinking outside the box Table Of Contents Table

More information

BlackRock Developed World Index Sub-Fund

BlackRock Developed World Index Sub-Fund KEY INVESTOR INFORMATION BlackRock Developed World Index Sub-Fund A sub-fund of BlackRock Index Selection Fund Objectives and Investment Policy This document provides you with key investor information

More information

DFA International Core Equity Fund

DFA International Core Equity Fund For the period ended 18 The interim management report of fund performance contains financial highlights but does not contain either the interim financial statements or annual financial statements of the

More information

Key Issues in the Design of Capital Gains Tax Regimes: Taxing Non- Residents. 18 July 2014

Key Issues in the Design of Capital Gains Tax Regimes: Taxing Non- Residents. 18 July 2014 Key Issues in the Design of Capital Gains Tax Regimes: Taxing Non- Residents 18 July 2014 How do we tax non-residents on capital income? Domestic design issues Tax treaty issues Interrelationship between

More information

US Economic Indicators: Import Prices, PPI, & CPI

US Economic Indicators: Import Prices, PPI, & CPI US Economic Indicators: Import Prices, PPI, & CPI December 1, 17 Dr. Edward Yardeni 51-97-73 eyardeni@ Debbie Johnson --1333 djohnson@ Please visit our sites at blog. thinking outside the box Table Of

More information

Summit Strategies Group

Summit Strategies Group May, 208 US Equity: All Cap Russell 000 Index 2.82.4 2.55 5.06 0.72 2.85 2.6 9.2 Dow Jones US Total Stock Market Index 2.8.5 2.57 5.09 0.68 2.78 2.58 9.27 US Equity: Large Cap Russell 000 Index 2.55 0.57

More information

Summit Strategies Group

Summit Strategies Group June 0, 208 US Equity: All Cap Russell 000 Index 0.65.89.22 4.78.58.29.0 0.2 Dow Jones US Total Stock Market Index 0.66.87.25 4.79.56.22 2.98 0.28 US Equity: Large Cap Russell 000 Index 0.65.57 2.85 4.54.64.7.2

More information

Summit Strategies Group

Summit Strategies Group August, 208 US Equity: All Cap Russell 000 Index.5 7.65 0.9 20.25 5.86 4.25 5.50 0.89 Dow Jones US Total Stock Market Index.48 7.64 0.4 20.26 5.82 4.2 5.45 0.94 US Equity: Large Cap Russell 000 Index.45

More information

Summit Strategies Group

Summit Strategies Group October, 208 US Equity: All Cap Russell 000 Index -7.6 -.95 2.4 6.60.27 0.8.8.5 Dow Jones US Total Stock Market Index -7.4-4.04 2.9 6.56.24 0.76.75.6 US Equity: Large Cap Russell 000 Index -7.08 -.5 2.67

More information

FTSE Global All Cap Index

FTSE Global All Cap Index FTSE Russell Factsheet FTSE Global All Cap Index bmktitle1 The FTSE Global All Cap Index is a market-capitalisation weighted index representing the performance of the large, mid and small cap stocks globally.

More information

IOOF. International Equities Portfolio NZD. Quarterly update

IOOF. International Equities Portfolio NZD. Quarterly update IOOF NZD Quarterly update For the period ended 30 September 2018 Contents Overview 2 Portfolio at glance 3 Performance 4 Asset allocation 6 Overview At IOOF, we have been helping Australians secure their

More information