Emerging Market Equities: The Case Continues Risk and Growth Fundamentals Still Support Strong Relative Performance
|
|
- Sheila Maxwell
- 6 years ago
- Views:
Transcription
1 T. Rowe Price Ivestmet dialogue Emergig Market Equities: The Case Cotiues Risk ad Growth Fudametals Still Support Strog Relative Performace Scott Berg, Portfolio Maager Executive Summary Emergig market (EM) equities accout for risig shares of global GDP ad market capitalizatio ad a eve larger share of expected ecoomic growth. However, EM equity exposures withi may actively maaged global equity portfolios imply that setimet is ot uiformly bullish. Skeptics cite the political, currecy, ad corporate risks associated with EM equities. But the evolutio of EMs over the past decade suggests these cocers may be excessively iflueced by historic attributes. Forwardlookig idicators such as sovereig debt spreads reflect a improved risk eviromet. Ecoomic treds appear to favor EMs, ad we cotiue to seek out stocks levered to these treds. Although idirect exposure to the EMs ca be foud via developed markets, this is ot a complete substitute for direct ivestmet, as it may exclude idustries ad stocks cetral to the EM growth story. EM valuatios have coverged with developed markets, i part because the latter are tradig below log-term averages o growth ad sovereig debt cocers. While covetioal wisdom suggests EM equities should trade at a discout, our view is that covergece is cosistet with relative fudametals. Overall, EM valuatios appear reasoable, although the potetial for future asset bubbles remais a cocer. The low EM allocatios of some global equity maagers may reflect a preferece for bechmarkig to the Morga Staley Capital Iteratioal (MSCI) World Idex, which excludes EMs. We favor bechmarks that more fully reflect the global opportuity set, such as MSCI s All Coutry World Idex (ACWI). The strog performace of EM equities particularly sice the fiacial crisis has attracted record capital iflows, leadig some aalysts to questio whether ivestors are herdig ito the ext asset bubble. However, relative exposures withi actively maaged global equity portfolios do ot appear to reflect a bullish cosesus. IterSec, a U.S.-based cosultacy, reports that the typical global equity maager had oly a % weight i EM equities at the ed of Jue up from % i but well below the 1% weight i the MSCI ACWI (Figure 1). exteded reversal of these treds as ulikely. Accordigly, we cotiue to view these markets as highly attractive sources of stock-specific growth ideas. 1% 1 1 Figure 1: EM Exposure of Media Global Equity Maager Versus Weight i the MSCI ACWI As of 3 Jue Media Global Maager MSCI ACWI Such positioig may express a cotraria view of emergig markets or, by implicatio, a more positive opiio of developed world equities. But the persistece of the tred over the past decade, through both bullish ad bearish periods, perhaps suggests a more structural bias i EM equity exposure relative to idex weights or global GDP shares. We believe the uderlyig factors favorig EMs will persist over the medium to log term. These positives iclude reduced sovereig risk, faster ecoomic ad earigs growth, ad structural improvemets i profitability at may EM compaies. While there are dowside risks to our core sceario, ad short-term correctios are always possible, we view a Dec- Ju-3 Source: IterSec Research Dec-3 Ju- Dec- Ju-5 Dec-5 Ju- Dec- Ju-7 Dec-7 Ju- Dec- Ju-9 Dec-9 Ju-
2 EM I Cotext As of 3 Sept, EMs accouted for more tha 1% of the MSCI ACWI a weightig that has icreased 5% sice o the basis of strog relative returs ad a broadeig of the EM ivestible opportuity set. However, the projected chages i the global sigificace of the EMs are expected to be eve more dramatic over the ext to years (Figure ). Highlights iclude: Emergig equities already accout for 31% of total world market cap. This is more tha double their weight i the MSCI ACWI the differece reflectig substatial govermet stakes ad other log-term holdigs that are curretly uavailable for purchase or sale. Estimates suggest the EM share of total world market cap will cotiue its rapid rise: to % by ad over 5% by 3. The gap betwee capitalizatio ad free float should shrik substatially goig forward, thaks to IPOs, privatizatios, ad the uwidig of cross-owership arragemets. The EM share of global GDP is expected to rise almost as rapidly. The Iteratioal Moetary Fud (IMF) estimates that emergig ad developig ecoomies (a category that also icludes frotier markets) will have produced more tha a third of world output i U.S. dollar terms this year versus % for the E.U. ad % for the U.S. This is up from oly a fifth of global GDP i. 1 The EMs are projected to reach 39% of global GDP by 15, 9% by, ad almost % by 3. I purchasig power parity (PPP) terms, they already accout for more tha half of world GDP. Figure : EM Shares of Global Totals Curret ad Projected as of 3 Jue MSCI ACWI Market Capitalizatio GDP (i U.S.$) 13% 31% 3% 19% % Projected 3 Projected Sources: FactSet, IMF, World Bak, World Federatio of Exchages, MSCI, ad Goldma Sachs 9% 31% 55% 59% A Structurally Improved Risk Eviromet Some ivestors cotiue to be cocered about the higher volatility historically associated with EM equities. However, i this case, past performace may ot be a reliable guide to future results. While EMs are more volatile o average tha developed markets ad are likely to remai so for the foreseeable future backward-lookig volatility estimates are biased upward by the EM debt crises of the 199s. Forward-lookig risk measures, o the other had, appear relatively more beig especially whe compared with the developed world, which faces both the ecoomic aftermath of the crisis ad serious log-ru fiscal ad demographic problems: Public debt: The IMF projects that sizable fiscal deficits will push public debt i the advaced ecoomies (i aggregate) to 5% of GDP by 15. The average i the emergig ad developig coutries, o the other had, is expected to declie to 33%, thaks to relative spedig restrait ad healthy ecoomic growth. Exteral debt: EM foreig debt burdes have declied substatially sice the Asia crisis accordig to the IMF, from a average of % of export reveues i 1999 to a projected 7% i 11. Currecy risk: The growth of local EM bod markets has reduced U.S. dollar-deomiated debt as a share of total exteral debt, leavig govermets ad private borrowers less vulerable to the kid of balace sheet mismatches that proved so disastrous durig the Asia crisis. Foreig reserves: The IMF reports that EM cetral baks cotiue to accumulate hard currecy assets. These reached U.S.$.5 trillio as of mid-, up from U.S.$9 billio at the ed of. While this has added to iflatioary pressures i some coutries, it provides cosiderable protectio from short-term capital flight. The value of this safeguard was demostrated i, whe IMF figures showed the EMs as a whole were able to weather a U.S.$1 trillio declie i private iflows with relatively miimal fiacial disruptio. Iflatio: Although iflatio rates have reaccelerated i some EM coutries, most remai well below the oil-drive peaks see i. EM policymakers for the most part have reacted appropriately by tighteig moetary policy, targetig a stable log-term eviromet eve at the expese of ear-term ecoomic growth. 1 IMF, World Ecoomic Outlook database, October. INVESTMENT DIALOGUE
3 These structural gais have led to a steady tighteig of spreads o EM sovereig debt (Figure 3). It seems reasoable to believe that the reduced risk premiums visible i these spreads should also be reflected i EM equity valuatios. Improvemets i macroecoomic stability over the past decade have bee mirrored i the corporate sector, which has maaged to reduce fiacial leverage while at the same time raisig retur o equity (ROE). MSCI data show that the et debt-to-equity ratio o the MSCI EM Idex has falle from 31.5% i 3 to a estimated.% i. Over the same period, ROE has climbed from.% to 1.%. As opposed to beig a purely cyclical tred, EM profitability appears to be o a structural upward tred: ROE has bee higher for the EM idex tha for the World idex i every year sice 1 (Figure ) implyig that the retur differetials see over the past decade have bee solidly uderpied by the relative fudametals. Short- Ad Log-Term Growth Dyamics Favor EMs While EM ecoomies accout for a high ad risig percetage of global GDP, they are geeratig a eve larger share of global ecoomic growth. I the short ru, this tred is beig exaggerated by sluggish recoveries i the developed coutries. Curret IMF forecasts show the emergig ad developig coutries averagig 7.1% real GDP growth i ad.% i 11 versus.7% ad.% for the advaced ecoomies. Growth rates i excess of 5% are projected across much of emergig Asia, Lati America, ad the Middle East ad Africa (Figure 5). These forecasts imply that EM ecoomies will accout for more tha 7% of global GDP growth over the ext three years, i PPP terms. Loger-term treds also suggest that future earigs growth i may global idustries will be drive primarily by the emergig world: Demographics: The populatios of early every developed coutry with the sigificat exceptio of the U.S. will begi to shrik before mid-cetury. While some EM coutries (Chia, i particular) face similar futures, o average they are ot early as far alog the agig trajectory ad still have large, youg rural populatios lookig to eter their urba labor markets. Productivity: Eve more advaced EM coutries are still far behid the developed world. GDP per worker i South Korea, for example, is still oly 59% of the U.S. levels, while i Chia it is less tha 15% ad i Idia %. As a recet Basis Poits Figure : Retur o Equity As of 3 Sept 1% Dec-93 Dec-9 Dec-95 Dec-9 Dec , 1, 1,5 1, 9 3 Sep-9 Sep-97 Source: MSCI MSCI World Idex MSCI Emergig Markets Idex Sep-9 Sep-99 Sep- Sep-1 Sep- Sep-3 Sep- Sep-5 Sep- 1.% Sep-7.9% Sep- Figure 5: Projected Average GDP Growth Rates, ad 11 IMF Staff Estimates as of 3 Sept Below % Betwee % ad % Betwee % ad 5% Above 5% Isufficiet Data Source: IMF Figure 3: EM Sovereig Spreads Over U.S. Treasuries Emergig Markets Bod Idex Global as of 3 Sept Sources: Bloomberg ad J.P. Morga Dec-9 Dec-99 Dec- Dec-1 Dec- Dec-3 Dec- Dec-5 Dec- Dec-7 Dec- Dec-9 Sep- Sep-9 Sep- INVESTMENT DIALOGUE 3
4 study by the New York Federal Reserve otes, this creates ample high-retur ivestmet opportuities ad scope for techological advace i the emergig ecoomies. Cosumptio demad: Aalysts have log predicted risig EM icomes would propel a shift from export-led to cosumptio-led growth. This shift is well uder way. The BRIC (Brazil, Russia, Idia, Chia) coutries accouted for a larger share of global cosumptio growth tha the U.S. i 7,, ad 9. They are expected to almost match U.S. demad growth this year. 3 I cotrast to the cosumptio booms see i may developed coutries (most otably the U.S.) over the past decade, EM cosumer demad is beig fueled by broadeig wealth gais, ot debt. Household leverage remais low: IMF figures show et atioal savigs rates averagig more tha 33% of GDP i the emergig world versus 1% i Europe ad 13% i the U.S. Fiscal prudece, combied with ivestmet rates that average more tha 3% of GDP across the EM world, has created the coditios for the self-fiacig growth cycle we see ow. EM Valuatios Still Appear Reasoable EM equities have performed strogly over the ear ad log term ad have attracted large fud flows sice the bottom of the 9 bear market. Give this backdrop, there are cocers that EM ivestors have pushed valuatios to usustaiable levels a view edorsed by some commetators, who war of a EM bubble. Evidece of a broad-based bubble is hard to fid i the data, however. While clearly ot cheap whe compared with the market trough, EMs still appear reasoably priced especially cosiderig their superior growth prospects. At the ed of s third quarter, the price/earigs (P/E) ratio for the MSCI EM Idex was 11.3 versus a -year media of 1.9 (Figure ). At., the idex s price/book ratio was slightly above the log-term media of 1., but still well below the 7 high of 3.. Valuatio differetials betwee developed ad emergig markets have arrowed substatially over the past decade. I the case of price/book, they have eve reversed, with the MSCI EM Idex ow sellig at a slight premium to the MSCI World (as of 3 Sept ). But relative valuatios have shifted very little over the past three years the period i which the alleged EM bubble Direct ad Idirect EM Exposure The EMs are a sigificat source of earigs growth for may developed world compaies large-cap idustrial ad cosumer multiatioals i particular. This raises a atural questio: Why do ivestors eed to hold EM equities (ad the higher volatilities associated with them) whe idirect exposure to EM growth ca be obtaied via the developed markets? The aswer, of course, is that oe ideed ca fid EM growth opportuities i the developed markets ad there will be times whe these opportuities appear more attractive due to relative valuatios or other factors. However, idirect exposure is ofte a icomplete substitute for direct EM ivestmet ad may ot allow the portfolio maager to capture the iteded risk ad retur thesis. Eve i a globalized ecoomy, most compaies i most idustries still geerate the bulk of their reveues i home markets. A virtual EM portfolio of developed multiatioals ievitably will be biased toward some sectors (techology, idustrials) ad away from others (utilities, fiacials, telecoms) where local compaies are domiat. Figure : P/E Ratios Based o IBES 1-Moth Forward Earigs as of 3 Sept 35% MSCI Emergig Markets Idex MSCI World Idex 3 EM Log-Term Media World Log-Term Media 5 Although top-dow valuatios remai reasoable, there will always be areas withi a attractive asset class that appear expesive at ay give time. Today s eviromet is o differet. However, the breadth of the EM equity opportuity set, compared with years ago, should give active maagers the scope to accommodate relative valuatios withi the EMs while also balacig the growth ad valuatio potetials of EM ad developed world compaies Sep-9 Sep-9 Sep-9 Sep-9 Sep-9 Sources: IBES, FactSet, ad MSCI Sep- Sep- Sep- 1.1% 11.3% Sep- Sep- Sep- Is the Uited States Losig Its Productivity Advatage? Curret Issues i Ecoomics ad Fiace, New York Federal Reserve, September 7. 3 Data provided by Morga Staley Global Research. INVESTMENT DIALOGUE
5 is said to have formed. Moreover, there is a case that arrower discouts relative to the developed markets or eve a EM valuatio premium may be justified, both by the improved risk factors cited above ad their relative growth prospects. billio i ). Skeptics argue that these are classic sigs of irratioal exuberace. However, as already see, these iflows have ot had the impact o valuatios oe would expect i a irratioal market. Recet research from Goldma Sachs appears to support the case that EM markets have yet to peak, give still-reasoable valuatios ad above-average growth prospects. 5 Goldma aalysts examied the 5- ad -year correlatios betwee valuatio, growth i earigs per share (EPS), ad equity returs (Figure 7). Figure 7: Equity Retur Correlatios 197 through 9 data as of Sept -Year Returs vs: Startig Valuatio EPS CAGR Developed Markets Emergig Markets Year Returs vs: Startig Valuatio EPS CAGR Developed Markets Emergig Markets -..9 Source: Goldma Sachs Global ECS Research Not surprisigly, the aalysis shows that over the log ru valuatios matter ad i the developed markets they matter a great deal, with -year equity returs havig a.9 egative correlatio with iitial valuatios the implicatio beig that iexpesive valuatios are cetral to positive future returs. But earigs growth also matters, ad i EMs it appears to matter more: -year returs show a.7 positive correlatio with forecasted EPS, a stroger statistical relatioship tha betwee EM returs ad EM valuatios. I other words, EM equity returs historically have bee drive by robust growth rather tha cheap valuatios. If growth remais strog i the emergig world, as we expect, this should bode well for EM equity returs. Clearly, EM equities are o loger the udervalued asset class they were five years ago. O the other had, their growth prospects both absolute ad relative have cotiued to improve sice that time. This is i marked cotrast to the bubbles of the 199s, whe the superior (relative to the developed world) growth potetial of emergig markets was widely hailed but ot realized o a global basis (Figure ). EM Fud Iflows Are Beig Met With New Supply The other pillar i the cotraria case is the scale of recet fud iflows ito the EMs. Accordig to EPFR Global, a U.S. research firm, these reached U.S.$9. billio i first half, followig a record U.S.$3 billio i 9 (but a record outflow of U.S.$9.5 Oe reaso may be that iflows are beig absorbed by ew supply. Bloomberg reports that IPOs ad secodary offerigs i EMs soared to a record high U.S.$13 billio i the third quarter of versus just U.S.$ billio i the developed markets. While the terms of some offerigs have bee criticized as ufair to ivestors (ad thus evidece of a overheated market), to us they simply reflect the realities of the situatio: Growth is at a premium globally. As with ay strog ivestmet case, ivestors ultimately may push prices to usustaiable levels especially if latecomers rush ito the asset class late i the cycle, at a poit whe valuatios may o loger be as reasoable. However, we see little evidece ow that EM returs have outstripped the fudametals. O the cotrary, we believe there are still attractive opportuities to be foud via bottom-up stock selectio. Bechmark Choice May Costrai EM Exposure EM weights withi may global equity strategies may be well below idex ad market-cap levels because maagers are bechmarked to idexes that do ot iclude EM equities. See Do Emergig Equity Markets Deserve a Valuatio Premium? T. Rowe Price Ivestmet Dialogue, August. 5 Goldma Sachs Global ECS Research, EM Equity i Two Decades: A Chagig Ladscape, Sept. The evestmet Alliace, a U.S.-based research firm, reports that almost % of the global equity maagers i its database (359 out of the 5) are tied to the developed-oly MSCI World Idex, which also accouts for the bulk of ewly awarded U.S. global Figure : Real GDP Growth, Aual % Chage Through 15 Based o IMF Forecasts as of 3 Sept % Emergig ad Developig Ecoomies World Source: IMF Advaced Ecoomies F 13F 15F INVESTMENT DIALOGUE 5
6 madates (Figure 9). If ot balaced by dedicated EM allocatios, bechmarkig global equity allocatios to the World idex may cause portfolios to lag the evolutio of the EMs withi global markets. $ Figure 9: Global Equity Iitial Fudigs by Bechmark I U.S.$ Billios as of 3 Jue 3 MSCI World Idex MSCI ACWI MSCI ACWI IMI Other Customized* 5 1H *Primarily combiatios of U.S. domestic ad iteratioal bechmarks Source: IterSec Research To the extet bechmark choice sigificatly impacts decisios regardig EM versus developed market exposure, it may dilute oe of the advatages of a global equity madate: the ability of global maagers to leverage their skills across the broadest possible opportuity set i order to create high-covictio portfolios withi defied risk ad retur toleraces. Icludig EM exposure i the bechmark serves this purpose i three ways: Stock selectio: The MSCI ACWI curretly cotais,11 stocks to the World s 1,57 a % icrease i the bottomup opportuity set. Top-dow sector ad/or coutry bets: Addig the 1 EM coutries to the developed markets early doubles the possible coutry/idustry combiatios. Tactical allocatio: Less costraied maagers have greater ability to make global stock comparisos ad shift from EM holdigs to idirect exposure via the developed markets based o valuatio or other factors. 7 9 Coclusios Projected treds i global ecoomic growth ad ew equity issuace suggest that EM shares of world market cap ad public float will cotiue to rise. However, the data show that may global equity maagers remai uderweight to EM equities, perhaps i part reflectig the widespread use of the MSCI World Idex as a performace bechmark. I our view, the treds that have drive EM outperformace decreased sovereig risk, structurally higher profitability, ad better relative growth prospects are likely to persist over the medium ad log terms. While there are dowside risks, such as the potetial for higher iflatio, these risks are more tha offset by the may bottom-up opportuities available i these markets. Curret relative valuatios may seem to favor idirect exposure to the EM ecoomies via developed market compaies. However, direct ad idirect exposure are both ecessary to capture the full potetial of EM growth. A case ca be made that the covergece i valuatios see over the past decade has bee uderpied by chages i relative risk ad growth fudametals. I absolute terms, EM valuatios still appear reasoable relative to historical averages. Emergig Market equities will cotiue to exhibit differet risk ad retur profiles whe compared with developed markets, despite improved fudametals. Markets remai more segmeted, with greater dispersio of returs. Liquidity is more likely to be a issue, as are gaps i sell-side coverage. At times, these factors will lead to higher volatility. However, we believe that it is precisely these characteristics that also create the potetial for active maagers (whether dedicated EM, iteratioal, or global) to ehace returs where they have the research capabilities to idetify opportuities i this dyamic asset class. INVESTMENT DIALOGUE
7 Importat Iformatio Ivestmet Dialogues are provided for iformatioal ad educatioal purposes oly ad are ot iteded to reflect a curret or past recommedatio, ivestmet advice of ay kid, or a solicitatio of a offer to buy or sell ay securities or ivestmet services. This Ivestmet Dialogue provides opiios ad commetary that do ot take ito accout the ivestmet objectives or fiacial situatio of ay particular ivestor or class of ivestor. Ivestors will eed to cosider their ow circumstaces before makig a ivestmet decisio. Iformatio cotaied herei is based upo sources we cosider to be reliable; we do ot, however, guaratee its accuracy. Past performace caot guaratee future results. All charts ad tables are show for illustrative purposes oly. The views cotaied herei are as of November ad may have chaged sice that time. Issued i the U.S.A. by T. Rowe Price Associates, Ic., East Pratt Street, Baltimore, MD, which is regulated by the U.S. Securities ad Exchage Commissio. The material is ot iteded to be a solicitatio for ay product or service ot available to U.S. ivestors, icludig the T. Rowe Price Fuds SICAV, ad may be distributed oly to istitutioal ivestors. Issued i Caada by T. Rowe Price (Caada), Ic. T. Rowe Price (Caada), Ic., eters ito writte delegatio agreemets with affiliates to provide ivestmet maagemet services. T. Rowe Price (Caada), Ic., is ot registered to provide ivestmet maagemet busiess i all Caadia provices. Our ivestmet maagemet services are oly available to select cliets i those provices where we are able to provide such services. This material is iteded for use by accredited ivestors oly. This material is provided for iformatioal purposes oly ad is ot iteded to be a solicitatio for ay T. Rowe Price products or services. Recipiets i Chia are advised that T. Rowe Price shall ot offer ay products or services without a appropriate licese or exemptio from such licese. This material may ot be redistributed without prior writte coset from T. Rowe Price. Issued by T. Rowe Price Global Toshi Komo Tokyo Brach (TRPGTK) (KLFB Registratio No. 5 (Fiacial Istrumets Service Provider), JSIAA Membership No ), located at NBF Hibiya Buildig F, 1-7, Uchisaiwai-cho 1-chome, Chiyoda-ku, Tokyo -11. This material is iteded for use by professioal ivestors oly ad may ot be dissemiated without the prior approval of TRPGTK. Issued i Australia by T. Rowe Price Global Ivestmet Services Limited (TRPGIS), Goveror Phillip Tower Level 5, 1 Farrer Place Suite 5B, Sydey NSW Australia. TRPGIS is exempt from the requiremet to hold a Australia Fiacial Services licese (AFSL) i respect of the fiacial services it provides i Australia. TRPGIS is authorised ad regulated by the UK Fiacial Services Authority (the FSA ) uder UK laws, which differ from Australia laws. This material is ot iteded for use by Retail Cliets, as defied by the FSA, or as defied i the Corporatios Act (Australia), as appropriate. Issued i New Zealad by T. Rowe Price Global Ivestmet Services Limited (TRPGIS). TRPGIS is authorised ad regulated by the UK Fiacial Services Authority uder UK laws, which differ from New Zealad laws. This material is iteded oly for use by persos who are ot members of the public, by virtue of sectio 3()(a)(ii) of the Securities Act 197 ad is ot iteded for public distributio or as a solicitatio for ivestmets from members of the public. This material may ot be redistributed without prior writte coset from TRPGIS. Issued outside of the USA, Japa, Caada, Australia, ad New Zealad by T. Rowe Price Global Ivestmet Services Limited, Quee Victoria Street, Lodo ECN TZ, which is authorised ad regulated by the UK Fiacial Services Authority (the FSA ). This material is ot iteded for use by Retail Cliets, as defied by the FSA. The T. Rowe Price group of compaies icludes T. Rowe Price Iteratioal, Ic., T. Rowe Price Global Ivestmet Services Limited, T. Rowe Price Associates, Ic., ad T. Rowe Price (Caada), Ic. T. Rowe Price, Ivest with Cofidece, ad the bighor sheep logo are trademarks ad/or registered trademarks of T. Rowe Price Group, Ic., i the Uited States, Europea Uio, Australia, Caada, Japa, ad other coutries. This material was produced i the Uited Kigdom (11/) INVESTMENT DIALOGUE 7
QUARTERLY PORTFOLIO REVIEW
QUARTERLY PORTFOLIO REVIEW Quarter 2015 PAYDEN.COM LOS ANGELES BOSTON LONDON PARIS LETTER FROM THE CEO Jauary 2016 Dear Cliet, As ivestmet maagers, we evaluate future treds i the ecoomy ad traslate them
More informationREITInsight. In this month s REIT Insight:
REITIsight Newsletter March 2014 REIT Isight is a mothly market commetary by Resource Real Estate's Global Portfolio Maager, Scott Crowe. It discusses our perspectives o major evets ad treds i real estate
More informationREITInsight. In this month s REIT Insight:
REITIsight Newsletter February 2014 REIT Isight is a mothly market commetary by Resource Real Estate's Global Portfolio Maager, Scott Crowe. It discusses our perspectives o major evets ad treds i real
More informationQuarterly Update First Quarter 2018
EDWARD JONES ADVISORY SOLUTIONS Quarterly Update First Quarter 2018 www.edwardjoes.com Member SIPC Key Steps to Fiacial Success We Use a Established Process 5 HOW CAN I STAY ON TRACK? 4 HOW DO I GET THERE?
More informationQUARTERLY PORTFOLIO REVIEW
QUARTERLY PORTFOLIO REVIEW Quarter 2015 PAYDEN.COM LOS ANGELES BOSTON LONDON PARIS LETTER FROM THE CEO Jauary 2016 Dear Cliet, As ivestmet maagers, we evaluate future treds i the ecoomy ad traslate them
More informationKEY INFORMATION DOCUMENT CFD s Generic
KEY INFORMATION DOCUMENT CFD s Geeric KEY INFORMATION DOCUMENT - CFDs Geeric Purpose This documet provides you with key iformatio about this ivestmet product. It is ot marketig material ad it does ot costitute
More informationICAP Select Equity. As of September 30, Investment results for period ending 9/30/15. Objective. Top 10 holdings supplemental information*
INSTITUTIONAL CAPITAL 353 North Clark Street Suite 3500 Chicago IL, 60654 ICAP Select Equity Objective ICAP focuses o fidig uderpriced large cap value securities that we believe have a clear catalyst that
More informationCHAPTER 2 PRICING OF BONDS
CHAPTER 2 PRICING OF BONDS CHAPTER SUARY This chapter will focus o the time value of moey ad how to calculate the price of a bod. Whe pricig a bod it is ecessary to estimate the expected cash flows ad
More informationCAPITAL PROJECT SCREENING AND SELECTION
CAPITAL PROJECT SCREEIG AD SELECTIO Before studyig the three measures of ivestmet attractiveess, we will review a simple method that is commoly used to scree capital ivestmets. Oe of the primary cocers
More informationThe Time Value of Money in Financial Management
The Time Value of Moey i Fiacial Maagemet Muteau Irea Ovidius Uiversity of Costata irea.muteau@yahoo.com Bacula Mariaa Traia Theoretical High School, Costata baculamariaa@yahoo.com Abstract The Time Value
More informationPuerto Rico Tax Incentives: The TCJA and other considerations
Puerto Rico Tax Icetives: The TCJA ad other cosideratios February 14-15, 2019 Edgar Ríos-Médez, Esq. Table of Cotets Iteratioal Tax Provisios 3 q Corporate Tax Rates ad Other Provisios 4 q Global Itagible
More informationDriver s. 1st Gear: Determine your asset allocation strategy.
Delaware North 401(k) PLAN The Driver s Guide The fial step o your road to erollig i the Delaware North 401(k) Pla. At this poit, you re ready to take the wheel ad set your 401(k) i motio. Now all that
More informationThis article is part of a series providing
feature Bryce Millard ad Adrew Machi Characteristics of public sector workers SUMMARY This article presets aalysis of public sector employmet, ad makes comparisos with the private sector, usig data from
More informationCompanies COMPANIES BUILDING ON A SOLID FOUNDATION. 1 Intrust Manx
Compaies COMPANIES BUILDING ON A SOLID FOUNDATION 1 Itrust Max Itrust Max Limited Itrust (Max) Limited is based i Douglas, Isle of Ma. Our objective is to provide a bespoke, flexible, cost-effective, efficiet
More informationGold s role as portfolio diversifier resurfaces
October 8 :AM GMT Gold s role as portfolio diversifier resurfaces Over the past moth gold has rallied by reachig its highest value sice July. The rally coicided with the stock market sell-off ad represets
More informationIndice Comit 30 Ground Rules. Intesa Sanpaolo Research Department December 2017
Idice Comit 30 Groud Rules Itesa Sapaolo Research Departmet December 2017 Comit 30 idex Characteristics of the Comit 30 idex 1) Securities icluded i the idices The basket used to calculate the Comit 30
More informationSTRAND: FINANCE. Unit 3 Loans and Mortgages TEXT. Contents. Section. 3.1 Annual Percentage Rate (APR) 3.2 APR for Repayment of Loans
CMM Subject Support Strad: FINANCE Uit 3 Loas ad Mortgages: Text m e p STRAND: FINANCE Uit 3 Loas ad Mortgages TEXT Cotets Sectio 3.1 Aual Percetage Rate (APR) 3.2 APR for Repaymet of Loas 3.3 Credit Purchases
More informationOperating Leasing introduction and where are we in the cycle?
Operatig Leasig itroductio ad where are we i the cycle? Hog Kog, 26. Oktober 2018 Peter Huijbers, Director Aircraft ca be moey makers... but there are may differet agles related to the choice of busiess
More informationFirst determine the payments under the payment system
Corporate Fiace February 5, 2008 Problem Set # -- ANSWERS Klick. You wi a judgmet agaist a defedat worth $20,000,000. Uder state law, the defedat has the right to pay such a judgmet out over a 20 year
More informationWhere are we in the cycle and general introduction
Where are we i the cycle ad geeral itroductio Operatig Leasig School Hog Kog 31 October 2017 Peter Huijbers, CEO 2017 Proprietary data w CALS Aircraft ca be moey makers... but there are may differet agles
More informationEndowment Trustees Report
2016 17 ET #6.4 2016 17 EBD #13.2 2016-2017 CD#16.0 (2017 Midwiter Meetig) Edowmet Trustees Report (Log-Term Ivestmet/Edowmet Fud) Rod Hersberger Seior Trustee Saturday Jauary 21, 2017 1 Issues Impactig
More informationLife Products Bulletin
Life Products Bulleti Tredsetter Super Series Tredsetter Super Series: 2009 Chages Effective September 1, 2009, Trasamerica Life Isurace Compay is releasig ew rates for Tredsetter Super Series level premium
More informationliving well in retirement Adjusting Your Annuity Income Your Payment Flexibilities
livig well i retiremet Adjustig Your Auity Icome Your Paymet Flexibilities what s iside 2 TIAA Traditioal auity Icome 4 TIAA ad CREF Variable Auity Icome 7 Choices for Adjustig Your Auity Icome 7 Auity
More informationIII. RESEARCH METHODS. Riau Province becomes the main area in this research on the role of pulp
III. RESEARCH METHODS 3.1 Research Locatio Riau Provice becomes the mai area i this research o the role of pulp ad paper idustry. The decisio o Riau Provice was supported by several facts: 1. The largest
More informationBUSINESS PLAN IMMUNE TO RISKY SITUATIONS
BUSINESS PLAN IMMUNE TO RISKY SITUATIONS JOANNA STARCZEWSKA, ADVISORY BUSINESS SOLUTIONS MANAGER RISK CENTER OF EXCELLENCE EMEA/AP ATHENS, 13TH OF MARCH 2015 FINANCE CHALLENGES OF MANY FINANCIAL DEPARTMENTS
More information1031 Tax-Deferred Exchanges
1031 Tax-Deferred Exchages About the Authors Arold M. Brow Seior Maagig Director, Head of 1031 Tax-Deferred Exchage Services, MB Fiacial Deferred Exchage Corporatio Arold M. Brow is the Seior Maagig Director
More informationHelping you reduce your family s tax burden
The RBC Do m i i o Se c u r i t i e s Family Trust Helpig you reduce your family s tax burde Professioal Wealth Maagemet Sice 1901 1 RBC Domiio Securities Charitable Gift Program Who should cosider a RBC
More informationClient Guide. managed by CI Investments Inc. issued by Sun Life Assurance Company of Canada
Cliet Guide maaged by CI Ivestmets Ic. issued by Su Life Assurace Compay of Caada SuWise Elite offers a comprehesive lieup of ivestmet choices SuWise Elite is a multi-asset, multi-maager, multi-style lieup
More informationIntellectual Assets and Value Creation: Synthesis Report
Itellectual Assets ad Value Creatio: Sythesis Report Douglas Lippoldt Directorate for Sciece, Techology ad Idustry The views expressed do ot ecessarily represet those of the OECD or its member coutries.
More informationIntroduction to Financial Derivatives
550.444 Itroductio to Fiacial Derivatives Determiig Prices for Forwards ad Futures Week of October 1, 01 Where we are Last week: Itroductio to Iterest Rates, Future Value, Preset Value ad FRAs (Chapter
More informationThe Comparative Financial Managerial Performance of U.S. Firms and Chinese Firms
Joural of Fiace ad Ivestmet Aalysis, vol.1, o.2, 2012, 119-135 ISSN: 2241-0988 (prit versio), 2241-0996 (olie) Iteratioal Scietific Press, 2012 The Comparative Fiacial Maagerial Performace of U.S. Firms
More informationCAPITAL ASSET PRICING MODEL
CAPITAL ASSET PRICING MODEL RETURN. Retur i respect of a observatio is give by the followig formula R = (P P 0 ) + D P 0 Where R = Retur from the ivestmet durig this period P 0 = Curret market price P
More informationSuccess through excellence!
IIPC Cosultig AG IRR Attributio Date: November 2011 Date: November 2011 - Slide 1 Ageda Itroductio Calculatio of IRR Cotributio to IRR IRR attributio Hypothetical example Simple example for a IRR implemetatio
More informationCalculation of the Annual Equivalent Rate (AER)
Appedix to Code of Coduct for the Advertisig of Iterest Bearig Accouts. (31/1/0) Calculatio of the Aual Equivalet Rate (AER) a) The most geeral case of the calculatio is the rate of iterest which, if applied
More informationRollover & Superannuation Fund
Rollover & Superauatio Fud A fud that allows you to build your savigs for retiremet i a tax effective eviromet. Product Disclosure Statemet This is a combied Fiacial Services Guide ad Product Disclosure
More informationIs Growth the New Value?
Secod Quarter 2018 STRATEGY INSIGHTS Is Growth the New Value? Itroductio Sometimes i life it s hard to walk away. People geerally become attached to thigs, be they objects, other idividuals, or eve ivestmets.
More informationGLOBAL ALPHA STRATEGY INSIGHT JULY
STRATEGY INSIGHT JULY 2016 FOR PROFESSIONAL CLIENTS ONLY The Marti Currie Global Alpha strategy aims to provide superior log-term returs by ivestig i a highcovictio, diversified portfolio of primarily
More informationOptimizing of the Investment Structure of the Telecommunication Sector Company
Iteratioal Joural of Ecoomics ad Busiess Admiistratio Vol. 1, No. 2, 2015, pp. 59-70 http://www.aisciece.org/joural/ijeba Optimizig of the Ivestmet Structure of the Telecommuicatio Sector Compay P. N.
More informationModels of Asset Pricing
APPENDIX 1 TO CHAPTER 4 Models of Asset Pricig I this appedix, we first examie why diversificatio, the holdig of may risky assets i a portfolio, reduces the overall risk a ivestor faces. The we will see
More informationModels of Asset Pricing
APPENDIX 1 TO CHAPTER4 Models of Asset Pricig I this appedix, we first examie why diversificatio, the holdig of may risky assets i a portfolio, reduces the overall risk a ivestor faces. The we will see
More informationAppendix 1 to Chapter 5
Appedix 1 to Chapter 5 Models of Asset Pricig I Chapter 4, we saw that the retur o a asset (such as a bod) measures how much we gai from holdig that asset. Whe we make a decisio to buy a asset, we are
More informationMark to Market Procedures (06, 2017)
Mark to Market Procedures (06, 207) Risk Maagemet Baco Sumitomo Mitsui Brasileiro S.A CONTENTS SCOPE 4 2 GUIDELINES 4 3 ORGANIZATION 5 4 QUOTES 5 4. Closig Quotes 5 4.2 Opeig Quotes 5 5 MARKET DATA 6 5.
More informationSEC Adopts. Amendments. To The Advisers Act Custody Rule SECURITIES LAW ALERT MARCH 2010
MARCH 2010 SEC Adopts Amedmets To The Advisers Act Custody Rule The Securities Exchage Commissio ( SEC ) has adopted amedmets to Rule 206(4)-2 (the Custody Rule ) uder the Ivestmet Advisers Act of 1940
More informationPension Annuity. Policy Conditions Document reference: PPAS1(6) This is an important document. Please keep it in a safe place.
Pesio Auity Policy Coditios Documet referece: PPAS1(6) This is a importat documet. Please keep it i a safe place. Pesio Auity Policy Coditios Welcome to LV=, ad thak you for choosig our Pesio Auity. These
More informationGlobal Market Snapshot
July 2018 Global Market Sapshot INVESTMENT STRATEGY Key Market/Ecoomic Observatios Uited States Trade War Risks Resurface; Recovery Turs Nie Trade war risks escalated i Jue, whe Presidet Doald Trump proposed
More informationNomura Asia Pacific Fonds
Nomura Asia Pacific Fods INVESTMENT OBJECTIVE The fud's ivestmet objective is to achieve a log-term participatio i the dyamic ecoomic growth of the Asia Pacific regio. The fud ivests primarily i equities.
More informationof Asset Pricing R e = expected return
Appedix 1 to Chapter 5 Models of Asset Pricig EXPECTED RETURN I Chapter 4, we saw that the retur o a asset (such as a bod) measures how much we gai from holdig that asset. Whe we make a decisio to buy
More informationNPTEL DEPARTMENT OF INDUSTRIAL AND MANAGEMENT ENGINEERING IIT KANPUR QUANTITATIVE FINANCE END-TERM EXAMINATION (2015 JULY-AUG ONLINE COURSE)
NPTEL DEPARTMENT OF INDUSTRIAL AND MANAGEMENT ENGINEERING IIT KANPUR QUANTITATIVE FINANCE END-TERM EXAMINATION (2015 JULY-AUG ONLINE COURSE) READ THE INSTRUCTIONS VERY CAREFULLY 1) Time duratio is 2 hours
More informationHighest Daily Lifetime Seven SM Spousal Highest Daily Lifetime Seven SM
Optioal Icome beefits Highest Daily Lifetime Seve SM Spousal Highest Daily Lifetime Seve SM Daily Opportuities to Capture Greater Lifetime Icome HD Lifetime Seve ad Spousal HD Lifetime Seve Offer:» Miimum
More informationRisk transfer mechanisms - converging insurance, credit and financial markets
Risk trasfer mechaisms - covergig isurace, credit ad fiacial markets Presetatio at OECD/CIRC Techical Expert meetig o Reisurace, Jue 2002. Jes Verer Aderse, OECD 1 Outlie Itroductio Growth of risk trasfer
More informationEl Dorado County: CED Economic Outlook Placerville, CA December 1, 2010
El Dorado Couty: CED Ecoomic Outlook Placerville, CA December, Robert Eyler, Ph.D. Chair, Ecoomics Departmet Director, Ecoomic Developmet ad Iovatio Accelerator Sooma State Uiversity eyler@sooma.edu Global
More informationCD Appendix AC Index Numbers
CD Appedix AC Idex Numbers I Chapter 20, we preseted a variety of techiques for aalyzig ad forecastig time series. This appedix is devoted to the simpler task of developig descriptive measuremets of the
More informationMafatlal Centre, 10th Floor, Nariman Point, Mumbai CIN: U65991MH1996PTC Tel.: Fax:
Mafatlal Cetre, 10th Floor, Narima Poit, Mumbai - 400 021 CIN: U65991MH1996PTC100444 Tel.: 91-22 66578000 Fax: 91-22 66578181 www.dspblackrock.com Jauary 8, 2018 Dear Uit Holder, Sub: Chage i Fudametal
More informationPX Index Manual (1) M(0) = CZK 379,786,853,620.0 is the market capitalisation of the base on the starting date of 5 April 1994
PX Idex aual I. Itroductio The PX idex is the official idex of the Prague Stock Exchage (hereiafter referred to as the Stock Exchage ). The PX idex was calculated for the first time o 20 arch 2006 whe
More informationAdditional information about the SunAmerica Dynamic Portfolios
Additioal iformatio about the SuAmerica Dyamic Portfolios While diversificatio ad asset allocatio are both prove ivestmet strategies, they caot guaratee greater or more cosistet returs over time ad they
More informationof Asset Pricing APPENDIX 1 TO CHAPTER EXPECTED RETURN APPLICATION Expected Return
APPENDIX 1 TO CHAPTER 5 Models of Asset Pricig I Chapter 4, we saw that the retur o a asset (such as a bod) measures how much we gai from holdig that asset. Whe we make a decisio to buy a asset, we are
More informationThe ROI of Ellie Mae s Encompass All-In-One Mortgage Management Solution
The ROI of Ellie Mae s Ecompass All-I-Oe Mortgage Maagemet Solutio MAY 2017 Legal Disclaimer All iformatio cotaied withi this study is for iformatioal purposes oly. Neither Ellie Mae, Ic. or MarketWise
More informationNomura Asia Pacific Fonds
Nomura Asia Pacific Fods INVESTMENT OBJECTIVE The fud's ivestmet objective is to achieve a log-term participatio i the dyamic ecoomic growth of the Asia Pacific regio. The fud ivests primarily i equities.
More informationModels of Asset Pricing
4 Appedix 1 to Chapter Models of Asset Pricig I this appedix, we first examie why diversificatio, the holdig of may risky assets i a portfolio, reduces the overall risk a ivestor faces. The we will see
More informationTransparent Value Dow Jones RBP Directional Allocation Index Fund
Trasparet Value Dow Joes RBP Directioal Allocatio Idex Fud Stock ivestig should ot be a guessig game At Trasparet Value, we believe successful equity ivestig is ot about choosig a growth or value ivestmet
More informationEU ETS Hearing, European Parliament Xavier Labandeira, FSR Climate (EUI)
EU ETS Hearig, Europea Parliamet Xavier Labadeira, FSR Climate (EUI) 0. Thaks Chairma, MEPs. Thak you very much for ivitig me here today. I am hoored to participate i the work of a Committee whose previous
More informationNorthern Trust. March Donna Renaud, CFA Managing Director, Large Cap Value Management
Norther Trust The Divided Advatage March 2010 Doa Reaud, CFA Maagig Director, Large Cap Value Maagemet Recet stock market volatility, coupled with geeral axiety about the ecoomy, has set may equity ivestors
More informationQUARTERLY PORTFOLIO REVIEW
QUARTERLY PORTFOLIO REVIEW Quarter 2016 PAYDEN.COM LOS ANGELES BOSTON LONDON PARIS LETTER FROM THE CEO Jauary 2017 Dear Cliet, As we look back o the past year, we ote that global fiacial markets repeatedly
More informationCurrent Year Income Assessment Form 2017/18
Curret Year Icome Assessmet Form 2017/18 Persoal details Your Customer Referece Number Your Customer Referece Number Name Name Date of birth Address / / Date of birth / / Address Postcode Postcode If you
More information2018 Q1 Earnings Presentation
2018 Q1 Earigs Presetatio May 9, 2018 NYSE: PUMP www.propetroservices.com FORWARD-LOOKING STATEMENTS Certai iformatio icluded i this presetatio costitutes forward-lookig statemets withi the meaig of the
More information1 + r. k=1. (1 + r) k = A r 1
Perpetual auity pays a fixed sum periodically forever. Suppose a amout A is paid at the ed of each period, ad suppose the per-period iterest rate is r. The the preset value of the perpetual auity is A
More informationI NLAND R EAL E STATE E XCHANGE C ORPORATION P H ARMACY P O R TFOLIO DST
I NLAND R EAL E STATE E XCHANGE C ORPORATION P H ARMACY P O R TFOLIO DST P HARMACY P ORTFOLIO DST PHARMACY PORTFOLIO DST Ilad Real Estate Exchage Corporatio, through its affiliate, Pharmacy Portfolio DST,
More informationAsia Views: The US election s potential impact on Asian markets
10 November 2016 : The US electio s potetial impact o Asia markets US electio outcome: Doald Trump has bee elected Presidet, defeatig Hillary Clito with approximately 309 electoral votes ad about 48% of
More informationSummary of Benefits HAMPSHIRE COLLEGE
Summary of Beefits HAMPSHIRE COLLEGE All Employees other tha Dea of Faculty ad VP of Fiace ad Admiistratio Basic Term Life, Basic Accidetal Death & Dismembermet, Optioal Term Life, Optioal Depedet Term
More information(Zip Code) OR. (State)
Uiform Applicatio for Ivestmet Adviser Registratio Part II - Page 1 Name of Ivestmet Adviser: Stephe Craig Schulmerich Address: (Number ad Street) 10260 SW Greeburg Rd. Ste 00 (State) (City) Portlad (Zip
More informationStructuring the Selling Employee/ Shareholder Transition Period Payments after a Closely Held Company Acquisition
Icome Tax Isights Structurig the Sellig Employee/ Shareholder Trasitio Period Paymets after a Closely Held Compay Acquisitio Robert F. Reilly, CPA Corporate acquirers ofte acquire closely held target compaies.
More informationAY Term 2 Mock Examination
AY 206-7 Term 2 Mock Examiatio Date / Start Time Course Group Istructor 24 March 207 / 2 PM to 3:00 PM QF302 Ivestmet ad Fiacial Data Aalysis G Christopher Tig INSTRUCTIONS TO STUDENTS. This mock examiatio
More informationfor a secure Retirement Foundation Gold (ICC11 IDX3)* *Form number and availability may vary by state.
for a secure Retiremet Foudatio Gold (ICC11 IDX3)* *Form umber ad availability may vary by state. Where Will Your Retiremet Dollars Take You? RETIREMENT PROTECTION ASSURING YOUR LIFESTYLE As Americas,
More informationThe municipal curve is expected to flatten over the balance of 2016 and through 3Q 2017
The muicipal curve is expected to flatte over the balace of 2016 ad through 3Q 2017 Rates themes 2016-3Q17 Rate Forecast (%) Our ecoomics team expects real GDP growth of 2% i 4Q16 ad 1.8% for all of 2016,
More informationForecasting bad debt losses using clustering algorithms and Markov chains
Forecastig bad debt losses usig clusterig algorithms ad Markov chais Robert J. Till Experia Ltd Lambert House Talbot Street Nottigham NG1 5HF {Robert.Till@uk.experia.com} Abstract Beig able to make accurate
More informationT4032-ON, Payroll Deductions Tables CPP, EI, and income tax deductions Ontario Effective January 1, 2016
T4032-ON, Payroll Deductios Tables CPP, EI, ad icome tax deductios Otario Effective Jauary 1, 2016 T4032-ON What s ew as of Jauary 1, 2016 The major chages made to this guide sice the last editio are outlied.
More informationEndowment Trustees Report
2015 16 ET #6.4 2015 16 CD #16.0 2015 16 EBD #13.2 (2016 Midwiter Meetig) Edowmet Trustees Report (Log-Term Ivestmet/Edowmet Fud) Rod Hersberger Seior Trustee Saturday Jauary 9, 2016 1 How Does the Edowmet
More information43. A 000 par value 5-year bod with 8.0% semiaual coupos was bought to yield 7.5% covertible semiaually. Determie the amout of premium amortized i the 6 th coupo paymet. (A).00 (B).08 (C).5 (D).5 (E).34
More information1 Random Variables and Key Statistics
Review of Statistics 1 Radom Variables ad Key Statistics Radom Variable: A radom variable is a variable that takes o differet umerical values from a sample space determied by chace (probability distributio,
More informationGlobal Market Snapshot
December 2018 Global Market Sapshot INVESTMENT STRATEGY Key Market/Ecoomic Observatios Uited States Earigs Growth ad Iterest Rates Reach New Highs; Markets Tur Focus to Future Growth ad Federal Reserve
More informationBroker Partnerships and Protocols
Broker Parterships ad Protocols As our broker parter, you are a importat ally i promotig ad sellig FM Global, a leadig worldwide provider of commercial property isurace. As a basis for placig philosophically
More informationMethodology on setting the booking prices Project Development and expansion of Bulgartransgaz EAD gas transmission system
Methodology o settig the bookig prices Project Developmet ad expasio of Bulgartrasgaz EAD gas trasmissio system Art.1. The preset Methodology determies the coditios, order, major requiremets ad model of
More informationMFL MUTUAL FUND ANNUAL REPORT
MFL MUTUAL FUND ANNUAL REPORT FOR THE 10 MONTHS ENDED 30 JUNE 2017 MFL Mutual Fud ('MFL' or 'the scheme') was established i 1969 to provide New Zealaders with a opportuity to pla ad save for retiremet.
More informationSummary of Benefits THE SCRIPPS RESEARCH INSTITUTE
Summary of Beefits THE SCRIPPS RESEARCH INSTITUTE All Active Full Time Beefit Eligible Employees Workig i Califoria Basic Term Life, Basic Accidetal Death & Dismembermet, Buy-Up Term Life, Buy-Up Depedet
More informationAn Empirical Study on the Contribution of Foreign Trade to the Economic Growth of Jiangxi Province, China
usiess, 21, 2, 183-187 doi:1.4236/ib.21.2222 Published Olie Jue 21 (http://www.scirp.org/joural/ib) 183 A Empirical Study o the Cotributio of Foreig Trade to the Ecoomic Growth of Jiagxi Provice, Chia
More informationSecurely managed insurance solutions. Protected Cell, Incorporated Cell and Segregated Account facilities
Securely maaged isurace solutios Protected Cell, Icorporated Cell ad Segregated Accout facilities About us White Rock is a uique ad leadig group of isurace ad reisurace vehicles with operatios i a umber
More informationMUTB/MUFG Company Profile
MUTB/MUFG Compay Profile 10 OCTOBER 2017 A member of MUFG, a global fiacial group Who we are Mitsubishi UFJ Trust ad Bakig Corporatio (MUTB) is oe of the largest Trust Baks i Japa. MUTB is a core member
More informationReach higher with all of US
Reach higher with all of US Reach higher with all of US No matter the edeavor, assemblig experieced people with the right tools ehaces your chaces for success. Whe it comes to reachig your fiacial goals,
More informationBinomial Model. Stock Price Dynamics. The Key Idea Riskless Hedge
Biomial Model Stock Price Dyamics The value of a optio at maturity depeds o the price of the uderlyig stock at maturity. The value of the optio today depeds o the expected value of the optio at maturity
More informationVolume 29, Issue 3. Profitability of the On-Balance Volume Indicator
Volume 29, Issue 3 Profitability of the O-Balace Volume Idicator William Wai Him Tsag Departmet of Ecoomics, The Chiese Uiversity of Hog Kog Terece Tai Leug Chog Departmet of Ecoomics, The Chiese Uiversity
More informationSecurely managed insurance solutions. Protected Cell, Incorporated Cell and Segregated Account facilities
Securely maaged isurace solutios Protected Cell, Icorporated Cell ad Segregated Accout facilities About us White Rock is a uique ad leadig group of isurace ad reisurace vehicles with operatios i a umber
More informationS t r a t e g y I n s i g h t s
S t r a t e g y I s i g h t s Fourth-Quarter 2012 It is oly whe oe imbues them with the power to differetiate ecoomic outcomes that geographic/political boudaries gai sigificace for ivestors. O oe side
More informationT4032-MB, Payroll Deductions Tables CPP, EI, and income tax deductions Manitoba Effective January 1, 2016
T4032-MB, Payroll Deductios Tables CPP, EI, ad icome tax deductios Maitoba Effective Jauary 1, 2016 T4032-MB What s ew as of Jauary 1, 2016 The major chages made to this guide sice the last editio are
More informationChapter Four Learning Objectives Valuing Monetary Payments Now and in the Future
Chapter Four Future Value, Preset Value, ad Iterest Rates Chapter 4 Learig Objectives Develop a uderstadig of 1. Time ad the value of paymets 2. Preset value versus future value 3. Nomial versus real iterest
More informationWe learned: $100 cash today is preferred over $100 a year from now
Recap from Last Week Time Value of Moey We leared: $ cash today is preferred over $ a year from ow there is time value of moey i the form of willigess of baks, busiesses, ad people to pay iterest for its
More informationRecourse vs. Nonrecourse: Commercial Real Estate Financing Which One is Right for You?
The followig iformatio ad opiios are provided courtesy of Wells Fargo Bak, N.A. Recourse vs. Norecourse: Commercial Real Estate Fiacig Which Oe is Right for You? Prepared by: Bill White, Director of Commercial
More informationStatistics for Economics & Business
Statistics for Ecoomics & Busiess Cofidece Iterval Estimatio Learig Objectives I this chapter, you lear: To costruct ad iterpret cofidece iterval estimates for the mea ad the proportio How to determie
More informationPPI Investment Advice
Tailored property advice ad solutios PPI Ivestmet Advice www.ppiivestmetadvice.com.au portfoliopropertyivestmets.com.au/propertycoach AFSL umber 276 895 PPI, chagig the property ivestig ladscape! Everythig
More informationCollections & Recoveries policy
Collectios & Recoveries policy The purpose of this policy is to set out the actio Ledy takes to ecourage borrowers to repay their loas withi term. This policy also serves to set out the actio Ledy takes
More informationU.S. Small-Cap Stocks: Why This Cycle Is Not So Different. Presenters: Hugh Evans, Steph Jackson, Jack Laporte, Greg McCrickard, and David Wagner
U.S. Small-Cap Stocks: Why This Cycle Is Not So Different Presenters: Hugh Evans, Steph Jackson, Jack Laporte, Greg McCrickard, and David Wagner 15% 12% Annualized Asset Class Returns since 1926 1 12.8%
More information