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Ebook Making Small Business Lending Profitable

... but also provide profitable business opportunities for financial institutions. This concept is not in the least far-fetched thanks to modern technology, the growth of credit bureaus, and the advent of credit ...

Story - puput - 10/06/2010 - 07:28 - 0 comments - 0 attachments

PDF Ebook Private Equity Investment

... and its return characteristics. Second, we review Modern Portfolio Theory, Behavioral Portfolio Theory and the liquidity issue. ... well-known and publicized forms are Leveraged Buyouts and Management Buyouts. There are three major ways to invest in Private Equity: ... beings, and limited arbitrage on the market because of financial constraints. We also consider the liquidity issue and give a ...

Story - antoq - 11/09/2010 - 07:21 - 0 comments - 0 attachments

Ebook The Use of Debt and Equity in: Optimal Financial Contracts

One of the great successes of modern contract theory is the costly state verification (CSV) environment, ... model, where "equity" is owned entirely by insiders (say management), and where all external funding takes the form of debt, is a ... results in a considerable difference in the optimal financial structure of the firm. In order to characterize it, we begin by ...

Story - puput - 10/11/2010 - 08:18 - 0 comments - 0 attachments


PDF Ebook Treatment on Demand

Submitted by antoq on Mon, 12/07/2009 - 07:07

“You’re drunk, you’re high, you’re in big trouble. Maybe you’ve been committing crimes to support a habit. Maybe you have tried to drive somewhere. Regardless of the circumstance, you’re in a crisis situation, and you decide you’ve had enough you’re ready to get help. What are your options?

You could be arrested. If you really hadn’t committed a crime, they might let you dry out and then let you go. Had you thought you might get some treatment, some hint of a direction for further services? You won’t be offered any.

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Ebook The Liquidity Component of the Equity Premium

Submitted by wulan on Wed, 01/13/2010 - 07:10

Between 1896 and 1994 the yearly simple geometric mean equity premium for New York Stock Exchange (NYSE) value-weighted stocks was six percent (Campbell, Lo and MacKinlay, 1997) and has been approximately eight percent for the last fifty years (Cochrane, 2005). In a celebrated paper Mehra and Prescott (1985), hereafter MP, attempt to account for this premium using simulations of an inter temporal equilibrium growth model with a representative consumer/investor, abstracting from transaction costs, security market microstructure, liquidity considerations, and other frictions. They are able to account for only a negligible proportion of this premium with a maximum of 0.4% explained by risk aversion.

MP and the subsequent literature surveyed by Cochrane (2005) and Campbell, Lo and MacKinlay (1997) focus on representative agent equilibria with agents identical in all respects, including endowments. These are models of perfectly competitive market equilibria with no market frictions, for which a representative agent can be derived through Pareto optimality, and relative prices can be determined strictly from aggregate risk preferences and irrespective of trading activity amongst market participants.

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Ebook Why England? Demographic factors, structural change and physical capital accumulation during the Industrial Revolution

Submitted by wulan on Thu, 03/25/2010 - 07:44

Britain was the first country to break free from Malthusian constraints, with population size and living standards starting to grow in tandem after 1750 [Crafts (1985), Wrigley (1983)]. In many parts of the world, however, growth rates of per capita income took a long time to accelerate. Eventually, more and more countries industrialized, first in Europe and North America, and from the 20th century onwards in other areas of the globe.

The relative size of economies, the onset of the demographic transition, and living standards of citizens are still profoundly influenced by the timing of Industrial Revolutions around the globe [Galor and Mountford (2003)] with dramatic consequences for the economic and political history of the world that are still felt today.

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