You find below selected feeds of think tanks, institutes and institutions which support the idea of liberty and free markets.
You find here comprehensive lists of libertarian think tanks around the globe:
Podcast feed of the Cato Institute (United States)
Keywords: Innovation, Future of Work
Keywords: Long Term View, Focus, Value Investing
US public debt is skyrocketing. Future reduction due to economic improvement wishful thinking?
Keywords: US Employment, US Oil and Gas Extraction, Fracking
Great comparison of budget proposals:
With the recent release of President Obama’s FY 2014 budget, it is important to put the budget numbers from the various proposals into proper perspective. These charts compare the patterns of future spending projections from the Senate Democratic budget by Chairman Patty Murray, House Republican budget by Chairman Paul Ryan, Senator Rand Paul’s budget, and the president’s budget. read more on the homepage of Mercatus Center
Keywords: US 2014 Budget, US Deficit, US Spending
Once political uncertainty is not as big anymore, strong IPO activity can be expected. Big data and online processing are big themes:
Lise Buyer of Class V Group, for example, says that many issuers postponed Q4 2012 or Q1 2013 offerings due to concerns over how the public markets would react to both the presidential election and fiscal cliff negotiations -- worries reflected in a late December volatility index spike. The fiscal cliff situation was revolved in early January, but it takes several months for company's to restart their IPO processes. "Most of those companies still plan to go out," Buyer says. "So there's an awful lot in the pipeline." .... read more on CNN Money
Keywords: IPO, IPO activity, Tech, Venture Capital, Big Data, Online Processing
Keywords: Steve Jobs, Visionary Thinking, Entrepreneurship
no surprise that specific situations have an impact on the valuation of portfolio companies during the holding period. What matters at the end is net cash in after the liquidation of a fund. In this respect, the cash returns of the top players are attractive, at least in the buy out segment.
"The ultimate performance of private equity funds is only known once all investments have been sold, and the cash returned to investors. This typically takes over a decade. In the meantime, the reported performance depends on the valuation of the remaining portfolio companies. Private equity houses market their next fund on the basis of these interim valuations of their current fund. In this paper we analyze whether these valuations are fair, whether the extent of conservative or aggressive valuations differ during the life of the fund, and at what stage interim performance measures predict ultimate performance. This paper is the first to use the quarterly valuations and cash flows for the entire history of 761 fund investments made by Calpers – the largest U.S. investor in private equity. Our main findings are as follows. First, over the entire life of the fund we find evidence that fund valuations are conservative, and tend to be smoothed (relative to movements in public markets): valuations understate subsequent distributions by around 35% on average. We find a significant jump in valuations in the fourth-quarter, when funds are normally audited. Second, the exception to this general conservatism is the period when follow-on funds are being raised. We find that valuations, and reported returns, are inflated during fundraising, with a gradual reversal once the follow-on fund has been closed. Third, we find that the performance figures reported by funds during fund-raising have little power to predict ultimate returns. This is especially true when performance is measured by IRR. Using public market equivalent measures increases predictability significantly. Our results show that investors should be extremely wary of basing investment decisions on the returns - especially IRRs – of the current fund."
Keywords: Private Equity, Private Equity Funds,Valuation
Agnew, Lauryn, Impact Investing for Small, Place-Based Fiduciaries: The Research Study Initiated by the United Way of the Bay Area (December 30, 2012). Federal Reserve Bank of San Francisco Working Paper No. 2012-05 . Available at SSRN: http://ssrn.com/abstract=2222862
"This research discusses the process used to develop model equity and fixed income portfolios that could, if adopted by an organization, align 100% of the assets in its endowment fund with a mission to reduce poverty in the San Francisco Bay Area. Given that endowments funds must follow fiduciary standards of maximizing risk-adjusted performance, the model portfolios in the study were analyzed and tested against traditional, institutional non-impact benchmarks and portfolios and were found to provide similar risk and return expectations.
The stock and bond model portfolios studied were screened for Environmental, Social and Governance (ESG) factors that are proxies for a poverty alleviation mission and for a geographic focus on the San Francisco Bay Area. The custom universe was analyzed and portfolio of equities was optimized against the Russell 3000. The tracking error was measured to indicate a low degree of risk associated with these constraints (less than 2%). The model fixed income portfolio of Bay Area-based affordable housing and community development bonds was deemed to be more likely to show higher levels of impact than the equity portfolio, but the equity portfolio was deemed, by those participating in the study, to be a viable and prudent part of an overall impact investing endowment strategy.This research could result in an increased interest in impact investing by fiduciaries of institutional assets, such as large endowments, private wealth pools, and defined benefit plans. It can also provide a rationale for institutions to develop a process and strategy for making impact investments in local or regional opportunities. Attracting the large investors to impact investing missions could provide a significant new source of funds to offer liquidity and to help identify and fund solutions to some of the social issues our communities face."
Keywords: Impact Investing, Micro Finance
Keywords: Entrepreneurs, Entrepreneurship
Kimbro, Marinilka Barros and Xu, Danielle, Should Shareholders Have a Say on Executive Compensation? Evidence from Say-on-Pay in the United States (February 2013). Available at SSRN: http://ssrn.com/abstract=2209936 or http://dx.doi.org/10.2139/ssrn.2209936
"This paper examines the SEC 2011 regulation requiring an advisory (non-binding) shareholder vote on the compensation of the top five highest paid executives – “say-on-pay” (SOP). Using a unique dataset of the first two years of SOP votes from the Russell 3000, we find approval (reject) votes are associated with firms that have: better (lower) financial performance, higher (lower) market returns, lower (higher) returns volatility, lower (higher) total compensation, lower (higher) abnormal CEO compensation and lower (higher) abnormal accruals. We also find evidence to suggest that firms that receive a high level of SOP rejection votes subsequently reduce the growth of executive compensation levels. This study contributes to the literature in two ways. First, it is the first to empirically examine the first two years of SOP votes in the United States. Second, our analysis provides evidence of shareholder efficiency in identifying excessive CEO compensation and poor financial performance, thus suggesting that shareholder voting rights are an effective mechanism of corporate governance that addresses the problem of incomplete contracts and management rent extraction. The first two years of SOP votes in the US votes show a great degree of shareholder sophistication in recognizing the monitoring and reward tools that need to coexist between the owners and firm managers."
Keywords: Say on Pay, Corporate Governance, Executive Compensation, Voting Rights
Keywords: Reason, Rationality,Freedom, Libery
We like the description that an entrepreneur is somebody who believes in "a yet-to-be-made future".
"What are the characteristics, habits, and behaviors of the species entrepreneur? Is there such a thing as "entrepreneurial thinking"? Is there a learnable and teachable "core" to entrepreneurship? This case examines the problem-solving process of 30 entrepreneurs from a variety of industries whose companies range in value from $200 million to $6.5 billion. Careful analysis reveals a distinct thought process: "effectual reasoning." Using U-Haul as an example, the case delineates the way in which entrepreneurs factor in affordable loss, strategic partnerships, and leveraging contingencies. Thinking entrepreneurially, as opposed to managerially or strategically, means believing in a yet-to-be-made future that can be shaped by human action and realizing that, to the extent that such action can control the future, one need not expend energy trying to predict it. It is much more useful to understand and work with the people who are engaged in the decisions and actions that bring it into existence."
Keywords: Entrepreneur, Entrepreneurship
De Socio, Antonio and Nigro, Valentina, Does Corporate Taxation Affect Cross-Country Firm Leverage? (November 29, 2012). Bank of Italy Temi di Discussione (Working Paper) No. 889. Available at SSRN: http://ssrn.com/abstract=2206357
"We evaluate the relation between firm leverage and taxation of corporate income using a dataset of mostly unlisted European corporations, highly representative of medium-sized and large firms. We use a correlated random effect approach in order to take into account unobserved heterogeneity and to assess the contribution of cross-sectional variation of the regressors. We also apply quantile regressions to evaluate a possible differential impact of taxation on leverage across firms. Our results suggest that corporate income taxation is positively related to leverage and explains part of the cross-country variability, showing a stronger effect for less levered firms. In accordance with the theory of the debt tax shield, the relation between debt and taxation is stronger for highly profitable firms. These findings are robust to the inclusion of different measures of the financial development and characteristics of the legal system of the country where firms are located."
Keywords: Firm Leverage, Leverage, Corporate Taxes, Capital Structure
US public debt is skyrocketing. Future reduction due to economic improvement wishful thinking?
Keywords: US Debt, US Economy
Keywords: Investment Climate, Investment Strategy, Private Equity, Global Economy, China
Mercatus Center published a good article on the relationship between economic prosperity and freedom:
Keywords: Freedom, Growth, Wealth, Prosperity
Previous MarketObservation posts, covering the subject of "economic freedom":
Most of the globe may still be reeling from the great recession, but one continent is booming. Surprise—it’s Africa. Jake Bright on what’s driving the growth, and whether the opportunities are trickling down. read more in The Daily Beast
Keywords: Africa, Resources, African Institutions, Trade with Africa, Free Markets
We recently sat down with world-renowned money manager Felix Zulauf to get his view on global markets. Felix discusses the European debt crisis, the rebound in Chinese equities, the recent Japanese election and its impact on their markets, the U.S. markets in light of our fiscal issues, and much more. read more on Euromarketsite
Keywords: Felix Zulauf, Euro, Global Economy, China
Econ Analysis: Selected contributions to economics: articles, papers, podcasts, blogs (constantly updated)__________________________________________________________________________________________________
Recommended search terms (click on terms):
Analysts, Analyst Recommendation, Animal Spirits, Austerity, Bail out, Behavioral Finance, Bubble, Buyout, Carried Interest Taxation, Central Banks, CEO, Compensation, Contagion, Corporate Governance, Creative Destruction, Crisis, Currency War, Decoupling, Deflation, Depression, Economic Outlook, Economic Stimulus, Entrepreneur, Exchange Rates, Fiscal Policy, Forecast, Hedge Fund, Herding, Inflation, Information Cascades, LBO, Innovation Minsky Cycle, Monetary Policy, Moral Hazard, Mortgage, Nationalization, Protectionism, Recession, Regulation, Shareholder Activism, Sovereign Wealth Funds, Subprime, Taxes, Tobin Tax, Venture Capital, Walker Report, Yield Curve,
Finance and Real Estate:
Biofuel, Carbon, Cleantech, Climate Change, CO2, Energy, Food Crisis, Food Prices, Externalities, Gold, Kuznets Curve, Solar, Oil, ______________________________________________________________________________________________________
Natural Resources and Food:
Latest articles of selected institutions:
Imported information which does not show the source will be removed.
_______________________________________________________________________________________ ________________________________________________________________________________________ __________________________________________________________________________________
|<< <||> >>|