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Pages: << 1 ... 4 5 6 7 8 9 10 11 12 13 14 ... 314 >>

05/25/13


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Bank Capital and Dividend Externalities

Permalink 02:31:09 pm, by editor of MarketObservation.com Email , 144 words   English (US)

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Categories: Central Banks/Government, Banks/Investment Banks

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Acharya, Viral V., Le, Hanh T and Shin, Hyun Song , Bank Capital and Dividend Externalities (May 2013). CEPR Discussion Paper No. DP9479. Available at SSRN: http://ssrn.com/abstract=2269473

Abstract:

"While losses were accumulating during the 2007-09 financial crisis, many banks continued to maintain a relatively smooth dividend policy. We present a model that explains this behavior in a setting where there are financial externalities across banks. In particular, by paying out dividends, a bank transfers value to its shareholders away from its creditors, who in turn are other banks. This way, one bank's dividend payout policy affects the equity value and risk of default of other banks. When such negative externalities are strong and bank franchise values are not too low, the private equilibrium can feature excess dividends relative to a coordinated policy that maximizes the combined equity value of banks." Source: SSRN

Keywords: Externalities to Banks, Risk-Shifting

05/23/13


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Euro Puppets: The European Commission's Remaking of Civil Society, by Chris Snowdon

Permalink 07:45:44 am, by editor of MarketObservation.com Email , 491 words   English (US)

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Categories: Economics Europe

Euro Puppets: The European Commission's Remaking of Civil Society, by Chris Snowdon, February 2013

Abstract:

"With public confidence in the European project waning, the idea of initiating a ‘civil dialogue’ with the public emerged in the mid-1990s as a way of bolstering the EU’s democratic legitimacy.

Citizens have not been consulted directly, however. Instead they have been ventriloquised through ‘sock puppet’ charities, think tanks and other ‘civil society’ groups which have been hand-picked and financed by the European Commission (EC). These organisations typically lobby for closer European integration, bigger EU budgets and more EU regulation.

The composition of ‘civil society’ at the EU level is largely dictated by which groups the Commission chooses to fund. There has been a bias towards centre-left organisations, with a particular emphasis on those promoting policies that are unpopular with the public, such as increasing foreign aid, restricting lifestyle freedoms and further centralising power within EU institutions.

The EC’s favoured civil society organisations are also marked by a homogeneous worldview and similarity of jargon. The literature and websites of these groups suffocate the reader with vague rhetoric about ‘stakeholders’, ‘sustainability’, ‘social justice’, ‘capacity building’, ‘fundamental rights’, ‘diversity’, ‘equity’ and ‘active citizenship’.

Many of the groups which receive the Commission’s patronage would struggle to exist without statutory funding. For example, Women in Europe for a Common Future received an EC grant of €1,219,213 in 2011, with a further €135,247 coming from national governments. This statutory funding made up 93 per cent of its total income while private donations contributed €2,441 (0.2 per cent) and member contributions just €825 (0.06 per cent).

There is virtually no funding for organisations which seriously question the Commission’s direction of travel. By contrast, groups that favour closer union and greater centralisation are generously funded. The ‘Europe for Citizens’ programme which ‘gives citizens the chance to participate in making Europe more united, to develop a European identity, to foster a sense of ownership of the EU, and to enhance tolerance and mutual understanding’ has a €229 million budget for 2014-20.

Substantial EU funds are also used to support organisations that share the Commission’s environmentalist agenda. The Green 10 represent the largest of Europe’s environmental lobby groups, but dozens, if not hundreds, of like-minded ecological organisations also receive EU funding. The Commission freely admits that funds are given to environmental groups ‘to support policy development’.


Civil society groups in non-member countries are another funding priority for the Commission. In 2012/13, its Neighbourhood Civil Society Facility had a €22 million budget to be distributed to groups in Eastern Europe, North Africa and the Middle East, later increased to €45.3 million. Many Youth in Action grants have been given to projects in potential new member states such as ‘Unite Unite Europe!’ (Serbia), ‘Be Active, Be European!’ (Albania) and ‘Citizen of my country, citizen of my Europe!!’ (Kosovo).

The EC’s policy of picking allies and supporting them with taxpayers’ money has made the system more elitist and less democratic."

Source: SSRN

Keywords: European Union, EU

05/22/13

European Countries Lead World in Distrust of Banks; Lack of confidence in financial institutions may impede region's recovery by Steve Crabtree, May 20, 2013

Thirteen percent of Greeks said they had confidence in their country's banks or financial institutions in 2012, leading the nearly all-European list of countries where trust in financial institutions was among the worst in the world last year. Seven European Union countries had trust levels lower than 30%, far below the median 55% across 135 countries. Even in the EU's largest funder of the eurozone bailouts, Germany, fewer than four in 10 (38%) expressed confidence in their country's financial institutions. read more on Gallup homepage

Keywords: Banks, Trust in Banks, Corporate Finance

05/21/13


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Good panel discussion about impact of regulation on private equity and future trends

Permalink 10:04:00 am, by editor of MarketObservation.com Email , 182 words   English (US)

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Categories: Deals, Various Market Info, Market Characteristics, Regulation

Keywords: Private Equity, Private Equity Trends, Regulation, Impact of Regulation on Private Equity Deal Activity

Source: Youtube

Veröffentlicht am 30.04.2013

"Speakers:

Leon Black, Chairman and CEO, Apollo Global Management, LLC

David Bonderman, Founding Partner, TPG Capital

Jonathan Nelson, Founder and CEO, Providence Equity Partners

Jonathan Sokoloff, Managing Partner, Leonard Green & Partners, LP

Scott Sperling, Co-President, Thomas H. Lee Partners, LP
Moderator:

Maria Bartiromo, Anchor, CNBC
After a flat 2012 in the private equity market, competitive deal-making has intensified worldwide. Aging assets requiring exit, restructuring and rebirth are waiting to be sold. The current period of low-cost financing, strong stock markets and accelerating growth bodes well for new directions in the industry. However, recent moves by banking regulators, including a redefinition of highly leveraged transactions, could dampen underwriting by financial institutions that participate in buyouts or refinancing leveraged firms' debt. The costs of fixing companies could rise, and such investments could be deterred. Our panel will discuss how the PE industry is adjusting to change in the regulatory and fiscal environments. What sector and geographic trends are fueling these new directions in private equity?"

05/09/13


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A study in crony capitalism: Subprime lenders offered better deals to borrowers in districts of congressional big shots

UCLA researchers have found that leading up to the Financial Crisis, subprime lenders employed a novel method of influencing the political process. In addition to campaign contributions to key politicians, they gave special treatment to borrowers represented by key congressional leaders.

AEI: A study in crony capitalism: Subprime lenders offered better deals to borrowers in districts of congressional big shots, May 6, 2013

read more on AEIdeas

Keywords: Subprime, Crony Capitalism,

Forbes: 5 Reasons the Government Fails at Venture Capital, 2013

Keywords: Government, Venture Capital, Government as Venture Capitalist

05/08/13

constantly updated tech news to flip through:

Pando Daily

Intel Free Press

Tech Crunch

Mercury News - Venture Capital

Silicon Valley Watcher

Venture Beat

Real Clear Technology

Permalink 01:32:07 pm, by editor of MarketObservation.com Email , 19 words   English (US)
Categories: Analysts, Investment

05/07/13

Forbes: The Cyprus Bank 'Bail-In' Is Another Crony Bankster Scam, May 3, 2013

..."I have been an advocate of restructuring insolvent banks according to these basic capitalistic principles, which requires no public funds.

The difference with the “bail-in” is that the order of creditor seniority is changed. In the end, it amounts to the cronies (other banks and government) and non-cronies. The cronies get 100% or more; the non-cronies, including non-interest-bearing depositors who should be super-senior, get a kick in the guts instead.

Here’s what it looked like in Cyprus:"

read more in Forbes

Keywords: Cyprus, Bail Outs

05/05/13

Permalink 09:14:29 am, by editor of MarketObservation.com Email , 69 words   English (US)
Categories: Economics United States

...."The notion that these challenges are new -- that there was some golden era when Americans were prepared to kick up their feet and enjoy retirement in financial security -- is a myth. By some measures, retirees are in a better position today than at any other time in modern history"...

read more on The Motley Fool:

The Motley Fool: The Biggest Retirement Myth Ever Told, May 2,2013

Keywords: Retirement, Pension Funds

04/29/13

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:

List of libertarian think tanks (global list)

Stockholm Network (European)

Videos (on Youtube) of the Cato Institute (United States)

Podcast feed of the Cato Institute (United States)

The American Enterprise Institute (United States)

Mercatus Center (George Mason University, United States)

The Circle Bastiat(Mises, United States)

Videos (on Youtube) of The Adam Smith Institute (United Kingdom)

Institute of Economic Affairs IEA (United Kingdom)

Fondation pour L'Innovation Politique (France)

04/28/13

Keywords: Innovation, Future of Work

04/16/13

Permalink 06:06:56 am, by editor of MarketObservation.com Email , 7 words   English (US)
Categories: Wisdom, Investment

Keywords: Long Term View, Focus, Value Investing

Permalink 05:48:13 am, by editor of MarketObservation.com Email , 32 words   English (US)
Categories: Economics United States

US public debt is skyrocketing. Future reduction due to economic improvement wishful thinking?

Source: Mark Perry, AEI": Market forces have created many jobs

Keywords: US Employment, US Oil and Gas Extraction, Fracking

04/15/13

Permalink 07:48:08 am, by editor of MarketObservation.com Email , 85 words   English (US)
Categories: Economics United States

Great comparison of budget proposals:

Mercatus Center: FY2014 Budget Proposals In Perspective, April 11, 2013

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

03/25/13


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Venture Capitalists are expecting strong tech ipo activity in the near future

Permalink 07:10:37 am, by editor of MarketObservation.com Email , 132 words   English (US)

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Categories: Initial Public Offerings, Statistics

Once political uncertainty is not as big anymore, strong IPO activity can be expected. Big data and online processing are big themes:

CNN Money: Stop sweating the tech IPO 'drought', March 22, 2013

.....
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

03/15/13

Keywords: Steve Jobs, Visionary Thinking, Entrepreneurship

03/09/13

Permalink 02:59:10 pm, by editor of MarketObservation.com Email , 361 words   English (US)
Categories: Valuation, Statistics, Market Characteristics

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.

Jenkinson, Tim, Sousa, Miguel and Stucke, Rüdiger, How Fair are the Valuations of Private Equity Funds? (February 27, 2013). Available at SSRN: http://ssrn.com/abstract=2229547

Abstract:

"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

02/26/13

Permalink 07:58:08 am, by editor of MarketObservation.com Email , 328 words   English (US)
Categories: Economics United States

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

Abstract:

"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

02/20/13

Keywords: Entrepreneurs, Entrepreneurship

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