This paper develops a framework for investigating the effect of leverage on CTAs' performance. Customarily, leverage refers to debt financing. In this study leverage refers to the assumption of large notional exposures with small collateral commitments. CTAs do not typically borrow money to finance these commitments. These are the investment...
Jan. 9--LEVERAGE WHAT WE KNOW -- THEN LEVERAGE THAT: Doug Engelbart wants to pick your brains. Jan. 9--LEVERAGE WHAT WE KNOW -- THEN LEVERAGE THAT: Doug Engelbart wants to pick your brains.
OLDWICK, N.J. -- In forming an overall opinion of a company's balance sheet strengthCothe most important area in determining a company's ability to meet its current and ongoing obligations to policyholdersCoA.M. Best Co. reviews the organization's financial leverage. Financial leverage, through debt or debt-like instruments, may place a call on...
This article identifies and discusses the issues that may or should be of greatest concern to the smaller tenant. Such a tenant might divide its primary concerns into the four major subject areas that follow: matters affecting the tenant's day-to-day operations; matters relating to the economic terms of the lease...
Hedge funds can quickly take large positions in various asset markets, only to unwind them as market conditions change. This flexibility and the ability to leverage positions are arguably the distinguishing characteristics that drive hedge fund returns but are also said to potentially add to market volatility. While some information...
A commonly held view in corporate finance is that firms are less leveraged than they should be, given the potentially large tax benefits of debt. This paper studies the effect of firms' leverage on default probabilities as represented by the firms' ratings. Using an instrumental variable approach, I find that...
As in the case of traditional investments, hedge funds are often compared on a risk adjusted basis. Risk adjustment is of particular importance for hedge fund analysis since two funds may differ solely by leverage, such that they may differ on an absolute return basis, but be similar on a...
Today's organizations are a patchwork quilt of various relational, operational systems and legacy information systems. Organizations should look to leverage existing investments to their full potential, not replace them. This paper discusses how Cognos provides a solution that helps global organizations leverage ERP system investments through a robust business intelligence...
There is a sharp contrast when one compares firm leverage ratios between US and British electric utilities, which have both been deregulated in the past decade. In the US, leverage ratios have been declining while in the UK, they show a marked increase. To better understand the decline in leverage...
There is much spoken of "leverage" and how we must leverage our business if we are to prosper. Invariably discussion of leverage revolves around having tangible products in one form or another --- "you must have a means of earning income while you sleep" is the mantra...
CHICAGO -- Fitch Ratings has reviewed UnitedHealth's (NYSE: UNH) revised financial leverage targets, which were announced in a UNH press release yesterday. UNH has indicated that financial leverage as measured by debt to total capital may be increased to approximately 40%, with the increased funds being used at least partially...
This paper puts forward a theory of the interplay between corporate leverage and product dierentiation strategy. While existing studies elaborate on the impact of a firm's product characteristics on its financial structure, the novelty of our analysis stems from the observation that product design and dierentiation choices are equally important...
Leverage Inc . today announced a new bankruptcy insurance policy that allows customers holding gift cards purchased via its LeverageCard.com destination from Sharper Image and other merchants filing for Chapter 11 bankruptcy protection to transfer remaining, unredeemable balances to gift cards from other retailers available on the Leverage site. Sharper...
With their planned merger, Exxon and Mobil are expected to gain considerably more leverage in their dealings with members of the Organization of Petroleum Exporting Countries, reversing OPEC's quarter-century of primacy in this relationship, oil-industry experts say.
Gain leverage from partnerships Borrow equity from others, advises Patricia Campbell, executive vice president, Times Mirror Magazines. TMM's strategic relationship with the Smithsonian Institution shows how publishers can leverage editorial product and someone else's assets into a very powerful program. TMM and the Smithsonian have developed a media-merchandising program around...
Leveraged recapitalization can be a powerful financial tool that can assist companies and their owners in meeting their objectives. There is an ample supply of capital available in the market to consummate transactions; however, it is important to select the right financial partners and the appropriate capital structure. While Bank...
Plasma Therapeutics Inc. PTI was started as an entrepreneurial venture by a team of young scientists from one of the world's largest pharmaceutical companies. The global headquarters of PTI was located in the United States and the research centers were located in United States, France and India. The objective of...
If a person can recapture a wasted hour here and there and redirect it to a more productive use, he can make great increases in the daily productivity and the quality of his life. The author explains five of the many techniques, each one of which will help the person...
We derive a firm's optimal capital structure and managerial compensation contract when employees are averse to bearing their own human capital risk, while equity holders can diversify this risk away. In the presence of corporate taxes, our model delivers optimal debt levels consistent with those observed in practice. It also...
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