Over the last few years, Dubai as a leader among the financial centers in the region, has showed signs of slow yet ongoing recovery. As part of setting a benchmark for other banks to follow in terms of financial stability, the Commercial Bank of Dubai (CBD) is analysed using financial statement...

The European Commission's Proposal for a Regulation on European Crowdfunding Service Providers (ECSPs) for businesses, since its presentation, has faced difficult trilateral negotiations among the European Commission, the European Parliament and the Council of the European Union. The length of...

Reputational capital is a frequently cited attribute of private equity transactions. In this paper we construct a simple model to illustrate the relationship between reputational capital, covenants and loan spreads in the leveraged loan market. Our model predicts that reliance on reputational...

We examine the risk characteristics and capital adequacy of hedge funds through the Value-at-Risk approach. Using extensive data on nearly fifteen hundred hedge funds, we find that only 3.7% live and 10.9% dead funds are under-capitalized as of March 2003. Moreover, the under-capitalized funds...

This white paper definitively proves that no Formulaic Asset Allocation (FAA) approach (Lifecycle, Target Date, Target Risk, Balanced Funds, Managed Accounts and Monte Carlo Simulation) can provide Plan Participants with nearly enough money for retirement income security, and that FAA exposes...

In 1980, Chile privatized its social security system, and currently there are five private pension funds managing approximately US$83 billion worth of retirement investments. The regulations provide for pension funds to appoint a member to the board of directors, and influence the appointment of...

This paper reports on the life-time annual returns and volatility of the largest Australian five-star rated investment funds. Using this actual performance data, we model the likelihood that an investor would have viewed the actual performance as either positive or negative based upon the...

We examine the impact of Regulation Fair Disclosure (RFD) on transient institutional investors' abnormal trading behavior around accounting Restatements before and after RFD. We find that while before RFD, transient institutional investors exhibit abnormal selling of stocks in restating firms...

This paper studies analysts' notes, which are written disclosures distributed to large institutional investors as part of the brokerage firms' daily sales process. Analysts' notes are issued three times more frequently than recommendations and forecast revisions, and represent the bulk of...

We examine the impact of Regulation Fair Disclosure (RFD) on first-forecast horizon of analysts' earnings forecasts. The first-forecast horizon is computed as the number of calendar days between the issue of the analysts' first earnings forecast for a quarter and the fiscal quarter-end date. We...