Search results for "FIX"
showing 10 items of 1335 documents
Financial incentive to prepay in fixed-rate mortgages
2004
The borrower's financial incentive to prepay is a crucial determinant in estimating prepayment in mortgage pools and, consequently, in valuing mortgage-backed securities. In mortgage prepayment literature, this incentive to prepay has been proxied by both the ratio of the loan rate to the refinancing rate and by the arithmetic spread between the two rates; however, the former is considered to be a better proxy of the refinancing incentive than the latter by a section of the literature. In this paper, the authors check the accuracy of that statement and subsequently estimate two prepayment functions using, alternatively, the two proxies. The results indicate that the use of the ratio does no…
CURRENT ASSETS STRUCTURE AND EXPLORATION OF BUSINESS IN LATVIA
2012
In order to ensure the financial sustainability of companies under current economic conditions successful management of current assets is crucial. In practice it is quite often observed that the decisions of current assets management in companies are made in the short-term aspects not making analysis. The aim of the article is to explore and analyse the structure of current assets and their indicators in business in Latvia. In order to reach the aim the author solves the following tasks in the research: to explore and analyse the structure of current assets, its changes and trends in the companies of Latvia; to perform calculations and analysis of the indicators characterizing the effective…
Monitoring and Market Power in Loan Markets
2000
Whether or not banks are engaged in ex ante monitoring of customers may have important consequences for the whole economy. We approach this question via a model in which banks can invest in either information acquisition or market power (product differentiation). The two alternatives generate different predictions, which are tested using panel data on Finnish local banks. We find evidence that banks’ investments in branch networks and human capital (personnel) contribute to information acquisition but not to market power. We also find that managing customers’ money transactions enhances banks ability to control their lending risks.
A New Third Sector Intellectual Capital Model
2016
The Intellectual Capital (IC) report has become a fundamental tool in the disclosure of non-profit activities, since it is necessary to use a correct framework to represent IC. To achieve the aim of the paper the work is developed as follows: the existing literature on non-profit organizations (NPOs) and IC is examined and relevant aspects to be measured by IC indicators and disclosed by an IC report in the above context are brought into focus. Then extant frameworks for IC reporting are outlined in order to verify whether they fit the aspects qualified as relevant in NPOs and it is pointed out what they lack with reference to the NPOs context. The aim of the paper is to propose an original…
Valuing Common and Preferred Shares in Venture Capital Financing
2012
Abstract This article compares five different methodologies to value common and preferred shares with liquidation rights in a single-period setup of venture capital financing: the venture capital (VC) method; discounted cash-flow valuation with the Capital Asset Pricing Model (CAPM); discounted cash-flow valuation with market model in logs; a risk-preference-based approach; and the real options approach. The risk preference and the real option methodologies are the only ones that can properly account for the contingency in preferred stock. With small financings and small multiples the choice of methodology is not critical; however, with stronger preference rights, the VC method, the CAPM, a…
On the Relevance of Agency Conflicts in SME Debt Maturity Structure
2015
Previous theoretical research asserts that an optimal policy of debt maturity structure mitigates the various agency conflicts that arise through debt contracts. We test this hypothesis on Small and Medium-Sized Enterprises (SMEs), which are very sensitive to agency problems. Such problems mainly arise between owners and debt providers, due to SMEs recording high growth and having few fixed assets and informational asymmetry. We provide evidence on the relevant effect of underinvestment, asset substitution, and overinvestment problems on SME debt structure. Results appear to be robust to both the endogeneity problem of explanatory variables and the censored dependent variable.
Virtual simulation of an osseointegrated trans-humeral prosthesis: A falling scenario
2018
Abstract Introduction Traditional prosthetic solutions expose the amputee to numerous problems that limit his ability to safely perform the normal activities of daily life. In order to eliminate the problems related to the use of the traditional prosthesis with socket, a new technique was developed for fixing the prosthesis to the amputees based on the principle of osseointegration. The aim of this paper is to study and analyze the stress distribution on the interface between a trans-humeral osseointegrated prosthetic implant and the residual bone, identifying the most stressed areas and thus foreseeing possible failure phenomena of the entire prosthetic system and, after, to compare the st…
Evolution of Leaf Morphogenesis: Evidence from Developmental and Phylogenetic Data in Papaveraceae
1999
Variation of leaf morphology in Papaveraceae s.l. (including Fumariaceae and Pteridophyllum) has previously been shown to be related to developmental differences in the direction of segmentation and in blade‐petiole differentiation. Based on ontogenetic comparisons, we here distinguish polyternate, acropetal, basipetal‐pedate, basipetal‐pinnate, and divergent modes of dissection. In addition, undissected leaves occur in some taxa. Dissection modes can be grouped in two classes on the basis of blade‐petiole differentiation. Mapping of these morphogenetic traits on an independently obtained phylogenetic reconstruction reveals a high degree of homoplasy, indicating multiple evolutionary parall…