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How Behavioral Finance Adds Return June 17, 2013 at 6 PM New
Behavior, Brains and Risk : How Behavioral Finance Adds Return June 17, 2013 at 6 PM New York Ground-breaking work in Behavioral Finance has revealed human tendencies, risk preferences and biases, and addressed their implications for trading and investment. Current research in the emerging science of neuroeconomics is yielding insights that further link trading behavior to bio-chemicals and our brains. What does this mean for investors and return? How must this research inform risk assessment by traders and investors? Join our market practitioner experts for a discussion exploring the science, and related trading, investing and risk management implications of these findings in the quest for return. Participants Aaron Brown, AQR Capital Management Cynthia Harrington, CFA, CFE, Cynthia Harrington & Associates LLC Denise Shull, The ReThink Group Richard L. Peterson, MD, Moderator, MarketPsych LLC Event Details Date: June 17, 2013 Time: 5 PM Registration. We will begin promptly at 6 PM; please arrive early. Since it is disruptive to everyone when latecomers enter the session, those arriving after an education session has begun will only be admitted at the discretion of 100WHF and the host. Please note the start time on this invite and plan to arrive early. Networking and cocktails before and after session. Host: Schulte Roth & Zabel LLP Location: Schulte Roth & Zabel 919 Third Avenue (entrance on 55th St between 2nd and 3rd Avenues), 24th floor, New York, NY 10022 RSVP: Please refer to your invite Denise Shull is the author of "Mind Market Games" and will be available to sign copies of the book at the event. The book will be available to purchase for $22. -
Governance and Remuneration 2014
Governance & remuneration reportStrategic In this section Our Board 72 Our Corporate Executive Team 76 Chairman’s letter 78 Corporate governance framework 79 Board report to shareholders Oversight and stewardship in 2014 and future actions 80 remuneration & Governance Leadership and effectiveness 82 Committee reports Audit & Risk 86 Nominations 92 Corporate Responsibility 94 Remuneration report Chairman’s annual statement 96 Annual report on remuneration 97 2014 Remuneration policy report 119 Financial statements Financial Investor information Investor GSK Annual Report 2014 71 Our Board Strategic reportStrategic Diversity Experience International experience Composition Tenure (Non-Executives) % % % % Scientific 19 Global 75 Executive 19 Up to 3 years 39 % % % % Finance 31 USA 100 Non-Executive 81 3-6 years 15 % % % % Industry 50 Europe 94 Male 69 7-9 years 23 % % % EMAP 63 Female 31 Over 9 years 23 Sir Christopher Gent 66 Skills and experience Chairman Sir Christopher has many years of experience of leading global businesses and a track record of delivering outstanding performance Governance & remuneration & Governance Nationality in highly competitive industries. He was appointed Managing Director British of Vodafone plc in 1985 and then became its Chief Executive Officer Appointment date in 1997 until his retirement in 2003. Sir Christopher was also a 1 June 2004 and as Chairman Non-Executive Director of Ferrari SpA and a member of the British on 1 January 2005 Airways International Business Advisory Board. Committee membership External appointments Corporate Responsibility Sir Christopher is a Senior Adviser at Bain & Co. Committee Chairman, Nominations, Remuneration and Finance Sir Philip Hampton 61 Skills and experience Chairman Designate Prior to joining GSK, Sir Philip chaired major FTSE 100 companies including J Sainsbury plc. -
Doug Ogden December 2006
JPMorgan’s Hands-On China Series Views you can use Transcript – Doug Ogden December 2006 NEW REPORT Investment Opportunities in China’s Clean Energy Technology In this presentation to global investors, Douglas Ogden, Director of the China Sustainable Energy Program in Beijing and Executive Vice President of The Energy Foundation in San Francisco, discussed the numerous opportunities for clean energy technology investment in China. These opportunities depend on social investment in upstream policies that shape markets conducive to modern, clean energy technologies. China’s traditional energy technologies, based predominantly on oil and relatively dirty coal, are priced well below social costs, skewing China’s market in favor of inefficient, Doug Ogden outmoded, and heavily polluting energy technologies. The current unsustainable situation has enormous public health and environmental costs. Director, China Sustainable These conditions, however, are being gradually reversed through concerted public policy Energy Program and legal institutional capacity building supported by international non-profits, multilateral Executive Vice President, banks, and the business community. Energy Foundation Engagement in policy development and implementation can be a highly successful strategy for creating market opportunities for clean energy technologies: Witness the progress over the last 8 years that have ushered in: China’s advanced fuel economy standards—driving markets in advanced engine technologies; The national renewable energy law and wind concessions—creating -
U.S. Role in the World: Background and Issues for Congress
U.S. Role in the World: Background and Issues for Congress Ronald O'Rourke Specialist in Naval Affairs Michael Moodie Assistant Director and Senior Specialist in Foreign Affairs, Defense and Trade Updated February 24, 2020 Congressional Research Service 7-.... www.crs.gov R44891 U.S. Role in the World: Background and Issues for Congress Summary The U.S. role in the world refers to the overall character, purpose, or direction of U.S. participation in international affairs and the country’s overall relationship to the rest of the world. The U.S. role in the world can be viewed as establishing the overall context or framework for U.S. policymakers for developing, implementing, and measuring the success of U.S. policies and actions on specific international issues, and for foreign countries or other observers for interpreting and understanding U.S. actions on the world stage. While descriptions of the U.S. role in the world since the end of World War II vary in their specifics, it can be described in general terms as consisting of four key elements: global leadership; defense and promotion of the liberal international order; defense and promotion of freedom, democracy, and human rights; and prevention of the emergence of regional hegemons in Eurasia. The issue for Congress is whether the U.S. role in the world is changing, and if so, what implications this might have for the United States and the world. A change in the U.S. role could have significant and even profound effects on U.S. security, freedom, and prosperity. It could significantly affect U.S. -
U.S. Role in the World: Background and Issues for Congress
U.S. Role in the World: Background and Issues for Congress Ronald O'Rourke Specialist in Naval Affairs Michael Moodie Assistant Director and Senior Specialist in Foreign Affairs, Defense and Trade Updated November 18, 2019 Congressional Research Service 7-.... www.crs.gov R44891 U.S. Role in the World: Background and Issues for Congress Summary The U.S. role in the world refers to the overall character, purpose, or direction of U.S. participation in international affairs and the country’s overall relationship to the rest of the world. The U.S. role in the world can be viewed as establishing the overall context or framework for U.S. policymakers for developing, implementing, and measuring the success of U.S. policies and actions on specific international issues, and for foreign countries or other observers for interpreting and understanding U.S. actions on the world stage. While descriptions of the U.S. role in the world since the end of World War II vary in their specifics, it can be described in general terms as consisting of four key elements: global leadership; defense and promotion of the liberal international order; defense and promotion of freedom, democracy, and human rights; and prevention of the emergence of regional hegemons in Eurasia. The issue for Congress is whether the U.S. role in the world is changing, and if so, what implications this might have for the United States and the world. A change in the U.S. role could have significant and even profound effects on U.S. security, freedom, and prosperity. It could significantly affect U.S. -
STOCK MARKET SOLUTION and the STOCK MARKET TRADERS TEST
Copyright © 2006-2017 theHyperDream.com STOCK MARKET SOLUTION and THE STOCK MARKET TRADERS TEST Over 400 Rules and Techniques You Need to Know to Profit at Trading Stocks! by David H Potschka INTRODUCTION It is good to spread stuff out so that your brain doesn't get bored but does get refreshed. I suggest you read the table of contents a few times before you read the book as it will help to prime your memory circuits. Then skim through the entire book without paying much attention to the things you don't understand. Then read the table of contents again a few more times, repeat. Eventually you will have to spend time figuring stuff out but if you pump and prime a few times first it will be easier. Spend a week skimming (like our bankers) so your brain can work on the stuff while you are sleeping at night. I tried to keep the book as short as possible so you could read it in under 5 hours. CONTENTS NOTE: If you can fill in all the "..." then you know the rules pretty good, and are ready to play the game! THE STOCK MARKET TRADERS TEST (and table of contents) Chapter 1; The Banks Are Criminal, we are aware Rule 1: The strength of the economy determines how high or low the market will go. Chapter 2; Back Cover, About Me Chapter 3; What Constitutes The Market Rule 2: The market is made up of some truth and some fiction... Chapter 4; Enterprise Multiple 1 (EM) and Journal Example 1 Rule 3: So a beaten down company with some legs and a good divy is one really good way to go. -
WHY COMPETITION in the POLITICS INDUSTRY IS FAILING AMERICA a Strategy for Reinvigorating Our Democracy
SEPTEMBER 2017 WHY COMPETITION IN THE POLITICS INDUSTRY IS FAILING AMERICA A strategy for reinvigorating our democracy Katherine M. Gehl and Michael E. Porter ABOUT THE AUTHORS Katherine M. Gehl, a business leader and former CEO with experience in government, began, in the last decade, to participate actively in politics—first in traditional partisan politics. As she deepened her understanding of how politics actually worked—and didn’t work—for the public interest, she realized that even the best candidates and elected officials were severely limited by a dysfunctional system, and that the political system was the single greatest challenge facing our country. She turned her focus to political system reform and innovation and has made this her mission. Michael E. Porter, an expert on competition and strategy in industries and nations, encountered politics in trying to advise governments and advocate sensible and proven reforms. As co-chair of the multiyear, non-partisan U.S. Competitiveness Project at Harvard Business School over the past five years, it became clear to him that the political system was actually the major constraint in America’s inability to restore economic prosperity and address many of the other problems our nation faces. Working with Katherine to understand the root causes of the failure of political competition, and what to do about it, has become an obsession. DISCLOSURE This work was funded by Harvard Business School, including the Institute for Strategy and Competitiveness and the Division of Research and Faculty Development. No external funding was received. Katherine and Michael are both involved in supporting the work they advocate in this report. -
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0111001001101011 01THE00101010100 0111001001101001 010PSYHOLOGY0111 011100OF01011100 010010010011010 0110011SILION011 01VALLEY01101001 ETHICAL THREATS AND EMOTIONAL UNINTELLIGENCE 01001001001110IN THE TECH INDUSTRY 10 0100100100KATY COOK 110110 0110011011100011 The Psychology of Silicon Valley “As someone who has studied the impact of technology since the early 1980s I am appalled at how psychological principles are being used as part of the busi- ness model of many tech companies. More and more often I see behaviorism at work in attempting to lure brains to a site or app and to keep them coming back day after day. This book exposes these practices and offers readers a glimpse behind the “emotional scenes” as tech companies come out psychologically fir- ing at their consumers. Unless these practices are exposed and made public, tech companies will continue to shape our brains and not in a good way.” —Larry D. Rosen, Professor Emeritus of Psychology, author of 7 books including The Distracted Mind: Ancient Brains in a High Tech World “The Psychology of Silicon Valley is a remarkable story of an industry’s shift from idealism to narcissism and even sociopathy. But deep cracks are showing in the Valley’s mantra of ‘we know better than you.’ Katy Cook’s engaging read has a message that needs to be heard now.” —Richard Freed, author of Wired Child “A welcome journey through the mind of the world’s most influential industry at a time when understanding Silicon Valley’s motivations, myths, and ethics are vitally important.” —Scott Galloway, Professor of Marketing, NYU and author of The Algebra of Happiness and The Four Katy Cook The Psychology of Silicon Valley Ethical Threats and Emotional Unintelligence in the Tech Industry Katy Cook Centre for Technology Awareness London, UK ISBN 978-3-030-27363-7 ISBN 978-3-030-27364-4 (eBook) https://doi.org/10.1007/978-3-030-27364-4 © The Editor(s) (if applicable) and The Author(s) 2020 This book is an open access publication. -
Bloomberg Briefs: Hedge Funds
Tuesday March 7, 2017 March 7, 2017 Alaska's Wealth Fund Seeks 11 Funds for Investments Number of the Week By Hema Parmar Alaska’s $55.4 billion wealth fund is seeking up to 11 hedge funds for allocations, following its decision in May to redeem from its funds of hedge funds and invest in $1.06 Billion managers directly. The Alaska Permanent Fund Corp. prefers experienced managers that have a track Net inflows into macro hedge funds in record of producing returns of at least inflation plus 5 percent, according to public January, according to eVestment. documents from its quarterly board of trustees meeting. Alaska is seeking funds with low correlation to equity markets, "appropriate" risk controls as measured by historical drawdowns and volatility and that can show they have protected capital during down Inside markets, the documents from the Feb. 22-23 board meeting show. Equity-focused Viking Global saw a Marcus Frampton, Alaska’s director of private markets, declined to comment. slight loss in February, while Alaska currently has nine managers in its program that invests directly in hedge funds. Renaissance's equities fund gained It plans to invest a total 5 percent of the firm’s assets, or about $2.8 billion, in managers in the month: Returns in Brief via that program, the documents said. As of Dec. 31, Alaska had a 4.5 percent exposure to commingled funds, either directly Macro funds run by Prologue and or via the funds of hedge funds from which it is redeeming. The move to allocate to State Street are closing: Closures managers directly will save Alaska $15 million a year, according to the documents, as it allows the wealth fund to cut the layer of fees paid to funds of funds for making Ray Dalio jolts Bridgewater as Jon investments. -
Credit Default Swaps: Indices, Curves and Their Relationship to Volatility
Find our latest analyses and trade ideas on bsic.it Credit Default Swaps: indices, curves and their relationship to volatility Introduction Credit Default Swaps (CDSs) have had an interesting trajectory to say the least, starting out as a niche derivative, they rose to prominence after the Russian financial crisis of 1998, ballooning into a market worth an enormous $62.2 trillion in 2007. In 2008, this market promptly collapsed, producing a mushroom cloud worthy of Warren Buffet’s designation of CDSs as ‘financial weapons of mass destruction.’ However, the CDS market is far from finished, standing at $8.8 trillion in the first half of 2020 according to the Bank for International Settlements. In this article we’ll give a quick primer on the theory underpinning these derivatives and explore CDS indices and their arbitrage, curve trades, and the relationship between credit risk and equity volatility, proposing a pairs trade. What are Credit Default Swaps and how do they work? Credit Default Swaps are over the counter financial contracts that allow investors to regulate their exposure to credit risk. While the most straightforward use of credit derivatives is to hedge the risk derived from investing in bonds or other credit securities, they are also used to express views on the creditworthiness of one or more entities (i.e., the governments or corporations who issue the bonds.) Beyond taking a simple directional bet in the form of buying/selling a single-name CDS, investors can express their view on the relative value of two different credits (pairs trading), the time when an entity will default (curve trading), the capital structure of the entity etc. -
Bloomberg Page 1 of 4
Paulson Said to Explore Puerto Rico as Home With Low Tax - Bloomberg Page 1 of 4 Paulson Said to Explore Puerto Rico as Home With Low Tax By Katherine Burton, Stephanie Ruhle and Zachary R. Mider - Mar 11, 2013 John Paulson, a lifelong New Yorker, is exploring a move to Puerto Rico, where a new law would eliminate taxes on gains from the $9.5 billion he has invested in his own hedge funds, according to four people who have spoken to him about a possible relocation. Ten wealthy Americans have already taken advantage of the year-old Puerto Rican law that lets new residents pay no local or U.S. federal taxes on capital gains, according to Alberto Baco Bague, Secretary of Economic Development and Commerce of Puerto Rico. The marginal tax rate for affluent New Yorkers can exceed 50 percent on ordinary income. Paulson, 57, recently looked at real estate in the exclusive Condado neighborhood of San Juan, where an 8,379- square-foot penthouse , complete with six underground parking spaces, lists for $5 million. The area is home to St. John’s School, a private English-language academy where he and his wife could send their two children, said the people, who asked not to be named because the discussions were private. Paulson’s firm declined to comment on his personal plans. “While we have looked at real estate investments in Puerto Rico, we have not made any investments, ” Paulson & Co. said in a statement. The firm is one of the largest holders of Popular Inc., which owns the biggest lender in Puerto Rico, and it runs a $300 million real estate fund that has properties in Florida , Nevada , Arizona , California , Colorado and Hawaii . -
How Profitable Is Capital Structure Arbitrage?
How ProÞtable Is Capital Structure Arbitrage? Fan Yu1 University of California, Irvine First Draft: September 30, 2004 This Version: January 18, 2005 1I am grateful to Yong Rin Park for excellent research assistance and Vineer Bhansali, Nai-fu Chen, Darrell Duffie, Philippe Jorion, Dmitry Lukin, Stuart Turnbull, Ashley Wang, Sanjian Zhang, Gary Zhu, and seminar participants at UC-Irvine and PIMCO for insightful discussions. The credit default swap data are acquired from CreditTrade. Address correspondence to Fan Yu, UCI-GSM, Irvine, CA 92697-3125, E-mail: [email protected]. How ProÞtable Is Capital Structure Arbitrage? Abstract This paper examines the risk and return of the so-called “capital structure arbitrage,” which exploits the mispricing between a company’s debt and equity. SpeciÞcally, a structural model connects a company’s equity price with its credit default swap (CDS) spread. Based on the deviation of CDS market quotes from their theoretical counterparts, a convergence-type trading strategy is proposed and analyzed using 4,044 daily CDS spreads on 33 obligors. We Þnd that capital structure arbitrage can be an attractive investment strategy, but is not without its risk. In particular, the risk arises when the arbitrageur shorts CDS and the market spread subsequently skyrockets, resulting in market closure and forcing the arbitrageur into liquidation. We present preliminary evidence that the monthly return from capital structure arbitrage is related to the corporate bond market return and a hedge fund return index on Þxed income arbitrage. Capital structure arbitrage has lately become popular among hedge funds and bank proprietary trading desks. Some traders have even touted it as the “next big thing” or “the hottest strategy” in the arbitrage community.