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portfolio constraint

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Wealth Transfers, Contagion, and Portfolio Constraints
This paper examines the co-movement among stock market prices and exchange rates within a three-country Center-Periphery dynamic equilibrium model in which agents in the Center country face portfolio constraints. In the model, international transmission occurs through the terms of trade, through the common discount factor for cash flows, and, finally,...
Tags: Portfolio Constraint, Free Trade, Real Estate, Investment, Operational Accounting, Finance, Business Operations
White papers 2005-06-01

Additional Resources

Risk Aversion and Optimal Portfolio Policies in Partial and General Equilibrium Economies
In this article, we show how to analyze analytically the equilibrium policies and prices in an economy with a stochastic investment opportunity set and incomplete financial markets, when agents have power utility over both intermediate consumption and terminal wealth, and face portfolio constraints. The exact local comparative statics and approximate...
Tags: Asset, Constraint, Aversion, Portfolio Policy, Asset Management, Real Estate, Operational Planning, Business Operations
Webcasts 2003-01-01
Optimal Portfolio Allocation In A World Without Treasury Securities
If current projections of future budget surpluses materialize, investing in Treasury securities–an asset class with which investors have long been familiar–could eventually become a thing of the past. This paper examines the extent to which investors' portfolio allocation decisions are likely to be affected by the retirement of all federal...
Tags: Security, Allocation, Investor, Financial Accounting, Finance
White papers 2001-01-17
AXA Bank Reduces Risk With SAS and Improves Its Portfolio Management
Risk is an important parameter that must be considered with granting credit. It is also an issue recently addressed by Basel II regulations. While many other banks have viewed these rules as a constraint, Belgium-based AXA Bank understood from the start that these new regulations could also generate business opportunities....
Tags: SAS Institute, Portfolio Management, AXA Bank, SAS Credit Risk Management, Basel II, Financial Services
Case studies
Synovus Financial Corp. Q3 2007 Earnings Call Transcript
Question-and-Answer SessionOperator Thank you, ladies and gentlemen. The floor is now opened for questions. [Operator Instructions]. Our first question comes from Nancy Bush. Your line is live. Nancy Bush - NAB Research Good afternoon guys. Richard E. Anthony - Chairman of the Board and Chief...
Tags: Synovus Financial Corp.
Earnings calls 2007-10-28
Shanda Interactive Entertainment Ltd. Q4 2007 Earnings Call Transcript
Question-and-Answer SessionOperator Your first question comes from Dick Wei - JP Morgan. Dick Wei - JP Morgan My question is on the longer term game licensing strategy. I believe Tianqiao Chen was mentioning that the pipeline has more than 20 games for the next...
Tags: Strategy, Call Transcript, Earnings, Shanda Interactive Entertainment Ltd., Games, Personal Technology, Seeking Alpha
Earnings calls 2008-02-25
Can Americans Stop Spending?
Get over that image of Americans as debt-ridden consumption addicts. The Great Recession will teach us to find better things to do with the time and money we have left — at least for now. Right now, as we lick our financial and career wounds and poke our 401k...
Tags: U.S., Financial, Stock, MoneyWatch, Financial Citizen, Real Estate, Financial Accounting, Investment, Business Operations, Finance, Robert Shiller, Saving Rate, George Akerlof Culture, Spending, Economy, Bill Gross, Poker, Wealth Effect, Consumption, Gian Luca Clementi, Mike Zimmerman
Articles 2009-06-25
Capital Trust Q3 2007 Earnings Call Transcript
Question-and-Answer SessionOperator Operator Instructions We'll take our first question from David Boardman, from Wachovia. Please go ahead. David Boardman - Wachovia Good morning and thank you very much for taking my question regarding investment activity within the quarter, and then you're going forward here, I mean, spread did blow...
Tags: Capital Trust Inc.
Earnings calls 2007-11-07
The Bank of New York Mellon Corporation Q3 FY07 Earnings Call Transcript
Question-and-Answer SessionOperator Thank you. [Operator Instructions]. Our first question comes from Glenn Schorr with UBS. Please go ahead. Glenn Schorr - UBS Hey guys. Robert P. Kelly - Chief Executive Officer Good morning Glenn. Glenn Schorr - UBS so I guess it's...
Tags: Asset, Asset Management, Bank Of New York Mellon Corp., Business, Business Operations, Business Win, Call Transcript, CEO, CFO, Deutsche Bank AG, DR Business, Earnings, Executive, Finance, Fox-Pitt, Merrill Lynch & Co. Inc., Operational Accounting, Operational Planning, Performance, Performance Fee, President, Quarter, Question, Revenue, Revenue Synergy, Seeking Alpha, Well, Yes
Earnings calls 2007-10-18
Acadia Realty Trust Q4 2007 Earnings Call Transcript
Question-and-Answer SessionOperator Operator Instructions. Your first question comes from the line of Christine McElroy with Banc of America. Please proceed. Christine McElroy - Banc of America Hey, good afternoon. Michael Nelsen Hi. Christine McElroy - Banc of America Your same-store NOI growth forecast of 1% to 3% seems like...
Tags: Acadia Realty Trust
Earnings calls 2008-02-18
MGIC Investment Corporation Q3 2007 Earnings Call Transcript
Question-and-Answer Session Operator Thank you. [Operator Instructions] Our first question comes from Howard Shapiro. Howard Shapiro - Fox-Pitt Kelton Hi, a couple of questions. Given your new loss guidance for 2008, have you had any discussions with the rating agencies, are they still comfortable with...
Tags: MGIC Investment Corp.
Earnings calls 2007-10-18
Occupational Choice and the Private Equity Premium Puzzle
This paper suggests a solution to what has become known as the "private equity premium puzzle" (Moskowitz and Vissing-Jorgensen 2002)). The paper interprets occupational choice as a dynamic portfolio choice problem of a life-cycle investor facing a liquidity constraint and imperfect information about the profitability of potential businesses. In this...
Tags: Private Equity, Entrepreneur, Institute For Advanced Studies, Entrepreneurship, Investment, Financial Services, Management, Finance
White papers 2002-10-01
Credit Rationing Effects of Credit Value-at-Risk
Banks provide risky loans to firms which have superior information regarding the quality of their projects. Due to asymmetric information the banks face the risk of adverse selection. Credit Value-at-Risk CVaR regulation counters the problem of low quality, i.e. high risk, loans and therefore reduces the risk of the bank...
Tags: Bank, Risk, Erasmus University Rotterdam, Regulations, Financial Services, Strategy, Government, Management
White papers 2004-03-12
Dynamic Asset Allocation With Benchmarking And Performance Constraints
The performance of mutual fund or pension fund managers is often evaluated by comparing the returns of managed portfolios with those of a benchmark, often defined from an index. As most portfolio managers use dynamic rules for rebalancing their portfolios, we use a dynamic framework to study the optimization of...
Tags: Asset, Pension Fund, Performance, Benchmarking, George Washington University, Asset Allocation, Performance Management, Mutual Funds, Benefits, Payroll Solutions, Human Resources, Workforce Management, Retirement Plans
White papers 2005-06-01
UBS Global Asset Management Launches US Equity Alpha Strategy
NEW YORK -- UBS Global Asset Management today announced the recent launch of its new US Equity Alpha Strategy, which seeks to provide investors with more alpha by relaxing the long-only constraint when constructing a portfolio.
Tags: asset management, equity, UBS AG
Research articles 2005-12-12
Air Products and Chemicals, Inc. F4Q07 (Qtr End 9/30/07) Earnings Call Transcript
Question-and-Answer SessionOperator Thank you. [Operator Instructions]. We'll take our first question today from P.J. Juvekar from Citi. P. J. Juvekar - Citigroup Good morning. Paul E. Huck - Vice President and Chief Financial Officer Good morning P.J. Nelson Squires - Director, Investor Relations...
Tags: Air Products & Chemicals Inc.
Earnings calls 2007-10-25
CNH Global Q3 2007 Earnings Call Transcript
Earnings Call Excerpt CNH Global NV CNH Q3 2007 Earnings Call October 23, 2007, 10:00 AM ET Executives Albert Trefts, Jr. - Senior Director, IR and Capital Markets Rubin J. McDougal - CFO Camillo Rossotto - VP and Treasurer and CFO, Financial Services Harold Boyanovsky -...
Tags: Call Transcript, Construction, Construction Equipment, Earnings, Equipment, Management, Market, North America, Quarter, Sales, Sales Force Management, Sales Strategy, Seeking Alpha, Strategy, Unit Sale, Western Europe
Earnings calls 2007-10-24
Polycom Inc. Q3 2007 Earnings Call Transcript
Question-and-Answer Session Operator Yes, thank you. [Operator Instruction]. Our first question comes from the line of John Anthony from Cowen & Company. Please proceed with your question. John Anthony - Cowen & Company Good afternoon, guys. Couple of question, but before we get started did...
Tags: Polycom Inc.
Earnings calls 2007-10-18
Nokia Corporation Q3 2009 Earnings Call Transcript
Question-and-Answer SessionOperator Your first question comes from the line of Tim Boddy with Goldman Sachs. Tim Boddy – Goldman Sachs Yes, thank you. I wondered if you could quantify the component impact on your Smartphone shipments and whether that actually also impacted the gross margin during the quarter? I...
Tags: Situation, Constraint, Nokia Corp., Call Transcript, Earnings, Cellular Phones, Smart Phones, Handhelds, Consumer Electronics, Personal Technology, Hardware, Seeking Alpha
Earnings calls 2009-10-21
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