investment or not. The project is acquisition of the refinery from Valero Energy Corporation in 2007. At the end‚ make a conclusion and review the performance from Investment project. Background of HWL Hutchison Whampoa Limited (HWL‚ Hong Kong stock: 0013)‚ is a renowned businesses employ a quarter million people in 52 countries across the world. (The information comes from HWL web). Embraces businesses in Hong Kong‚ Mainland China‚ United Kingdom‚ Thailand and so on. The core businesses:
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Reading Summary of Common risk factors in stock and bond returns Xin Shi (A13119523) The paper introduces the famous Fama–French three-factor model which is a development of the traditional CAPM model and the findings of the 1992 paper. It believes the theory should be able to explain not only stock but also bond returns. Also this paper uses the method of time-series regression‚ which is quite different from the previous paper. After the development
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Fama-French Three-Factor Model Capital Marketing Shijie Wu Fama-French Three-Factor Asset Pricing Model I. Definition of Fama-French Three-Factor Model A. Definition In asset pricing and portfolio management‚ the Fama-French three-factor model is a theory that improvement of the capital asset pricing model. The model is proposed based on the empirical study of historical returns as a result of U.S. stock market. The purpose is to explain the average returns of the stock
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The Fama and French (1992) study has itself been challenged. The study’s claims most attacked are these: that beta has no role for explaining cross-sectional variation in returns‚ that size has an important role‚ and that the book-to-market equity ratio has an important role. The studies responding to the Fama and French challenge generally take a closer look at the data used in that study. Kothari‚ Shahken‚ and Sloan (1995) argue that Fama and French’s (1992) findings depend critically on how
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Common Risk Factors in the Retu rns on Stocks and Bonds Eugene F. Fama Kenneth R. French Journal of Financial Economics 1993 Presenter: 周立軒 Brief Saying… • This paper identifies Five common risk factors in the return on stocks and bonds – Two stock market factors‚ two bond market factors ‚ one market factor. – The five factors seems to explain all returns in stoc k market and bond market • Except the Low-Grade Bonds Agenda • • • • • Introduction The Steps of the Experiment Data & Variables Main
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The storm beneath the peace Its currency‚ the renminbi‚ remains stable; its economic growth‚ though slowing down‚ is expected to reach 7 percent this year‚ the fastest among major economies. But appearances are deceiving. Behind these statistics lies a far more fragile Chinese economic reality. The relative calm of the Chinese economy actually conceals far greater risks. The biggest short-term risk is financial overleveraging. Thanks to its decade-long credit boom‚ the Chinese economy as a whole
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60.00% 50.5 40.00% σ = ω ⋅ Ω ⋅ω 2 p 0 0. 02 0. 04 0. 06 0. 08 0. 1 -0 .1 -0 .0 8 -0 .0 6 -0 .0 4 -0 .0 2 Frequency Histogram Bin T 20.00% 50 0.00% 49.5 49 48.5 1 Ben Van Vliet May 9 ‚ 2011 13 25 37 49 61 73 85 97 109 121 133 145 157 169 181 193 205 217 229 241 I. A. B. C. D. E. F. G. II. A. B. C. D. E. F. II. A. B. D. F. G. H. I. J. K. L. M. N. O. P. Q. III
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Asset Pricing Assignment No. 2 Due Date: 14th Dec 2012 This paper examines the monthly data on the value-weighted total returns (with dividends) on 25 Fama-French portfolios‚ from July 1926 to Sep 2012 to sorted by size and BE/ME value‚ from the K French Data Library‚ and performs the Fama-Macbeth (1973) CAPM test on size and value effects. The average return and standard deviations are shown in Table I: Table I: Average returns and standard deviations of the 25 portfolios‚ from 07/1926 to 09/2012
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Global Asset Allocation Finance 656 (Please return to Fang Song’s locker #552) Michelle Bien Yushao Karen Chiu Srinivas Mudireddy Fang (Derek) Song‚ 12/08/2013 A Study on stock returns and volatility Abstract This paper applies two models to examine the intertemporal relationship between expected returns and market risk. By using ARIMA models‚ two findings can be found: 1) A positive correlation exists between the expected market risk premium and the predictable volatility. 2)
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Abstract: The project is done to find out the impact of stock split on the stock market. In our project‚ we have made use of event study methodology to assess the accuracy of stock price reaction of 39 public listed Indian companies in National Stock Exchange (BSE) in the year 2006 and onwards. The abnormal returns (actual returns-returns from regression line) results were taken for 20 days before and after the announcement date to test whether the result is significant or not (Level of significance=5%)
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