662 resultados para Treasury
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Checklist Amer. imprints
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Not cited in Jillson or Ross.
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Parts II and III have special title-pages.
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"Presented by Mr. Fletcher, December 7, 1915."
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Mode of access: Internet.
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S/N 017-052-00224-4
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Mode of access: Internet.
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Cover title.
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The article studies the impact of a firm’s trading in its own shares on the volatility and market liquidity of the firm’s stock in the Italian stock market. In the study, both stock repurchases and treasury share sales executed on the open market are defined as trading in own shares. The study finds that Italian firms can reduce the volatility of their stock and boost market liquidity by trading their own shares.
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Can companies reduce the volatility and increase the liquidity of their stocks by trading them? In the context of the Italian stock market, where companies have far more leeway to sell as well as buy their own stocks than in the U.S., the answer is yes. We examine the effects of trading (open-market share repurchases and treasury shares sales) on liquidity (bid–ask spread) and volatility (return variance). Further, we examine the impact of shareholder approvals of repurchase programs on liquidity and volatility. We find clear evidence that trading increases liquidity and reduces volatility. These results are consistent with our analysis of the motives Italian companies give for making share repurchases.
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Prices of U.S. Treasury securities vary over time and across maturities. When the market in Treasurys is sufficiently complete and frictionless, these prices may be modeled by a function time and maturity. A cross-section of this function for time held fixed is called the yield curve; the aggregate of these sections is the evolution of the yield curve. This dissertation studies aspects of this evolution. ^ There are two complementary approaches to the study of yield curve evolution here. The first is principal components analysis; the second is wavelet analysis. In both approaches both the time and maturity variables are discretized. In principal components analysis the vectors of yield curve shifts are viewed as observations of a multivariate normal distribution. The resulting covariance matrix is diagonalized; the resulting eigenvalues and eigenvectors (the principal components) are used to draw inferences about the yield curve evolution. ^ In wavelet analysis, the vectors of shifts are resolved into hierarchies of localized fundamental shifts (wavelets) that leave specified global properties invariant (average change and duration change). The hierarchies relate to the degree of localization with movements restricted to a single maturity at the base and general movements at the apex. Second generation wavelet techniques allow better adaptation of the model to economic observables. Statistically, the wavelet approach is inherently nonparametric while the wavelets themselves are better adapted to describing a complete market. ^ Principal components analysis provides information on the dimension of the yield curve process. While there is no clear demarkation between operative factors and noise, the top six principal components pick up 99% of total interest rate variation 95% of the time. An economically justified basis of this process is hard to find; for example a simple linear model will not suffice for the first principal component and the shape of this component is nonstationary. ^ Wavelet analysis works more directly with yield curve observations than principal components analysis. In fact the complete process from bond data to multiresolution is presented, including the dedicated Perl programs and the details of the portfolio metrics and specially adapted wavelet construction. The result is more robust statistics which provide balance to the more fragile principal components analysis. ^
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Includes index.
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Includes index.
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As a functioning performing arts centre, commercial enterprise, tourist attraction and major national asset, Sydney Opera House must continue to demonstrate the optimal use and effectiveness of its facilities management (FM) to provide value for its stakeholders. To better achieve this, the Cooperative Research Centre for Construction Innovation focussed on the following three themes for investigation in the FM Exemplar Project — Sydney Opera House: digital modelling — developing a building information model capable of integrating information from disparate software systems and hard copy, and combining this with a spatial 3D computeraided design (CAD)/geographic information system (GIS) platform. This model offers a visual representation of the building and its component elements in 3D, and provides comprehensive information on each element. The model can work collaboratively through an open data exchange standard (common to all compliant software) in order to mine the data required to further FM objectives (such as maintenance) more efficiently and effectively. services procurement — developing a multi-criteria performance-based procurement framework aligned with organisational objectives for FM service delivery performance benchmarking — developing an FM benchmarking framework that enables facilities/ organisations to develop key performance indicators (KPIs) to identify better practice and improvement strategies. These three research stream outcomes were then aligned within the broader context of Sydney Opera House’s Total Asset Management (TAM) Plan and Strategic Asset Maintenance (SAM) Plan in arriving at a business framework aligned with, and in support of, organisational objectives. The Sydney Opera House is managed by the Sydney Opera House Trust on behalf of the Government of the State of New South Wales. Within the framework of the TAM Plan prepared in accordance with NSW Treasury Guidelines, the assimilation of these three themes provides an integrated FM solution capable of supporting Sydney Opera House’s business objectives and functional requirements. FM as a business enabler showcases innovative methods in improving FM performance, a better alignment of service and performance objectives and provides a better-practice model to support the business enterprise.
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President’s Report Hello fellow AITPM members, It is interesting to follow the news at present, where transport costs are getting a significant airing. Treasury Secretary Dr Ken Henry has enunciated something Australians may have considered extremely radical just a few years back, but in the present time appears to quite a few to be a realistic alternative. That being a rethink of the way we are charged for using our vehicles. It appears that serious consideration is being given to congestion charging, perhaps in place at least to some extent, of fuel excise. As a transport professional I am pleased that the debate has elevated to the national level, and would look forward that AITPM might contribute appropriately to it. As a motorist though, I naturally have my concerns about being hit in the hip pocket. Not that I actually drive during congested periods very much. I am fortunate to live five minutes either side of two well serviced bus corridors, one of which will eventually become a busway, and work in the central business district, which is hub from all spokes in Brisbane. As such, bus and foot are my preferred commute modes. Ah but I should not gloat, as my smart card fare is about to increase by 20 percent in the New Year! And if the newspapers are to be believed, further substantial increments are proposed over the coming few years. This is reported to recoup some more of the costs of actually providing the quality public transport system that we enjoy in our region. So I expect it will be very interesting to see how transport economics will play out in reality in the coming few years, and how governments cater to Australians who either cannot afford substantial increases in transport costs or have no viable alternatives to those facilities whose costs will increase. The 2010 AITPM National Conference, “What’s New?”, still has the opportunity for authors to submit an abstract for consideration so please consider how you might contribute to the event. Best regards to all, Jon Bunker