Usa "liquid assets" in una frase
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liquid assets
1. since she had kept a goodly sum of liquid assets in her savings and
2. This is achieved with other income invested and some inflation on liquid assets
3. maintain liquid assets in the form of gold, cash and approved securities
4. The ratio of liquid assets to
5. Reserve ratio :Amount of money and liquid assets that the Reserve Bank’s
6. But we came to miss having a home base, so we ended up purchasing a small condo, which meant taking $100,000 off the table in terms of liquid assets and putting it back into illiquid real estate
7. If the dividend is disproportionately small, an investment purchase will be justified only on an exceptionally impressive showing of earnings (or by a very special situation with respect to liquid assets)
8. Liquid assets include cash and equivalent marketable securities, including restricted securities with meaningful rights of registration, proved oil and gas reserves, cutting rights and timberlands, and various types of real property
9. Surplus liquid assets not needed in a business (sometimes called surplus surplus10) may be extracted from these companies
10. But it’s probably a better investment than a lot of other illiquid assets
11. Investors should not be misled by the apparently attractive reward–risk ratios of illiquid assets
12. Illiquid assets naturally suit long-horizon investors with limited liquidity needs, but even such investors should not assume that illiquidity is always amply rewarded
13. If any personal bias shines through more than the others, it is my preference for simple and liquid assets
14. • The reported returns may not have been achievable due to trading costs (which are especially significant for illiquid assets and for strategies with high turnover)
15. Over the long run, less liquid assets should offer some compensation for their higher trading costs and lower trading/rebalancing flexibility
16. Illiquid assets tend to underperform during financial crises when liquidity dries up
17. Thus, illiquid assets should compensate investors for both the illiquidity and the systematic tendency to underperform in bad times
18. Moreover, less liquid assets tend to exhibit smoothed or stale pricing, which reduces their measured volatility and their correlations with other assets
19. Both positive illiquidity premia and the understatement of risk in the denominator of the Sharpe ratio calculation imply that we should observe higher Sharpe ratios for less liquid assets
20. The reported returns may not have been achievable due to trading costs, the impact of which is greater for illiquid assets, or for active strategies with high turnover
21. The SRs of illiquid assets are further boosted by understated volatilities
22. It is not surprising, then, that paper profits tend to be most consistent in illiquid assets (e
23. Many HFs trade in illiquid assets and/or restrict investor redemptions via notice periods, lockups, and gates
24. Moreover, illiquid assets tend to suffer during liquidity droughts
25. Infrequent and/or stale pricing of illiquid assets causes understated volatilities, correlations, and betas for these assets and for the fund
26. One suggestion is that managers of illiquid assets have some flexibility in marking their assets to market; early in the year such managers may price holdings conservatively to create some cushion for smoothing returns, but near the year-end they want to benefit fully from performance fees, so they use up any cushion
27. Sectors involving less liquid assets appear especially capacity constrained
28. Some carry traders venture into less liquid assets (municipal curve steepness, credit curve steepness, distressed debt, etc
29. Trend-followers typically diversify not just across a large number of liquid assets but also across a range of history window lengths and trading frequencies
30. In each class I simulate the one-year moving average rule for about 15 liquid assets (the interest rate and bond futures are all within G10 markets; currencies and equity indices also include a handful of countries outside the G10)
31. Market compensation for illiquidity will be lower when liquidity suppliers are abundant and there is widespread appetite for harvesting presumed liquidity premia or for holding illiquid assets so as to avoid the mark-to-market volatility of liquid assets
32. Of course, liquid assets only appear to be more volatile, because of the price transparency that allows them to be marked to market
33. If one could know the prices at which illiquid assets could be sold, they would probably be just as volatile, or more so
34. To study the impact of monthly variation in liquidity conditions on average asset returns, I need to focus on relatively liquid assets where monthly data are available
35. Heterogeneous trading horizons and limited capital lead to clientele effects in which short-horizon traders focus on the most liquid assets while long-horizon investors focus on less liquid assets
36. (The illiquidity proxy is based on the idea that frequent return reversals are indicative of an asset’s illiquidity as buying or selling demand causes a larger temporary price concession for less liquid assets
37. Even if expected returns vary over time for reasons unrelated to liquidity, only liquid assets enable investors to take advantage of timing opportunities
38. Even long-horizon investors can benefit from the flexibility that liquid assets provide when expected returns vary over time
39. 82–83, he makes a strong case for illiquid assets: “Serious managers who attempt to identify inefficiencies frequently gravitate toward relatively illiquid markets, since rewarding investments tend to reside in the dark corners, not in the glare of floodlights
40. [1] Illiquid assets’ risk-adjusted returns are especially misleading because these assets not only warrant some compensation for their illiquidity (a “risk cost” that is neither deducted from the return in the numerator nor added to the risk measure in the denominator), but their measured risk is understated due to stale prices and smoothed returns
41. Which assets are typically traded? Any liquid assets can be traded on a standalone basis (directionally) or on a relative value basis
42. For a given rate of turnover, less liquid assets have higher trading costs
43. If the market rewards illiquid assets with an illiquidity premium, it makes sense that long-horizon investors over-allocate to such assets
44. • illiquid assets warrant higher SRs as a result of illiquidity premia and understated volatilities;
45. Besides re-acquiring general respect for risk in 2008, investors re-learned to differentiate between volatility sources:• Nearly all risky and illiquid assets, as well as positive-carry strategies and absolute return managers, turned out to be bad diversifiers: they became even more positively correlated than in normal times
46. The SR ignores liquidity considerations, but we know that illiquid assets have artificially smooth returns and thus overstated SRs
47. Moreover, illiquid assets should offer some compensation (illiquidity premium) for their higher trading costs and lesser flexibility as well as for their tendency to underperform during liquidity droughts
48. It is possible, however, that the desire of many investors to avoid mark-to-market volatility makes less liquid assets overpriced, reducing the reward for illiquidity
49. In contrast, frequent performance measurement in liquid assets enables skill to be differentiated from luck over a reasonable evaluation period
50. Trading costs are naturally higher for less liquid assets and for strategies that involve greater turnover