Asset

companies to test whether our specific governance index yields results similar to the existing literature. As a first robustness check we test whether our results are REITspecific, as it has been documented that firms with a relatively high share of fixed assets (‘ hard capital’ generally have fewer possibilities to engage in value-destructing behavior ) (Gertler and Hubbard 1988). To this end, we match the REIT sample with a control sample of firms that have a high corporate real estate ratio. The second

the result of a transaction. In any transaction, there is a buyer and a seller. If the transaction price is, say, $100, it means that both parties agreed to exchange the asset against this amount of money. But, if the buyer is happy to pay $100 for the asset, it means that he or she is convinced that the “true” value of the asset is more. The same for the seller, who is convinced that the “true” value is less than $100. Thus, a transaction may happen and produce a transaction price if there is a disagreement

the presumption that the institutions of waqf (e.g. Majlis Agama Islam) are avoiding dependence on funding from Government, by seeking development financing from private sector. Also it is thought that the waqf institutions are not exposing their assets to liabilities arising from a particular development project and therefore the development financing is a project based funding. Additionally, the paper presupposes the grant of hikr (long lease)[1] by the waqf institutions to their development arm

l’amortissement accumulé telle qu’elle apparait au bilan. Elle représente la valeur totale des actifs que les actionnaires recevraient, en théorie, en cas de liquidation de la société. La book value = total assets – intangible assets. Book Value = 21 582 000 (total assets) – 403 000 (intangilbe assets) : 21 179 000. Pour calculer la liquidation value Afin de calculer la liquidation value, nous avons pris certaines données de l’actif : Immobilisations corporelles 8 579 000 Créances clients &

la valeur va entrainer des rendements et faciliter le financement. Il faut bien ficeler le projet avec le plus d’anticipation possible sur le cash-flow et le risque. |Current assets : actifs court terme |Current liabilities : passifs court terme | |Fixed assets : immobilisation |Long term debt | |

Bijoux BULINDERA, Consultante – Asset Technology L’IMPACT DES NORMES IFRS SUR LES MARCHES FINANCIERS Aujourd’hui la norme IAS 39 est une révolution. Les règles de couverture sont beaucoup plus strictes et contraignantes qu'auparavant. HISTORIQUE En 2002, l’Union européenne a adopté une réglementation qui exige des sociétés européennes cotées (environ 8 000 sociétés) qu’elles appliquent les normes IFRS (International Financial Reporting Standards et par conséquent la norme IAS 39 et IFRS 7) à

receivable Inventories Other current assets 1 590,0 2 770,0 3 770,00 1 535,0 1 231,0 2 314,0 2 994,0 748,0 456,0 2 456,0 3 677,0 905,0 330,0 2 993,0 3 353,0 608,0 680,0 3 237,0 3 342,0 623,0 Total current assets Tangible fixed assets Intangible fixed assets Financial fixed assets 9 665,0 7 193,0 776,0 2 029,0 7 287,0 6 782,0 724,0 1 725,0 7 494,0 7 046,0 711,0 1 343,0 7 284,0 7 124,0 601,0 1 440,0 7 882,0 6 848,0 619,0 1 525,0 Total fixed assets 9 998,0 9 231,0 9 100,0

Research analysis The investors who try to invest in funds have a lot of information at their disposal, whether on the asset management’s web sites, in annual reports or in the fund’s notice. Certain investors are flooded under the mass of information (reporting, promotion, newsletters) and are thus held on basic information such as the past performance or the ratings, to make an opinion on a fund. There is however a lot of other very useful information to make good selection choice such as the

markets to reach a level of liquid assets close to the balance. It is not disturbing as such. According to the specialists of the OECD (Organization for economic co-operation and development), there are various causes of the credit crunch. For example, the world economy is in excellent health, what was translated by an excess of liquidity. From the point of view of a manager of bond capital, the economy suffers from an excess of enthusiasm (too much liquid assets, too many activities of mergers and

to monitor Table 1: Household real and financial indicators 2006 2007 2008 2009 e 2010 f 2011 f Per capita net financial wealth (€) Monthly wage (€) Monthly wage (% YoY LC) Unemployment rate (%) (1) Home ownership (%) (2) Household financial assets (% YoY LC) Household financial liabilities (% YoY LC) Household financial saving ratio (% GDP) Household net financial wealth (% GDP) Housing affordability index (house price per sqm over gross monthly wage) (3) Mortgage in % GDP FX indexed / denominated