Asset

pour se positionner enfin sur un fonds sécurisé (fonds Euro-Horizon). Ce principe théorique est basé sur l’analyse des statistiques historiques des différents fonds. 5 RETRAITE MADELIN RETRAITE MADELIN Gestion Déléguée Exaprime HSBC ASSET MANAGEMENT Vous investissez en fonction de la durée qui vous sépare de votre retraite. Ensuite HSBC A. M. gère pour vous : plus vous êtes éloigné de votre retraite, plus l’investissement sera exposé aux actions. Et inversement, à l’approche de votre

example through the work of the G20, IOSCO and the Financial Stability Forum. The funds in question are defined as all funds that are not regulated under the UCITS Directive4. Around €2 trillion in assets are currently managed by AIFM employing a variety of investment techniques, investing in different asset markets and catering to different investor populations. The sector includes hedge funds and private equity, as well as real estate funds, commodity funds, infrastructure funds and other types of

la volatilité de la monnaie et les mauvaises conditions météorologiques. Elle a connu une meilleure fortune que ses concurrents. ANNEXE A RATIOS PERFORMANCE | INDUSTRIE 2009 | 2010 | 2009 | Rendement de l’actif (ROA)(Return on assets) * Bénéfice net / Total de l’actif | 8.86 % | 8.19%302,9 M$/3.696,7M$ | 7.79%253,9M$/3.255,9M$ | Rendement des capitaux propres (ROE)(Return on equity) * Bénéfice net / Capitaux propres | 16.80% | 18.76%302,9 M$/1.614,3M$ | 19.14%253,9M$/1

your money among what are called asset classes, such as stocks, bonds and cash equivalents such as a money market fund. The process of deciding how much to put in each category is called asset allocation. This way, your success doesn’t depend on a single company, industry or type of investment. For example, if your stocks are going down in value, the value of your bonds may be holding steady or increasing. Let’s say you decide to invest 60 percent of your assets in stock and 40 percent in bonds.

estimated at10 million. GENERAL MOTORS BALANCE SHEETS (In millions) The General Motors’ total assets had an increase of 45 million from 2008 to 2009. This is mainly due to the restricted cash and the property net. Their inventories decreased from 2008 to 2009 caused by the reorganization which tried to liquidate their old stocks and renew the new General Motors stock. Their current assets increased over the year of 2008 to 2009 and their total liabilities decreased due to the reorganization

economic crisis on developing countries ? The financial and now economical crisis was born in developed countries, more precisely in United States of America where it was initially illustrated by a real estate crisis. Rapidly “doubtful assets” from securitization of insolvent US household credits (=sub-primes) spread on the financial market, thus spreading the crisis worldwide. Medias such as television, newspapers or radio often speak about the effects of the crisis on our economy and

credits of a country or a group of countries. It can concern only some countries, or, introduced in a country, can extend by contagion. The term financial crisis is applied broadly to a variety of situations in which some financial institutions or assets suddenly lose a large part of their value. In the 19th and early 20th centuries, many financial crisis were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include

useful for the sale, the distribution or manufacturing * Advantage: local presence * Disadvantage: the cost/ tax consequences The branch office (sucursalle): has no juridical personality (it can’t sign contract on his own, liability, purchase assets, enter into loan, tax). The Subsidiary: you pay tax in the holding company and in the subsidiary (filial). * Notion of juridical personality * Tax consequences * Notion of permanent establishment Double-taxation treaties: the goal is

SPIs to organisations responsible for low-rental housing; - the transfer before 1 January 2011 of developed properties by organisations responsible for low-rental housing; • 24% or 10% for the income from assets of non-profit organisations. 11/105 In addition, corporation tax payers are liable to a social contribution equal to 3.3% of the tax calculated on their taxable profits at the standard rate (33⅓%) and at the reduced rates, minus relief

3% 8 20 15 Return on Debt 8% 8 10 10 Return on the Market 5% 10 15 20 a. What is the beta of Compton Technology debt? b. What is the beta of Compton Technology stock? c. If the debt-to-equity ratio of Compton Technology is 0.5, what is the asset beta of the company? 2. (RWJ, exercise 12.10) Is the discount rate for the projects of a levered firm higher or lower than the cost of equity computed using the security market line? Why? (Consider only projects that have similar risk to that of the