Standard & Poor's

1 Risques spécifiques des placements obligataires 1.1.1 Le risque de défaut Encore appelé risque de crédit ou risque de l’émetteur, ce type de risque est représenté dans les cotes de crédit publiées par les agences de crédit (Moody’s, Standard & Poor’s, Canadian Bond Rating Service, Dominion Bond Rating Service…) qui apprécient la qualité des émetteurs. Ces agences utilisent plusieurs critères d’appréciation dont les ratios de levier financier, les ratios de liquidité, les ratios de couverture

leur promotion à un poste de cadre supérieur, comme suit : Le S&P 100 est un indice boursier. Il est composé des 100 plus grandes sociétés cotées sur les bourses états-uniennes de l'indice « S&P 500 ». Ce sont deux indices de référence de la Standard & Poor's, l'une des trois principales sociétés de notation financière. Son symbole de cotation est OEX. 1 3 Aussi, tous les administrateurs non salariés sont tenus d'être titulaires d'au moins 500 K$ d’actions General Electric. Mécanismes anti-OPA

The Seven Principles Rrrrrrrrr = see appendix Principle #1: Assets productivity a) Only invest in wealth creating businesses. An investor should always invest in businesses that are creating value. In Europe we consider that 60% of businesses are not creating any value and 40% in USA. b) ROE (~ ROA) > wealth creation objective The return on equity has to be at least equal to the return on asset. c) Invest in businesses that have low debt, zero if possible

Ownership Profile Definitions GARP GARP (Growth at a Reasonable Price) investors try and build their portfolios with two types of securities: 1) those that are trading at a discount to the market or their peers yet are expected to grow at higher than the market average or their peers, and 2) those whose forward PE ratio is less than, equal to, or only slightly above the long term projected growth of the company. Stated another common way, GARP investors will often say they are either looking

Je veux apprendre a trader Les ingrédients pour réussir en bourse ! Tome 1 Je-veux-apprendre-a-trader.com - 2013 Tous droits réservés Je veux apprendre apourtrader TRADMAKER.COM 40 Règles d’or investir en bourse Table des Matières 1. Introduction aux marches financiers • • • • • 1.1 1.2 1.3 1.4 1.5 Introduction Le forex Les matières premières Les actions Les indices 2. Analyses techniques et analyses fondamentales • • 2.1 l’analyse technique 2.2 l’analyse fondamentale 3. Indicateurs techniques

information available for valuation tends to be much more limited, both in terms of history and depth, since private firms are often not governed by the strict accounting and reporting standards of publicly traded firms. In addition, the standard techniques for estimating risk parameters (such as beta and standard deviation) require market prices for equity, an input that is lacking for private firms. When valuing private firms, the motive for the valuation matters and can affect the value. In

Analyse de la crise boursière actuelle [pic] [pic][pic][pic][pic] 14/08/2007 - 14:25:15 - Sicavonline - OFI AM DESCRIPTION Depuis mi-juillet, les marchés ont beaucoup varié. Voici les principaux changements : • Ecartement des spreads de crédit (indice Cross Over au plus haut à près de 500 bp et Itraxx main à près de 75 bp) • Chute des marchés d’actions : les principaux indices ont perdu de 8% à 10% en extrêmes et en monnaies locales. Les marchés émergents ont relativement bien résisté

rate of return (e.g. Treasuries) are commonly thought of as being distressed. A related category is stressed debt yielding between 600-800 basis points over Treasuries. Distressed securities often carry ratings of CCC or below from agencies such as Standard & Poors, Moodys, and Fitch. When companies enter a period of financial distress, the original holders often sell the debt or equity securities of the issuer to a new set of buyers. In recent years, private investment partnerships such as hedge

liquidity measures (figure 2) for Kraft, we can observe that the company has a current ratio greater than 1, which means that their current assets are greater than their current liabilities. Kraft’s current ratio (1.1) is slightly lower than the standard industry (1.3), but the small difference indicates that the company is able to meet short-term debt obligations more easily than their competitors. Kraft Food’s quick ratio (0.8) is lower than 1 but since it is equal to the industry the company proves

example, may contain a measure of risk (usually something called beta). It would indeed be useful to know just how risky your fund is, but this number won’t tell you. Nor will any of the other quantities spewed out by the pseudoscience of finance: standard deviation, the Sharpe ratio, variance, correlation, alpha, value at risk, even the Black-Scholes optionpricing model. The problem with all these measures is that they are built upon the statistical device known as the bell curve. This means they