...The Current MBS and CMBS Markets – A Summary of Issues, Causes, and Future Markets With today’s economic difficulties it is no surprise that the markets for MBS and CMBS are down. The financial market crisis has definitely hit our economy and the MBS and CMBS markets are no exception. The credit meltdown has led to a curious pricing disparity in the commercial MBS market: Triple-A paper with a 5-year term is suddenly trading at spreads way above similarly rated 10-year bonds, due primarily to rising concerns about "extension risk." Last Friday, 10-year super-senior CMBS was trading at 1,050 bp over swaps, while the spread on 5-year notes swelled to 1,300 bp. Over the summer, before the credit markets went into a deep tailspin, the difference between the 5- and 10-year spreads generally was only a few basis points. The pricing difference throws bond-market convention on its head. All things being equal, long-term paper normally commands higher spreads to reflect the greater risk associated with holding investments longer. That started to change in the summer of 2007, when the credit crunch caused bond trading to slow. The benchmark classes of 10-year bonds started trading at slightly tighter spreads than 5-year paper because their larger supply offered more liquidity. But more recently, the gap has ballooned, widening to as much as 400 bp. "The trend has really become noticeable over the past month," one investor said. The new concern about 5-year CMBS is that the timely payoff...
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...* Refer to the spreadsheet on BB about the valuation of Carnaud Metalbox (CMB). The key variables that will determine how much Crown Cork & Seal (CCS) should offer are listed at the top. As you change these variables, the implied value of the company per share will adjust at the bottom right. I have input values for the three highlighted (in blue) assumptions about sales growth and cost reductions to arrive at one realistic scenario for the current valuation of Carnaud Metalbox at approximately Ffr. 186.58 per share. Play around with these values to see how much changing the sales to something different each year, or making the cost savings higher or lower, affects the implied value. Here, we are seeking to understand how continued improvement within CMB after the recent merger might justify their current valuation. <!--[if !supportLists]-->a. <!--[endif]-->Next, vary the assumptions to match Avery’s estimates of the cost savings provided by an acquisition by CCS, to make the implied value equal approximately the proposed offer price of Ffr. 225. Here, you are evaluating the synergy Avery plans to create, resulting in his willingness to pay a premium for ownership of CMB. Copy and paste the three highlighted lines into your Word document so I can see your answer. Do not upload the spreadsheet. <!--[if !supportLists]-->b. <!--[endif]-->Write a short paragraph summarizing your interpretation of the offer price, considering the spreadsheet...
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...FIFTH EDITION 2005 Transforming Real Estate Finance A CMBS Primer Primary Analysts: Howard Esaki Marielle Jan de Beur Masumi Goldman This book is an overview of the Commercial Mortgage-Backed Securities (CMBS) market. The contents of this publication are over eight years in the making and include excerpts of research reports from as early as 1997. In this fifth edition of our primer, we have reorganized the chapters to highlight the different investment options within CMBS. New material since our last edition includes sections on the various types of AAA CMBS classes, total rate of return swaps, floating rate large loan transactions, and an updated version of the commercial mortgage default study. We hope you find this book useful and welcome comments so that we can improve future editions. FIFTH EDITION 2005 Transforming Real Estate Finance A CMBS Primer Primary Analysts: Howard Esaki Marielle Jan de Beur Masumi Goldman The Primary Analyst(s) identified above certify that the views expressed in this report accurately reflect his/her/their personal views about the subject securities/instruments/issuers, and no part of his/her/their compensation was, is or will be directly or indirectly related to the specific views or recommendations contained herein. This report has been prepared in accordance with our conflict management policy. The policy describes our organizational and administrative arrangements for the avoidance, management and disclosure...
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...Effects of The European Debt Crisis on the German Real Estate Market Hiermit versichere ich die vorliegende Arbeit allein und nur mit den angegebenen Hilfsmitteln angefertigt zu haben. Der Veröffentlichung der Bachelorarbeit in der Bibliothek der Hochschule Aschaffenburg wird zugestimmt. Aschaffenburg, den 28.02.2013 Effects of the European Debt Crisis on the German Real Estate Market Bachelorarbeit von Sebastian Stollhof 28.02.2013 Effects of The European Debt Crisis on the German Real Estate Market Autor: Sebastian Stollhof An der Bergleite 3 67806 Rockenhausen Erstprüfer: Prof. Dr. Paschedag HOCHSCHULE ASCHAFFENBURG FAKULTÄT WIRTSCHAFT UND RECHT WÜRZBURGER STRASSE 45 D-63743 ASCHAFFENBURG Table of Content TABLE OF EXHIBITS LIST OF ABBREVIATIONS 1 EMERGENCE OF THE DEBT CRISIS 1.1 Macroeconomic problems 1.1.1 The imbalance of public authorities 1.1.2 Strongly diverging current account balances 1.1.3 Strongly diverging price- and wage developments 1.2 Specific problems within the monetary union VIII IX 1 1 1 5 10 12 1.2.1 Interest rate policy of the European Central Bank (ECB) 12 1.2.2 Membership within the EMU increases insolvency risk for states 1.2.3 National fiscal policy versus central monetary policy 2 GERMAN HOUSING MARKET – PRICE BUBBLE OR SAFE HAVEN? 2.1 Definition of price bubbles 2.2 Explanatory approaches for real estate bubbles 2.2.1 Macroeconomic factors 2.2.2 Institutional explanatory approaches 2.2.3 Behaviour-based explanatory...
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...ScienceDirect Procedia - Social and Behavioral Sciences 150 (2014) 162 – 171 10th International Strategic Management Conference Comparison of public and non-public SMEs’ corporate governance strategies in Turkey Gülsevim Yumuk Günaya , Sudi Apakb, a c a Trakya University, 22030, Turkey Beykent University, Istanbul, 34396, Turkey Abstract Small and medium sized enterprises (SMEs) are very important for economic development. If proper corporate governance strategies are implemented by SMEs, their growth opportunities are expected to increase. In order to understand the impact of proper corporate governance strategies of SMEs, public and non-public companies are compared. In this study, corporate governance scores for nine public and nine non-public SMEs are calculated. It is found that only three of the public SMEs and none of the non-public SMEs had adequate corporate governance score which is based on Capital Market Board of Turkey’s corporate governance principles about stakeholders. © 2014 Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license th © 2014 Published by Elsevier Ltd. Selection and/or peer-review under responsibility of the 10 International Strategic (http://creativecommons.org/licenses/by-nc-nd/3.0/). Management Conference Peer-review under responsibility of the International Strategic Management Conference. Keywords: SMEs, Corprorate governance, Public firms, Non-public firms 1. Introduction Small...
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...INFORMATION KUALA LUMPUR to ABU DHABI 7/13/2013 Dep: Arr: 03:05 PM 10:00 PM Kuala Lumpur, Malaysia | Kuala Lumpur International Airport KUL | Terminal M Abu Dhabi, United Arab Emirates | International AUH | Terminal 1 KUALA LUMPUR to COLOMBO Srilankan Airlines | UL 315 confirmed Saturday, July 13, 2013 | duration 3:35 Dep: Arr: 03:05 PM 04:10 PM Kuala Lumpur, Malaysia | Kuala Lumpur International Airport KUL | Terminal M Colombo, Sri Lanka | Bandaranaike International CMB Srilankan Airlines CXM6M6 Srilankan Airlines - UL 315 Coach Airbus Industrie A330-200 HOT MEAL 30 kilogram(s) per traveler information not available Confirmation Number: Flight Number: Fare type: Aircraft: Meal: Baggage: Last check in: Mr. Belal Wahidy Meal preferences: No special meal Change of plane required. Time between flights = 2:40 AM COLOMBO to ABU DHABI Srilankan Airlines | UL 207 confirmed Saturday, July 13, 2013 | duration 4:40 Dep: Arr: 06:50 PM 10:00 PM Colombo, Sri Lanka | Bandaranaike International CMB Abu Dhabi, United Arab Emirates | International AUH | Terminal 1 Srilankan Airlines - UL 207 Coach Airbus Industrie A320-100/200 HOT MEAL 30 kilogram(s) per traveler information not available Flight Number: Fare type: Aircraft: Meal: Baggage: Last check in: Mr. Belal Wahidy Meal preferences: No special meal ABU DHABI to COLOMBO Srilankan Airlines | UL 208 confirmed...
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...a complicaciones durante el curso de la enfermedad. • Objetivo: Determinar el estado nutricional e inflamatorio en pacientes prequirúrgicos con neoplasia maligna (nm) gástrica del Instituto Nacional de Enfermedades Neoplásicas (INEN). Resulta fundamental realizar una evaluación preoperatoria, ya que esta predice la existencia de complicaciones postoperatorias y la morbimortalidad del paciente. • Método: Estudio descriptivo y transversal. La muestra incluye 21 pacientes adultos con nm gástrico ingresados al servicio entre mayo y junio 2013. Para la evaluación del estado nutricional, se aplicó : VGS CMB Pliegue cutáneo tricipial (PCT) al ingreso. Para la evaluación del estado inflamatorio: Proteína C Reactiva (PCR) prequirúrgica. Resultados: Normal Desnutrición Leve Desnutrición Moderada Desnutrición Severa VGS 19% 0% 28.6% 52.4% CMB 76.2% 19% 4.8% 0% PCT 66.7% 14.3% 19% 0% Por otro lado, el 14.3% de pacientes tuvieron un grado de inflamación moderado y el 85.7% severo Conclusiones: Menos de la mitad de los pacientes evaluados al ingreso presentaron algún grado de desnutrición, principalmente energética, según las medidas antropométricas realizadas. La prevalencia de estado hiperinflamatorio fue elevada en este grupo...
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...KRIZA FINANCIARE: NGJARJET KRYESORE, SHKAQET DHE PERGJEGJESITE Punuan: Arisa LLESHI Universiteti LUARASI Fakulteti Ekonomik Finance-Banke Pranuan: Prof. Admir RAMADANI, CFA Prof. Julinda KLLAPI, Msc Cejrolina BARDHI Universiteti LUARASI Fakulteti Ekonomik Finance-Banke Tirane, Shkurt 2015 “Rritja e cmimeve te shtepive dhe lehtesimi kredidhenies ishte pozitive per bleresit e rinj te shtepiave, duke perfshire ketu spekulatoret, sepse ata pane pothuajse nje perfitim te menjehershem ne cmime. Ishte pozitive per komisioneret e Hipotekave (Mortgage Broker); Ata perfituan komisione fillestare te medha. Ishte mire per Agjensite e Rating-ut ; Ata paten nje biznes te shkelqyer. Dhe ishte mire per Bankat e Investimit, sepse ata po fitonin komisione te medha nga procesi Securitization. Sistemi lulezoi ne kete drejtim per shume vite” “Robert Wescott, President i Keybridge Research” 2 © A.LL & C.B “Kriza Financiare: Ngjarjet kryesore, Shkaqet, dhe Pergjegjesite”, Shkurt 2015 Abstrakti Kriza Fiananciare e vitit 2008 – 2009, si nje nga temat me te diskutuara ditet e sotme, nga e cila u mesua se sistemi financiar i diteve te sotme nuk eshte aspak i sigurte, se ka shume vend per permiresim ne rregullimin qe duhet t’i behet tregut financiar, se per vendimet qe merren per Politiken Monetare dhe rregullimin e sistemit financiar duhet patur shume kujdes, jo vetem kjo, por tregjet ne vetvete dhe te integruara me njera tjetren duhen vezhguar me kujdes dhe duhen ndermarre rregullimet...
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...For Scotland, legislation was put in place in 1915 with the Midwives (Scotland) Act. Before this time there were no legal requirements regarding midwifery practice within the UK. The main aims of these acts were to cease uncertified midwifery practice, improve training, and also monitor midwifery practice (RCM 2008). The Central Midwives Board (CMB) was the statutory body established under the act and midwives had to register on the CMB in order to gain a license to practise and to be considered a midwife. The CMB was responsible for releasing certificates, keeping a central register of midwives, providing Local supervising Authorities (LSA) and regulating training. (Marshall et al. 2014). The establishment of these acts and the Central Midwives Boards was a major turning point for midwifery within the UK. It demonstrated a recognised profession that promoted safe and good quality practice by trained professionals. Although a very positive change for midwifery practice as adequate training and regulations are imperative to a woman's health during pregnancy and childbirth, this development may have also been the beginning of a more medicalised and hospital based idea...
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...observational evidence began to support the idea that the universe evolved from a hot dense state. In addition, the discovery of the cosmic microwave background radiation in 1965 was considered the death knell of the Steady State, although this prediction was only qualitative, and failed to predict the exact temperature of the CMB. (The key big bang prediction is the black-body spectrum of the CMB, which was not measured with high accuracy until COBE in 1990). After some reformulation, the Big Bang has been regarded as the best theory of the origin and evolution of the cosmos. 1970-1980 most cosmologists accepted the Big Bang, but several puzzles remained, including the non-discovery of anisotropies in the CMB, and occasional observations hinting at deviations from a black-body spectrum; thus the theory was not very strongly confirmed. 1990-present time This showed that earlier claims of spectral deviations were incorrect, and essentially proved that the universe was hot and dense in the past, since no other known mechanism can produce a black-body to such high accuracy. Further observations from COBE in 1992 discovered the very small anisotropies of the CMB on large scales, approximately as predicted from Big Bang models with dark matter. From then on, models of non-standard cosmology without some form of Big Bang...
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...The lesson that was learned (or re-learned) in the commercial real estate (CRE) crash of the early 1990s was that problems associated with massive over-supply can plague the industry for many years. The lesson that will be learned in the current crash (with CRE prices declining by 40-50%, or more, from their peaks, the term crash is, once again, appropriate) is that problems emanating from the financing side—in particular, a massive deterioration in underwriting standards and a concurrent rise of excessive leverage—can lead to problems of a similar (or greater) magnitude, even without supply problems. While most attention in commercial real estate today is focused on the dramatic deterioration in term loan performance (i.e. the performance of loans prior to maturity), we believe that a potentially even more troublesome issue is the extent to which loans originated during the 2005-2007 period will encounter problems refinancing at maturity. To date, this issue has largely been dismissed with the vague and, in our view, naive observation that lenders will simply extend the maturity dates of loans that fail to qualify for refinancing. However, the scale of this problem is virtually unprecedented in commercial real estate, and its impact is likely to dominate the industry for the better part a decade. At its core, the issue is fairly straightforward: The dramatic weakening in underwriting quality that began in 2005, along with compressing cap rates and ballooning leverage...
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...Assignment 7 Chapter 24: 1. When was the first quasar discovered? The first quasar was discovered in the 1950’s. 2. What is the theory of the existence of quasars? In 1965, Jim Gunn and Bruce Peterson of Caltech predicted that distant quasars should show evidence of the end of the cosmic dark ages. But until recently, no one had ever seen an object distant enough to check their prediction 3. Where can we find quasars and what are the main characteristics? Quasars have little or no visible angular extent. Quasars have rapid light variations. Even high-redshift quasars have long jets. Features in quasar jets are observed to move outward. The angular size of visible nebulas surrounding some quasars does not diminish, and may even increase, with increasing redshift. Some high-redshift quasars are relatively bright. Chapter 26: 4. What is the origin of the Big Bang Theory? The history of the Big Bang theory began with the Big Bang's development from observations and theoretical considerations. Much of the theoretical work in cosmology now involves extensions and refinements to the basic Big Bang model. 5. When did the Big Bang occur? Space and time were created in the Big Bang. At the beginning of the universe, the space was completely filled with matter. The matter was originally very hot and very dense and then expanded and cooled to eventually produce the stars and galaxies we see in the universe today. 6. What evidence supports the Big...
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...At Home Business as opposed to the Work Force Survey This survey is specifically designed for business purposes only. Should you require further information and a complimentary at home business packet regarding how to start an at home business, please be sure to fill out the requested information at the bottom of the survey. You will receive your complimentary packet in 3 to 5 work days. Place an X in accordance to the answer best suited to your opinion. 1) Are you interested in beginning a Home Business? Yes ( ) No ( ) Maybe ( ) 2) Are you familiar with CMB Incorporated Enterprises at Home Business start-up kits? Yes, I am familiar ( ) No, I am not familiar ( ) 3) On a scale of one to five, one being you strongly agree and five being you strongly disagree, do you think an at home business can be better fit your lifestyle? Strongly Agree ( ) Agree ( ) Neither Agree nor Disagree ( ) Disagree ( ) Strongly Disagree ( ) 4) Do you know anyone who has an at Home Business? Yes ( ) No ( ) If yes, how many people? ( ) 5) Tell which of the following age groups you fit best. Mark an X for yes or no for each. Years of Age ...
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...GENERAL GROWTH PROPERTIES: TO THE BRINK AND BACK December 6, 2011 Students: Yu (Cherry) Chen, Kevin Connolly, Bill Davis, Stephen Duncan, James Faello, Michael Hazinski, Noah Johnson Faculty Supervisor: Joseph L. Pagliari, Jr. Copyright © 2011 The Real Estate Group at The University of Chicago Booth School of Business All Rights Reserved This case study has been prepared solely for academic purposes. It should not be construed as a judgment about or an endorsement of any particular business matter. Moreover, the information contained herein has been obtained from sources we believe to be reliable; however, we make no representation or warranty as to its accuracy. TABLE OF CONTENTS EXECUTIVE SUMMARY ...................................................................................................... - 1 GENERAL GROWTH BACKGROUND ............................................................................ - 7 2004: A Historic Year for General Growth........................................................................ - 9 2005-2006: Secured Mortgages and Increasing Debt ..................................................... - 16 Simon vs. GGP - Capital Markets Strategy ..................................................................... - 24 IMPACT OF THE CREDIT CRISIS .................................................................................. - 31 GGP Faces Liquidity Challenge .................................................................................
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...should refer to other price-to-book multiples of similar deals over that period. According to the data given in the case (as shown in Figure 1), these China banks had also received foreign investment and their deals had multipliers of 1.2-1.5 times. Given their similarity, the multiplier of 1.6 times is appropriate for the SDB deal. Figure 1 Date | Foreign Investor | China Bank | % Stake invested | Purchase P/B | Sep-99 | International Finance Corporation | Bank of Shanghai | 5% | 1.5x | Nov-01 | International Finance Corporation | Nanjing City Commercial Bank | 15% | 1.2x | Dec-01 | HSBC | Bank of Shanghai | 8% | 1.2x | Dec-02 | Citibank | Pudong Development Bank | 5% | 1.4-1.5x | However, we can see from Exhibit 13 that CMB, Mingsheng and SPDB, the similar players in the market, held multiplier of 2.3, 2.2 and 4.9 times respectively. All of those banks were preforming better than SDB at that point. Financially...
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