دانلود رایگان مقاله لاتین نرخ بازگشت داخل از سایت الزویر
عنوان فارسی مقاله:
ریسک تمرکز و نرخ بازگشت داخلی: شواهد از بازار سهام زیرساخت
عنوان انگلیسی مقاله:
Concentration risk and internal rate of return: Evidence from the infrastructure equity market
سال انتشار : 2016
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بخشی از مقاله انگلیسی:
2. The infrastructure equity market structure One
of the potential determinants of the IRR of PFI projects is the market structure, where few investors can influence the price paid by the public partners on contracts. Vecchi et al. (2013) suggest that the most likely source of “excess” return is the lack of competition in the PFI market. The market concentration represents the degree to which a small number of firms account for a relatively large percentage of market shares. Concentration in market share leads to a reduction in the competition for contracts, which may give substantial advantages to the main market players. High market concentration can allow a firm to influence the trading pricing power and vary the quality of products or services if compared to perfect competition (Baumol, 1982). Even if equity represents a small percentage of the PFI capital value, the control over the project is actually determined by equity holders (Chinyere and Xu, 2012). For example, shareholders usually exercise control over all changes of PFI contracts and strongly control the company's behavior. If investments in the PFI market were to be competitive, companies investing in PFI projects would have a low degree of concentration. On the other hand, a situation of market concentration shows a high degree of ascendancy of equity holders on the market. Furthermore, firms tend to combine into bigger groups when competing on the market to exploit scale economies and to reach a greater level of ascendancy (Demsetz, 1973). Businesses can be also tactically divided into medium or small firms at their operative level, but strategically cohesive when it comes to larger issues of economic policy (Laeven and Levine, 2008). Large-scale groups are expected to enjoy a greater ascendancy on the public sector than smaller ones. This ascendancy is exercised in terms of concentrated industrial, commercial and financial resources. As such, to investigate the equity market concentration in PFIs it is necessary to account for the holding structure of firms thus considering the parent companies or groups rather than the companies that directly invest in the project.
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کلمات کلیدی:
Investment Performance Measurement: Evaluating and Presenting Results https://books.google.com/books?isbn=0470473711 Philip Lawton, CIPM, Todd Jankowski, CFA - 2009 - Business & Economics IID (independently and identically distributed) returns (continued) Sharpe ratio ... concentration risk, 198–200 lack of substitutability, 192–197 substitutability, ... 20 LIRR (linked internal rate of return), 22–23 Internal risk positioning, 279 ... The Committee to Destroy the World: Inside the Plot to Unleash a ... https://books.google.com/books?isbn=1119183545 Michael E. Lewitt - 2016 - Business & Economics Returns of 30 percent sound good until one recognizes that a bet on the S&P 500 ... a number of risks that fiduciaries are taught to frown upon—concentration risk ... period would have generated an internal rate of return (IRR) of 26 percent. Internal Rate Of Return (IRR) - Investopedia www.investopedia.com/terms/i/irr.asp To calculate IRR using the formula, one would set NPV equal to zero and solve for the .... IRR is a metric used across many financial concentrations as a ... Searches related to Concentration risk and internal rate of return internal audit review of icaap internal capital adequacy assessment process definition concentration risk measurement concentration risk in credit portfolios icaap calculation concentration risk calculation concentration risk analysis internal capital adequacy assessment process wiki
