Blog

Our experts frequently write blog posts about the findings of the research we are conducting.

Displaying 41-46 out of 46 results for "Latest Non-Traded REIT Valuations: Not Good�".

SLCG Research: Principal Protected Notes

(Jul 2010)

SLCG released today 'The Anatomy of Principal Protected Absolute Return Notes'.

Structured products are debt securities that often have unconventional and complex payoff structures. Their payoffs are often linked to a security or index, such as the S&P 500 or the Russell 2000, with asset classes ranging from equity, commodities, currencies and debt. A Principal Protected Absolute Return Barrier Note (ARBN) is one structured product that returns the absolute value of the return of the...

SLCG Research: Preferred Stock Portfolios

(Jun 2010)

SLCG released today 'The Risks of Preferred Stock Portfolios'.

Preferred stocks have characteristics similar to both debt and equity. Like debt, preferred stocks make fixed or floating dividend payments similar to coupon payments of debt. Like equity, the dividend payments are not an obligation of the issuer and a failure to make dividend payments does not constitute a default. Holders of preferred stocks have claims on the income and assets of the issuing company before common equity...

SLCG Research: Reverse Convertibles

(Jun 2010)

SLCG released today 'What TiVo and J.P. Morgan teach us about Reverse Convertibles'.

Structured products are debt securities that often have unconventional and complex payoff structures. Their payoffs are often linked to a security or index, such as the S&P 500 or the Russell 2000, with asset classes ranging from equity, commodities, currencies to debt. A reverse convertible note is an equity-linked structured product. It is a short-term note that pays a relatively high coupon rate...

SLCG Research: Abuse of Structured Finance

(Jan 2009)

SLCG released today 'Regions Morgan Keegan: The Abuse of Structured Finance'.

Six Regions Morgan Keegan (RMK) bond funds lost $2 billion in 2007. In the paper, we argue that the loss was not due to 'flight to quality' or 'mortgage meltdown' but to RMK's portfolio concentration in subordinated tranches of asset-backed securities.

We also find that RMK misrepresented to investors and the Securities and Exchange Commission (SEC) in several ways. Firstly, RMK did not disclose to the SEC...

SLCG Research: Collateralized Mortgage Obligations

(Jun 2007)

SLCG released today 'A CMO Primer: the law of Conservation of Structured Securities Risk'.

Recently, the finance industry witnessed the bailout of two Bears Sterns hedge funds and the collapse of Brookstreet Securities. Both had portfolio holdings of collateralized mortgage obligations (CMOs) and suffered huge losses thereof. We have seen such CMO losses before, when in 1994 interest rates rose, CMOs fell in value and bond mutual funds suffered unexpected losses.

In this paper, Dr....

SLCG Research: Closed-end Fund IPOs

(Jun 2007)

SLCG released today 'Closed-end Fund IPOs'.

In this paper, Dr. Edward O'Neal explains how closed-end funds trade at a discount to their net asset value (NAV). Dr O'Neal finds that at the initial public offering (IPO), a closed-end fund's offering price is set at its NAV. Yet during the year after the IPO, a closed-end fund's price drops as much as 5% from its offering price at the IPO. Furthermore, investors pay huge commissions on the sale of the closed-end fund, generating a premium...

46 Results

<
1
...
3
4
5