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Kalman offers an alternative approach to ARIMA, allowing an underlying forecasting model (message model) to be combined with other timely information (observation model). The message model may be any trading strategy, moving average. or regression approach. The observation model may be the floor broker’s opening calls, market liquidity’. or. in the case of existing foreign » Read More
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A common covenant is to require the company to pay its debtors before making a dividend payment. In many cases such restrictions are extended to cover actions such as share buy-backs and capital reduction programs. There is an intrinsic conflict between shareholder interests and creditor interests and banks need to protect themselves from action that » Read More
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For guarantees provided by an American parent for a US-based subsidiary it should be a trivial exercise to determine enforceability. Standard contracts exist and have been tested through the courts. This is more of an issue when guarantees are cross-border. A guarantee made by a US multinational corporation on behalf of a subsidiary incorporated in » Read More