The Dictionary was developed by reviewing the strategic direction of the NRC, MG new accountabilities and job descriptions, as well as by mapping and compiling existing competencies and values in use within the NRC. While it focuses on MG roles, some of these competencies could be applicable to non-MG positions pending further analysis. It is an evergreen document; more competencies could be added as NRC revises its MG job descriptions to align them to the new business model and direction.
There are three United States companies actively involved in lease financing traded on the stock exchange. There are many that are part of other financial institutions, including banks, and from time to time Leasing News includes them.
The performance of the leasing companies rarely has any influence unless bad on the parent, so to rate LEAF Corporation part of Resource America or American Capital, holding company of Financial Pacific, may not be indicative of the value or performance of the leasing company.
UN-T is on the Canadian exchange, and is composed of four operating companies, each of which has separate management, each of which has separate management; one is Pawnee Leasing located in the United States. They are included here because their stock has improved since the last visit and readers should take that into account.
To those playing the ups and downs, hitting it right, they seemed to have done well.
As for the long terms, things have not changed very much from ten years ago, as evidenced by seven leasing companies who went public in By Bruce Kropschot originally written for the June, edition of the Monitor and reprinted with the permission of the author.
Most readers of the Monitor have followed with interest the several initial public offerings of equipment leasing companies in recent years.
However, you might not realize how the performance of publicly-owned leasing company stocks may impact the health of the leasing industry in general and your company in particular. Let's look at the following stock market performance of the 7 equipment leasing companies that went public since May 1, The other 5 IPOs in the past 3 years, which have declined an average of Industry-Specific Valuation Factors There are a number of reasons why the latest leasing company IPOs, and public leasing company stocks in general, have been An analysis of the klc competencies of leadership performers in a period when the overall stock market averages, until recently, have had phenomenal growth.
The earnings and earnings growth potential of SierraCities. The accounting rules promulgated by the Financial Accounting Standards Board require securitizations that meet certain tests to be accounted for off balance sheet with a gain on sale recognized. Many lessors and other securitizers structured their securitizations to meet these tests so they could record more income up front and keep securitization debt off their balance sheet.
Inthis gain on sale accounting method lost favor among investment analysts who follow leasing companies, largely as a result of gain on sale accounting problems experienced by other types of specialty finance companies.
A number of sub-prime auto finance companies and home equity lenders were forced to take major bad debt losses when the loss reserves factored into their securitization accounting assumptions proved to be inadequate.
Also, as interest rates declined in andmany mortgage lenders experienced higher levels of prepayments than anticipated, necessitating a reversal of previously recognized securitization gains.
A number of investment analysts and the investors who follow their recommendations fail to distinguish that it is much easier to forecast losses accurately in commercial lease transactions than in sub-prime consumer loans and that most commercial leases either do not permit prepayments or require prepayment penalties which mitigate against adverse securitization accounting adjustments.
Faced with increasing pressure from the investment community, SierraCities. Going off gain on sale accounting for securitizations has greatly reduced earnings for these 4 companies, and it will take several years for earnings to recover to the levels they would have reached had the companies remained on gain on sale accounting.
Since stock prices are heavily dependent on reported earnings and analyst forecasts, the adverse impact on the stock prices of these 4 companies has been dramatic.
Stocks of leasing companies have also suffered because the entire financial services sector has been out of favor while much of the attention of investors has been focused on internet-related stocks.
There are investor concerns that the Federal Reserve Board's interest rate increases will eventually result in an economic downturn that would produce higher credit losses for leasing companies and banks. Investors are particularly fearful that those leasing companies who lease to less credit-worthy businesses will be especially vulnerable.
The possibility of a recession also increases investor concerns as to the continued availability of funding for some leasing companies.
The international financial turmoil in the summer and fall of effectively closed down the lease securitization market and resulted in higher interest rate spreads over U. Treasuries when the securitization market reopened. Not having access to the lease securitization market for an extended time could be disastrous for those leasing companies that do not have adequate funding alternatives.
Company- Specific Valuation Factors There are of course many company-specific reasons for movements in stock prices for the last 7 leasing company IPOs. However, SierraCities, which went public at 8, has sunk from and highs above 30 to around 4, likely due to investors' impatience for earnings and concerns about the poor performance of the entire leasing sector.
One of the reasons investors have battered UniCapital's stock is investor concerns over the sustainability of its substantial trading profits in the cyclical business of selling commercial jet aircraft and engines by its Big Ticket Division.
These concerns appear to have been warranted because UniCapital announced in May that it was taking major valuation write-offs in its Big Ticket Division and had decided to exit this business. The stock of Newcourt, also a public company, had fallen drastically before CIT first announced plans to acquire the company in March on investor concerns about Newcourt's credit quality, liquidity and earnings, and it fell further amid concerns that the acquisition would be called off because of Newcourt's lower than expected earnings for the first quarter of The acquisition was finally completed after the acquisition price was negotiated downward, but investors have not been kind to CIT's stock, possibly because of concerns about the ability of CIT to integrate such a large acquisition smoothly and the adverse impact on CIT's earnings of discontinuing Newcourt's extensive reliance on gain on sale accounting for lease securitizations.
Newcourt is not the only more-seasoned public leasing company to experience a significant stock price decline.Brand Strategy, Print & Web Development, Animation & Cinema4D and Video Production.
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A new human resources governance regime for the Public Service of Canada was announced in February The changes focused and streamlined the organizational structure for human resources management and provided deputy heads with the primary responsibility of managing the people in their own departments and agencies.