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They found that if investment returns grow sufficiently volatile, they can completely overwhelm the natural diffusion of wealth generated by transactions.
The top reasons retailers cited for not accepting Apple Pay were insufficient customer demand, a lack of access to data generated by transactions and the cost of technology to facilitate the payments.
"A company whose financials change so dramatically with acquisitions and sales, as evidenced by the huge percentage of profits generated by transactions, makes it impossible with any certainty to see what is happening to the performance of the underlying operations," said Bruce Greenwald, a professor of finance and economics at Columbia University's business school.
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Revenues are generated by transaction fees.
Mr. Pettis of Peking University said he expected outbound foreign direct investment to keep growing despite "political noise" generated by trophy transactions, but he acknowledged that Chinese attitudes toward overseas investors would hardly encourage foreigners to welcome Chinese investment.
As more and more wealth in this country has been generated by financial transactions, many of which resemble shell games, the Randian echo in my mind kept whispering that this was false and unsustainable prosperity.
T25I10D10K [38] is a synthetic dataset generated by random transaction database generator.
And the savings generated by the transaction will offset their closing costs — which were somewhere between $2,000 and $3,000, he said — within two years.
"The funds generated by this transaction will allow the Prada group to strengthen its development policy, concentrating on brands in which it has full or majority control," said Prada chief executive officer–and Miuccia Prada's husband– Patrizio Bertelli Patrizio Bertelli in a statement.
That was almost seven times the $720 million in fee income generated by PIN-based transactions.
Profits and losses generated by one-time transactions have accounted for an unusually large -- and varying -- chunk of operating profit before taxes.
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