Purpose: Summarized and sorted career success evaluation indicators of skilled employees. Design/methodology/approach: Based on Grounded Theory, through interviews and questionnaires to railway skilled employees. Findings: the study shows that "subjective career success", including work-family...

Purpose: Summarized and sorted career success evaluation indicators of skilled employees. Design/methodology/approach: Based on Grounded Theory, through interviews and questionnaires to railway skilled employees. Findings: the study shows that "subjective career success", including work-family...

This paper examines the usefulness of technical analysis (TA) from the perspective of detecting market liquidity demand. An informed trader and a number of uninformed technical traders employ TA and trade strategically with liquidity traders and risk-averse market makers in a dynamic equilibrium...

Motivated by a novel empirical finding that variance risk premium (VRP) predicts trading volume, we analyze an asset pricing model where agents are initially uncertain about their subjective models for interpreting public news announcements. Such a setting is micro-founded by ambivalence in...

This paper develops a dynamic model of prices and trades in a risky security and an option, where agents use different subjective likelihood functions to interpret a public signal, but they are initially uncertain about the signal precision or mean. Our model can explain the seemingly overpriced...

The way informed traders use their privileged information affects the properties of asset prices. This paper compares the market efficiency of the two most widely adopted informed trading paradigms: the Grossman-Stiglitz-style and the Kyle-style, in a unified three-period framework. The...

This paper develops a model in which an optimal capital structure and an optimal debt maturity are jointly determined in a stochastic interest rate environment. The model yields leverage ratios that are consistent in spirit with empirical observations. The maturity and the credit spread of an...

When investors have differences of opinion about the payoffs of a stock, Harrison and Kreps (1978) demonstrate the existence of a speculative bubble in the stock price, that is, the stock price can exceed the valuation of the most optimistic investor. A crucial condition that supports this...

Asset substitution and underinvestment are two of the most discussed agency problems in finance. A recent empirical study by Graham and Harvey (2001), however, finds little evidence that corporate executives are concerned about asset substitution and underinvestment problems when they make...

The treatment of this article renders closed-form density approximation feasible for univariate continuous-time models. Implementation methodology depends directly on the parametric-form of the drift and the diffusion of the primitive process and not on its transformation to a unit-variance...