Firmat në biznes sigurojnë kapitalin financiar nga brenda firmës duke mbajtur fitimet e gjeneruara, figura 2.3. Këto fonde përfaqësojnë ndryshimin pozitiv ndërmjet shpenzimeve që krijon shoqëria: kostot e veprimit, pagesa e interesave, pagesa e tatimeve, pagesa e dividendëve, ose...

The theory of asset pricing, which takes its roots in the Arrow-Debreu model (Theory of value [1959, chap. 7]), the Black and Sholes formula (1973) and Cox and Ross (1976 a and b), has been formalized in a general framework by Harrison and Kreps (1979), Harrison and Pliska (1979) and Kreps...

Risk-neutral valuation is used widely in derivatives pricing. It is shown in this paper, however, that the naïve approach of simply setting the growth rate of the underlying security to risk-free interest rate, which happens to work for a geometric Brownian motion (GBM) process, fails to work...

This paper develops a model in which managers can signal their firms' true values by using either a dividend or a stock repurchase or both. The authors explain a number of sylized facts about these cash- disbursement mechanisms, particularly those concerning the relative magnitudes of stock...

The RFIs operating in Maharashtra have not only shown slower growth in their loan advances and other operational indicators during the period between 1991 and 2000 but also poor performance thereafter. The credit cooperatives in particular have shown significantly high NPAs in Maharashtra. In...

This study examines the forecastability of ASEAN-5 stock market returns using linear and non-linear time series models. Time series models with GARCH errors are also considered. Based on formal econometrics tests, this study shows that the behaviour of these returns do not follow random walk...

This paper tests the hypothesis that irrational market misvaluation affects firms' takeover behavior. We employ two contemporaneous proxies for market misvaluation, pre-takeover book/price ratios and pre-takeover ratios of residual income model value to price. Misvaluation of bidders and targets...

A constraint that consumption cannot fall over time (or can fall only at a limited rate) can arise directly from preferences or indirectly from internal production considerations. For example, much of a university's budget includes expenditures that must be maintained because of implicit and...

Este artículo analiza cualitativa y cuantitativamente el desarrollo de las tomas de control corporativo con posterioridad a la promulgación de la Ley de OPAS y Gobiernos Corporativos, promulgada en el año 2000, siendo uno de sus objetivos el establecer los efectos que dicha ley tuvo sobre el...

I study equilibrium selection by an evolutionary process in an environment with multiple equilibria, one of which involves a banking panic. The analysis is built on a repeated version of the Diamod-Dybvig (1983) model. The optimal (run free) equilibrium is uniquely selected if it is also "risk...