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'The role of Financial Liberalization in Development: Weaknesses and Corrections'
Saidane, D. - EconWPA - 2005
liberalization in developed nations. The difficulties borne by the banking sectors spread out in some Asian and Latin American …, then we study some institutional and conceptual solutions. We try to identify the micro-economic banking dimension as a … driving force for the growth. The role of banking system is described in a development process usually facing the apology of …
Persistent link: https://www.econbiz.de/10005134804
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Concurrence spatiale, différenciation verticale et comportement bancaire
saidane, dhafer - EconWPA - 2005
A banking spatial competition model is developed to activate the horizontal and vertical parameters of differentiation … in a two- dimensional space. Banking competition has become more relevant given the vertical differentiation elements … transformation intensity. Thus we can rehabilitate in some case the Hotelling minimum differentiation principle applied to banking …
Persistent link: https://www.econbiz.de/10005413079
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'The role of Financial Liberalization in Development: Weaknesses and Corrections'
Saidane, D. - EconWPA - 2005
liberalization in developed nations. The difficulties borne by the banking sectors spread out in some Asian and Latin American …, then we study some institutional and conceptual solutions. We try to identify the micro-economic banking dimension as a … driving force for the growth. The role of banking system is described in a development process usually facing the apology of …
Persistent link: https://www.econbiz.de/10005561583
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Market imperfections, equilibrium and arbitrage
Jouini, Elyès - EconWPA - 2003
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...
Persistent link: https://www.econbiz.de/10005076947
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Options Pricing with Arithmetic Brownian Motion and its Implication for Risk-Neutral Valuation
Liu, Qiang - EconWPA - 2005
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...
Persistent link: https://www.econbiz.de/10005076948
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A Theory of Stock Price Responses to Alternative Corporate Cash Disbursement Methods: Stock Repurchase and Dividends
Ofer, Ahron R.; Thakor, Anjan V. - EconWPA - 2004
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...
Persistent link: https://www.econbiz.de/10005076951
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Resurrection of Rural Credit Delivery System in Maharashtra, India
Shah, Deepak - EconWPA - 2005
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...
Persistent link: https://www.econbiz.de/10005076956
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ON THE FORECASTABILITY OF ASEAN-5 STOCK MARKETS RETURNS USING TIME SERIES MODELS
Liew, Khim-Sen; Lim, Kian-Ping; Choong, Chee-Keong - EconWPA - 2003
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...
Persistent link: https://www.econbiz.de/10005076958
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Does Investor Misvaluation Drive the Takeover Market?
DONG, MING; Hirshleifer, David; RICHARSON, SCOTT; Teoh, … - EconWPA - 2004
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...
Persistent link: https://www.econbiz.de/10005076960
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Occasional Ratcheting: Optimal Dynamic Consumption and Investment Given Intolerance for any Decline in Standard of Living
Dybvig, Philip H. - EconWPA - 1993
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...
Persistent link: https://www.econbiz.de/10005076963