Narrow search
Showing 1 - 10 of 1,453
Cover Image
A dominant firm’s strategy and its effect on the capital structure of non‐dominant firms in the self‐service discount stores industry
Santillán Salgado, Roberto; Hibert Sánchez, Abel - Volkswirtschaftliche Fakultät, … - 2009
In an industry characterized by oligopolistic market structures there are generally firms that have enough market power as to influence the pricing and output decisions of all participants, forcing others to follow the strategies followed by the dominant firm(s) with very little opportunity to...
Persistent link: https://www.econbiz.de/10011112603
Cover Image
The Allocation of Economic Capital in Opaque Financial Conglomerates
Mierzejewski, Fernando - 2009
The capital structure of firms that face restrictions on liquidity (i.e. that cannot hedge continuously) is affected by the agency costs and moral-hazard implicit in the contracts they establish with stockholders and customers. It is demonstrated in this paper that then an optimal level of...
Persistent link: https://www.econbiz.de/10013159445
Cover Image
Challenges to Solvency II Reform in Insurance Industry
Ramosaj, Berim - Volkswirtschaftliche Fakultät, … - 2010
Insurance Industry is going through a very important stage of its transformation - the transition from the classical system of management into a risk-based management. These changes were launched in Europe by international organizations which deal with the development of the necessary...
Persistent link: https://www.econbiz.de/10008728065
Cover Image
The Allocation of Economic Capital in Opaque Financial Conglomerates
Mierzejewski, Fernando - Volkswirtschaftliche Fakultät, … - 2008
The capital structure of firms that face restrictions on liquidity (i.e. that cannot hedge continuously) is affected by the agency costs and moral-hazard implicit in the contracts they establish with stockholders and customers. It is demonstrated in this paper that then an optimal level of...
Persistent link: https://www.econbiz.de/10005789668
Cover Image
Economic profit, NPV, and CAPM: Biases and violations of Modigliani and Miller's Proposition I
Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2005
The notion of Net Present Value (NPV) is thought to formally translate the notion of economic profit, where the discount rate is the cost of capital. The latter is the expected rate of return of an equivalent-risk alternative that the investor might undertake and is often found by making...
Persistent link: https://www.econbiz.de/10005616790
Cover Image
Economic profit, NPV, and CAPM: Biases and violations of Modigliani and Miller's Proposition I
Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2005
The notion of Net Present Value (NPV) is thought to formally translate the notion of economic profit, where the discount rate is the cost of capital. The latter is the expected rate of return of an equivalent-risk alternative that the investor might undertake and is often found by making...
Persistent link: https://www.econbiz.de/10011108248
Cover Image
Stock Market Reactions to Announcements of Board of Director Appointments: Evidence from Italy
Rossi, Fabrizio; Cebula, Richard - Volkswirtschaftliche Fakultät, … - 2013
The Board of Directors plays an important role in corporate governance. It is an internal mechanism that controls and monitors the actions of managers and aligns the utility functions between corporate owners and managers. The board of directors performs multiple functions that concern, for...
Persistent link: https://www.econbiz.de/10011112134
Cover Image
Theory of financial risk
Estrada, Fernando - Volkswirtschaftliche Fakultät, … - 2011
This paper examines relationships between theory of financial risk and size. Based on the work of Makridakis / Taleb [2009] and Taleb / Tapiero [2009], presents the problems of excessive risk and imbalances caused by the size of firms. Markets mixed on firm growth traps externalities can...
Persistent link: https://www.econbiz.de/10008871187
Cover Image
Issuing Bonds, Shares or Staying Private? Determinants of Going Public in an Emerging Economy
Jackowicz, Krzszof; Kowalewski, Oskar; Kozłowski, Łukasz - Volkswirtschaftliche Fakultät, … - 2014
The Warsaw Stock Exchange is one of Europe’s largest exchanges by the number of IPOs, although it retains features of a market in post-transition countries, including a relatively small size, shallowness and a weak institutional framework. In this study, we use a large dataset to explore...
Persistent link: https://www.econbiz.de/10011107655
Cover Image
Modelling and Forecasting Volatility of Returns on the Ghana Stock Exchange Using GARCH Models
Frimpong, Joseph Magnus; Oteng-Abayie, Eric Fosu - Volkswirtschaftliche Fakultät, … - 2006
This paper models and forecasts volatility (conditional variance) on the Ghana Stock Exchange using a random walk (RW … the dynamics of the Ghana stock market volatility over a 10-year period. The competing volatility models were estimated … nonlinearity diagnostic checks. The DSI exhibits the stylized characteristics such as volatility clustering, leptokurtosis and …
Persistent link: https://www.econbiz.de/10005623234