Does efficient internal investment generally translate into successful external investment activities? In this research we use the internal capital allocation efficiency as a proxy for the efficiency of internal investment, and study whether firms that are internally efficient also make...

Tournaments are used in a variety of contexts for ranking competitors on an ordinal scale according to their relative achievements. From competitive sports to manager compensation, they provide a mechanism for incentivizing and selecting contestants in a world of incomplete information. This...

Organizational Capital Budgeting Model (OCBM) is a general theory of capital budgeting that incorporates traditional capital budgeting theories and the consideration about firm's information/ organization structure. The traditional financial capital budgeting model is a special case of OCBM....

Does efficient internal investment generally translate into successful external investment activities? In this research we use the internal capital allocation efficiency as a proxy for the efficiency of internal investment, and study whether firms that are internally efficient also make...

The purpose of this paper is to test an international oil and gas market model, hypothesised to arrive at new indicator of pure composite political risk for country oil and gas sectors. Current political risk ratings are largely subjectively quantified and are not frequently published. Investors...

The purpose of this paper is to test an international bank market pricing model, hypothesised to arrive at new indicator of pure composite political risk for country banking sectors. The motivation is that current political risk ratings (rating social, legal and cultural factors that impact...

This paper provides new evidence on the influence of macroeconomic environment and institutional quality on stock market development, using data from 14 MENA countries over the period of 1990-2007. Using both panel data and instrumental variable techniques, we find that income level, saving...

ENGLISH ABSTRACT: The central research question of this study concerns the level of political risk that the Ogadenregion of eastern Ethiopia poses for companies operating in, or intending to operating in the oiland gas industry of that region. The aim is to answer that question as well as two...

Default on sovereign debt is a form of political risk. Issuers and creditors have responded to this risk both by strengthening the terms in sovereign debt contracts that enable creditors to enforce their debts judicially and by creating terms that enable sovereigns to restructure their debts....

The paper analyzes foreign investment and asset prices in a context of uncertainty over future government policy. The model endogenizes the process of learning by foreign investors facing a potentially opportunistic government, which chooses strategically the timing of a policy reversal in order...