We develop the Probability Scaling Method, which rescales short-window announcement period returns; and the Intervention Method, which uses returns associated with intervening events, to estimate value improvements from tender offers. These methods address biases in conventional techniques,...

We test whether and how equity overvaluation affects corporate financing decisions using an ex ante misvaluation measure that filters firm scale and growth prospects from market price. We find that equity issuance and total financing increase with equity overvaluation; but only among overvalued...

Black, F. and Scholes, M. (1973) assume a geometric Brownian motion for stock prices and therefore a normal distribution for stock returns. In this article a simple alternative model to Black and Scholes (1973) is presented by assuming a non‐zero lower bound on stock prices. The proposed stock...

This research investigates how the experience learned in repeated transactions by consumers and manufacturers would affect supply-chain partners' strategic decisions such as price, order quantity and service level. Consumer demand depends on two factors: (1) retailer price and (2) service level...

Insurance guarantee schemes aim to protect policyholders from the costs of insurer insolvencies. However, guarantee schemes can also reduce insurers' incentives to conduct appropriate risk management. We investigate stock insurers' risk-shifting behavior for insurance guarantee schemes under the...

A greater firm-level transparency through enhanced disclosure provides more information regarding the risk situation of an insurer to its outside stakeholders such as stock investors and policyholders. The disclosure of the insurer's risktaking can result in negative influences on, for example,...

This article explores life insurance consumption in 31 European countries from 2003 to 2012 and aims to investigate the extent to which market transparency can affect life insurance demand. The cross-country evidence for the entire sample period shows that greater market transparency, which...

In order to obtain a deeper understanding of the regenerative cooling process of scramjet engines, in this paper, a numerical investigation on the supercritical convective heat transfer of n-decane in horizontal circular tubes was conducted, based on a complete set of conservation equations and...

In this paper, the intermittent experiment of a vertical ground source heat pump (GSHP) system is investigated and the corresponding geo-temperature variations are studied. The performance of the GSHP system under intermittent operation and the comparisons of different intermittent modes are...

The rebound behavior of fly ash particles normally impacting a planar surface is investigated by using a dynamic model. The three forms of soft sphere physical model are obtained using static/quasi-static contact mechanics and energy dissipation theory. The influences of the particle size, the...