We argue that all three forms of justice (economic, legal, distributive) require to be incorporated into the firm's business decisions in order to protect stakeholders' alienable and inalienable rights. In addition, the firm has quot;moral debtquot; obligations which require to be distributed...

We examine whether initial returns influence investors' decisions to return to the stock market following withdrawal. Using a survival analysis technique to estimate Finnish retail investors' likelihood of stock market re-entry reveals that investors who experience lower initial returns are less...

We propose a partitioning algorithm to solve a class of linear-quadratic Markov decision processes with inequality constraints and non-convex stage-wise cost; within each region of the partitioned state space, the value function and the optimal policy have analytical quadratic and linear forms,...

A rising fraction of U.S. equity trading volume is being executed away from the national stock exchanges on the over-the-counter (OTC) market. This paper develops a theoretical model of the decision to route off-exchange to either alternative trading systems (ATS) platforms and OTC non-ATS...

This paper analyzes the effect of speculation on the economic welfare from various welfare criteria, using a simple Edgeworth box within a three-period competitive framework. Here “speculation” is defined as a series of transition processes of each agent's spontaneous production of private...

A plethora of tools are used for investment decisions and performance measurement, including Net Present Value (NPV), Internal Rate of Return (IRR), Profitability Index (PI), Modified Internal Rate of Return (MIRR), Average Accounting Rate of Return (AARR). All these and other known metrics are...

The distinction of risk vs uncertainty as made by Knight has important implications for policy selection. Assuming the former when the latter is relevant can lead to wrong decisions. With the aid of a stylized model that describes a bank's decision on how to allocate loans, we discuss decision...

Since 2007, the board of trustees of the ABN AMRO Pension Fund has applied an innovative approach to determine its strategic investment policy. The strategic asset allocation is selected implicitly by choosing the pension fund's set of risk-reward characteristics without knowing the underlying...

We examine how conditionality inherent to the real-life observable data influences our forecasting and decision-making based on this data. We show the importance of conditioning the observable data sets for correct forecasts and subsequent decision-making by analyzing examples ranging from logic...

The objective of the study is examining the impact of the demographic variable on individual investor's decision making. The 47 GN divisions located in Jaffna municipal council. Out of these 47 GN divisions, 20 divisions were selected on the basis of their census of population. 100...