Background Traditional asset pricing models face challenges from financial anomalies, prompting exploration through behavioural finance theory. This study analyses the nuanced relationship between individual investor sentiment and key stock market variables. Objectives To assess the impact of...

This paper investigates the impact of firm leverage on its investment activities. Especially, the research is conducted in the context of the Vietnamese emerging market, an incomplete market in South East Asia with the existence of inefficient market problems such as information asymmetry and...

The aim of this paper is to explore the determinants of firms' financial policies according to the manager's psychological characteristics. More specifically, it examines the links between emotional intelligence, decision biases and the effectiveness of firms' financial policies. The article...

This paper deals with approving the effect of both a governance system and individual cognitive and emotional features in the financial analysis of a firms' innovation decision. After discussing the theoretical linking between ownership concentration and the CEO's attitude and behavior, we are...

In this study, we test whether earnings management has a positive impact on information asymmetry as well as whether earnings management has a negative impact on stock return synchronicity to investigate how discretionary accrual earnings management affects the imbalance of information and the...

This paper is concerned with the valuation and analysis of risky debt instruments with arbitrary interest and principal payments subject to default risk. We use a discrete risk-neutral present value model with expected payments for risk-neutral investors and risk-free spot rates for the...

Empirical analyses indicate that active and passive debt management have limited power to explain the financing behavior of firms. Therefore, discontinuous financing, as a combination of active and passive debt management, might be a more realistic financing strategy. However, the properties of...

This paper is concerned with the valuation and analysis of default-risky debt instruments with arbitrary interest and principal payments. For the valuation, we use three nested multivariate extensions of the standard Merton (1974) model for pricing risky zero-coupon bonds. First, we present a...

In this paper the author proves that the Expected Net Future Value (ENFV) criterion can lead a risk neutral social planner to reject projects that increase expected utility. By contrast, the Expected Net Present Value (ENPV) rule correctly identifies the economic value of the project. While the...

The capital asset pricing model (CAPM) receives both criticism and widespread adoption by practitioners and academics as the weighted average cost of capital (WACC) equity component. This study introduces two new costs of equity measures to address CAPM criticisms and provide new perspective on...