A sufficient condition for the optimality of myopic policies is derived for a class of sequential decision problems. A necessary condition is also derived. The usefulness of the sufficient condition is illustrated in the context of a dynamic portfolio selection problem, a matched sampling...

Operating leases are quite important in some industries. There are two possible errors that should be avoided when valuing a company with operating leases. In the first place, one should not neglect the implied lease debt. Such neglect distorts the calculation of free cash flow, required rate of...

The Swedish finance company crisis was a kind of "run" that happened in September, 1990. It marked the beginning of the Swedish banking crisis of the early 1990's. The crisis was initially focused on the finance company Nyckeln. The specific negative information about Nyckeln is identified, as...

Partner leasing is a form of financial leasing which is driven primarily by tax considerations. We discuss how partner leasing flourished in Sweden as a financial innovation in response to particular tax rules around 1983, and how the authorities attempted to eliminate it. Specific reference is...