We treat expenditures that create intangible assets as investments and instead of expensing them, we add them back to earnings when measuring the return on equity of firms while constructing the profitability factor in the Fama and French (2015) five factor model. The profitability factor we...

We identify different roles traders play using data with trader identities for all transactions in SENSEX-index stocks on the Bombay Stock Exchange from January 2005 to December 2011. Individual day traders (IDT) are identified as "noise traders", who play an important role in the market...

Using a two-period model of a commodity market with a large number of atomistic consumers and two strategic sellers, we show that a speculator with access to storage can lower the market price while buying and raise the price while selling by clever use of limit, stop-loss, and market orders....

We decompose the difference between a firm's market value and book value into two components: reproducible intangible assets that can be created by competing firms through SG&A/R&D expenditures, and the residual denoted as franchise value which includes the value of transient-rents from...

LaValle (LaValle, I. H. 1987. Response to `Use of sample information in stochastic recourse and chance-constrained programming models:' On the `Bayesability' of CCP's. Management Sci. 33 1224--1228.) claims that the utility function U(z, F₁, ..., F_n) I have assumed in Jagannathan (Jagannathan,...

In my recent paper "A Minimax Ordering Policy for the Infinite Stage Dynamic Inventory Problem," Management Sci., Vol. 24, No. 11 (July 1978), pp. 1138-1145, I noticed some errors in the proof of Theorem A.5 in the Appendix which made the proof somewhat incomplete. I have given below a correct...

This paper presents results which apply to convex programming problem in parametric form. The results secured are also related to the problem of fractional programming in a way which indicates computational possibilities for the latter class of problems. The results are extended to general...