We examine the over-investment motivation for share repurchases using a sample of 139 Real Estate Investment Trusts (REITs) between 1996 and 2010. By combining a REIT's property portfolio data with project ROAs from the underlying real estate market, we are able to create a unique measure of the...

In securities markets, the characterization of the absence of arbitrage by the existence of state price deflators is generally obtained through the use of the Kreps–Yan theorem.This paper deals with the validity of this theorem (see Kreps, D.M., 1981. Arbitrage and equilibrium in economies...

The change in the country’s investment policies has been a crucial factor in building up confidence in the country’s economic prospects. Despite the reforms undertaken, the country’s performance in attracting foreign direct investment is still lower than its neighboring countries. This...

Northern Transylvania region is looking now for a cross-border identity, trying to raise awareness among the population about belonging to this region and to inform foreign investors about the best investment opportunities. The cross-border dimension represents one of the main points of this...

Evidence based on US firms suggests that large boards restrain risk taking. We investigate whether a similar effect exists in Japan. Our results confirm that firms with larger boards exhibit lower performance variability relative to firms with smaller boards. However, this effect is less...

The objective of this study is to determine the level of application and perception of finance executives and analysts regarding the investment appraisal techniques in Pakistani corporate sector in the light of theory. This study also investigates the major constraints on capital investment....

In securities markets, the characterization of the absence of arbitrage by the existence of state price deflators is generally obtained through the use of the Kreps–Yan theorem.This paper deals with the validity of this theorem (see Kreps, D.M., 1981. Arbitrage and equilibrium in economies...

We consider a model in which any investment opportunity is described in terms of cash flows. We don't assume that there is a numéraire, enabling investors to transfer wealth through time; the time horizon is not supposed to be finite and the investment opportunities are not specifically related...

This research has the primal objective of forecasting the viability of Poland as a present member of European Union taking a step further and joining the inner circle by adopting euro as its currency. A study about short and long term implications of this decision on the country’s economic...

The article focuses on the role commercial diplomacy (CD) has on enhancing economic recovery of Serbia. Serbia is chosen as a case due to being a small country (in transition), facing many economic problems, largely emanating from its economic structure, with its economy being highly oriented...