Monte Carlo simulation and geometric Brownian motion are the two methods employed for valuation of guarantees in public-private partnership projects. In this article we argue that any guarantee within the projects that exhibit non-constant growth rate of demand should always be evaluated by...

In this paper we provide new evidence on the incentives for initial public offerings (IPOs) in the emerging capital markets of Central and Eastern Europe (CEE) in the 2000s. First, we prove the existence of IPO cycles. Second, we show that the number of IPOs and their underpricing are positively...

In this paper, we provide original evidence on the economic role of placement agents as the financial intermediaries between general and limited partners in private equity. Our research is based on 902 private equity funds raised over the period of 1990 to 2011. This data shows that general...

This article provides original evidence on IPO underpricing and long-run underperformance in Central and Eastern Europe (CEE) and compares results to the European Union's developed capital markets from 2000 to 2009. Using both index-adjusted and CAPM-adjusted returns, we find significant...

By employing financial data screening we show that profitable value investment strategy can be built within the S&P 500 stock universe. We use simple ranking of stocks based on four screens that we identify as good joint candidates to influence stock returns – book-to-market ratio, return on...