This paper provides an accounting analysis of the implications for labour of restructuring for shareholder value. It presentsargument and evidence from the UK which suggests that activity-specific limits on cost recovery constrain returns on capital. These constraints encourage restructuring...

Managers would like to understand which strategies generate value in e-commerce environments, and researchers are just beginning to explore this issue. Which strategies are useful and which are not? In a step towards answering this question, we estimate the impacts of several competitive...

Mutual funds generally do not invest in venture capital, private equity, or restricted shares of public companies. Consequently, individuals who desire to invest in such securities are unable to do so through diversified mutual funds. In this paper, we identify public policies and regulations...

Managers would like to understand which strategies generate value in e-commerce environments, and researchers are just beginning to explore this issue. Which strategies are useful and which are not? In a step towards answering this question, we estimate the impacts of several competitive...

Managers would like to understand which strategies generate value in e-commerce environments, and researchers are just beginning to explore this issue. Which strategies are useful and which are not? In a step towards answering this question, we estimate the impacts of several competitive...

Convertible bonds are hybrid securities that embody the characteristics of both straight bonds and equities. The conflict of interests between bondholders and shareholders affects the security prices significantly. In this paper, we investigate how to use a non-zero-sum game framework to model...

In this paper, we study the theory of preference over unbounded random prospects using an axiomatic approach. We first show that Yaari's dual independence axiom can be decomposed into two axioms, the homogeneity axiom and the co-monotonic independence with respect to addition axiom, and we...

One of the important issues in behavioral analysis is that the time consistency property is lost due to the distortion in performance probability. The standard approach in performance optimization, the dynamic programming, fails to work in this area. In this paper, we propose to use an...

In this paper we develop a new delta expansion approach to deriving analytical approximation to the transition densities of multivariate diffusions using the Ito-Taylor expansion of the conditional expectation of the Dirac delta function. Our approach yields an explicit recursive formulas for...