this paper investigates the link between accrual and cash flow components of earnings and future abnormal earnings and equity values. the base of tests in this paper is ohlson (1999) model and net income, equity book value and return on equity book value, is the variables that used in this paper. the statistical population of this research is the firms accepted in the tehran stock exchange that...

Asset market experiments are analyzed by distinguishing, ex post facto, participants who trade on fundamentals versus those who trade on momentum (i.e., buying when price is rising). The distinction is made when prices are above fundamental value, so that (in each period) those who have more offers than bids (net offerers) are classified as fundamentalists while those who have more bids than of...

Software assets are key output of the RAGE project and they can be used by applied game developers to enhance the pedagogical and educational value of their games. These software assets cover a broad spectrum of functionalities – from player analytics including emotion detection to intelligent adaptation and social gamification. In order to facilitate integration and interoperability, all of th...

The Japanese economy changed its features in the 1990’s, compared with the 1980’s. It shifted down to an extremely lowered growth trend. Its continuous depression with economic difficulties has gathered international concern among the advanced countries. Among the major causes for such difficulties were clearly the swell of huge bubbles in speculative trading of shares and real estate in the la...

When there is a dispute between players on how to divide multiple divisible assets, how should it be resolved? In this paper we introduce a multi-asset game model that enables cooperation between multiple agents who bargain on sharing K assets, when each player has a different value for each asset. It thus extends the sequential discrete Raiffa solution and the Talmud rule solution to multi-ass...

Toni Rowe* Jungsun (Sunny) Kim The gaming industry, previous to 2007, had experienced a continued increase in revenues and stock prices, but in late 2007, the industry started to be affected by a recession. To have a better understanding of the relationship between this external economic factor (recession) and a gaming company's systematic risk (beta), this study analyzed which financial ratios...

Asset allocation is one of the most important investment decisions that financial institutions have to make. Modern portfolio theory suggests that an optimal asset portfolio is one which maximises the return of the portfolio at a certain level of risk which is defined as the variance of the portfolio. In the light of liability cash flows, modern portfolio theory can be extended by regarding a l...

One of the most significant achievements from theoretical computer science was to show that there are non-computable problems, which cannot be solved through algorithms. Although the formulation of such problems is mathematical, they often can be interpreted as problems derived from other fields, like physics or computer science. However no noncomputable problem with economical or financial ins...

With the proposed RBC requirements for variable annuities with guarantees (so called C3 Phase II) requiring stochastic testing, there should be a lot of interest in the approaches to reducing the number of runs. This article provides strategies to reduce number of runs in stochastic insurance modeling as well as cash flow testing when the interest scenarios are stochastic. Three interest rate s...

In the past two decades poverty focused policy has changed remarkably in the South. This can be summarized as a shift from residual welfare poverty-alleviation strategies, commonly associated with ‘safety nets’, to social protection poverty-reduction policies. The latter in principle has a far broader mandate incorporating risk prevention and mitigation strategies, as well as the perennially ne...