نتایج جستجو برای: efficient investment
تعداد نتایج: 501372 فیلتر نتایج به سال:
Article history: Received 5 March 2012 Received in revised form 7 October 2012 Accepted 13 October 2012 Available online 22 October 2012 This paper explores the relationship between firms' investment and stock market liquidity. Using a panel of Latin American firms, I find evidence that a higher trading volume and a higher industry-adjusted trading volume are associated with higher firm investm...
The paper examines the theoretical foundations of the hold–up problem. At a first stage, one agent decides on the level of a relationship– specific investment. There is no contract, so at a second stage the agent must bargain with a trading partner over the surplus that the investment has generated. We show that the conventional underinvestment result hinges crucially both on the assumed bargai...
A principal can make an investment anticipating a repeated relationship with an agent, but the agent may appropriate the returns through ex post bargaining. I study how this holdup problem and efficiency depend on the contracting environment. When investment returns are observable, informal contracts ex post can be more efficient than formal contracts, as they induce higher investment ex ante: ...
This paper attempts to build an investment portfolio optimization model based on the typical transaction cost. First, shortages of current investment portfolio models are analyzed. By analyzing the changing process of the transaction cost in practical investments, the author introduces the non-concave and non-convex transaction cost function and the mean-variance model, and adopts the investmen...
A universalization of a parameterized investment strategy is an online algorithm whose average daily performance approaches that of the strategy operating with the optimal parameters determined offline in hindsight. We present a general framework for universalizing investment strategies and discuss conditions under which investment strategies are universalizable. We present examples of common i...
This paper presents the results of tests on the weak form of Efficient Market Hypothesis applied to carbon efficient stock market indices of India, the United States of America (USA), Japan, and Brazil and their corresponding market indices which are used as their benchmark indices. In this study, Kolmogrov-Smirnov and Shapiro-Wilk tests are used to test the normality of data. Run test and auto...
A simple model of discretionary worker investment in human capital is developed in which worker productivity is affected by a firm-specific match and employers bid strategically for workers. The labor market returns a share of specific capital productivity to workers without Nash bargaining power and without recourse to long-term contracts, because efficient turnover transforms a worker’s forme...
This paper extends the concept of investment efficiency from investment management structures to include strategic asset allocation and liability related issues. The concept of risk budgeting is developed. It represents a valuable way of incorporating risk and return information to produce more efficient investment decisions. Information ratio is a key measurement in the process, and it is conc...
Congested highways and airports, collapsing bridges, deteriorating roads, periodic water shortages, and suspect waste disposal facilities bear silent witness that the infrastructure of our nation, currently valued at close to $1 trillion, is inadequate. To shore up America’s foundations, many economists and policy analysts have urged the federal government to increase spending substantially. Th...
This paper constructs China’s capital stock, which is used in conjunction with a labor variable to estimate a Cobb-Douglas production function for the Chinese economy. Two panels of data are used – one for capital formation and one for sources of investment finance. Both national and provincial data are used for these two panels, thus giving a total of four capital-stock series. The Cobb-Dougla...
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