Abstract We study fair allocations of indivisible goods and chores in conjunction with system efficiency, measured by two social welfare functions, namely utilitarian egalitarian welfare. To model preference, each agent is associated a cardinal additive valuation function. The fairness criteria we are concerned equitability up to any item (EQX) one (EQ1). For the trade-off between investigate e...

The paper describes model of a new type for valuation of risky bonds and loans that we call Bayesian Multi-Period (BMP) model. BMP is neither structural model nor reduced form and not a Merton-type model at all. BMP proceeds from concept of a risky bond (loan) value as Net Present Value (NPV) of a cash flow, generated by a bond. For a defaultable bond NPV is random value, and BMP identifies “fa...

In this communication, we develop suitable valuation techniques for a with-profit/unitized with profit life insurance policy providing interest rate guarantees, when a jump-diffusion process for the evolution of the underlying reference portfolio is used. Particular attention is given to the mispricing generated by the misspecification of a jumpdiffusion process for the underlying asset as a pu...

A great number of e-business investments is initiated by early stage companies – mostly financed by venture capital or private equity. Due to the sharp declination of stock prices of new economy companies in 2000 venture capitalists have realized that they have paid too high prices for their equity stakes. They have to admit that new economy market was driven by euphoria rather by fundamental v...

This study will discuss the impact of PSAK 68 application guidelines in banking sectors related to fair value measurement Indonesia. Otoritas Jasa Keuangan (OJK) issued Pernyataan Standar Akuntansi (PSAK) for sector during COVID-19 pandemic order support implementation from Ikatan Akuntan Indonesia (IAI) regarding measurement. The encourage banks present financial statements that accurately rep...

We examine the impact of undervaluation on a firm's use trade credit. To address potential endogeneity bias, we construct our instrumental variable based mutual fund outflow-driven price pressure, and measure allows us to distinguish misvaluation from fair valuation. find that suppliers play an important role in providing temporary bridge financing when firm is undervalued. The effect varies wi...