This paper presents an application of risk sensitive control theory in financial decision making. Specifically, we develop optimal, risk-sensitive investment strategies for a long-term investor who is interested in optimal allocation of her/his capital between cash, equities and fixed income instruments. The long-term fixed income instruments used are so called rolling-horizon bonds. In order t...

The UK Disability Living Allowance (DLA) is a non-means-tested cash benefit claimable initially only by people under 65, but receipt of which can be continued after that age. The similar Attendance Allowance (AA) can only be claimed after age 65. Recent proposals for benefit reform have suggested more favourable treatment for DLA recipients, on grounds that they have longer histories of disabil...

This paper describes a simple way to integrate the debt tax shield into an accounting-based valuation model. The market value of equity is determined by forecasting residual operating income, which is calculated by charging operating income for the operating assets at a required return that accounts for the tax benefit that comes from borrowing to raise cash for the operations. The model assume...

Can society buy a better infant? This is, in essence, the question posed in this month’s Pediatrics article by Brownell et al.1 Studying a group of low-income Canadian women who participated in an unconditional cash transfer program (Healthy Baby Prenatal Benefit [HBPB]), the authors compared the birth outcomes of participants with outcomes among a group of low-income nonparticipants. They foun...

We examine the correlation between modern human capital and income among adult men in four foraginghorticultural societies of Bolivia. Despite their remote location, we find results similar to those found in developed nations. We find that: (a) education correlates with 4.5% higher overall income and with 5.9% higher wages and math skills correlates with 13.5% higher cash income, and (b) the po...

OBJECTIVE To quantify the impact of cash transfer and microfinance interventions on a selected list of tuberculosis (TB) risk factors and assess their potential role in supporting TB control. DATA SOURCE Published and unpublished references identified from clinical and social electronic databases, grey literature and web sites. METHODS Eligible interventions had to be conducted in middle- o...

Abstract: This article presents partial results of an investigation under development by researchers at Brazilian, Argentine and Uruguayan Universities. The cash transfer programs are seen as social measures to mitigate poverty, well decrease the rise unemployment, informal work waste income. research methodology were bibliographic documental studies; secondary data; access websites data from E...