We find the minimum probability of lifetime ruin of an investor who can invest in a market with a risky and a riskless asset and who can purchase a reversible life annuity. The surrender charge of a life annuity is a proportion of its value. Ruin occurs when the total of the value of the risky and riskless assets and the surrender value of the life annuity reaches zero. We find the optimal inve...

the performance valuation of the economic enterprise inorder to confidence of limited resources’ optimum allocation is important affaire and as long as it isn’t use of appropriate indicator for performance measurement and stock value of the firm its value not toward reale value and capital doesn’t allocate truly. this subject is more sensitivity in inflation condition. the goal of this research...

The value of U.S. corporate equity in the first half of 2000 was close to 1.8 times U.S. gross national product (GNP). Some stockmarket analysts have argued that the market is overvalued at this level. We use a growth model with an explicit corporate sector and find that the market is correctly valued. In theory, the market value of equity plus debt liabilities should equal the value of product...

In most cases, people judge creativity by evaluating the resulting artifact, after the productive behavior has been completed. Hence, we will concentrate on the artifact here. However, sometimes the artistic process is inferable by the evaluator, perhaps due to some attributes of the artifact, or sometimes it’s even observable. Colton (2008) argues that art is identified as more creative if the...

Investigators of the Montessori method may be interested to know what has been accomplished in drawing by a class of eighteen children between the age of five and eight years. During a school term of eight months, these children by the use of the geometrical insets, have conceived a series of over five hundred drawings without the aid or suggestion of the teacher. The material held the interest...

Predictability of Asset Returns and the Efficient Market Hypothesis This paper is concerned with empirical and theoretical basis of the Efficient Market Hypothesis (EMH). The paper begins with an overview of the statistical properties of asset returns at different frequencies (daily, weekly and monthly), and considers the evidence on return predictability, risk aversion and market efficiency. T...