Because in the theory of economics, the value of a company is based on the current value of future cash flows and profit is used as a substitute for cash flows, profit forecasting is of particular importance. In the research, the effect of rounding and revision in predicting earnings per share on the investors' attention in Iran has been investigated. After designing the investors' attention as...

This paper analyzes how human capital and economic uncertainty affect capital structure and managerial compensation. We model a competitive industry where wealth constrained managers provide human capital that can be transferred across firms, and where equityholders give managers access to the physical assets of the firm. Equityholders and managers bargain for the firm’s stochastic free cash fl...

As a general branch of project scheduling problems, resource investment problem (RIP) considers resource availabilities as decision variables to determine a level of employed resources minimizing the costs of the project. In addition to costs (cash outflows), researchers in the later extensions of the RIP took payments (cash inflows) received from clients into account and used the net present v...

An Information-Based Framework for Asset Pricing: X-Factor Theory and its Applications. This thesis presents a new framework for asset pricing based on modelling the information available to market participants. Each asset is characterised by the cash flows it generates. Each cash flow is expressed as a function of one or more independent random variables called market factors or “X-factors”. E...

I document a positive relationship between excess cash holdings of actively managed equity mutual funds and future fund performance. The difference in returns of portfolios of high and of low excess cash funds amounts to over 2% annually, or approximately 3% after standard risk adjustment. I study whether this difference in performance can be explained by the differences in managerial stock sel...

Traditional models of capital budgeting including taxes are based on deterministic tax rates and tax bases. In reality, however, there are multiple sources of tax uncertainty. Tax reforms induce frequent changes in both tax rates and tax bases, making future taxation of investments a stochastic process. Fiscal authorities and tax courts create additional tax uncertainty by interpreting current ...