The main criterion in investment decisions is to maximize the investors utility. Traditional capital asset pricing models cannot be used when asset returns do not follow a normal distribution. For this reason, we use capital asset pricing model with independent and identically asymmetric power distributed (CAPM-IIAPD) and capital asset pricing model with asymmetric independent and identically a...

This paper provides an economic explanation of the value premium, differences in price/dividend ratios of value and growth assets and variance-covariance structure of their realized returns within the long-run risks model of Bansal and Yaron (2004). Consistent with time-series properties of observed cash-flow data, value firms exhibit higher exposure to low-frequency fluctuations in aggregate c...

g l o b a l c o m p e t i t i v e n e s s h a s r e c e n t l y b e c o m e a b i g c h a l l e n g e f o r m a n y c o m p a n i e s a r o u n d t h e w o r l d, w h i c h a r e f o r c e d t o s e e k l o w e r c o s t s a n d h i g h e r q u a l i t y f o r w h a t t h e y p r o d u c e. t h e p r o s p e r i t y o f m a n u f a c t u r i n g f i r m s d e p e n d s o n s e l e c t i n g a n...