In many practical investment situations the amount of available memory on stock data is extremely huge. Thus many investors are attracted to base their decisions on the information "currently available in their minds" (see [1, 2]). In the present paper various risk measurement models having application in the investment management are discussed. First we explain the concept of mean variance eff...

The focal objective of this study is to analyze and explore the Co-movement of Pakistan stock market (KSE-100) with the stock market of developed countries (US, UK, Canada, Australia, Germany, Japan, France and Neither land) which have portfolio investment in Pakistan by applying co-integration approach using Johansen and Juselius multivariate and bi variate co-integration. Secondary data of st...

Received: 9 November 2009 Revised: 17 February 2010 Accepted: 24 March 2010 Abstract The intensity of global competition and ever-increasing economic uncertainties has led organizations to search for more efficient and effective ways to improve organizational productivity by investing in knowledge management (KM) initiatives. In this research, we propose a framework to assess KM investment oppo...

Plural form franchising is modeled from an incomplete contracting perspective. Complete franchising is the unique, efficient governance structure only when the plural form externality is limited and the costs of investment are low for both franchisees. Governance structure choice is irrelevant when the costs of investment are high for all franchisees, because no franchisee will invest. Finally,...

We present a bilevel optimization approach to designing effective and efficient incentive policies for promoting renewable energy. The effectiveness of an incentive policy is its capability to achieve a goal that would not be achievable without it. Renewable portfolio standard is used in this thesis as the policy goal. The efficiency of an incentive policy is measured by the amount of intervent...

Do large shareholders monitor firms on behalf of minority shareholders, or share control with other insiders to maximize the gains of the controlling group? We show how firm characteristics and governance laws determine the role of large shareholders in corporate governance. If the value of investment opportunities are hard for insiders to evaluate, letting a large shareholder monitor a single ...

This paper addresses the hotly-debated question: do Chinese firms overinvest? A firm-level dataset of 100,000 firms over the period of 2000-07 is employed for this purpose. We initially calculate measures of investment efficiency, which is typically negatively associated with overinvestment. Despite wide disparities across various ownership groups, industries and regions, we find that corporate...

company’s value depends on its longterm ability to generate cash to fund value-creating growth and pay dividends to its shareholders. Even so, investment managers commonly base their stock selections on short-term earnings and portfolio tracking error rather than discounted cash flow (DCF)—the standard for valuing financial assets in well-functioning capital markets. Financial analysts fixate o...

Empirical evidence confirms that trade exposure can shift resources towards the most efficient firms in an industry and induce substantial increases in aggregate productivity. Although recent studies document that much of world trade is controlled by multinational firms, few examine the effect of foreign direct investment decisions on resource allocation and aggregate productivity. This paper p...

Empirical evidence confirms that trade exposure can shift resources towards the most efficient firms in an industry and induce substantial increases in aggregate productivity. Although recent studies document that much of world trade is controlled by multinational firms, few examine the effect of foreign direct investment decisions on resource allocation and aggregate productivity. This paper p...