having examined the behavior of investors, economists have made numerously attempts to specify investments determinants and their various effects. a number relevant variables explaining investment rely on different expectations. because of the crucial role of expectations on the investment behavior, it needs to be recognized as an appropriate conceptual framework for the iranian economy . accor...

On December 15, 2010, after 11 months of legal standoff, the Swiss corporation Novartis finally closed a deal to acquire the remaining shares of eye-care company Alcon from minority shareholders. Why did it take almost a year? The acquisition had become a relatedparty transaction after Novartis purchased a 25% stake from then majority shareholder Nestlé and nominated some of its own directors t...

In contrast to prior studies examining strategic alliances as a discrete governance structure (e.g., alliance versus M&A), we investigate their particular contractual features. A focus on the contractual provisions that firms employ in alliances also permits a more finegrained understanding of alliance design relative to broad taxonomies of collaborative agreements that are currently in use (e....

If investors are not fully rational, what can smart money do? This paper provides an example in which smart money can strategically take advantage of investors’ behavioral biases and manipulate the price process to make profit. The paper considers three types of traders, behavior-driven investors who are less willing to sell losers than to sell winners (dispositional effect), arbitrageurs, and ...

This paper examines portfolio choice, trading behavior, and realized rates of return following a panel of nearly seven thousand 401(k) retirement accounts during the April 1994-August 1998 time period. The distribution of equity allocations in the panel is strongly bi-modal: 48% of the average annual equity allocations in the panel are zero, while 22% of the allocations are 100%. The overall av...