intellectual capital is set of knowledge-based assets that belongs to an organization and will add value to key organizational stakeholders and this leads to a better competitive situation. the objective of this research is to investigate the relationship between intellectual capital and companies' performance in iran during 1382-1387 using lisrel software. earning per share, return on equ...

ABSTRACT In the credit risk modeling literature, there are two different viewpoints towards the structural model of Merton. Many empirical tests show that the Merton model overestimates corporate bond prices substantially. However, there are other empirical works defensing that the Merton model is useful in predicting default and performs well in estimating deposit insurance fund. In this paper...

This paper introduces an agent-based artificial financial market in which heterogeneous agents trade one single asset through a realistic trading mechanism for price formation. Agents are initially endowed with a finite amount of cash and a given finite portfolio of assets. There is no money-creation process; the total available cash is conserved in time. In each period, agents make random buy ...

Debt policy is one part of the in determining funding for company financing every activity operations. With obligations within company, it expected to reduce control exercised by managers on company’s cash flow arrangements. The purpose research measure implementation institutional ownership, asset structure, and size against debt food beverages was listed Indonesia stock exchange. that used co...

We examine the asset value of advertising expenditures for a sample of takes the form of future cash flows, which derive from future sales. Future sales are influenced by advertising expenditures, 320 firms with reported advertising expenditures for each of the 10 consecutive years ending in 1994. We find that, depending upon the which alter customer preferences for particular products or vendo...

Closed-end funds have been a topic of interest among academics and professionals on five counts. First, they tend to sell above their net asset value at their commencement. Second, they start selling at a discount within a year. Third, this discount is volatile but mean-reverting. Fourth, the news of open-ending a fund reduces the discount although some discount persists till the actual event o...

When natural disasters afflict poor communities that lack buoyant access to financial markets, households face the unsavory choice of reducing consumption in order to protect remaining assets, or selling assets at low prices in order to maintain consumption and nutrition. Both choices are costly and damage future economic potential. Formal insurance markets would seem to offer large private and...

We use text-based analysis of 10-K product descriptions to examine whether firms exploit product market synergies through asset complementarities in mergers and acquisitions. Transactions are more likely between firms that use similar product market language. Transaction stock returns, ex post cash flows, and growth in product descriptions all increase for transactions with similar product mark...

Money provides liquidity services through a cash-in-advance constraint. The exchange of commodities and assets extends over an infinite horizon under uncertainty and a complete asset market. Monetary policy sets the path of rates of interest and accommodates the demand for balances. Competitive equilibria exist. But, for a fixed path of rates of interest, there is a non-trivial multiplicity of ...