In this paper, the multi-mode resource constrained project scheduling problem with discounted cash flows is considered. The objective is the maximization of the net present value of all cash flows. Time value of money is taken into consideration, and cash inand outflows are associated with activities and/or events. The resources can be of renewable, nonrenewable, and doubly constrained resource...

Based upon an examination of 987 ex-dividend events that took place on the Taiwan Stock Exchange between January 1992 and December 2006, we find that differential taxes are an important factor in terms of their effects on share prices and the behavior of investors around the ex-dividend day. Ex-day price drop ratio increases with the average investor’s preference for dividend relative to capita...

The valuation of dividend imputation credits is a currently unresolved issue facing managers, investors and regulators in the Australian market. This thesis builds upon Officer’s (1994) cost of capital, under imputation, framework by seeking to identify the value of imputation credits implied by option prices. It extends the existing imputation literature by using widely traded common stock opt...

An integrated monetary growth model of Keynes–Metzler–Goodwin type with a portfolio approach to its three asset markets (money, bonds, equities) is introduced to study the interaction between the real and the financial part of market economies. Beneath expectations and governmental behavior, profits and their implied dividend payments influence the behavior of asset markets, which determine int...

We use laboratory experiments to test the modern, consumption-based general equilibrium approach to asset pricing which posits that agents buy and sell assets for the purpose of intertemporally smoothing consumption. These asset pricing models are widely used by macroeconomists and finance researchers but have not yet been subjected to experimental testing. This laboratory approach enables us t...

The article deals with dividends and their distribution from investors from a theoretical point of view. Some studies try to analyzed the reaction of the market on the dividend announcement and found out the change of dividend policy is associated with abnormal returns around the dividend announcement date. Another researches directly questioned the investors about their dividend preference and...

This paper examines the effect of governance and managerial alignment on dynamic dividend behavior of managers. I use a novel empirical approach to provide evidence on the role of governance and managerial alignment in explaining variation in dividend smoothing, incremental dividend decisions, and dynamic dividend behavior. Managers subject to weak monitoring and misaligned incentives are under...

The tax preference for interest payments by corporations as compared to dividend payments is a long surviving feature of many tax systems. Many have argued that there is no reason for this preference and so it distorts the capital structure of corporations needlessly. This article argues that because the returns to equity are more positively skewed as compared to debt, individual investors will...

Dividend relevance has been a subject of significant recent interest for academicians and researchers in the area of hospitality finance. The subject has attracted noticeable controversy, given the stringent or no-dividend payout policies observed in many hospitality firms. This study builds on existent dividend literature in hospitality finance by examining the relevance of cash dividends for ...

A risk-averse insurance company controls its reserve, modeled as a perturbed Cramér-Lundberg process, by choice of both the premium p and deductible K offered to potential customers. The surplus is allocated financial investment in riskless basket risky assets potentially correlating with risks thus serving partial hedge against these. Assuming customers differ riskiness, increasing or reduces ...