In complex task domains, such as games, students may exceed their teachers. Such tasks afford diverse means to tradeoff one type of performance for another, combining task elements in novel ways to yield method variations and strategy discoveries that, if mastered, might produce large or small leaps in performance. For the researcher interested in the development of extreme expertise in the wil...

We present a cashow based model of corporate debt valuation that incorporates two novel features. First, we allow for the separation and optimal determination of the rm's debt-service and dividend policies; in particular, the rm is allowed to maintain cash reserves to meet future debt obligations. Second, our model admits the possibility that raising resources through issuance of new equity cou...

In this short paper, we show how fluctuation identities for Lévy processes with no positive jumps yield the distribution of the present value of dividends paid until ruin in a Lévy insurance risk model with a dividend barrier.

This paper presents evidence of persistent ‘bull’ and ‘bear’ regimes in UK stock returns and considers their economic implications from the perspective of an investor’s portfolio decisions. We Þnd that the perceived state probability has a large effect on the optimal allocation to stocks, particularly at short investment horizons. If ignored, the presence of such regimes gives rise to welfare c...

We examine the joint predictability of return and cash flow within a present value framework, by imposing the implications from a long-run risk model that allow for both time-varying volatility and volatility uncertainty. We provide new evidence that the expected return variation and the variance risk premium positively forecast both short-horizon returns and dividend growth rates. We also conf...

Tujuan utama seorang investor dalam berivestasi adalah dividen. Indikator yang digunakan untuk mengukur kebijakan dividen Dividend Yield. Rasio profitabilitas diproyeksikan melalui Return on Capital Employed (ROCE) dan Equity (ROE) diindikasikan mempengaruhi Dividen dari penelitian ini menganalisis pengaruh ROCE ROE terhadap Yield pada PT. Waskita Karya, Tbk. Periode 2010-2019. Metode yaitu met...

We introduce a method for detecting the presence of time variation and instabilities in the parameters of predictive regressions linking noisy variables such as stock returns to highly persistent predictors such as stock market valuation ratios. Our proposed approach relies on the least squares based squared residuals of the predictive regression and is trivial to implement. More importantly th...

Significant time-varying risk premia exist in the foreign currency futures basis, and these risk premia are meaningfully correlated with common macroeconomic risk factors from equity and bond markets. The stock index dividend yield and the bond default and term spreads in the U.S. markets help forecast the risk premium component of the foreign currency futures basis. The specific source of risk...

I analyze annual returns of the S&P 500 from 1993 – 1998. Future returns of the market are predicted using current dividend yield levels, past risk free returns and a standard deviation variable over the preceding five years. Evidence from the article suggests that future returns can be predicted when combing dividend yields with recent volatility in the market. This article suggests that recen...