We study how present and future adverse selection costs affect the prices of assets that may be traded repeatedly. We find that adverse selection is not a trading cost on average, and therefore future trading “costs” have no direct impact on current prices. Adverse selection can lead to allocation inefficiencies, which influence prices. Specifically, prices are reduced by the present value of a...

cash is a critical source for business enterprises and creating balance between available cash and the required cash is the most important factor concerning the economic viability of a business enterprise. both of the companies that do not hold enough cash or hold too much cash, face too much problems. this paper investigates the impact of deviation from the estimated optimal cash level on firm...

This brief report assesses the validity of applying the adolescent-based developmental assets model to emerging adults. Developmental assets are specific constructs which predict future success, including positive individual characteristics and environmental resources. The research­ ers developed a self-report survey based on a subset of the assets and outcome behaviors most applicable to emerg...

Authors' A Oncology, Netherland Medicine Pharmaceu Correspon icine, Radb HB Nijmeg 3618942. E

The measurement and valuation of intangible assets are a matter of considerable interest to managers, investors, and accounting-standard setters. Important decisions concerning intangibles are hampered by the lack of systematic and comparable measures for these increasingly important assets. In this study, we provide an approach to estimating the value of intangible assets that are not recorded...

The value of environmental assets such as biodiversity, unique locations and the atmosphere may be hard to quantify. The implications of the irreversibility of decisions to destroy these has been the subject of extensive discussion. We analyze the value of such assets under conditions of uncertainty about future preferences, and show that this uncertainty will imply a conservation motive if it ...

A perpetual youth overlapping generations model is presented in which the presence of financial frictions can create the crowd-in effect of asset bubbles that promotes capital accumulation. The existence of asset bubbles increases the equilibrium interest rate. Although the increased interest rate excludes less productive agents from production activity, these agents benefit from the liquidity ...

The relation between a firm’s stock return and its intangible investment ratio and asset tangibility is derived under the intangible-asset-augemnted (IAA) q-theory framework. Using firm level data and the Generalized Method of Moments (GMM), we estimate the model and three main results emerge. First, the IAA q-theory captures the value premium and the relation between R&D intensity and stock re...