This paper looks at the effect of shareholder horizon on corporate behavior. In perfect capital markets, corporate behavior should be insensitive to shareholder horizon, but when investment opportunities are not well valued by the market, shareholder horizon matters. We first present a simple framework to show that shareholder horizon should be looked at in conjunction with stock misvaluation. ...

In this paper, we propose an alternative approach to estimate long-term risk. Instead of using the static square root method, we use a dynamic approach based on volatility forecasting by non-linear models. We explore the possibility of improving the estimations by different models and distributions. By comparing the estimations of two risk measures, value at risk and expected shortfall, with di...

This paper uses the term structure of interest rates to explain the variations of stock prices and stock returns. It shows that interest rates have an important impact on stock returns, especially at long horizons. The hypothesis that expected stock returns move one-for-one with ex ante interest rates, which has been rejected in other studies using short horizon nominal asset returns, is suppor...

The angular ADM reduction of the BTZ spacetime yields a Liouvilletype theory. The analysis of the resulting Liouville theory naturally leads to identification of the stretched horizon. The dynamics associated with the stretched horizon has a feature that seems consistent with the unsmooth horizon; the quantum gravity effects are essential for the unsmoothness. We show that the “anomaly” term in...

Models for long-term planning often lead to infinite horizon stochastic programs that offer significant challenges for computation. Finite-horizon approximations are often used in these cases but they may also become computationally difficult. In this paper, we directly solve for value functions of infinite horizon stochastic programs. We show that a successive linear approximation method conve...

Decision support systems are generally geared to short-term tactical decision makkrg. As an alternative, this paper develops a mathematical progrming model to evaluate long-term strategic alternatives in the context of farm-level agricultural production where a broiler farm considers long-term implications of diversification into commercial aquiculture. The model considers a ten-year strategic ...

We describe a simple way of obtaining horizon entropy using the approach based on the Virasoro algebra and central charge. We show that the Virasoro algebra defined by the Noether currents corresponding to the surface term of gravitational action, for the diffeomorphisms which leave the horizon structure unaltered, has a central extension that directly leads to the horizon entropy. In this appr...

We study thermodynamic properties and phase structures of topological black holes in Einstein theory with a Gauss-Bonnet term and a negative cosmological constant. The event horizon of these topological black holes can be a hypersurface with positive, zero or negative constant curvature. When the horizon is a zero curvature hypersurface, the thermodynamic properties of black holes are completel...

The Bekenstein-Hawking entropy of black holes in Einstein’s theory of gravity is equal to a quarter of the horizon area in units of Newton’s constant. Wald has proposed that in general theories of gravity the entropy of stationary black holes with bifurcate Killing horizons is a Noether charge which is in general different from the Bekenstein-Hawking entropy. We show that the Noether charge ent...