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

We also evaluated our hypotheses using two additional firm performance measures: Tobin’s Q, which is the total dollar amount market value divided by the total dollar amount replacement value of a firm in a given year) and operating revenue/total assets, which is the total dollar amount of revenue divided by total dollar amount of assets of a firm in a given year. We selected these measures beca...

The impact of financial leverage on firm investment is one of the most important issues in corporate finance. Debt overhang reduces the incentives of shareholder–management coalition in controlling the firm to invest in positive net-present-value investment opportunities. On the other hand, firms without debt in their financial structure face with a new problem known as over-investment. T...

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...

in this study it has been initiated to find out the credit strength and financial performance of cement industries in bangladesh through investigating the financial report for the period from 2007 to 2011. financial ratios are employed to measure the liquidity (working capital to total assets), profitability (retained earnings to total assets), efficiency (earnings before interest and taxes to ...

We study a complete market containing J assets, each asset contributing to the production of a single commodity at a rate which is a solution to the squared Ornstein-Uhlenbeck (Cox-Ingersoll-Ross) SDE. The assets are owned by K agents with CRRA utility functions, who follow feasible consumption/investment regimes so as to maximize their expected time-additive utility from consumption. We comput...

T he U.S. banking system has consolidated in recent years, and the shares of total banking system assets and deposits held by the very largest banking organizations have increased markedly. The number of commercial banks reached its post-World War II peak of 14,483 banks in 1984. By year-end 2012, the number of commercial banks had declined to 6,096. In 2001, the five largest commercial banks h...

'Genuine' saving values the total change in economic assets and, as such, provides an indicator of whether an economy is on a sustainable path. New estimates of genuine saving from the World Bank broaden the usual national accounts definitions of assets to include human capital, minerals, energy, forest resources and the stock of atmospheric CO2. The paper explores the issue of measuring change...