This paper proposes a new approach for portfolio allocation. The novel concept of forward dynamic utility is introduced. General classes of such utilities are constructed by combining the local variational utility input with the market dynamics represented by multidimensional Ito process. Explicit closed form expressions for optimal allocations are obtained. They depend exclusively on the optim...

This paper will present a simple coin toss model which will illustrate the effect of collusion and its impact on the expected payoff for any given player. Such a game has direct links to community investment clubs where people are aggregating their investments. Without any knowledge about the impact of collusion such behaviour and its significant can be hard to detect. This paper will also revi...

This study investigates the politico-economic determinants of the crowding-in effects of public investments in a cross-section of 25 developing countries for the 1975-2000 period using multivariate probit analysis. The estimation results show that public fixed capital investments may crowd in private investments, but this still depends on the developments in the economic, political, and legal e...

Mississippi forest landowners were surveyed to determine average discount rates or “hurdle rates”—the lowest rates of return they consider acceptable—for 3 nonforestry investments, and for 5, 15, and 25 yr forestry investments. The survey included 829 individuals who owned at least 20 ac of uncultivated land and had harvested timber during a recent 5 yr period; survey results are therefore orie...

We examine twenty years of direct private equity investments by seven large institutions. These direct investments perform better than public market indices, especially buyout investments and those made in the 1990s. Outperformance by the direct investments, however, relative to the corresponding private equity fund benchmarks is limited and concentrated among buyout transactions. Co-investment...

The year 2000 countdown provided a uniquely visible instance of spending on information technology by U.S. companies. With public attention riveted on potential Y2K malfunctions, managers were forced to evaluate their IT and make decisions whether to modify or replace existing systems. In the aftermath of Y2K, critics charged that the problem was overblown and that companies overspent on IT. In...

Known as Customer Relationship Management (CRM) in recent years a concept for business that focuses customers is often discussed in research and practice. After initially extraordinary expectations, numerous CRM projects fail. Thereby as one of the major reasons an overestimated and poor data quality is very frequently mentioned. Many authors assume a positive correlation between data quality a...

In the context of IT infrastructure development, this paper empirically examines the relationship between IT investments and corporate earnings management. Our results suggest that earnings management undermines the firm’s capability of accomplishing its planned IT investments in infrastructure development. Strategic managers are also likely to manipulate IT infrastructure investments to achiev...

We explore the phenomenon and economics of private equity investments by bank-affiliated groups. Between 1983 and 2009, bank-affiliated private equity groups accounted for over a quarter of all private equity investments. Banks’ involvement increases during peaks of the private equity cycles. In particular, deals done by bank-affiliated groups are financed at significantly better terms than oth...

Information tecbnology (IT) infrastructure investments are an extremely important part of e-business and constitute a major portion of IT investments in many organizations. IT infrastructure investments include investments in connectivity, systems integration, and data storage tbat may be used by multiple applications. Prior researcb has recognized tbe importance of a flexible IT infrastructure...