There is evidence that the conventional, continuous underlying function model of financial asset pricing can be improved by adding a discontinuous jump component. Barndorff-Nielsen and Shephard (2004) propose a method of detecting these jumps that compares different estimators of quadratic variation. This paper applies that detection method to the common stock of Altria Group, Inc. and attempts...

We use a proprietary database of consumer brand evaluation to explore the role of firm-specific demand characteristics in financial decisions. We hypothesize that higher and more inelastic consumer demand for a product reduces the costs of financial distress but can also intensify agency conflicts by increasing firm market power. The empirical analysis shows that firms with stronger demand take...

Traditional and standard discounted cash flow valuation techniques are unable to deal with a variety of options contained in lease contracts. In the UK, the most important embedded option is the upward-only rent review. This becomes more valuable to the landlord in an era of low inflation, as nominal market rents are more likely to fall. Lease contracts are freely negotiated between landlord an...

The thinking styles of selected Canadian farm managers are identified using the life styles inventory (LSI). The farmers’ LSI scores are compared with those of a base sample of nonfarmers, and correla­ tions between the farmers’ LSI scores and financial indicators are examined. Results indicate that farm­ ers do thinking differently than nonfarmers and that there are significant correlations be...

Various models of organization for networks of financial cooperatives are found around the world. The current situation, especially in terms of quality of governance, outreach and efficiency, appears to have been influenced significantly by the importance placed on the type of network organization chosen in the past. For example, European federated networks of financial cooperatives present cer...

Studies examining what factors influence relevance of reported numbers in financial statements is becoming increasingly important in the accounting and finance literature. This is an important area for regulators in particular. An understanding of what factors contribute to or detract from value relevance of accounting numbers is essential in the light of globalization that has resulted in inte...

BACKGROUND Universal health coverage is high on national health agendas of many countries at the moment. Absence of financial hardship is a key component of universal health coverage and should be monitored regularly. However, relevant household survey data, which is traditionally needed for this analysis is not frequently collected in most countries and in some countries, has not been collecte...