before making decisions about the investment and financing the companies. it is necessary to know how the value of a company is determined. in this article three valuation methods are discussed: 1) value dirver method. 2) free cash flow method 3) economic value added method. in these methods the factors affecting the value of companies such as operating rate of return, cost of capital. amount o...

Modern portfolio theory is based on the relationship between risk and return and in this paper, specific uncertainty conditions are introduced as ambiguity which affects the asset pricing. Also, the relationship between risk, ambiguity and return is examined. First, ambiguity is estimated by the means of three-variable and main component method, trading volume, ask-bid spread, error of earnings...

We investigate the risk–return trade-off on US and European stock markets. non-linear with a special eye to tails of returns using quantile regressions. first consider market portfolio. find that is significantly positive at upper tail (0.9 quantile), where large excess returns. The as expected from asset pricing models. For lower (0.1 for negative returns, negative. Additionally, median (0.5 i...

We investigate the risk-return trade-off on US and European stock markets. non-linear with a special eye to tails of returns using quantile regressions. first consider market portfolio. find that is significantly positive at upper tail (0.9 quantile), where large excess returns. The as expected from asset pricing models. For lower (0.1 for negative returns, negative. And median (0.5 insignifica...

This paper considers models of intratemporal consumption–labor choice and intertemporal consumption choice under heterogeneity and private information in preferences towards labor. We show that market regime regarding unemployment insurance is important to determine the effects of heterogeneity and private information on allocations and valuations. There are two main results. First, intertempor...