Within a general equilibrium model with habit persistence preferences and time varying expected dividend growth, we obtain a number of novel predictions about the time series of the cross section of asset prices. We show that assets of longer duration, i.e. that pay far in the future, are typically riskier than those of shorter duration. However, those assets that are characterized by a substan...

In financial markets, the main component of risk management is liquidity risk. Asset and Liability Management (ALM) strategy is concerned with managing all risks. Asset and liability management seeks to manage liquidity risk, which refers to both the liquidity of markets and which assets can be translated into cash. The liquidity is importantly affected by the management of banks’ balance sheet...

since 2001 the adoption of iran accounting standards has become obligatory. this study by using a sample of companies listed in tehran stock exchange (tse) compares the value relevance of ten selected accounting variables in two periods, before mandatory adaption of accounting standards (1996-1998) and after that (2005-2007). in this study the researchers have tried to control the effect of eco...

This paper uses the financial crisis of 2008 as a natural experiment to demonstrate that when measuring investment-cash flow sensitivity, the value of a firm‟s assets that can be used as collateral should be taken into account. Using panel data on U.S. firms from 1990 to 2011, it was found that the share of physical capital in assets has a strong influence on investment-cash flow sensitivity, w...

Steam efficiency is a major opportunity for manufacturers to boost financial performance in an increasingly competitive environment. An immediate policy challenge is to raise manufacturers’ awareness of these opportunities. A major barrier to accomplishing this is the communications disconnect between plant superintendents and the financial decision-makers who set capital budgeting priorities. ...

Many institutional and individual investors have an asset allocation policy that calls for investing a specified percentage of the total value of a portfolio in each of several asset classes. To conform with such a policy as market values change requires selling assets that performed relatively well and buying those that performed relatively poorly. Such a strategy is clearly contrarian and can...

Changes in credit risk may arise when either the value or the risk of corporate assets changes. Changes in the equity value associated with the changes in the asset value and changes in asset risk can be characterized into potentially countervailing direct and indirect effects. The indirect effect of risk on equity value is a function of factors that affect the debt value of including leverage,...

Changes in credit risk may arise when either the value or the risk of corporate assets changes. Changes in the equity value associated with the changes in the asset value and changes in asset risk can be characterized into potentially countervailing direct and indirect effects. The indirect effect of risk on equity value is a function of factors that affect the debt value of including leverage,...

The short-term survival of companies depends directly on their ability to meet current liabilities. purpose the article is investigate which factors have a significant impact cover liabilities with cash flow from operating activities. survey based data 100 small and medium-sized non-financial enterprises different sectors economy for period 2014-2016. results multiple regression analysis show s...

As both investment attraction and mergers acquisitions targeting information technology platform companies are becoming more important in the digital-centric economic environment, interest valuing corporate data assets is increasing. Accordingly, among income approaches used business valuation, this study presents a valuation model based on discounted cash flow. This expected to be useful for d...