We consider a financial contract that delivers a single cash flow given by the terminal value of a cumulative gains process. The problem of modelling such an asset and associated derivatives is important, for example, in the determination of optimal insurance claims reserve policies, and in the pricing of reinsurance contracts. In the insurance setting, aggregate claims play the role of cumulat...

This study highlights inconsistency problems of domestic regulations on corporate valuation, where publicly listed stocks are evaluated by market values and unlisted the weighted average asset earning values. We analyze what changes have occurred in valuation methods used M&A practices Korea so as to shed some light this issue. Based 634 merger disclosure samples from 2006 2021, surrounding...

Many firms face a problem of managing cash balances to maximize the availability of cash for investment and to avoid the risk of insolvency. In this paper, we consider a cash management model in which the two types of funds are available when a manager adjusts cash level. We suppose that the rate of utilizing the two funds for the amount of adjustment is constant. Our objective is to minimize t...

valuation is one of the main subjects in investment management which plays an important role in efficient capital allocation. valuation has become an important subject since supreme leader addressed the 44th principal of constitutional law. considering many problems which have arrised in valuation and stock pricing by privatization organization during resent years,it is essential to pay more at...

The basic model for valuation of firm is the Dividend Discount Model (DDM). When investors buy stocks, they expect to receive two types of cash flow: dividend in the period during which the stock is owned, and the expected sales price at the end of the period. In the extreme example, the investor keeps the stock until the company is liquidated; in such a case, the liquidating dividend becomes t...

the basic model for valuation of firm is the dividend discount model (ddm). when investors buy stocks, they expect to receive two types of cash flow: dividend in the period during which the stock is owned, and the expected sales price at the end of the period. in the extreme example, the investor keeps the stock until the company is liquidated; in such a case, the liquidating dividend becomes t...