Most research in customer asset management has focused on specific aspects of the value of the customer to the company. The purpose of this article is to propose an integrated framework, called CUSAMS (customer asset management of services), that enables service organizations (1) to make a comprehensive assessment of the value of their customer assets and (2) to understand the influence of mark...

Predictability of Asset Returns and the Efficient Market Hypothesis This paper is concerned with empirical and theoretical basis of the Efficient Market Hypothesis (EMH). The paper begins with an overview of the statistical properties of asset returns at different frequencies (daily, weekly and monthly), and considers the evidence on return predictability, risk aversion and market efficiency. T...

This paper investigates the impact of asset liquidity on the valuation of corporate securities and the firm’s financing decisions. I show that asset liquidity increases debt capacity only when bond covenants restrict the disposition of assets. By contrast, I demonstrate that, with unsecured debt, greater liquidity increases credit spreads on corporate debt and reduces optimal leverage. The mode...

M any analysts view personal saving behavior, summarized by statistics such as the personal saving rate or household debt acquisition, as a key determinant of real economic activity. Some blame the recent sluggishness of output and employment growth on low personal saving in recent years. The low rate of personal saving leaves consumers unprepared for their customary role of pulling the economy...

Possession of strategic assets is a necessary condition for sustained competitive advantage. This condition is, however, not sufficient. Firms require financial management capability to realize the rents present in their strategic assets. The firm-specific nature of strategic assets implies that they be financed primarily through equity; other less specific assets should be financed through deb...

This exploratory study analyzes the collaborative efforts between two small and medium enterprises (SMEs) engaged in an interorganizational relationship (IOR) aimed at developing cospecialized and complementary assets through coordinating mechanisms. Despite the richness of the literature on IOR, less is known about the mechanisms that trigger and affect collaborative efforts during an IOR proc...

There is interest in designing simultaneous auctions for situations in which the value of assets to a bidder depends upon which other assets he or she wins. In such cases, bidders may well wish to submit bids for combinations of assets. When this is allowed, the problem of determining the revenue maximizing set of noncon icting bids can be a di cult one. We analyze this problem, identifying sev...

Innovation is the creation of intellectual assets; intellectual assets are distinguished by nonconvexities. But different nonconvexities affect outcomes differently. Provided knowledge is finitely expansible, nonrivalry causes no difficulties for the existence and expost efficiency of competitive equilibrium. However, the minimum-size indivisibility in creating intellectual assets renders compe...

We study the implications of imperfect information for term structures of credit spreads on corporate bonds. We suppose that bond investors cannot observe the issuer’s assets directly, and receive instead only periodic and imperfect accounting reports. For a setting in which the assets of the firm are a geometric Brownian motion until informed equityholders optimally liquidate, we derive the co...