financing is one of the essential necessitates for science and technology development that many universities have paid attention to it and through establishing financing funds including endowment funds have realized this important issue. so endowment today has played a crucial role in financing and the issue of endowment, benefactors and strategic position of benefactors and donors has been one...

Financing is one of the essential necessitates for science and technology development that many universities have paid attention to it and through establishing financing funds including endowment funds have realized this important issue. So endowment today has played a crucial role in financing and the issue of endowment, benefactors and strategic position of benefactors and donors has been one...

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...

Over the past two decades, endowments have become an increasingly important component of the typical university’s resource base. We examine how U.S. doctoral institutions’ endowment payout policies and spending decisions are affected by financial market shocks to endowments. While most endowments have formal payout policies intended to smooth payouts over time, we find that universities are mor...

Attention in conflict-afflicted societies is often focused on violence, ethnic animosities and territorial disputes, rather than the economic costs. Can exposure to financial markets, that align individuals’ risks and returns with those of the broader economy, also lead individuals to reevaluate the costs and benefits of conflict and peace initiatives? Can this happen even in the context of a p...

The aim of this paper is to analyse the relationship between organisational structure and the accumulation of technological assets in Spanish telecommunications equipment manufacturing companies. In order to do this, the methods of asset acquisition have been analysed and a model presented which enables us to evaluate 1) the availability of technological assets (asset endowment) and 2) the degr...