Managerial Finance

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The value premium: rational, irrational or random
Managerial Finance - Tập 29 Số 10 - Trang 57-75 - 2003
Angela J.Black, PatriciaFraser
Using data from the stock markets of Japan, the UK and the US, this paper examines the time series properties of a price index derived from a zero net investment strategy of buying value stocks and short selling growth stocks. We use the results of this analysis to consider implications for the validity of competing hypotheses on the source of the value premium. Overall, the results from t...... hiện toàn bộ
Personal Fortunes, Inheritance and Investment Behaviour
Managerial Finance - - 1983
C.D.Harbury, D.M.W.N.Hitchens
It may seem unusual for economists to approach the question of investment behaviour from the standpoint of wealth. Personal fortunes are a stock while investment is a flow and the traditional approach associates with income and other flow concepts.
Pricing of Equities in China: Evidence from the Shanghai Stock Exchange
Managerial Finance - Tập 31 Số 12 - Trang 46-57 - 2005
Michael E.Drew, TonyNaughton, MadhuVeeraragavan
In this article we compare the performance of the traditional CAPM with the multi factor model of Fama and French (1996) for equities listed in the Shanghai Stock Exchange. We also investigate the explanatory power of idiosyncratic volatility and respond to the claim that multi factor model findings can be explained by the turn of the year effect. Our results show that firm size, book to m...... hiện toàn bộ
Dividends and Taxation
Managerial Finance - - 1987
PhillipOrmrod
The purpose of this paper is to examine current thinking and evidence on the extent to which taxation is, or should be, an influence upon dividend policy. To this end, the paper has been divided into two parts. The first reviews the range of normative stances and the empirical evidence in respect of each stance. Discussion mainly addresses large listed companies in the US and, to a lesser ...... hiện toàn bộ
The Cointegration of Auction Price Series
Managerial Finance - Tập 21 Số 6 - Trang 35-46 - 1995
William M.Taylor
It is found that one unit root, common trend is shared by the quarterly auction price series of five frequently auctioned types of stamps. The common trends analysis provides specific, stationary linear combinations, or cointegrating portfolios, of the auction price levels. The quarterly returns for the system of cointegrated auction prices can be represented by an error correction model u...... hiện toàn bộ
The determinants of US foreign investment in India: implications and policy issues
Managerial Finance - - 1998
BalasundramManiam, AmitavaChatterjee
Traces the growth of US foreign direct investment (FDI) in India and the changing attitude of the Indian government towards it as part of its liberalization programme. Reviews previous research on the determinants of FDI and uses regression analysis on 1962‐1994 data to identify the factors affecting US FDI in India, current trends and the impact on the Indian economy. Finds that only the ...... hiện toàn bộ
Sampling rules to achieve quality, maximize benefit and minimize financial loss
Managerial Finance - Tập 31 Số 3 - Trang 1-18 - 2005
Andréde Korvin, Margaret F.Shipley
Determining the proper sample size and frequency of sampling such that quality is assured while financial losses are not unnecessarily incurred is critical to an effective quality program. The main purpose of the present work is to design a fuzzy controller to adjust sample sizes and frequency of sampling according to potential fuzzy benefit/loss. A set of fuzzy rules is given where, depen...... hiện toàn bộ
Investing in New Companies in an Unstable Economic Environment: A Fuzzy Set Approach
Managerial Finance - Tập 23 Số 6 - Trang 68-80 - 1997
RobertKleyle, Andrede Korvin, KhondkarKarim
In this paper we propose a strategy for investing in new companies for which there is relatively little hard data available. We use fuzzy set theory to represent these new companies as finite fuzzy subsets of established companies for which there is a history of investment data. A fuzzy set is also used to represent the economic environment in which the proposed new investments will be mad...... hiện toàn bộ
The Tiger Woods scandal: a cautionary tale for event studies
Managerial Finance - Tập 38 Số 5 - Trang 543-558 - 2012
MatthewHood
PurposeTiger Woods suffered minor injuries and major scrutiny into his personal life due to a suspicious car crash. Previous research suggests that his sponsors would be expected to suffer a significant negative shock. The purpose of this paper is to determine if there was such a shock and to clarify the role that the estim...... hiện toàn bộ
Lease Finance in Emerging Markets: An Eastern European Study
Managerial Finance - - 1996
Simon S.Gao, Wilson E.Herbert
The emergence of lease markets in Eastern Europe provides a new menu of opportunities for inward foreign leasing investment by Western Multinational Enterprises (MNEs). The Eastern European markets, like other emerging markets, exhibit high expected returns as well as high volatility.
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