MoneyScience News |
- Blog Post: TheFinancialServicesClub: RETAIL (????) Banking ... you must be joking!
- Blog Post: Falkenblog: Interesting Equilibria
- Published / Preprint: On consistent valuations based on distorted expectations: from multinomial random walks to L\'{e}vy processes. (arXiv:1301.3531v1 [math.PR])
- Published / Preprint: Portfolio Management Approach in Trade Credit Decision Making. (arXiv:1301.3823v1 [q-fin.PM])
- Published / Preprint: Planning Optimal From the Firm Value Creation Perspective Levels of Operating Cash Investments. (arXiv:1301.3824v1 [q-fin.RM])
- Published / Preprint: Polish and Silesian Non-Profit Organizations Liquidity Strategies. (arXiv:1301.3825v1 [q-fin.GN])
- Published / Preprint: Value-Based Inventory Management. (arXiv:1301.3826v1 [q-fin.PM])
- Published / Preprint: Path properties and regularity of affine processes on general state spaces. (arXiv:1107.1607v2 [math.PR] UPDATED)
- Vendor News: Home Financial Services, Inc. Goes Live on Lightning™
- Published / Preprint: Are U.S. CEOs Paid More? New International Evidence
- Published / Preprint: Corporate Governance and Value Creation: Evidence from Private Equity
- Published / Preprint: Local Overweighting and Underperformance: Evidence from Limited Partner Private Equity Investments
- Published / Preprint: The Procyclical Effects of Bank Capital Regulation
- Published / Preprint: Toward a Quantitative General Equilibrium Asset Pricing Model with Intangible Capital
- Published / Preprint: Fiscal Policy and Asset Prices with Incomplete Markets
| Blog Post: TheFinancialServicesClub: RETAIL (????) Banking ... you must be joking! Posted: 17 Jan 2013 02:41 AM PST I was at a conference yesterday where a leading economist talked about the global economic forecasts and specifically about the UK.read more... Visit MoneyScience for the Complete Article.      |
| Blog Post: Falkenblog: Interesting Equilibria Posted: 16 Jan 2013 06:21 PM PST Over on TheEdge, they asked 150 people what worries them most. One of the more interesting responses by Dylan Evans notes that while Democracy is pretty good, there might be something better. Unfortunately, we may never find that better system.the appendix persists because individuals with a smaller and thinner appendix are more vulnerable to appendicitis. So the normal tendency for useless... Visit MoneyScience for the Complete Article.    |
| Posted: 16 Jan 2013 05:32 PM PST A distorted expectation is a Choquet expectation with respect to the capacity induced by a concave probability distortion. Distorted expectations are encountered in various static settings, in risk theory, mathematical finance and mathematical economics. There are a number of different ways to extend a distorted expectation to a multi-period setting, which are not all time-consistent. One... Visit MoneyScience for the Complete Article.    |
| Posted: 16 Jan 2013 05:32 PM PST The basic financial purpose of an enterprise is maximization of its value. Trade credit management should also contribute to realization of this fundamental aim. Many of the current asset management models that are found in financial management literature assume book profit maximization as the basic financial purpose. These book profitbased models could be lacking in what relates to another aim... Visit MoneyScience for the Complete Article.    |
| Posted: 16 Jan 2013 05:32 PM PST The basic financial purpose of corporation is creation of its value. Liquidity management should also contribute to realization of this fundamental aim. Many of the current asset management models that are found in financial management literature assume book profit maximization as the basic financial purpose. These book profit based models could be lacking in what relates to another aim like... Visit MoneyScience for the Complete Article.    |
| Posted: 16 Jan 2013 05:32 PM PST The kind of realized mission inflows the sensitivity to risk. Among other factors, the risk results from decision about liquid assets investment level and liquid assets financing. The higher the risk exposure, the higher the level of liquid assets. If the specific risk exposure is smaller, the more aggressive could be the net liquid assets strategy. The organization choosing between various... Visit MoneyScience for the Complete Article.    |
| Published / Preprint: Value-Based Inventory Management. (arXiv:1301.3826v1 [q-fin.PM]) Posted: 16 Jan 2013 05:32 PM PST The basic financial purpose of a firm is to maximize its value. An inventory management system should also contribute to realization of this basic aim. Many current asset management models currently found in financial management literature were constructed with the assumption of book profit maximization as basic aim. However these models could lack what relates to another aim, i.e., maximization... Visit MoneyScience for the Complete Article.    |
| Posted: 16 Jan 2013 05:32 PM PST We provide a new proof for regularity of affine processes on general state spaces by methods from the theory of Markovian semimartingales. On the way to this result we also show that the definition of an affine process, namely as stochastically continuous time-homogeneous Markov process with exponential affine Fourier-Laplace transform, already implies the existence of a... Visit MoneyScience for the Complete Article.    |
| Vendor News: Home Financial Services, Inc. Goes Live on Lightning™ Posted: 16 Jan 2013 06:06 AM PST    |
| Published / Preprint: Are U.S. CEOs Paid More? New International Evidence Posted: 16 Jan 2013 04:30 AM PST This paper challenges the widely accepted stylized fact that chief executive officers (CEOs) in the United States are paid significantly more than their foreign counterparts. Using CEO pay data across fourteen countries with mandated pay disclosures, we show that the U.S. pay premium is economically modest and primarily reflects the performance-based pay demanded by institutional shareholders and... Visit MoneyScience for the Complete Article.    |
| Published / Preprint: Corporate Governance and Value Creation: Evidence from Private Equity Posted: 16 Jan 2013 04:30 AM PST Using deal-level data from transactions initiated by large private equity houses, we find that the abnormal performance of deals is positive on average, after controlling for leverage and sector returns. Higher abnormal performance is related to improvement in sales and operating margin during the private phase, relative to that for quoted peers. General partners who are ex-consultants or... Visit MoneyScience for the Complete Article.    |
| Posted: 16 Jan 2013 04:30 AM PST Institutional investors exhibit substantial home-state bias in private equity. This effect is particularly pronounced for public pension funds, where overweighting amounts to 9.8% of aggregate private-equity investments and 16.5% for the average limited partner. Public pension funds' in-state investments achieve performance that is lower by two to four percentage points than both their own... Visit MoneyScience for the Complete Article.    |
| Published / Preprint: The Procyclical Effects of Bank Capital Regulation Posted: 16 Jan 2013 04:30 AM PST We compare various bank capital regulation regimes using a dynamic equilibrium model of relationship lending in which banks are unable to access the equity markets every period and the business cycle determines loans' probabilities of default. Banks hold endogenous capital buffers as a precaution against shocks that impair their future lending capacity. We find that Basel II is more procyclical... Visit MoneyScience for the Complete Article.    |
| Posted: 16 Jan 2013 04:30 AM PST We model investment options as intangible capital in a production economy in which younger vintages of assets in place have lower exposure to aggregate productivity risk. In equilibrium, physical capital requires a substantially higher expected return than intangible capital. Quantitatively, our model rationalizes a significant share of the observed difference in the average return of... Visit MoneyScience for the Complete Article.    |
| Published / Preprint: Fiscal Policy and Asset Prices with Incomplete Markets Posted: 16 Jan 2013 04:30 AM PST We study the simultaneous impact of fiscal policy decisions on macroeconomic activity, wealth distribution, and asset prices. We consider a general equilibrium, overlapping generations model with incomplete markets and heterogeneous agents, where government debt and capital are imperfect substitutes. Increases in public debt lead to significant increases in the riskless rate and to a reduction in... Visit MoneyScience for the Complete Article.    |
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