- Three classic agency problems are examined in the finance literature: (1) partial ownership of the firm by an owner-manager. - Theory of the firm: managerial behavior, agency costs, and ownership structure. - Network architecture refers to the way processing elements are connected and the direction of the signals exchanged. - Weights are adjusted in the direction that reduces the value of the error function after each presentation of the input records.. - Journal of the Royal Statistical Society . - The two strategies are profitable in different phases of the market. - the asset's market beta, measures the covariance of the asset's return with the market return. - (1972) and Fama and MacBeth (1973) originated the two frameworks in which most of the tests were done. - Huberman (1982) offers an alternative derivation of the APT. - Dybvig and Ross (1983) and Ingersoll (1984) contain useful extensions and refinements of the APT.. - Chan et al., 1985) improve the fit of the single-beta CAPM. - Some thoughts on the testing of the intertemporal asset pricing model.. - An exploratory investigation of the firm size effect. - A theory of the term structure of interest rates.. - The determinants of the variability of stock market prices.. - A critique of the asset pricing theory's tests. - An empirical investigation of the arbitrage pricing theory. - A possible explanation of the small firm effect. - Recent developments in the theory of finance have considerably advanced our understanding of the nature and role of debt. - However, if the actions of the owners (managers or shareholders) are unobservable, several complications arise. - Theory of the firm: managerial behavior, agency costs and ownership structure. - The value of the bank capital is:. - of the option, and N(d 2 ) which is the probability that the option matures in the money.. - this is an indication of the continuing evolution of banks and their role in the economy.. - Some of the standards are based upon holding given quantities of. - However, with the implementation of the Capital Adequacy Directive (which applies to banks and securities firms in the EU) and proposed amendments to the Basle Accord, banks will be required to hold capital against some of their market risks (see Stone and Zissu, 1994a). - It should be noted that the quantitative capital standards are based upon the values of the positions held by the firms in the financial sector. - In some countries a single agency is responsible for capital adequacy of all participants in the financial sector of the economy. - Banking regulation and supervision: A comparative study of the UK, USA and Japan. - Prior to the expiry of the contract, the futures price reflects the market's expectation of the futures loss ratio. - Some determinants of the volatility of futures prices. - Let R p denote the gross return on a portfolio formed of the primitive assets. - However, investors are interested in the financial performance of the combined group and so this is reported as the group's. - The balance sheets of the two companies would contain these lines:. - estimator of the spot price. - Note that equation (5) is independent of the stochastic process of the spot price. - Theory of the inverse carrying charge in futures markets. - Brennan and Schwartz (1988) argue that convertibles are relatively insensitive to the risk of the issuing company. - (1990) found that the increase in share price was also associated with a decline in the value of the firm's outstanding debt. - Other differences that merit further study include the liquidity of the stock market (e.g. - Takeover bids, the freerider problem, and the theory of the corporation. - Merger proposals require the approval of the managers (board of directors) of the target corporation.. - In fact, they are made directly to the shareholders of the target.. - The current main problems associated with the cost of capital relate to the estimation of the components of the WACC. - The traditional formulation of the WACC assumes that managers are value maximizers.. - The depositor at the back of the line is likely to lose. - There has been a dramatic increase in our understanding of the value of deposit insurance to the bank and correspondingly, the cost of deposit insurance to the guarantor (the Federal Deposit Insurance Corporation (FDIC) in the United States) in the last two decades. - Additionally, the Merton (1977) model does not account for the closure policy of the insuring agency. - Ronn and Verma (1986) alter Merton's (1977) model to allow for forbearance on the part of the insuring agent. - The cost of the guarantee is increasing in the debt level of the bank and the riskiness of the bank's assets. - Maximum likelihood estimation using price data of the derivative contract.. - An equilibrium characterization of the term structure. - Disinvestment represents a subset of the universe of restructuring strategies available to firms.. - The subsequent use of the proceeds is related to the type of disinvestment decision. - Wealth effects for buyers and sellers of the same divested assets. - One of the simplest stock valuation models is the dividend growth model, often attributed to Gordon (1962). - The value of the stock, P 0 , at the beginning of the year will be. - Models have been developed to vary some of the above assumptions. - The investment, financing and valuation of the corporation.. - Earnings retention, new capital, and the growth of the firm. - The savings, investment and valuation of the corporation. - Stock Dividends – the Implications for the Corporate and Private Sectors. - (2) the complexity of financial transactions and the application of different rules for segments of the same deal. - Should inbuilt mechanisms fail, reliance for support falls on the shoulders of the central bank.. - This is similar to the direct transfer except that additional credit is extended at the time of the transaction. - Examples include the time of the transaction and the identity of the two parties.. - The smart-card transaction preserves the privacy of the. - The US payment system: Efficiency, risk and the role of the Federal Reserve. - The transition equation describes the evolution of the state variables (i.e. - An empirical examination of the Fisher effect in Australia.. - in the eyes of the Governor of the Bank of England was as important as a bank's balance sheet. - Our purpose here is to survey some of the recent developments in the international credit market. - Banks are able to become dealers in the wholesale paper markets of the world either directly or through international subsidiaries. - The competitive structure of the eurobond underwriting industry.. - Abnormality can occur in the form of abnormal returns, abnormal trading volumes or changes in the levels of the volatility of returns. - where R it is the return on security i over the T (sub-)periods of the estimation interval.. - Other aspects of the methodology are: (1) the reference basis used to calculate the returns (logarithmic or discrete). - (4) the duration of the event window. - Some of the recent developments in event studies are: (1) the application of the methodology to the market for debt securities (Crabbe and Post, 1994). - According to Hey (1979), the application of the expected utility model extends to virtually all branches of economic theory, but much of the flavor of these can be sensed from Arrow's (1974) analysis of the portfolio problem. - As such, a fundamental cornerstone of the research investigates the diffusion of information in the market in the presence of trader uncertainty.. - Combined with more than normal probability in the center of the distribution, this phenomenon is known as leptokurtosis. - of the first n random variables is below some prespecified level is given as:. - In the likely latter case, we can estimate the tail shape parameter α based on a sequence of the largest order statistics X(i. - This will also provide a check on the appropriateness of the chosen m. - it ignores the risk captured by the tails of the distribution. - Autoregressive conditional heteroscedasticity with estimates of the variance of United Kingdom inflations. - Most of the research in this area concentrates on the Chapter 11 procedure in the US bankruptcy code. - Important issues addressed are the costs associated with the procedure and the violation of the absolute priority rule (APR).. - The indirect costs are the costs associated with the disruption of the normal business activities due to the financial problems.. - A further empirical investigation of the bankruptcy cost question.. - Selling futures or forward contracts does not require ownership of the underlying asset. - theory for the rational side of the social science, where "social". - Application 1—The Theory of Corporate Takeover Bids. - This is another application of the prisoner's dilemma. - Takeover bids, the free-rider problem, and the theory of the corporation. - Disappointing marriage: A study of the gains from merger. - U i (C i , φ ) where φ represents the state of the world.. - are liable, even if the provider of the tip is not an insider.. - The nature of the risk is relevant to the manner in which risk is transferred
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