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Though constructed with different purposes, the theory of constraints and activity based costing systems pose a choice problem in respect of product mix decisions. We believe that the existing explanation of short versus long run criterion to explain firms' choice between these two systems is incomplete and offer an alternate explanation based on asset specificity. We argue that the extent to which specialized resources are deployed to make products in a mix determines the choice. We present a 2*2 matrix stating that when asset specificity is high, a firm is likely to choose ABC instead of TOC since ABC makes a large portion of costs visible to enable control. However, the choice is likely to be a TOC-ABC combination when the manufacture of asset specific products is also constrained by...
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Stochastic optimization identifies the asset allocation that minimizes the probability of exhausting the retirement portfolio, thereby minimizing risk, from unmanaged (constant) and optimally managed withdrawals over the retirement life span. Optimal equity compositions and minimized probabilities of prematurely exhausting the portfolio increase with higher withdrawal rates and earlier retirements with both managed and unmanaged withdrawals. However, optimal withdrawal management from optimally managed portfolios reduces the sensitivity of premature portfolio exhaustion to higher initial withdrawal rates or earlier retirements, thereby reducing the increase in the risk of exhausting the portfolio necessary to support the improved lifestyles from higher withdrawals, longer retirements, o...
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Intangible assets facilitate insurers' capacity to retain existing business and attract new clients. In this study we analyze how the incentives to protect intangible assets affect asset risk-taking behavior of property and liability insurers. The result supports the view that insurers' incentives to protect their intangible assets lead to an inverse relation between intangible assets and asset risk. Consistent with the view that highly levered firms may go for broke, asset risk of highly levered insurers is less elastic to intangible assets than that of lower-levered insurers. An additional notable finding of our article is that tangible factors like firm size and capitalization increase insurers' appetites for asset risk taking.
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The objective of this article is to explore how robust the implications of the standard consumption-based asset pricing model are once allowed for preferences that do not aggregate individual behavior into a representative agent setup. The present article considers a canonical Lucas tree model with complete markets. The exercise conducted in this article compares the equilibrium asset prices in an economy that features an unequal distribution of wealth with an egalitarian economy, that is, an economy that displays the same aggregate resources as the unequal economy, but in which there is no wealth heterogeneity. The premium increases if allowed for the fact that agents typically hold portfolios that are more concentrated than the market portfolio. For example, if the stocks display stan...
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With the consolidation in banking over the past 20 years, interest in the comparative performance of big and small banks intensified. This study expands this research and examines the profitability of intermediation (measured by net interest margin or NIM) through a longitudinal model that uses panel data. Banks are assigned to one of five asset classes for each year of the 1992-2005 period, and the classes serve as the panels. Results show that interest rate effects on NIM vary by asset class, but the presence of economic effects and fixed effects on NIM depends on the model's specifications.
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Currently in CATS,65 DCIS is seeking forfeiture of over $10.5 million in assets ranging from televisions, jewelry, gold coins, computer equipment, cash, bank accounts, vehicles, watercraft, real property, stock shares, and other items. Because federal asset forfeiture is still new for DCIS, not all states have active DCIS judicial forfeiture cases pending.
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One way to reduce taxes tomorrow is to 'freeze' assets today. In this article, the author explains two ways to freeze assets that have interested his key clients. In addition, these techniques allow for the sale of large amounts of needed additional life insurance. Effective strategies to freeze assets include the gifting or selling of assets to "grantor trusts." Both techniques freeze assets at today's values, but they take different forms and lead to different consequences. With a grantor-retained annuity trust (GRAT), clients can gift and transfer income-producing assets to an irrevocable trust, receiving a stream of income from the annuity for the term of the trust. If clients and their advisors are willing to be more aggressive, they might consider a tactic not specifically spelled...
