The European insurance Industry is currently undergoing a substantial change in financial reporting requirements. Beginning in 2005, compliance with the International Financial Reporting Standards (IFRS) has been required in the European Union. Substantial sections of the IFRS-leading to a market-oriented valuation of insurance contracts-are still under construction and will be introduced in the next few years. To date, assessment of the potential impact of the new IFRS accounting and reporting system is largely found in trade literature, and in insurance industry business leader and expert commentator statements. The tenor of opinion is that the IFRS will create a serious challenge for the European insurance industry. To evaluate the impact of IFRS more scientifically, this article app...
The received theories of capital structure have traditionally been tested in the context of firms in developed economies. Taking India as a case study, the present study contributes to this body of literature by testing whether the model of capital structure is portable to an emerging market. India suggests itself as a candidate for such a study because it has experienced significant economic liberalization and financial sector reform since the early 1990s. The process of reform in India has certainly not brought its financial system yet to the levels of competition, efficiency and relative transparency found in developed countries, but it is plausible that such reform has fostered optimizing behavior that might be revealed in the pattern of firms' choice of capital structure. Using a s...
..., agreeing that under a "fraud-on-the-market" theory, respondents' reliance on petitioners' mis...462 , 477-478 (1977), quoting SEC v. Capital Gains Research Bureau, Inc., 375 U.S. 180, 186 (19...
The extreme volatility of stock market values has been the subject of a large body of literature. Previous research focused on the short run because of a widespread belief that in the long run the market reverts to well-established fundamentals. The authors' research suggests this belief should be questioned. First, they show actual dividends cannot account for the secular trends of stock market values. They then consider a more comprehensive measure of capital income, which displays large secular fluctuations that roughly coincide with changes in stock market trends. Under perfect foresight, however, this measure fails to properly account for stock market movements. The authors thus abandon the perfect foresight assumption and instead assume that forecasts of future capital income are ...
... to say, net present-value-based) economic theory of asset pricing account for the very large low-fr...
The capital asset-pricing model (CAPM) is ill-suited to be used to measure damages in Rule 10b-5 securities misrepresentation cases because the information is focused on predicting future returns. Efficient market theories like the CAPM are designed to assist portfolio managers in projecting future returns. Damages in securities fraud cases should be focused on what the historical data would have looked like but for the misrepresentation. Methods of damage measurement should be based on arbitrage pricing theory.
... and measure synergy using the efficient capital market theory. Past researchers of corporate strat...
ISLAMIC Money & Banking: Integrating Money in Capital Theory examines how money, in the Islamic banking model, can become an endogenous variable of an economic system. ISLAMIC Money & Banking: Integrating Money in Capital Theory examines how money, in the absence of interest (Riba) and the money market, can become an endogenous variable of an economic system. It further tries to integrate money in capital theory and to make the monetary sector part of the real sector aiming at removing the problems that arise from separation of the two.
Foreign direct investment (FDI), as pointed out by Kindleberger, arises when the host country has an investment opportunity that it cannot exploit by itself because it lacks the means or technical know-how, or because of market incompleteness. A multinational corporation (MNC) may be able to exploit such an opportunity because it has the necessary capital, technology, and managerial skills to do so. In this article, the authors describe some stylized facts about expropriation episodes and other lessons learned from the empirical literature on FDI. The authors then summarize some of the main theories attempting to explain the effects of expropriation on investment and growth. Finally, they develop a theory that relates each type of expropriation to political instability and concentration...
Do the cultural roots of business owners influence the owners' market orientation and social networks, and ultimately affect the benefits derived from the owners' networks? This research focuses on the relationship between culture and perceived network benefits of small and medium sized service firms. A thorough literature review which examined Hofstede's model of national culture, network theory, social capital theory and relationship marketing was conducted. It is an attempt to construct a theoretical foundation upon which the framework of a collectivist culture and an individualist culture and business owners' abilities to achieve perceived network derived benefits in service firms can be analyzed. The primary goal of this paper is to employ a variety of theoretical frameworks from t...
... of the rating agencies in the financial market is too great and supervisory authorities are unabl... financial institutions (Hill, 2004) or capital markets (Millon & Thakor, 1985). The lack of discl... could be considered coherent with the theory that a higher complexity of the asset evaluation c...
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