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Now showing items 111-120 of 150
Alternative bankruptcy prediction models using option-pricing theory
(2013)
We examine the empirical properties of the theoretical Black-Scholes-Merton (BSM) bankruptcy model. We evaluate the predictive ability of various existing modifications of the BSM model and extend prior studies by estimating ...
Non-GAAP Earnings Disclosures on the Face of the Income Statement by UK Firms: The Effect on Market Liquidity
(2018)
This study benefits by a special feature of the UK information environment which allows UK firms to disclose non-GAAP earnings on the face of the income statement to examine two interrelated questions. First, we ask whether ...
Innovation Investment in Two-Stage Games
(The MIT Press, 2011)
This chapter discusses the trade-off between commitment and flexibility in sequential investment settings. The focus is on two-stage competition models where real options analysis tools are combined with industry organization ...
Actuarial Independence and Managerial Discretion
(2018)
Appointed actuaries are responsible for estimating the largest liability on property–casualty insurance companies’ balance sheet. Actuarial independence is crucial in safeguarding accurate estimates, where this independence ...
Analysts' recommendation credibility: What can target prices tell us
(European Accounting Association, 2019)
Politics, policy, and international stock peturns
(2018-08)
Politics and policy are distinct, though interrelated, factors affecting the economy. Using novel measures of political stability and confidence in economic policy we document predictable variation in stock market returns ...