the purpose of this research was to investigate the relationship between customer equity and the performance of parsian international hotels corporation. for this reason it’s an applied and descriptive research. a review of the current literature revealed three key determinants of customer equity: (1)value equity, (2) brand equity and (3) relationship equity. in order to examine the proposed hy...

This paper documents the evidence for a fiscal model of the Yen/Dollar real exchange rate over the 1974-1994 period. Cointegrating relationships between the real exchange rate and productivity, government spending and the real price of oil are estimated using the Johansen (1988) and Stock-Watson (1993) procedures. The neoclassical fixed-factors fiscal model of Rogoff (1992) is found to have som...

Under the Agency theoretical framework, information asymmetry is crucial in stakeholders’ conflicts. This problem may be present process of firm valuation. work aims to analyze determinants added value financial experts’ valuations, i.e., difference between disclosed valuation report and market value. The study assesses effect ownership concentration, size, costs preparing report, stock liquidi...

Many investors purchase mutual funds through intermediated channels, paying brokers or financial advisors for fund selection and advice. This article attempts to quantify the benefits that investors enjoy in exchange for the costs of these services. We study broker-sold and direct-sold funds from 1996 to 2004, and fail to find that brokers deliver substantial tangible benefits. Relative to dire...

This paper develops and tests procedures for identifying lead analysts based on the timeliness of analyst forecast revisions, the trading levels associated with these revisions, and forecast accuracy. Our framework provides an objective assessment of analyst quality that differs from the standard approach that uses survey evidence to rate analysts. Using a sample of equity analysts, we find tha...

We examine the shareholder wealth effects associated with 97 global equity offerings made by foreign firms in the United States. Although on average these global offerings are not associated with a negative stock price response, firms located in emerging markets have negative abnormal returns while those located in developed markets have positive abnormal returns. In addition, we find that the ...

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