This paper proposes an alternative explanation for the price impact of trades created by information that is carried in the order ßow. Unlike models that consider information asymmetry about the future cash ßows (or liquidation value) of the asset, the approach here postulates uncertainty about the distribution of preferences and endowments of investors. This “investor uncertainty” results in p...

Purchases and sales of operating assets by firms generated $162 billion for shareholders over the past 20 years. This contrasts sharply with the evidence on mergers. This paper characterizes the behavior of value-maximizing firms, which could grow organically, purchase existing assets, or sell assets. The approach yields an endogenous selection model that links asset purchases and sales to fund...

changes in credit risk may arise when either the value or the risk of corporate assets changes. changes in the equity value associated with the changes in the asset value and changes in asset risk can be characterized into potentially countervailing direct and indirect effects. the indirect effect of risk on equity value is a function of factors that affect the debt value of including leverage,...

changes in credit risk may arise when either the value or the risk of corporate assets changes. changes in the equity value associated with the changes in the asset value and changes in asset risk can be characterized into potentially countervailing direct and indirect effects. the indirect effect of risk on equity value is a function of factors that affect the debt value of including leverage,...

in this paper the ability of economic and accounting performance measures in explaining values of companies have been evaluated. economic value added, refined economic value added and market value added are as economic performance measures and net income, operating income and operating cash flows is considered as accounting performance measures. in order to data analyzing and testing the search...

The allocation of UK personal sector wealth across five broad asset categories (net financial wealth, housing (and durable assets) wealth, state pension wealth, private pension wealth, and human capital) is investigated using the FAIDS (financial AIDS) model. Apart from total wealth and returns, additional variables relating to capital market imperfections, and demographic, labour market and cr...

We analyze the nature of financial contracting when an entrepreneur can choose the specificity of investments and financial contracts are incomplete. Investing in projectspecific assets increases productivity but decreases liquidation value. This creates a strategic incentive to specialize assets to decrease the bargaining power of the financier when debt financing is used. By contrast, equity ...

Abstract This study compares and contrasts US international accounting financial reporting practices for cryptocurrency. We analyze the statements of 40 global companies that have exposure to cryptocurrencies, including cryptocurrency purchases, mining, payments, trading, investments in ICOs early-stage blockchain ventures. document inconsistency between Generally Accepted Accounting Principles...

REDUCTION THROUGH POLICY CHANGES This chapter deals with various strategies to improve the asset holdings of the rural poor. In most cases, if the poor get a bigger share of asset control or benefits, efficiency and economic growth also improve. For many types of asset, reducing inequality between rural and urban areas slows down outmigration to the cities, and increases rural farm and non-farm...