In this paper we consider the optimal dividend problem for an insurance company whose risk process evolves as a spectrally negative Lévy process in the absence of dividend payments. The classical dividend problem for an insurance company consists in finding a dividend payment policy that maximizes the total expected discounted dividends. Related is the problem where we impose the restriction th...

We characterize the joint dynamics of expected returns, stochastic volatility, and prices. In particular, with a given dividend process, one of the processes of the expected return, the stock volatility, or the price-dividend ratio fully determines the other two. For example, the stock volatility determines the expected return and the price-dividend ratio. By parameterizing one, or more, of exp...

We study two types of robust contracting problem under hidden action in continuous time. In type I problem, the principal is ambiguous about the project cash flows, while he is ambiguous about the agent’s beliefs in type II problem. The principal designs a robust contract that maximizes his utility under the worst-case scenario subject to the agent’s incentive and participation constraints. We ...

How much capital do financial institutions require? Regulators have used simple rules of thumb for many years, but are now moving towards the use of set probabilities of insolvency. One strand of economic theory would target capital at a level that minimises frictional costs. An actuarial approach is to attempt to maximise the value of dividends. Management practice is also influenced by invest...

This paper aims to knows about profit reporting and describes the quality analysis of shareholders in Pandemic Era. The methods use is quantitative methods. test results prove that dividend distribution status has a positive relationship earnings (companies distribute dividends have better than companies do not dividends). Thus, pay are empirically proven higher discretionary accruals, standard...

It is widely held that for tax reasons corporate shareholders are the only shareholders that prefer dividends to capital gains. This has led to clientele models where corporate blockholders migrate to firms paying dividends and use their voting power to increase dividends in these firms. We use panel data and trades of large blocks of stock to investigate these propositions. Although one-third ...

abstract: background and purpose: an open-book exam permits the examinees to consult some selected reference sources or materials while answering the exam questions. this study focused on students' perspectives of open-book examinations in histology/ embryology courses, zahedan university of medical sciences (zums), zahedan, iran. methods: the survey was conducted via a questionnaire after open...

The economic assumption that a present value relation holds between consumption and income and between stock prices and dividends, or the statistical assumption that the consumption/ income ratio and the dividend/price ratio are stationary imply that the permanent or random walk component in each series of a pair must be the same as the permanent component in the other series of a pair. Either ...