In this paper the question is addressed asking, “Is Timeshare Ownership an Investment Product?” After some discussion, the conclusion is that the purchaser outlays funds for economic benefit, thus timeshare fits well within the definition of an investment product. The paper also adds to the literature in that it advances the discussion regarding the risks associated with timeshare and the metho...

This paper analyses the effects of regulatory reforms and corporate restructuring on the firmlevel investments of telecommunications industry. A dynamic model of incumbents’ investment in network assets allows to test the explaining strength of several aspects of regulation, competition and corporate structure. The sample includes telecommunications incumbents from the enlarged European Union a...

The property-rights approach to the theory of the …rm is extended by introducing distorted signals of the parties’investments. Investment incentives are then given in two ways, by allocating ownership rights and by tying pay to the signal realization. Optimal incentive strength, that is, the weight that a signal is optimally given in a wage contract, depends on two distortions, namely the disto...

We analyze private xed investment in the U.S. over the past 30 years. We show that investment is weak relative to measures of pro tability and valuation particularly Tobin's Q, and that this weakness starts in the early 2000's. There are two broad categories of explanations: theories that predict low investment along with low Q, and theories that predict low investment despite high Q. We argue ...

A model is developed in which an industry of N $ 1 firms is privatised. The ‘participation’ method of privatisation is used, whereby firms are sold for cash, but the state retains a proportionate share of ownership. In each firm the new private owner has the opportunity to make a reorganisational investment, before output is produced. This investment is unobservable by the state, and therefore ...

Performance appraisal is a process which help shareholders make informed and optimal investment decisions. In recent decades, a long stream of research has devoted particular attention to the importance and impact of financial decisions on firm performance and firm value. The present study thus is primarily concerned with investigating the association between free cash flow and institutional ow...