Discrete time infinite horizon growth optimal investment in stock markets with transactions costs is considered. The stock processes are modelled by homogeneous Markov processes. Assuming that the distribution of the market process is known, we show two recursive investment strategies such that, in the long run, the growth rate on trajectories (in "liminf" sense) is greater than or equal to the...

The utility-maximizing consumption and investment strategy of an individual investor receiving an unspanned labor income stream seems impossible to find in closed form and very difficult to find using numerical solution techniques. We suggest an easy procedure for finding a specific, simple, and admissible consumption and investment strategy, which is near-optimal in the sense that the wealtheq...

In this paper we look at the effect of CEO turnover on the divisional investment of multi-divisional firms. We predict that after CEO turnover, new CEOs will use different divisional investment policy and internal capital allocation to realize strategy reorientation, improve firm performance or make more entrenchment. Furthermore, by looking at new CEO’s divisional preference at preand post-tur...

nowadays, strategic planning was very important for every company, many companies realize the importance of strategic planning. holding companies have considered this issue. strategic planning in holding multibusinessess company differs from other single companies based on complexities. holding companies are faced with two important strategic decisions: 1) what areas and how investments should ...

This paper examines the e ect of a change in U.S. trade policy on the domestic investment of U.S. manufacturers. Using a di erence-in-di erences identi cation strategy, we nd that industries more exposed to reductions in import tari uncertainty exhibit relative declines in investment after the change in trade policy. Within industries, we nd that this relationship is concentrated among establis...

With the improvement of complex and uncertain finance environment, the difficulty of portfolio problem is increasing. Whether or not the projects is successfully selected, directly affects the development of the investment companies. This paper firstly talks about the finance conditions in single term investment and then extends the investment from one term to many terms. After that, a multi-pr...

The opinions expressed are those of the BlackRock Investment Instititute as of August 2011, and may change as subsequent conditions vary. } The emerging markets (EMs) have provided major investment opportunities over the last decade—whether in the equity, fixed income or currency spaces. } The global growth landscape and investment opportunity set have changed significantly in recent years, but...