We propose a model where investors may choose to acquire costly information that identifies good assets and purchase these assets in opaque (OTC) markets. Uninformed investors access an asset pool that has been cream-skimmed by informed investors. When the quality composition of assets for sale is fixed there is too much information acquisition and the financial industry extracts excessive rent...

In this study, it is examined whether changes in the stock market index can be explained by the change in financial ratios. Financial statements of 11 conventional and 2 participation banks for a total of 13 banks (representing the essential part of the Turkish Banking Sector and constituting the BIST XBANK Stock Index) announced on a quarterly basis from 2002 to 2013 were extracted from the Pu...

This paper investigates asset trade in a general-equilibrium complete-markets endowment economy with heterogeneous agents. It shows that standard no-trade results cease to hold when agents have heterogeneous beliefs and that substantial trade volume is generated, even in the presence of a spanning set of assets. Further, trade volume and price movements have a positive relationship in the model...

this paper examined the charge of circulating assets in common law jurisdiction. the aim was to know the way and basis that it is constituted and to find out its profits for creditors and also to find out its meaning and its impacts in market. the conclusion was that floating charge provides an appropriate security and benefits for the chargee and chargor, where chargee can achieve his benefits...

The presence of illiquid assets, such as human wealth, housing and a proprietorship substantially complicates the problem of portfolio choice. This paper is concerned with the problem of optimal asset allocation and consumption in a continuous time model when one asset cannot be traded. This illiquid asset, which depends on an uninsurable source of risk, provides a liquid dividend. In the case ...

We show how the financial market valuation of firms can be used to estimate the intangible costs and benefits of computer capital and we present several new empirical results based on this model. Using eight years of data for 820 non-financial firms in the United States, we find that an increase of one dollar in the quantity of computer capital installed by a firm is associated with an increase...

BACKGROUND Preventive home visits are offered to community dwelling older people in Denmark aimed at maintaining their functional ability for as long as possible, but only two thirds of older people accept the offer from the municipalities. The purpose of this study is to investigate 1) whether socioeconomic status was associated with acceptance of preventive home visits among older people and ...

We study the relation between the liquidity of the firm’s assets and the liquidity of financial claims on the assets, thereby linking corporate finance decisions to stock liquidity. Our model highlights an ambiguous relationship. While greater asset liquidity reduces uncertainty regarding valuation of assets-in-place, it increases future investments and the associated uncertainty. The model sho...

WAI LEE is the director of research and CIO of the Quantitative Investment Group at Neuberger Berman in New York, NY. [email protected] The global financial crisis in 2008 caused investors to question what went wrong with many of their portfolios, which were believed to be diversified. Mean-variance optimization (MVO), 60/40, modern portfolio theory (MPT), and others seem to have been put on trial...