journal of accounting advances (j.a.a) vol. 2, no. 2, fall & winter 2010, ser. 59/3     extended abstract   an investigation of agency theory and signaling theory in dividend policies: the role of institutional investors   dr. g. r. karami         dr. s. mehrani               h. eskandar tehran university   introduction        dividend has a special position among decision makers. dividend poli...

following the evolution occurred in capital markets and dematerialization of securities, indirect holding system (ihs) of securities was performed so that the risk of paper crunch, robbery or loss of physical securities decreases. in this research in addition to investigating the disadvantages of direct holding system, we concluded that the main characteristic of this system is the direct relat...

information asymmetry in stock market can increase the risk of investment which in turn increases the capital cost of firms. bhattacharya (1979) proposed a hypothesis that states dividend can act as a powerful signal in order to solve information asymmetry problem. we measured information asymmetry by lack of earnings transparency. therefore we examine the effect of earnings transparency on cap...

Actuaries measure, model, and manage risks. Risk associated with the investment function is a major uncertainty faced by many insurance companies. Actuaries should have knowledge of the asset side of the balance sheet of an insurance company and how it relates to the liability side. Such knowledge includes the operation of financial markets, the instruments available to the insurance companies,...

We study the use of intermediated assets as media of exchange in a neoclassical growth model. An intermediary is delegated control over productive capital and finances itself by issuing claims against the revenue generated by its operations. Unlike physical capital, intermediated claims are assumed to be liquid—they constitute a form of asset-backed money. The intermediary is assumed to control...

Danish mortgage loans have several features that make them interesting: Shortterm revolving adjustable-rate mortgages are available, as well as fixed-rate, 10-, 20or 30-year annuities that contain embedded options (call and delivery options). The decisions faced by a mortgagor are therefore non-trivial, both in terms of deciding on an initial mortgage, and in terms of managing (rebalancing) it ...