Market efficiency is at the center of the battle of standard finance versus behavioral finance versus investment professionals. But the battle is not joined because the term “market efficiency” has two meanings. One meaning is that investors cannot systematically beat the market. The other is that security prices are rational. Rational prices reflect only utilitarian characteristics, such as ri...

Article history: Received 14 April 2014 Received in revised form 5 June 2015 Accepted 15 June 2015 Available online 20 June 2015 This paper investigates the impact of CEO career concerns on a firm's investment efficiency for publicly listed Chinese companies from 2002 to 2009. We use CEO age and appointment of new CEO as proxies for CEO career concerns. For thewhole sample, we demonstrate that ...

Today, investors consider a wide range of factors for choosing an investment. Effective factors on investor decisions are wider than ever before and the results of these decisions will have an impact on the lives of people. In this research, the role of the role Subjective behaviors based on economic behavior and financial intelligence have been investigated on the investment decision process. ...

In response to accounting scandals, market control systems (e.g. regulations related to internal control systems) have become more stringent in order to restore investors’ confidence in capital markets. Tightening control systems has triggered a fierce debate on its effect on both capital markets and the real economy. My dissertation studies how mitigating earnings management by tightening cont...

Traditional DEA models ignore the internal process of production systems and are not able to identify the cause of deficiency in efficiencies measuring. At this research, traditional DEA model and two-stage DEA model were used to measure the efficiency of Iranian private insurance companies during 2007-2009. The results indicated that the traditional DEA model is not suitable for such kind of n...

The main purpose of this paper is to propose an approach for performance measurement, classification and ranking the investment companies (ICs) by considering internal structure and uncertainty. In order to reach this goal, the interval network data envelopment analysis (INDEA) models are extended. This model is capable to model two-stage efficiency with intermediate measures i...

BEA is studying proposals to change the treatment of insurance services in the national accounts. There are 5 proposed changes: investment income will be added as a supplement to the premiums paid by policyholders; investment income is to include interest, dividends and capital gains; a measure of expected investment income will be incorporated; a measure of expected claims will be incorporated...

Various alternatives are available when designing a data collection system for portfolio investment (PI) statistics, in the context of balance of payments (BOP) and international investment position (IIP). Such systems differ according to the reporting agents they target, periodicity and level of aggregation, while the corresponding results vary in terms of implementation and running costs, ava...

Most customers in electricity markets do not face prices that change frequently to reflect changes in wholesale costs, known as real-time pricing (RTP). We show that not only does time-invariant pricing in competitive markets lead to prices and investment that are not first best, it even fails to achieve the constrained second-best optimum. Increasing the share of customers on RTP is likely to ...

Sustainability is a wide concept that contains other concepts such as social responsibility and has been investigated with concepts such as competition sustainability, reporting sustainability, and social sustainability. The present study aims to investigate the role of social interest rate risk management (SIRRM) in the relationship between sustainability performance and investment ef...