The equity premium, return on equity minus return on risk-free asset, is expected to be positive. We consider imposing such positivity constraint in local historical average (LHA) in nonparametric kernel regression framework. It is also extended to the semiparametric single index model when multiple predictors are used. We construct the constrained LHA estimator via an indicator function which ...

I study the optimal choice of investment projects in a continuous-time moral hazard model with multitasking. While in the first best, projects are invariably chosen by the net present value (NPV) criterion, moral hazard introduces a cutoff for project selection which depends on both a project’s NPV as well as its risk-return ratio. The cutoff shifts dynamically depending on the past history of ...

We studied the effect of family control on the characteristics of small‐ and medium‐sized enterprises located in the Northern Italian province of Bergamo. The analysis included aspects such as demographic characteristics, cost and productivity of labour, financial ratios, and the performance of 745 SMEs. Family‐ controlled firms emerged as a predominant organiza...

This study examines the impact of capital structure on agency costs in 211 non-financial Chinese listed firms for the period 1999-2001. There are two main findings. (1) Firms with high debt to asset ratio have high ratio of annual sales to total assets and high ratio of return-on-equity. If a firm has a high debt to asset ratio, creditors are much more concerned about the payment of interest an...

The importance of funded private or occupational old age provision will increase due to demographic changes and the resulting problems for government-run pay-as-you-go systems. Clients and advisors therefore need reliable methodologies to match offered products and clients’ needs and risk appetite. In this paper, we analyze existing approaches such as sample illustrations and historical backtes...

Because Government policy does much to determine the return available to nursing home investment, the profitability of the nursing home industry has been a subject of controversy since Government agencies began paying a large portion of the Nation's nursing home bill. Controversy appears at several levels. First is the rather narrow concern, often conceived in accounting terms, of the appropria...

Penelitian ini dilatarbelakangi oleh penurunan nilai perusahaan di sektor Consumer Non-Cyclicals salah satu penyebab menurunya adalah dampak yang diakibatkan adanya pandemi covid-19 Indonesia sejak awal tahun 2020 hingga 2021. Nilai sangat berperan penting atas kemakmuran investor, selain itu dimata investor sebagai cerminan kinerja pertimbangan dalam memilih akan berikan investasi. Oleh karena...

Abstrak Tujuan dari penelitian ini untuk meneliti pengaruh profitabilitas, likuiditas, pertumbuhan penjualan dan struktur aset terhadap modal pada perusahaan properti real estat yang terdaftar di Bursa Efek Indonesia periode 2015-2020. Metode digunakan adalah metode deskripsi verifikasi. Populasi estate 2015-2020 sebanyak 79 perusahaan. Sampel diambil 36 menggunakan rumus slovin dengan kriteria...

This study aims to determine the effect of partially and simultaneously variables namely Return On Assets (ROA), Equity (ROE), Net Profit Margin (NPM) Quick Ratio (QR) on stock returns. type research is quantitative with secondary data in form financial statements (financial statements) energy sector companies listed Indonesia Stock Exchange (IDX) 2019 – 2020. has result that variable a signifi...