Based on the characteristics of investor behavior, this article analyzes impact institutional investors and sentiment liquidity, profitability stability capital market, overreaction market. Through multiple regression analysis, it is verified that holding ratio has a significantly negative relationship with turnover rate funds, positive annual return fund volatility fund. Investor shows correla...

Modifying the proof of a theorem of Wilkie, it is shown that if a one dimnsional set S is definable in an O minimal expansion of the ordered field of the reals, and if it is regularly exponentially near to many integral points, then there is an unbounded set, which is R definable without parameters, and which is exponentially near to S.

In this article we will describe some of the main developments in interest-rate modelling since Black & Scholes’ (1973) and Merton’s (1973) original articles on the pricing of equity derivatives. In particular, we will focus on continuoustime, arbitrage-free models for the full term structure of interest rates. Other models which model a limited number of key interest rates or which operate in ...

t Wilkie's stochastic investment model and its variants have been increasingly applied by actuaries around the world to actuarial modeling and simulation. This paper performs time series outlier analysis on retail price inflation, which is the driving force of Wilkie's composite model. The data come from four developed countries: the United Kingdom, the United States, Canada, and Australia. The...

This paper reassesses the burden of the current U.S. international tax regime and reconsiders well-known welfare benchmarks used to guide international tax reform. Reinventing corporate tax policy requires that international considerations be placed front and center in the debate on how to tax corporate income. A simple framework for assessing current rules suggests a U.S. tax burden on foreign...

This paper contributes to the large field of research on investment behavior. In contrast to most studies, which are based on US data, we examine investment activities of European companies with panel data from the 1990s. We analyze four different drivers of investment output, liquidity, cost of capital and expectations and derive hypotheses for investment behavior in general and expected diffe...

This paper documents tax-minimizing investment, in which firms accelerate capital purchases near fiscal year-end to reduce taxes. Between 1984 and 2013, average investment in the fourth fiscal quarter (Q4) is 37% higher than the average of the first three fiscal quarters. Q4 investment spikes also occur internationally. We use research designs based on variation in firm tax positions and the 19...

This paper utilizes survey data on labor union coverage at the firm level to examine union-nonunion differences in investment activity among 706 U.S. companies during the 1970s. Consistent with a model of union rent seeking, firm-level collective bargaining is associated with significantly lower physical capital and R&D investment, even following extensive control for firm and industry characte...