In this paper, we consider the social value of signaling by recasting the Spence’s (1973) signaling model in a causal relationship: human capital investment is necessary to reduce the marginal cost of signaling. Our model contains distinct features: (i) the choice of signaling affects the level of human capital investment and (ii) the proportion of high and low type in the entire workers is end...

In an incomplete financial market model, we study a flow in the space of equivalent martingale measures and the corresponding shifting perception of the fundamental value of a given asset. This allows us to capture the birth of a perceived bubble and to describe it as an initial submartingale which then turns into a supermartingale before it falls back to its initial value zero.

There is a near-consensus that central bankers should focus their attention on the control of inflation, and should accordingly not pay attention to movements in stock markets. This view is reinforced by the continuing influence of the Efficient Market Hypothesis (EMH), that maintains that financial markets correctly price firms at all times. We assert that this general view is incorrect. There...

In this paper we introduce efficient Monte Carlo estimators for the valuation of high-dimensional derivatives and their sensitivities (”Greeks”). These estimators are based on an analytical, usually approximative representation of the underlying density. We study approximative densities obtained by the WKB method. The results are applied in the context of a Libor market model.

The purpose of this paper is to verify the relationships among service quality, perceived value, customer satisfaction, and customer loyalty in mobile phone service. The study conducted an empirical research. A total of 384 mobile phone users’ responses were collected from Seoul in Korea. The findings show that service quality positively influences customer loyalty. In addition, perceived value...

this research offers a comprehensive model to investigate the relationships between services quality, hedonic affect, perceived value and behavioral intentions. the purpose of this study is to build a broader understanding of the determinants of customer satisfaction and behavioral intentions throughout the restaurant services by incorporating the perceptions of hedonic affect in service delive...

iran's apparel market is currently filled with foreign brands that are generally ranked as high quality goods with high prices. with a surface examination of the apparel market and customers’ opinions, it can be concluded that iranian apparel, despite having lower prices, is not in a suitable status in comparison with its foreign counterparts. accordingly, the purpose of this paper is to e...

This paper presents the results of an exploratory study that examined a possible connection between investments in Information Technology and changes in the market value of companies in Japan. The event-study methodology, which focuses on the change of stock price as a result of announcements about Information Technology investments, was applied. The main contribution of this project was to exa...