The anomalies literature in capital markets research in finance and accounting is based (almost) exclusively on average realized returns. In contrast, we construct accountingbased expected returns for dollar-neutral long-short trading strategies formed on a wide array of anomaly variables, including book to market, size, composite issuance, net stock issues, abnormal investment, asset growth, i...

Purpose of this study is to examine the relationship between net interest margin and return on assets by placing as mediating variables. This uses a sample banks listed Indonesia Stock Exchange for period 2015 2018. Data used panel data, with data analysis using path analysis. Results showed that capital adequacy ratio non-performing loan do not have effect NIM. We find statistically significan...

The purpose of this thesis is to analyze and test the effect financial ratios on return assets (ROA). This study has. Variables such as carrent adequacy ratio (CAR), non performing loan (NPL), net interest margin (NIM), operating costs operating. Income deposit (LDR). research method used in descriptive qualitative analysis method. selects banking industry variables studied. Retrieval annual re...

Financial contracting theories agree that more-liquid assets decrease the expected cost of external financing, thus making leasing more attractive and reducing lessors’ equilibrium return. However, the literature has ambiguous predictions about the effect of liquidity on the maturity of leases. These predictions are further complicated by the existence of two types of lease contracts—operating ...

Aims: This paper examines the performance of commercial banks in Taiwan, in terms of their ability to provide maximum outputs by the given input utilization. There seems to be important concern hanging on the ability of commercial banks to provide output-base for the available input utilization in Taiwan. Study Design: This study has been divided into four parts to investigate the DEA model suc...

In our contribution, we model bank profitability via return-on-assets (ROA) and return-on-equity (ROE) in a stochastic setting. We recall that the ROA is an indication of the operational efficiency of the bank while the ROE is a measure of equity holder returns and the potential growth on their investment. As regards the ROE, banks hold capital in order to prevent bank failure and meet bank cap...

This research evaluates methods used in event studies that employ accounting-based measures of operating performance. We examine the choice of an accounting-based performance measure, a statistical test, and a model of expected operating performance. We document the impact of these choices on the test statistics designed to detect abnormal operating performance. We find that commonly used resea...

A balance sheet structure including fixed assets, net working capital and risky long-term debt leads to a model for option pricing of the firm’s equity. Each of the financial components constitutes a source of risk. A hedge based on three distinct options and the stock enables risk neutral valuation and avoids the problems of lack of tradability of the assets and market incompleteness reflected...

Purchases and sales of operating assets by firms generated $162 billion for shareholders over the past 20 years. This contrasts sharply with the evidence on mergers. This paper characterizes the behavior of value-maximizing firms, which could grow organically, purchase existing assets, or sell assets. The approach yields an endogenous selection model that links asset purchases and sales to fund...