in modern economics, intellectual capital is described as an intangible asset which can be used as a source of sustainable competitive advantage. however, intellectual capital components have to interact in themselves to create value. the paper seeks to examine the impact of intellectual capital on firms’ market value and financial performance. the efficiency of the value added by corporate int...

We examine the determinants of the realized bid-ask spread in the U.S. corporate, municipal and government bond markets for the years 1995 to 1997, based on newly available transactions data. Overall, we find that liquidity is an important determinant of the realized bid-ask spread all three markets. Specifically, in all markets, the realized bid-ask spread decreases in the trading volume. Addi...

ABSTRACT In the credit risk modeling literature, there are two different viewpoints towards the structural model of Merton. Many empirical tests show that the Merton model overestimates corporate bond prices substantially. However, there are other empirical works defensing that the Merton model is useful in predicting default and performs well in estimating deposit insurance fund. In this paper...

the sum of their parts and nothing more. Although executives have become more sophisticated in their understanding of what it takes to achieve competitive advantage at the level of individual businesses, when it comes to creating corporate advantage across multiple businesses, the news is far less encouraging. True, corporate executives face mounting pressure from their boards and from capital ...