Equity pledging is susceptible to agency problems and substantial risk, resulting in inefficient corporate investment. We show the negative impact not just induced by controlling shareholders but also pledged non-controlling actual controllers. Our results add that SOEs with control rights via or controllers can mitigate investment inefficiency problems. conclude pledgor type matters of shareho...

The purpose of this paper is to disclose how the Gaussian form of the concept of market efficiency is at the origin of the contemporary professional debate on passive index-linked management which continues on despite the growing popularity of indexing among investment management practitionners in Europe. This particular Gaussian form entered the investment management industry in the 1970’s and...

The infrastructure construction is playing an important role in the development of Liaoning Coastal Economic Belt, whereas a calculation and analysis on the relative efficiency of its 6 cities’ infrastructure investment will offer a useful reference to the decision on the future investment scale and structure of this area’s infrastructure. Based on DEA model and from the viewpoint of constant s...

this paper provides a fuzzy based decision support system (dss) for risk analysis in e-tourism ( electronic tourism ) investment. in general term, e-tourism is the use of information and communication technology (ict) in tourism which may allow operating tourism in least variable cost, least time and increased work efficiency. it is worth noting that there are many factors that affect the deve...

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 studies the approach of accounting information quality on investment efficiency, from the context of the Chinese reality system. The empirical results confirm that the proxy for accounting information quality is negatively associated with over-investment or under-investment. Furthermore, there is a negative association between the quality of accounting information and the future inve...

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...